INSURANCE NEWS
South Korean Police Probe Massive Data Leak at E-Commerce Giant Coupang
South Korean police said on Monday they were tracing IP addresses and looking into possible tech vulnerabilities at Coupang after the e-commerce giant suffered the country’s worst data breach in over a decade. Shares of the company fell 6.5% in …
Missouri AG Secures $60K Restitution Judgment in Roofing Fraud Case
Missouri Attorney General Catherine Hanaway announced last month that her office obtained a final consent judgment and permanent injunction against Xcel Roofing of Kansas City, LLC, and its owner, James Patrick Harding, for defrauding Greene County consumers out of thousands …
Third Russia-Linked Oil Tanker Suffers Explosions at Sea
An oil tanker carrying diesel suffered four external explosions near Dakar, Senegal, its manager said, the third vessel with links to Russia to have been struck over the last few days. Seawater entered the engine room of the Mersin, Besiktas …
Foundation Firmed: AM Best Switches View of US Homeowners Insurers to Stable
Insurers of U.S. homes have improved rate adequacy and catastrophe risk management, modified coverage, and benefitted from a softening reinsurance market to earn a change in AM Best’s outlook for the segment to stable from negative. A quiet hurricane season …
Shein Faces Texas Probe Over Alleged Violations of Labor Laws and Product Safety
Texas Attorney General Ken Paxton said the state is investigating global fast-fashion retailer Shein US Services LLC Corporation and its affiliates for potential violations of Texas law related to unethical labor practices and the sale of unsafe consumer products. Shein, …
A 6.0-Magnitude Earthquake Hit Anchorage Area on Thanksgiving
A 6.0-magnitude earthquake rocked the Anchorage metropolitan area Thursday morning, according to the U.S. Geological Survey. The quake struck at about 8:11 a.m. local time at a depth of 69 kilometers (43 miles), according to the USGS. Its epicenter was …
How ‘Super Roofs’ Reward Insurers, Cat Bond Investors and Homeowners
As the Trump administration stalls federal funding for projects intended to make states more resilient to climate change and private insurers decline to cover properties in high-risk zones, North Carolina just proved there’s another way to fund disaster preparedness: a …
Death of Teenager on Carnival Cruise Ship Ruled a Homicide
The death of a Florida teenager on a Carnival cruise ship earlier this month has been ruled a homicide, the latest development in a case that has drawn international attention and sparked intense speculation on social media. Anna Kepner’s cause …
Air France, Airbus Dispute Pilot Roles in Rio-Paris Crash
Air France and Airbus clashed over the role of pilots in a mid-Atlantic crash that killed 228 passengers and crew more than 16 years ago as the two companies fought corporate manslaughter charges at the climax of an eight-week appeal …
Amazon Wins Injunction Against New York Law on Labor Relations
A federal judge last Wednesday granted Amazon.com a preliminary injunction to block the New York State Public Employment Relations Board from enforcing a new state law that the online retailer considers an attempt to illegally regulate private-sector labor relations. The …
Hong Kong’s Deadliest Fire in Decades Followed a Year of Safety Complaints
Residents of the housing complex that was engulfed in Hong Kong’s deadliest blaze in seven decades were told by authorities last year that they faced “relatively low fire risks” after complaining repeatedly about fire hazards posed by ongoing renovation works, …
PE Firms EQT, CVC Drop $3.44B Pursuit of Australian Broker AUB Group; Shares Drop
Australia’s AUB Group said on Monday its suitors EQT and CVC Asia Pacific had abandoned their pursuit that valued the insurance broker at A$5.25 billion ($3.44 billion), sending its shares more than 17% lower. Shares of the Sydney-based firm plunged …