INSURANCE NEWS
Teva, AbbVie Finalize $6.6B Opioid Settlements
Teva Pharmaceutical Industries Ltd. and AbbVie Inc. have finalized the terms of settlements worth more than $6.6 billion to resolve thousands of lawsuits by U.S. state and local governments over the marketing of opioid painkillers, the companies and lawyers for …
Electric Air Taxi Company Archer Plans $118M Georgia Factory
A California company seeking to build small electric aircraft says it will invest $118 million to construct a plant near Atlanta, eventually hiring up to 1,000 people. Archer Aviation, based in Santa Clara, California, said Monday that it would seek …
Grants for Home Hardening Now Available Under Florida Wind-Mit Program
Florida officials this week announced the hard launch of My Safe Florida Home, a program that provides up to $10,000 grants for wind-mitigation efforts for homeowners in vulnerable areas. Once completed, the fortification work can result in significant discounts on …
Supreme Court Nixes Virginia School Board Appeal of Sex-Assault Case
FALLS CHURCH, Va. (AP) — The U.S. Supreme Court won’t hear an appeal from a Virginia school board that says it shouldn’t be held liable for the alleged sexual assault of a student by a classmate on a band trip. …
Takeaways from Our Conversation with New York State Insurance Fund Director
New York State Insurance Fund stepped right into the cannabis space as the state began passing out licenses in August to fill what would have likely been a large gap. New York’s adult-use cannabis market is forecast to reach more …
Washington Contractor Faces Theft Charge over $127K in Workers’ Comp
A Clark County, Washington, man was charged with stealing $127,000 in workers’ compensation benefits for working at his own construction business while claiming he was too injured to work. Daniel Joseph Lesieur, 54, of Washougal, pleaded not guilty to one …
Oregon Report Shows State’s Workers’ Comp Rates Among Nation’s Lowest
Oregon’s workers’ compensation rates remain among the lowest in the nation, according to an analysis released by the Oregon Department of Consumer and Business Services. The biennial study ranks all 50 states and Washington, D.C., based on premium rates that …
China’s Fosun International Appoints Deutsche Bank to Sell Stake in Peak Re: Sources
China’s Fosun International Ltd. has appointed Deutsche Bank to advise on a potential sale of its stake in Hong Kong-based reinsurance company Peak Re, four people with knowledge of the matter told Reuters. The sale comes as the tourism-to-financials conglomerate …
No Federal Aid to Restart Michigan Nuclear Power Plant
COVERT, Mich. (AP) – The federal government has turned down a request for financial aid to restart a nuclear power plant in southwestern Michigan, the owner said. Holtec International said it was notified Friday by the U.S. Energy Department. The …
New York Permitting Out-of-State Adjusters to Expedite Snowstorm Claims
The New York Department of Financial Services announced it will issue temporary permits to qualified out-of-state independent insurance adjusters in order to expedite insurance claims in light of the winter storm that hit the state over the weekend. DFS Superintendent …
Missouri Dept. of Insurance Recommends 6.4% Decrease in Workers’ Comp Rates
The Missouri Department of Commerce and Insurance (DCI) is recommending a 6.4 percent decrease in workers’ compensation insurance loss costs for 2023. This marks the seventh time in eight years that average workers’ compensation rates will decrease. The 6.4 percent …
TSLA Announces Election of Officers & Directors
The Texas Surplus Lines Association (TSLA) announced the election of officers and directors at its 67th annual meeting in Austin on November 14. TSLA elected Tiffany Way, senior vice president, branch manager at RT Specialty as its next president. Kimmi …