INSURANCE NEWS
France’s Danone Faces Legal Action Over Plastic Use and Reporting Practices
Some environmental groups have taken legal action against French bottled water and dairy group Danone over its plastic use, accusing it on Monday of failing to sufficiently account for all the plastic used along its production cycles. Danone, the world’s …
Ant Group Founder to Give Up Control in Major Overhaul of Chinese Fintech Giant
Ant Group’s founder Jack Ma will give up control of the Chinese fintech giant in an overhaul that seeks to draw a line under a regulatory crackdown that was triggered soon after its mammoth stock market debut was scuppered two …
M&A Drops From 2021 Record High but Activity ‘Solid’: Marshberry
Following a record year in 2021, insurance agency consulting firm Marshberry said the amount of mergers and acquisitions in the insurance industry dropped by more than 200 in 2022 but when all is said and done, the year could still …
Judge Approves $11M Fund to Settle Suit Against Zywave
A federal judge last week approved an $11 million deal to end a proposed class action lawsuit against insurance technology provider Zywave. The lawsuit filed in U.S. District Court for the Northern District of Texas in June 2021 alleged Insurance …
Former Florida Insurance Adjuster Pleads Guilty in Scheme that Robbed Drug Dealers
A former Florida claims adjuster for State Farm Insurance and Berkshire Hathaway Group has pleaded guilty to participating in a brazen plan in which suspects posed as law officers and robbed alleged drug dealers in the Tampa area. From December …
Maryland Newsroom Shooting Victims Settle Suit Against Publisher
ANNAPOLIS, Md. (AP) _=— The families of victims in the Capital Gazette shooting and some newspaper employees who survived the deadly 2018 attack dismissed civil charges against The Baltimore Sun and Tribune Publishing this week after settling the case, the …
Vermont Seeks Federal Damage Assessment From December Storm
Vermont has requested a federal damage assessment to see if the state qualifies for a federal major disaster declaration from last month’s storm that caused tens of thousands of power outages and other damage. Vermont Emergency Management Director Erica Bornemann …
Florida High Court Upholds Slashing of Punitive Damage Award in Tobacco Case
The Florida Supreme Court has struck down $16 million in punitive damages against R.J. Reynolds Tobacco Co. as “excessive,” a decision that could bode well for insurers and businesses relying on courts to interpret state law strictly as written. “Text …
People Moves: Texas Mutual Names Duncan as CEO of Health-Focused Subsidiary
Texas Mutual announces Duncan as CEO of new health insurance subsidiary Texas Mutual Insurance Company, based in Austin, Texas, has hired Meredith Duncan as the president and chief executive officer of the company’s new health-focused subsidiary. Subject to regulatory approval, …
Oklahoma AG Announces New Opioid Settlements Worth $226M
OKLAHOMA CITY (AP) – Oklahoma entered settlement agreements with three major pharmacy chains and an opioid manufacturer totaling more than $226 million, Attorney General John O’Connor announced Wednesday. Including the new settlements with drugmaker Allergan and pharmacy chains CVS, Walgreens …
People Moves: NFP Names Head of N.A. Construction Advisory; New Chief Underwriting Officer at Everspan
NFP Names Canning SVP NFP has named Andrew Canning senior vice president and head of project risk advisory for the company’s growing North America construction and infrastructure group. The group, part of NFP’s specialty business, provides clients with comprehensive construction …
Regulators: Lack of Safeguards Led to Wisconsin Refinery Explosion
MADISON, Wis. (AP) – Federal regulators have determined that a lack of safeguards during a maintenance shutdown led to a 2018 explosion at an oil refinery in Superior. The U.S. Chemical Safety Board released a final report last week on …