INSURANCE NEWS

Florida Lawmakers May End Disney Ride Inspection Exemptions in DeSantis Crusade

Gov. Ron DeSantis and Florida lawmakers ratcheted up pressure on Walt Disney World on Monday by announcing legislation that will use the regulatory powers of Florida government to exert unprecedented oversight on the park resort’s rides and monorail. Lawmakers will …
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Catastrophe Losses Cause Q1 Drop in Travelers’ Net Income

First quarter net income at Travelers Cos. fell 4% to $975 million as catastrophes cost the insurer a total of about $535 million during the first three months of the year. Catastrophe losses, coupled with a $48 million first quarter …
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New York Names InnSure to Manage Clean Tech Insurance Innovation Project

New York Governor Kathy Hochul announced that the nonprofit InnSure will administer the state’s $6.5 million insurance innovation fund that includes grants to encourage the development of new insurance policies and products that support new clean technologies. The initiative, announced …
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EU Announces $1.2B Plan to Counter Growing Cyber-security Threats

The European Commission on Tuesday announced a 1.1-billion-euro ($1.2 billion) plan to counter growing cybersecurity threats, underscoring mounting concerns about a series of high-profile hacking incidents. The growing use of cyber warfare in the military conflict between Russia and Ukraine …
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Viewpoint: D&O Market Conundrum — Softening Rates With Rising Claims Severity

Executive Summary: An uncertain economic landscape leading to a rise in claims, decreasing rates, and proposed US Securities and Exchange Commission regulations on environmental, social and governance disclosures (ESG) are just some of the challenges facing directors and officers liability …
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Small Town Debates Students’ Pastry Mural. Is It Art or Zoning Violation?

CONWAY, N.H. (AP) – Bakery owner Sean Young was thrilled when high school art students covered the big blank wall over his doorway last spring with a painting of the sun shining over a mountain range made of sprinkle-covered chocolate …
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J&J Talc Unit Asks Judge to Halt Cancer Lawsuits as it Pursues $8.9B Settlement

A Johnson & Johnson subsidiary is again asking a U.S. judge to pause tens of thousands of lawsuits alleging the company’s baby powder and other talc products cause cancer, as it seeks to resolve the litigation in bankruptcy after a …
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Russian Hackers Target Western Critical Infrastructure, UK Warns

The UK government’s cyber defense agency warned on Wednesday of an emerging threat to Western critical national infrastructure posed by hackers sympathetic to Russia and its war on Ukraine. Russia-aligned “hacktivists” have carried out largely harmless online campaigns that have …
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Hyundai Auto Canada Guilty of Safety Violation, Transport Canada Says

Transport Canada said on Tuesday Hyundai Auto Canada Corp pleaded guilty to six different counts of criminal charges for violating the Motor Vehicle Safety Act. Hyundai Auto Canada failed to send out notices of safety defect within the prescribed time …
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Japanese Banks (and Insurers) Face Spotlight for ‘Gender Washing’ Women Managers

Some Japanese banks may soon come under the spotlight for potential “gender washing” over the way they count the number of women in management positions. Japan’s Financial Services Agency found a big discrepancy in responses from a regional bank survey …
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People Moves: Ascot Names Williams U.S. CIO; Falcon Expands Leadership Team; Everest Names Mulray President of N.A. Insurance

Ascot Group Names Williams U.S. CIO Ascot Group has appointed Owen Williams to the newly created role of chief information officer (CIO), Ascot U.S., headquartered in New York, New York. Williams has been working in the insurance and technology sectors …
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Canada’s Desjardins Is Seeking Property/Casualty Insurance Acquisitions

Canada’s Desjardins Group is seeking acquisitions in the property and casualty (P/C) insurance space as it seeks to boost its presence across the country, CEO Guy Cormier told Reuters on Tuesday. Cormier said the Quebec-based cooperative financial group is mainly …
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