INSURANCE NEWS
Tesla Faces New Race Bias Trial From Employee Who Had $137M Verdict Cut
A trial kicks off in San Francisco federal court on Monday to determine how much money Tesla Inc. must pay to a Black elevator operator who a jury determined was subjected to severe racial harassment while working at the electric …
Skyrisks Prepares to Launch as MGA for Advanced Air Mobility Sector
Skyrisks Ltd. is set to launch as a managing general agent, partnering with capacity provider Convex Group Ltd., aiming to address the fast-growing insurance needs of the advanced air mobility (AAM) sector. The AAM sector embodies the future of aviation, …
Credit Suisse Bondholders Seek Legal Advice on Wipe-out of AT1 Bonds
Credit Suisse bondholders are seeking legal advice after the Swiss regulator ordered 16 billion Swiss francs ($17.5 billion) of Additional Tier-1 (AT1) debt to be wiped out under its rescue takeover by UBS. These higher-yielding junior bonds emerged from the …
Ransomware Attack to Hit Revenue at India’s Top Drugmaker
Sun Pharmaceutical Industries Ltd. expects revenue to fall as measures taken by India’s top drugmaker to contain an information technology security breach in early March impacted operations. A ransomware group has claimed responsibility for the incident, which included a breach …
Aging Shadow Fleet, Shipping Russian Oil, Poses Disaster Risk
The oil tanker Turba normally should have been melted down by now. The 26-year-old vessel hasn’t had a full inspection since 2017, according to a database dedicated to promoting safe shipping. It also lacks industry standard insurance and sails under …
D&O 2022: Prices Down; Loss Ratios Up; Top Carriers Ranked
Although analysts at Fitch Ratings estimate that combined ratios for the directors and officers liability line remained below breakeven in 2022, with competition fueling price declines and the economic conditions uncertain, the line is under pressure. Fitch delivered the conclusion …
WCRI: Emergency Room Use by Injured Workers Varies Widely by State
PHOENIX — Nearly a third of injured workers in Massachusetts sought treatment for strains and sprains in a hospital emergency room, while in California and Nevada only 10% did, according to a study by the Workers’ Compensation Research Institute. That …
Hyundai, Kia Warn 570,000 US Owners to Park Due to Fire Risk
Hyundai and Kia are recalling just over 570,000 U.S. vehicles over fire risks and urged owners to park outside and away until getting repairs. The automakers said some vehicles with a tow hitch harness could catch fire due to a …
Fla. Unlicensed Roofing Contractor Charged After Soliciting Homeowners, Shirking Workers’ Comp
Florida authorities on Friday charged a man with unlicensed contracting, insurance fraud and failing to obtain workers’ compensation coverage on his workers, after he solicited Tampa-area homeowners for roof replacement work. John Sutton, doing business as Kaizen Construction Group, had …
Tornadoes Wipe Out Parts of Mississippi Towns, Leave 25 Dead
A powerful tornado tore through the Mississippi Delta on Friday night, killing at least 25 people, injuring dozens and causing widespread property damage. The weather system produced hail the size of golf balls and left entire blocks of towns virtually …
Pennsylvania School District Sues Norfolk Southern Over Ohio Train Derailment
A Pennsylvania school district serving students in two counties is suing the Norfolk Southern Railway over the railway’s February 3 toxic train derailment in nearby East Palestine, Ohio. The complaint filed by Blackhawk School District accuses the railway of negligence …
People Moves: PCF in Utah Names Gray Vice President of Treasury
PCF Insurance Services in Lehi, Utah, named Brandon Gray to the newly created role of vice president of treasury. Gray leads investment strategies, treasury operations and financing activities and provides treasury-related acquisition due diligence and integration support. He also monitors …