INSURANCE NEWS
Shares in UK Insurers Tumble on Report of Regulator Comments on Premium Finance
Shares in UK insurers fell on Wednesday, with traders pointing to an article in the Insurance Post that quoted the Financial Conduct Authority’s Head of Insurance Matt Brewis as saying premium finance was a “poor product”. At 1258 GMT, Direct …
Italy’s Generali to Acquire Full Control of Chinese Non-Life Joint Venture for $108M
Italy’s biggest insurer Generali on Wednesday said it would acquire full control of a non-life insurance joint-venture in China by buying out local partner CNPC Capital for around 99 million euros ($108 million). Generali said it planned to expand its …
Cummins Agrees to Record-Setting Engine Emissions Settlement
Truck engine maker Cummins agreed to settle a lawsuit filed Wednesday by the Justice Department and California and pay a record-setting fine of about $1.65 billion for installing defeat devices on hundreds of thousands of engines. In December, the Justice …
Storm Henk Causes Estimated £150 Million in UK Insured Losses: PwC
Storm Henk, which battered Britain last week, caused around 150 million pounds ($190 million) in insured losses and damaged around 2,000 properties, consultants PwC said on Wednesday. Heavy rain caused major rivers to burst their banks and the government issued …
Explosion at Historic Texas Hotel in Fort Worth Injures 21, Investigation Underway
An explosion at a historic Texas hotel in Fort Worth on Monday blew out windows, littered downtown streets with large sections of debris from the building and injured 21 people, including one who was in critical condition, authorities said. The …
At Least 4 Dead; Marina, Homes Destroyed as Storms Slash Through Southeast
Four people were killed and property was ripped apart as tornadoes and severe thunderstoms moved across the Southeast Tuesday. The New York Times and other news services reported that an 81-year-old woman died after her mobile home was overturned in …
Added Protection or Opportunity Lost? New Independent Contractor Rule Issued
The U.S. Department of Labor on Jan. 9 issued a final rule, more than a year in the making, on the definition of an independent contractor. First proposed in October 2022, the rule provides guidance to employers in determining if …
People Moves: Donegal Names DeLamater Chief Operating Officer; Deas Succeeds Him in Field Operations
Donegal Insurance Group, based in Marietta, Pennsylvania, named Dan DeLamater executive vice president and chief operating officer. DeLamater has nearly 30 years of insurance industry experience, with two decades at Donegal, most recently as senior vice president and head of …
New York Construction Firm Pleads Guilty to Safety Violation Causing Death of Employee
Northridge Construction Corp. pleaded guilty to criminal charges last week in federal court in Central Islip, New York, according to federal officials. The three-count information alleges that, in 2018, during the construction of a shed on Northridge’s headquarters property in …
New York Civil Trial Against NRA Leader LaPierre Over ‘Lavish Spending’ Opens
The longtime head of National Rifle Association operated as the “King of the NRA,” spending lavishly on himself, punishing dissent and showering allies with country club memberships and no-show contracts, a lawyer for the New York attorney general’s office told …
SEC Account Hack Renews Spotlight on X’s Security Concerns
The hack of the U.S. Securities and Exchange Commission’s official account on X on Tuesday renewed concerns about the social media platform’s security since its takeover by billionaire Elon Musk in 2022. The hackers posted false news about a widely …
Judge Approves $2.8 Million Settlement for Unpaid Work by Michigan Cosmetology School Students
A judge has approved a $2.8 million settlement in a dispute over unpaid work performed by aspiring hair stylists at a Michigan cosmetology school. Roughly 1,500 people will get some compensation for cleaning floors, washing towels and stocking shelves when …