INSURANCE NEWS
Deadly Explosion off Nigeria Points to Threat From Aging Oil Ships Around the World
OKITIPUPA, Nigeria (AP) – It was the dead of night when the ship caught fire, Patrick Aganyebi remembers, but the flames made it seem as bright as day. The explosion that night woke him and knocked him to the floor. …
SEC Sues SolarWinds for Concealing Cyber Risks Before Massive Hack
The U.S. Securities and Exchange Commission on Monday sued software company SolarWinds Corp. and its top information security executive, saying they defrauded investors by hiding cybersecurity weaknesses during a massive hack targeting the U.S. government. The SEC lawsuit in Manhattan …
Poultry Producers Ask Judge to Dismiss Ruling That They Polluted an Oklahoma Watershed
A group of poultry producers, including the world’s largest, have asked a federal judge to dismiss his ruling that they polluted an Oklahoma watershed. Arkansas-based Tyson Foods, Minnesota-based Cargill Inc. and the others say in a motion filed Thursday that …
Ryan Specialty Acquires Illinois MGU AccuRisk
Ryan Specialty announced it has signed a definitive agreement to acquire AccuRisk Holdings, LLC, a medical stop loss managing general underwriter. AccuRisk is headquartered in Chicago, Illinois and was founded in 2017. Discussing the acquisition, Patrick G. Ryan, Founder, Chairman …
Threat of Haywire Artificial Intelligence Prompts Calls for Development Pause, AXA Says
Governments are ill-prepared for the hazards brought on by artificial intelligence and development should be paused, according to a new survey of risk specialists by insurance company AXA SA. Only 7% of almost 3,500 risk experts from 50 countries said …
London SPAC to Test Shareholder Appetite for Lloyd’s of London Venture
Financials Acquisition Corp. said Monday it would ask shareholders to back its planned merger with its newly formed insurance venture, in a test of investor appetite for new stocks. The special purpose acquisition company (SPAC) unveiled plans earlier this year …
Man Accused of Drunken Driving Can Sue Michigan Police Officer Who Misread Breath Test
A man from Japan wrongly accused of drunken driving can sue a Michigan police officer who grossly misread a breath test and conceded during the stop that she had “no idea” what she was doing, a federal appeals court said …
FDA Advises Not to Use 26 Eye Drop Products Due to Infection Risk
The U.S. Food and Drug Administration has warned consumers to not purchase or use certain eye drops from several brands, including CVS Health Corp and Cardinal Health, as they may cause eye infection and in some cases possible vision loss. …
Progressive Groups Ask DOJ to Reverse New M&A Safe Harbor Policy
More than a dozen groups are pressing the U.S. Justice Department to retreat from a new policy they say gives a “free pass” to corporate wrongdoers, a sign of mounting criticism among progressives of enforcement under President Joe Biden. Demand …
People Moves: NFP Appoints McSherry to Lead Atlantic Region P&C
NFP, a property-casualty insurance broker headquartered in New York, N.Y., hired Meg McSherry to lead the property and casualty business in its Atlantic region. McSherry will support new business and client acquisition and retention and will help manage the region’s …
Lighthouse Insurance Misled Hedge Funds Before it Collapsed in 2022, Lawsuit Claims
A Florida lawsuit brought by private equity fund Fortinbras Enterprises and three others charges that Lighthouse Property Insurance Corp. executives concealed the extent of underwriting losses after Hurricane Ida, even as the insurer solicited millions in fresh capital. And part …
Florida Appeals Court Ruling Puts New Scrutiny on Wind Experts’ Credibility
Expert testimony is subject to a well-established standard set forth by the US Supreme Court 30 years ago in Daubert v. Merrel Dow Pharms., Inc. Under the Daubert standard, trial judges are gatekeepers of expert testimony, tasked with determining whether …