INSURANCE NEWS
Drugmaker Mallinckrodt Files for Second Bankruptcy in the US
Drugmaker Mallinckrodt on Monday filed for its second bankruptcy in three years in the United States, with a restructuring plan that would cut $1 billion from what it owes to victims of the opioid crisis. The Ireland-based company initiated Chapter …
Kentucky Supreme Court: Docs Must Bill for Injured Workers Within 45 Days
Medical providers who treat injured workers in Kentucky must bill the employer/insurer within 45 days, even before a workers’ compensation claim has been filed and before an employer’s liability has been established, the Kentucky Supreme Court decided this week. The …
Farmers Insurance Laying Off 11% of Workforce, Citing Industry Challenges
Farmers Insurance announced it will part ways with approximately 2,400 employees – 11% of its workforce across all lines of business. “Decisions like these are never easy, and we are committed to doing our best to support those impacted by …
KCC Estimates Storm Hilary Caused Nearly $600M in Insured Losses
Catastrophe modeler Karen Clark & Co. said privately insured losses in the U.S. from Hurricane Hilary will be near $600 million. Once a Category 4 storm, Hurricane Hilary weakened to a tropical storm before it made landfall near Baja California …
TEPCO Says Seawater Radioactivity Below Detectable Limits After Fukushima Release
Initial tests showed seawater radioactivity to be below detectable levels after the release of treated radioactive water from Japan’s Fukushima plant, its operator, Tokyo Electric Power Co (TEPCO), said on Friday. The seawater samples contained less than 10 becquerels of …
Kansas City Fire Department Faces US Department of Justice Investigation for Alleged Racial Discrimination
KANSAS CITY, Mo. (AP) – The Kansas City, Missouri, Fire Department is under a U. S. Department of Justice investigation for alleged racial discrimination, a Kansas City spokesperson confirmed to The Kansas City Star Thursday. Associated Press phone calls requesting …
People Moves: Sompo Int’l Taps Zurich’s Weiss as Head of Property & Energy, Continental Europe; Inigo Hires Aviation Specialist Harker From Marsh
This edition of International People Moves details appointments at Sompo International and Inigo Limited. A summary of these new hires follows here. Sompo Int’l Taps Zurich’s Weiss as Head of Property & Energy, Continental Europe Sompo International, the Bermuda-based provider …
Severe Storms and Tornado Cause Damage and Power Outages in Michigan, Leaving 5 Dead
CANTON TOWNSHIP, Mich. (AP) – At least one tornado touched down in Michigan as part of severe storms powered by winds of up to 75 mph (121 kph) that downed trees, tore roofs off buildings and killed five people while …
Louisiana Oil Refinery Fire Mostly Contained but Residents Worry About Air Quality
GARYVILLE, La. (AP) – Crews were still working to suppress flare-ups Saturday as a fire at a Louisiana oil refinery burned for a second day along the banks of the Mississippi River, while residents worried about health effects from the …
Libor Zombies Pit Hedge Funds Against Banks, Insurers in High-Stakes Feud
One of the most lucrative, and contentious, trades of 2023 has emerged in an obscure corner of financial markets, minting overnight profits for the hedge fund crowd of as much as 35%. The play: Load up on 1980s-era bank bonds …
Nominations Open for ‘Best Agency to Work For’ Awards. Deadline Soon.
Is your agency a Best Place to Work? Then it’s time to nominate your agency as a “Best Agency to Work For.” To nominate your agency, you must be a current employee of the agency you are nominating. A MINIMUM …
Appeals Court Blasts Insurer’s Conduct in Denying Claim Over Insured’s Conduct
Philadelphia Indemnity Insurance Co. is not entitled to the summary judgment it was granted by a federal district court in a building fire case in which it claimed the insured was not cooperative in accommodating its requests for examinations under …