INSURANCE NEWS
Severe Storm Leaves Thousands Without Power in Little Rock, Arkansas
LITTLE ROCK, Ark. (AP) – Thousands of Little Rock residents were without power Wednesday after a severe storm uprooted trees and damaged homes in neighborhoods rebuilding from a tornado that hit the state last spring. There were no immediate reports …
After Countrywide Pause, InsurTech Hippo Slowly Reemerging Next Week
A profitability problem that would have otherwise taken insurtech Hippo half a year to correct is on the mend after just 30 days, the chief executive officer said at an investor conference Thursday. Speaking at the Keefe, Bruyette & Woods …
MS Workers’ Comp Trust Can Seek Reimburse From Driver in State Official’s Injury
A workers’ compensation fund for Mississippi state agencies will can take subrogation action against the driver of an all-terrain vehicle that badly injured the then-chief of staff to the state’s lieutenant governor, the Mississippi Supreme Court decided this week. A …
Viewpoint: Six Ways to Stop Burning Man From Becoming ‘Muddy Man’ Next Year
Over 70,000 Burning Man festival-goers were stranded in Nevada’s Black Rock Desert following heavy rain over the weekend. The Pershing County Sheriff’s Office said one person died during the rain, though details about how the death occurred were not released. …
Kroger to Pay Up to $1.4 Billion to Resolve Opioid Lawsuits
Kroger on Friday said it would pay as much as $1.4 billion to resolve thousands of lawsuits by U.S. states, local governments and Native American tribes claiming the supermarket chain’s pharmacies helped fuel the nation’s opioid epidemic. Kroger agreed to …
Microsoft to Defend Customers on AI Copyright Challenges
Microsoft will pay legal damages on behalf of customers using its artificial intelligence (AI) products if they are sued for copyright infringement for the output generated by such systems, the company said on Thursday. Microsoft will assume responsibility for the …
Lloyd’s Syndicate Probitas 1492 to Launch Special Purpose Arrangement in 2024
Lloyd’s syndicate Probitas 1492 has announced the launch of a special purpose arrangement (SPA) for the 2024 year of account (YOA), after receiving in-principle approval from Lloyd’s. The SPA, called “AdA SPA 2024,” is headed up by ex-Munich Re Syndicate …
Hurricane Lee Strengthens to Category 5 Storm
Hurricane Lee has become the strongest Atlantic storm since 2019 with winds of 165 miles (266 kilometers) per hour, and the US National Hurricane Center said the Category 5 system isn’t done growing yet. While the storm is far from …
Hyundai and LG to Invest Another $2B into EV Battery Plant in Georgia
SAVANNAH, Ga. (AP) — Hyundai Motor Group and LG Energy Solution said Thursday they will spend an additional $2 billion and hire an extra 400 workers to make batteries at the automaker’s sprawling U.S. electrical vehicle plant that’s under construction …
Facebook Settlement Lawyers Want ‘Nick Bosa Money,’ Judge Says
Lawyers who sued Facebook over user privacy violations are seeking $180 million in attorneys fees — a sum the judge in the case likened to “Nick Bosa money,” a reference to a $170 million contract the San Francisco 49ers star …
NC Bars’ Lawsuit Seeking Damages from State Over COVID Closures Can Continue
RALEIGH. N.C. (AP) — Portions of a lawsuit filed by several North Carolina bars and their operators seeking financial damages from the state over COVID-19 restrictions that shuttered doors and curtailed business can continue forward, an appeals court panel has …
Prudential, Warburg Pincus Team Up to Back New Reinsurer
Prudential Financial Inc. and Warburg Pincus are among investors that contributed a combined $1 billion of equity to create a Bermuda-based reinsurer, Prismic Life Reinsurance Ltd. In its first deal, Prismic is taking on $10 billion of structured settlement annuity …