INSURANCE NEWS
Plane had Mechanical Problems Before Crash That Killed Founder of Morgan White Insurance Group
WINSLOW, Ark. (AP) – A small plane had mechanical problems with its autopilot system before it crashed in Arkansas last month and killed a former Mississippi state senator who was flying it, according to a preliminary report by the National …
Week After Iowa Building Collapse, Minnesota Condo Evacuated Over Stability Concerns
ROCHESTER, Minn. (AP) – Less than a week after an apartment building partially collapsed in Iowa, more than 140 people were evacuated from a condominium in Minnesota after a structural engineer expressed concerns about its stability. Officials in Rochester, Minnesota, …
Republican Wisconsin Lawmakers Propose Plan to Combat PFAS Pollution
MADISON, Wis. (AP) – Republican legislators have proposed a sweeping new plan to address PFAS pollution that would create grants for local governments, limit regulators’ ability to delay projects on polluted property and mandate studies on how to treat contaminated …
Children Rescued from Burning Car While Florida Mom was Shoplifting, Police Say
Shoppers at a Florida mall managed to pull two children out of a burning car after their mother left them alone while she shoplifted, police said. The vehicle caught fire May 26 outside the Oviedo Mall, just northeast of Orlando, …
Appeals Court Upholds Jury’s $9M Irma Verdict That Went Beyond Experts’ Opinions
Juries that are asked to resolve hurricane-damage disputes often hear widely varying damage estimates from expert witnesses. A decision by a federal appellate court on Monday demonstrates that once a jury decides on a number, insurers may need more than …
New York City Files Suit Against Hyundai, Kia Over Thefts
New York City has joined other municipalities in suing carmakers Hyundai and Kia for not having immobilizer anti-theft technology in some of their vehicles, which the municipalities claim has resulted in record car thefts and created a public nuisance around …
Insurance Group Hamilton Mulls Potential IPO, Sale
Hamilton Insurance Group is considering strategic options amid growing momentum for deals involving insurance and reinsurance companies, people familiar with the matter told Reuters. The Bermuda-based group has been discussing options with potential advisers, including an initial public offering (IPO) …
California Insurers’ Inability to Price Risk Is Causing Headaches
California regulations restrict insurers from using sophisticated computer models to consider the rapidly growing wildfire risks from climate change — and that limitation is a factor pushing US insurers out of the state. State Farm General Insurance Co. announced at …
Kazakhstan Presses Ahead With $16.5B Claim Against Oil Majors
Kazakhstan is pressing ahead with $16.5 billion in claims against international oil majors over disputed project costs and has no plans for a possible out-of-court settlement, Energy Minister Almasadam Satkaliyev said. The legal wrangling underscores the risks for foreign companies …
China’s Wheat Growers Face ‘Disaster’ After Heavy Rain Batters Crop
After two weeks of continuous heavy rains, a farmer surnamed Chen in China’s Henan province surveys bent stalks of saturated wheat in sodden fields that will take days to dry out before harvesting can start. The rains are also causing …
Tesla’s $2.6 Billion SolarCity Buyout Ruled Fair as Dismissal of Shareholder Suit Upheld
esla Inc.’s $2.6 billion acquisition of SolarCity in 2016 was “entirely fair” to shareholders, Delaware’s top court ruled, upholding the dismissal of an investor lawsuit and sparing Elon Musk from a potential multibillion-dollar hit. The Delaware Supreme Court on Tuesday …
Wildfires Force Miners to Halt Operations in Eastern Canada
Several mining companies have temporarily halted operations and exploration activities in eastern Canada as unprecedented wildfires rage. Iron Ore Co. of Canada, which is majority owned by Rio Tinto Group, is in the process of idling operations at the mine, …