INSURANCE NEWS
Parametric Re/Insurer NormanMax Gets in Principle Nod to Launch Lloyd’s Syndicate
NormanMax Insurance Holdings, the Ft. Lauderdale, Fla.-based parametric re/insurance group, has received “in principle” approval from Lloyd’s to launch a syndicate, which will be managed by Apollo Syndicate Management Ltd. NormanMax Syndicate 3939 aims to commence underwriting in April 2024, …
Tesla Faces Inquiry by Norway’s Safety Regulator Over Suspension Failures
Tesla faces an inquiry by Norway’s traffic safety regulator into suspension failures in the company’s electric cars that could result in a recall, the agency told Reuters. Norwegian Public Roads Administration (NPRA) senior engineer Tor-Ove Satren said the agency started …
China Earthquake Update: 137 People Killed, 12 Still Missing, 207,000 Homes Wrecked
A dozen people were still missing on Thursday after a 6.2-magnitude earthquake struck northwestern Gansu province late Monday, and netizens questioned the speed at which rescue operations had ended. Chinese media reported that search-and-rescue work in Gansu ended at 3 …
Shipping Costs Soar as War and Climate Risks Choke Key Waterways
Global shippers of crude and fuels are grappling with a spike in booking costs for some tankers taking lengthy diversions to avoid disruptions at the Suez and Panama canals. Chartering costs for a so-called Suezmax, the largest class of oil …
Yemen’s Houthis Vow More Attacks on Ships in Red Sea Despite US Naval Force
Yemen’s Houthi rebels vowed to continue targeting ships in the Red Sea despite a US move to compile an international naval task force to protect maritime trade in one of the world’s most important waterways. The Iran-backed group also warned …
Iceland’s Volcanic Eruption Is Dramatic. But It Won’t Cool the Planet.
A volcanic eruption on Iceland’s Reykjanes Peninsula sent lava flowing through a 4-kilometer (2.5-mile) crack in the Earth’s crust. The eruption began in earnest on Monday and occurred near the evacuated fishing town of Grindavík, with lava shooting into the …
Pulitzer-Winning Authors Join OpenAI, Microsoft Copyright Lawsuit
A group of 11 nonfiction authors have joined a lawsuit in Manhattan federal court that accuses OpenAI and Microsoft of misusing books the authors have written to train the models behind OpenAI’s popular chatbot ChatGPT and other artificial-intelligence based software. …
Apollo-Owned Aspen Insurance Files for IPO in US
Private equity firm Apollo-owned Aspen Insurance on Wednesday filed its paperwork for an initial public offering in the United States, according to a regulatory filing. The company did not disclose details about the size of the offering, but is reportedly …
Citi Suit Raises #MeToo Claims at Wall Street’s Top Levels
Ardith Lindsey’s lawsuit accusing Citigroup Inc. of tolerating years of sexual harassment and assault against her struck a chord across Wall Street for many reasons, not least of which was her title: managing director. It’s typically the most senior rank …
Toyota Recalling 1.12 Million Vehicles Over Potential Air Bag Issue
Toyota Motor said on Wednesday it will recall 1.12 million vehicles worldwide because a short circuit in a sensor could cause air bags not to deploy as designed. The recall covers 2020 through 2022 model year vehicles including various Avalon, …
Company Party Tips: Be Joyful, Not Liable
The company holiday party holds inherent potential for drama and danger. Holiday parties have bounced back big-time post-pandemic. The 2023 Challenger Holiday Party Survey from Challenger, Gray and Christmas, Inc. found that 64.4% of companies will have in-person holiday parties …
Helicopter Crash in New Jersey Forest Kills 2 from ABC News Team
A helicopter crashed on Tuesday night in the Pinelands wilderness area of New Jersey, killing the pilot and a photographer who worked for ABC-TV news team in Philadelphia, WPVI. The ABC news station said the chopper went down in Wharton …