INSURANCE NEWS
Twitter Again Sued Over Severance Pay, Bias During Layoffs
Twitter Inc. on Tuesday was hit with the second lawsuit this month to claim that it owes at least $500 million in severance pay to ex-workers, the latest in a series of cases arising from Elon Musk’s acquisition of the …
Bain Capital Raises $1.15B for Its First Fund Dedicated to Insurance Investments
Bain Capital has raised $1.15 billion for its first fund dedicated to investing in the insurance industry, as the private equity firm aims to create and invest in companies in the sector, a senior executive told Reuters. The fund exceeded …
Digital Asset Insurer Evertas Acquires Bitsure, Crypto Mining Insurance Specialist
Evertas, the Chicago-based dedicated crypto insurance company, announced the acquisition of Bitsure, the world’s first insurer dedicated to coverage for crypto mining operations. Launched in 2021, Cape Town, South Africa-based Bitsure bound its first mining policy in June of 2022, …
Judge Dismisses Lawsuit Against Police by Mississippi Woman Hit by Stray Bullet
A federal judge has dismissed a lawsuit filed by a Mississippi woman who says she was hit by a stray police bullet while lying in bed. Latasha Smith, 49, was in bed on Dec. 11 when an officer from the …
Utility Investors Wary of Exposures After Buffet’s PacifiCorp Held Liable for Wildfires
Destructive wildfires are now an almost routine part of summer in the American West, and electrical utilities have likewise become used to having their power lines and equipment blamed for igniting the blazes. But a jury verdict last month ordering …
Ukraine Plea to Keep Grain Moving Clashes With Reality Facing Insurers, Shippers
Ukraine is pushing for grain exports to continue from key ports following Russia’s withdrawal from the Black Sea grain deal. Insurers and shippers aren’t so sure. Russia’s termination of the pact this week means that it will no longer guarantee …
Australia’s Fortescue Hit by Cyber Attack That Disclosed Some Network Data
Fortescue Metals Group Ltd. said it had been subject to a cyber attack that resulted in “the disclosure of a small portion of data from our networks.” The world’s fourth-largest iron ore exporter described the attack as “a low impact …
US Auto Safety Regulators Open Special Probe Into Fatal Tesla Crash
U.S. auto safety regulators are opening a special crash investigation into a fatal accident in California involving a 2018 Tesla Model 3 suspected of relying on advanced driver assistance systems, the government agency said on Tuesday. The National Highway Traffic …
UK’s Post-Brexit Access to EU Financial Markets Still Unclear, EU Official Says
It is too early to tell if Britain’s financial rules post-Brexit will diverge too far from European Union norms to consider giving it access to the bloc’s markets, a senior EU official said on Tuesday. Paulina Dejmek Hack, a director …
ALKEME Acquires Kansas’ Wiggins Farha, Ohio’s The Milestone Company
ALKEME recently acquired a pair of Midwestern agencies. ALKEME announced the acquisition of Wiggins Farha Insurance Group,a full-service insurance agency operating out of Wichita, Kansas. Wiggans Farha Insurance Group is an independent insurance agency serving the state of Kansas and …
China Poses ‘Alarming’ Threat to US Power Grid, Lawmakers Told
China represents an increasing threat to the US power grid, lawmakers were told Tuesday during a hearing in which they were warned a cyberattack from the nation could plunge military and other sensitive sites into darkness. “The Chinese activities are …
Estee Lauder Hit by Cyber Attack, With Some Business Operations Disrupted
Cosmetics maker Estee Lauder on Tuesday said a hacker had obtained some data from its systems, with the cyber incident causing, and expected to further cause, disruption to parts of the company’s business operations. The MAC Cosmetics owner was working …