INSURANCE NEWS
Oregon Announces $17M Settlement with Centene
Attorney General Ellen Rosenblum and Oregon Insurance Commissioner Andrew Stolfi jointly announced a $17 million settlement with Centene regarding pharmacy services and including allegations that the company overcharged Oregon’s Medicaid program for pharmaceutical costs. Specifically, Centene served as both a …
Scientists Say Eruption of Hawaii Volcano Continues to Ease
The eruption of the Mauna Loa volcano on Hawaii’s Big Island continues to ease, scientists said, reinforcing an earlier pronouncement that the mountain’s first flare-up in nearly 40 years might soon end. “We have good news to report,” Ken Hon, …
Two Firefighters Die in Pennsylvania House Fire
WEST PENN TOWNSHIP, Pa (AP) — Pennsylvania State Police say two firefighters died responding to a house fire where a body was found, while two people who lived in the home got out safely. The slain firefighters were identified as …
Generali Raises Projected Profit Boost From Purchase of Cattolica
Italy’s biggest insurer Generali on Tuesday raised the projected boost to its earnings from last year’s purchase of smaller rival Cattolica, and ruled out negative impacts from new accounting standards. Generali now expects to achieve pre-tax synergies of 120-130 million …
Insurers and Turkey Reach Deal to Let Oil Tankers Sail Unhindered: Norway’s Gard
Norwegian ship insurer Gard said on Tuesday that an agreement had been reached between Turkey and insurers to enable vessels carrying oil to sail through Turkish waters unhindered. “Following significant engagement between the International Group of P&I Clubs (association of …
Indian Tycoon Birla Weighs Selling Insurance Brokerage Unit: Sources
Aditya Birla Capital Ltd., controlled by billionaire Kumar Mangalam Birla, is considering selling its insurance brokerage unit as the group seeks to restructure its financial services business, people familiar with the matter said. The publicly traded company has held talks …
FTX Founder Bankman-Fried Arrested in Bahamas at Behest of U.S. Prosecutors
FTX founder Sam Bankman-Fried was arrested in the Bahamas at the behest of U.S. prosecutors on Monday, the day before he was due to testify before Congress about the abrupt failure last month of one of the world’s largest cryptocurrency …
Russia Insurer Ingosstrakh Has No Plans to Fill Insurance Gap Caused by Sanctions
Russian insurer Ingosstrakh said on Monday it has no plans to offer policies to new clients who may lose coverage from international insurers after restrictions against Russian oil came into force on Dec. 5. The European Union banned all seaborne …
Spyware Hacks of Federal Workers Could Run Into Hundreds, Lawmaker Says
A US government probe into how many mobile phones belonging to diplomats and government workers have been infected with spyware could “easily run to the hundreds,” according to a member of the House Intelligence Committee. Jim Himes, a Democrat representative …
Bored-Ape NFT Investors Are Suing Bieber, Madonna and Other Celebrity Promoters
The creator of the popular Bored Ape Yacht Club collection of NFTs and its promoters, including Madonna, Paris Hilton and Justin Bieber, were sued by investors claiming they were duped into buying the collectibles by celebrities who didn’t disclose they …
EPL Exposures Redefined Post Pandemic: PLUS Panel
Post-Covid changes in the workplace have created a slew of new issues and exposures for employers. From the changing attitudes toward job flexibility and accommodations to the need for employee training to prevent pay-related litigation, employers are navigating new needs …
Florida Senate Committee Passes Reform Bill; Would Make Citizens’ Rates ‘Noncompetitive’
A Florida Senate Committee spent about two hours Monday reviewing a sweeping property insurance reform bill before approving it along party lines – with no changes. All nine Republicans on the Senate Banking and Insurance Committee voted in favor of …