INSURANCE NEWS
New York Appeals Court Rules Child Victim’s Act Is Constitutional
A New York state appellate court has upheld the constitutionality of the Child Victims Act (CVA) which granted a one year extension of the state’s statute of limitations for victims of childhood sexual abuse to bring civil actions. The court …
Remote Work to Wipe Out $800 Billion From Office Values, McKinsey Says
Remote work risks wiping $800 billion from the value of office buildings in major cities, highlighting the potential losses that landlords are facing from post-pandemic changes in employment trends. COVID-19’s push toward hybrid work has driven the need for office …
Russia Oil Hitting $60 Cap Adds to Crude-Oil Buyers’ Banking, Shipping Woes
A top buyer of Russian oil is bracing for trading trouble as the price of Urals, the country’s main export grade, breaks through a $60-a-barrel cap set by Western nations to curb Moscow’s revenue. India and China have been the …
Medical Marijuana Sales in Arkansas Could Set New Record: State Officials
LITTLE ROCK, Ark. (AP) – Medical marijuana sales in Arkansas are on track to set a new record this year, state officials said. From January through June, patients spent $141 million to buy a little more than 29,000 pounds of …
Will S&P Change ‘Negative’ Reinsurance Outlook to ‘Stable’ in 2023?
While no one directly asked the question of this article’s headline at the S&P Global Ratings June annual insurance conference, the prospect that an outlook change is near came into view during the industry meeting. During a panel on property/casualty …
Wisconsin Teenager Killed in Sawmill Accident was Doing Work Allowed by State Law, Records Suggest
MADISON, Wis. (AP) – A 16-year-old boy killed in an accident at a Wisconsin sawmill appears to have been doing work allowed by state child labor laws when he was injured, police records obtained Tuesday show. Michael Schuls was attempting …
Tornado Touches Down Near Chicago`s O`Hare Airport
CHICAGO (AP) – A tornado touched down Wednesday evening near Chicago’s O’Hare International Airport, prompting passengers to take shelter and disrupting hundreds of flights. There were no immediate reports of injuries. A confirmed tornado was on the ground around 7 …
P/C Market Won’t See Underwriting Profit Until 2024: S&P
After four years of unparalleled underwriting profitability ending in 2021, the property/casualty market is headed for a second straight year of underwriting losses, according to the newly released S&P Global Market Intelligence report. S&P’s “2023 U.S. P&C Insurance Market Report” …
FTC Opens Investigation Into OpenAI Over Misleading Statements
The U.S. Federal Trade Commission has opened an investigation into OpenAI on claims it has run afoul of consumer protection laws by putting personal reputations and data at risk, the strongest regulatory threat to the Microsoft-backed startup yet. The FTC …
Time Out Called: Florida High Court Rule Change Seen as a Win for Med Mal Insurers
Like a sports league deciding to make greater use of in-game instant replay on crucial calls, the Florida Supreme Court has made it a little easier for hospitals and other medical malpractice defendants to challenge expert witnesses’ qualifications. “This is …
Judge Orders Trump Ally Bannon to Pay $500K in Unpaid Legal Bills
Steve Bannon must pay nearly $500,000 in outstanding legal fees to his former attorneys, a New York judge ruled. Bannon, a longtime ally of former President Donald Trump and far-right strategist, was sued earlier this year for allegedly stiffing the …
Nexus Underwriting Completes Acquisition of Evolve in California
Nexus Underwriting completed its acquisition of Evolve Cyber Insurance Services in California. Evolve is a cyber managing general agency. The company operates out of offices in California, New York, and Texas, and has more 3,000 broking partners nationally, serving around …