INSURANCE NEWS
Zurich Insurance Invests $170 Million Into APAC Private Debt
Zurich Insurance Group AG has selected Australia as the first market for its private credit strategy in Asia-Pacific, awarding a $170 million mandate as it seeks opportunities to invest in local assets. The insurer assigned the mandate to an Australia-based …
Markets/Coverages: ShoreOne Offers Combination Home, Flood Policy in Rhode Island
ShoreOne Insurance Managers, Inc. has officially launched its residential homeowners policy with full flood insurance protection in Rhode Island. This coverage combines both home and flood insurance under one policy—with one deductible and one claims process. The product, already available …
Australia Watchdog Warns Private Credit With Tougher Action
Australia’s corporate regulator is threatening more aggressive legal action against private credit funds that fail to protect investors, as the A$200 billion ($131 billion) industry continues to expand. The Australian Securities & Investment Commission’s deputy chair, Sarah Court, will announce …
Oklahoma Pharmacies to Pay $157K Over Unauthorized COVID-19 Test Billing
Multiple Oklahoma pharmacies have agreed to pay $157,000 to settle allegations that they billed the Oklahoma Medicaid Program, SoonerCare, for hundreds of unauthorized over-the-counter COVID-19 tests. Apothecary Pharmacy, Cornwell Pharmacy, Cushing Family Pharmacy, R.T.’s Family Discount Pharmacy, Foster Corner Drug, …
London’s Rich Come to Grips With Flood Risk on Their Doorstep
As London struggles to adapt to the reality of more frequent and powerful floods, its wealthier corners are emerging as some of the most at risk. Last month in the affluent London neighborhood of South Hampstead, homeowners packed a community …
Residents of Michigan Border Towns Reject Expansion of Cannabis Stores
In the summer, the board in mostly rural Niles Township gave a preliminary OK to 21 cannabis stores along one road currently dotted with businesses and surrounded by farmland. On Tuesday, Nov. 4, voters rejected them all. Nearly 6 in …
Families of Camp Mystic Flood Victims Allege Negligence in Lawsuit
The operators of Camp Mystic in Texas, where 25 girls and two teenage counselors died in catastrophic flooding on July 4, failed to take necessary steps to protect the campers as life-threatening floodwaters approached, families of the victims allege in …
Watchdog Group Demands OpenAI Withdraw AI Video App Sora Over Deepfakes
The tech industry is moving fast and breaking things again — and this time it is humanity’s shared reality and control of our likeness before and after death — thanks to artificial intelligence image-generation platforms like OpenAI’s Sora 2. The …
Italy’s Generali Names Deputy CEO as Succession Talk Swirls
Generali said on Wednesday it had appointed the head of its insurance business Giulio Terzariol as group deputy chief executive, weeks after investors critical of CEO Philippe Donnet boosted their influence at Italy’s biggest insurance company. Terzariol’s appointment is Donnet’s …
People Moves: Burns & Wilcox Adds New Leaders in Atlanta, Baltimore and Minneapolis
Burns & Wilcox, headquartered in Farmington Hills, Michigan, hired new leaders for the company’s offices in Atlanta, Georgia; Baltimore, Maryland; and Minneapolis, Minnesota. Scott Kiser was named managing director, Atlanta. Kiser joins Burns & Wilcox from Oakbridge Insurance Agency, where …
Meta Pledges $1 Billion to Build AI Data Center in Wisconsin
Meta Platforms Inc. is spending more than $1 billion to build a data center in Wisconsin that will power artificial intelligence work, its latest investment in the infrastructure needed for the fast-moving AI race. The 700,000 square-foot data center will …
China Accuses US of Orchestrating $13 Billion Bitcoin Hack
China’s cybersecurity agency accused the American government of orchestrating the theft of about $13 billion worth of Bitcoin, representing China’s most recent attempt to attribute major cyberattacks to the US. The theft of the 127,272 Bitcoin tokens from the LuBian …