INSURANCE NEWS
German Authorities Recover Significant Part of Haul From 2019 Jewelry Heist
German authorities said Saturday that they have recovered a significant part of the 18th-century treasures stolen from Dresden’s Green Vault museum in a spectacular break-in more than three years ago. Prosecutors and police said in a statement that they secured …
Maryland High Court Joins Others in Backing Insurer in Covid-19 Claims Denial
The Maryland Supreme Court has backed an insurer in rejecting a luxury brand company’s claim that its all-risk commercial property insurance policy should cover its Covid-19 business losses. The ruling is in accord with Covid-19 rulings by high courts in …
“Fortnite” Maker Epic Games to Settle Alleged Privacy Violation for $520M
“Fortnite” creator Epic Games will pay $520 million to settle allegations that it violated a children’s privacy law and tricked people into making purchases, the Federal Trade Commission and the company said on Monday. It will pay $275 million for …
Arthur J. Gallagher & Co. Acquires NEK Insurance in California
Arthur J. Gallagher & Co. acquired El Cerrito, California-based NEK Insurance Inc. Kevin Bruns, Jennifer Sylvestri, Kyle Peterson and their associates will be part of Gallagher’s San Francisco branch under the direction of Jim Buckley, head of Gallagher’s Northwest region …
Judge Halting Provision Making California Gun Lawsuits Costlier
A federal judge said he will block a provision in a new California law to take effect next year that gun advocates argued was designed to hinder anyone from challenging the state’s famously restrictive gun laws. U.S. District Judge Roger …
Binance’s Books Are Black Box, Filings Show, as Crypto Giant Tries to Rally Confidence: Reuters
The world’s biggest crypto exchange, Binance, is battling to shore up confidence after a surge in customer withdrawals and a steep drop in the value of its digital token. The exchange said it dealt with net outflows of around $6 …
CyberCube Gets $50M in Financing for Cyber Risk Analytics
CyberCube announced $50 million in additional growth capital from investment funds managed by Morgan Stanley Tactical Value (Morgan Stanley), with continued participation from all existing investors Forgepoint Capital, Hudson Structured Capital Management (Bermuda) Ltd., MTech Capital, and key investors from …
New York Jury Convicts Lawyer, Doctor in $31M Trip-and-Fall Insurance Fraud
A New York attorney and surgeon were convicted by a Manhattan jury of six counts of fraud for participation in an illegal scheme that included false insurance claims and unnecessary surgeries for alleged injuries from staged trips and falls, a …
Texas Manufacturer Fined $298K for Ignoring Workers’ Concerns
A federal workplace safety investigation found that a Kyle vehicle parts manufacturer ignored repeated concerns raised by workers, and willfully exposed them to hazards related to unsafe machine operations, potential falls and a lack of personal protective equipment. An inspection …
Insurers Denying Coverage to FTX-Linked Crypto Firms as Contagion Risk Mounts
Insurers are denying or limiting coverage to clients with exposure to bankrupt crypto exchange FTX, leaving digital currency traders and exchanges uninsured for any losses from hacks, theft or lawsuits, several market participants said. Insurers were already reluctant to underwrite …
Ohio Court Rejects Caps on Damages in Some Child Rape Cases
COLUMBUS, Ohio (AP) – A woman repeatedly raped as a child is eligible for millions of dollars in additional compensation because a state cap on pain-and-suffering awards is unconstitutional as applied to cases like hers, a divided Ohio Supreme Court …
Investigators in West Texas Following 5.4 Earthquake
MIDLAND, Texas (AP) – The Texas Railroad Commission, which oversees the state’s oil and gas industry, on Saturday sent investigators to west Texas following a 5.4 magnitude earthquake near Midland. “RRC inspectors will be examining disposal activity at injection well …