INSURANCE NEWS
Indiana Arsonist Sentenced to House Arrest
ELKHART, Ind. (AP) – A woman who pleaded guilty to arson for allegedly helping her boyfriend set fire to several barns in northern Indiana was sentenced Tuesday to eight years on house arrest. An Elkhart County judge gave Sherry Thomas …
All 4 Bodies Found in Helicopter Crash Off Gulf of Mexico
BATON ROUGE, La. (AP) – The bodies of all four people who were aboard a helicopter that crashed into the Gulf of Mexico while departing an oil platform last week have been recovered. The U.S. Coast Guard recovered the bodies …
Peloton to Pay $19M Fine Over Treadmill Hazard
Peloton Interactive Inc. has agreed to pay a $19 million fine for failing to promptly report a defect with its Tread+ treadmill that could cause serious injury, U.S. regulators said on Thursday. The Consumer Product Safety Commission (CPSC), in a …
CIBC Ordered to Pay $848M in Damages to Cerberus; Plans Appeal
Canadian Imperial Bank of Commerce CM.TO plans to appeal a New York judge’s order that it pay about $848 million in damages to private equity firm Cerberus Capital Management, in a contract dispute tied to the 2008 global financial crisis. …
Insurers, Agents Spared in New Jersey Shooting Claims
A federal judge in New Jersey has ruled that a New Jersey property owner is not entitled to insurance coverage for a shooting because it never disclosed it owned the banquet hall where the shooting took place on its two …
Thailand Mandates Covid Insurance for Visitors From Some Nations
Thailand is mandating Covid insurance for foreign visitors from countries that require negative RT-PCR test results before returning home, reinstating the entry rule ahead of the likely arrival of Chinese tourists in large numbers. The insurance rule will ensure that …
Tory Peer-Linked Firm Supplied Unsafe Gowns During COVID, Health Department Alleges
The controversial firm linked to a Tory peer supplied 25 million protective gowns that were unusable and failed safety tests during the pandemic in 2020, the UK’s health department alleged in a lawsuit seeking to recover £133 million ($160 million). …
JPMorgan Must Face Suit by Ray-Ban Maker Unit Over Cyber Theft
JPMorgan Chase Bank NA will have to face a lawsuit by a unit of the French maker of Ray-Ban glasses that claims the bank ignored suspicious transactions as cybercriminals drained $272 million from its New York bank account. Essilor Manufacturing …
Duke Energy Blames Rolling Blackouts on Perfect Storm of Issues
Duke Energy Corp. executives on Tuesday blamed a convergence of widespread extreme cold, higher than projected demand, malfunctioning plant equipment and the inability to buy power elsewhere for rolling blackouts on Christmas Eve _ the first for the company in …
Markets/Coverages: CNA Hardy Offers Enhanced Product Suite for UK Tech Businesses
CNA Hardy, a specialist commercial insurance provider for clients within the Lloyd’s and company markets, announced the latest addition to its specialist technology product suite. The product, called “Technology Package+” offers an updated, comprehensive suite of coverages including advanced cyber …
Trader Joe’s Sued Over Lead, Cadmium Levels in Dark Chocolate
Trader Joe’s was sued on Wednesday by a consumer who accused the grocery chain of misleading and endangering shoppers by selling dark chocolate that contains harmful levels of lead and cadmium. The proposed class action was filed in the federal …
People Moves: Aon Hires Fulciniti as Head of Strategy Execution for Commercial Risk Solutions, EMEA; DARAG Names Mathis Wagner and Pearson to Lead M&A in Europe, UK
Aon Names Fulciniti as Head of Strategy Execution for Commercial Risk Solutions, EMEA Insurance broker Aon plc has named Agostino (Ago) Fulciniti as head of strategy execution for Commercial Risk Solutions in EMEA, effective Jan. 1, 2023. In this new …