INSURANCE NEWS
FTX Collapse Shows Need to Regulate Crypto World: Bank of England
The implosion of cryptocurrency exchange FTX shows the need to bring the crypto world within the regulatory framework, Bank of England Deputy Governor Jon Cunliffe said on Monday. FTX, which has filed for U.S. bankruptcy court protection, has said it …
Tesla Safety Is Focus of South Korean Criminal Trial Over Fiery, Fatal Crash
In an upscale Seoul neighborhood two years ago, a white Tesla Model X smashed into a parking lot wall. The fiery crash killed a prominent lawyer – a close friend of South Korea’s president. Prosecutors have charged the driver with …
Persistent ‘Underperformance’ at SCOR Prompts S&P Downgrade to ‘A+’
S&P Global Ratings announced that the rating agency is lowering the “AA-” financial strength and long-term issuer credit ratings for global reinsurer SCOR SE and its operating subsidiaries, highlighting persistent underperformance as the reason for the downgrades. “SCOR’s operating performance …
Rodgers, NFL Players Urge League to Nix Turf, Go With Grass
Aaron Rodgers has hit the ground in every NFL stadium except one. And while the “frozen tundra” of Lambeau Field has delivered its share of bumps and bruises, the venues with artificial turf have been even rougher on Rodgers’ nearly …
Elizabeth Holmes Sentenced to More Than 11 Years in Prison for Theranos Fraud
A federal judge on Friday sentenced Theranos founder Elizabeth Holmes to 11 years and three months in prison for defrauding investors in her now-defunct blood-testing startup that was once valued at $9 billion. In San Jose, California, U.S. District Judge …
Pay Gap at Nike Persisted After Changes, Lawsuit Alleges
Female employees at Nike Inc. who came on board before the company revamped its hiring practices were still subject to pay gaps that totaled at least $11,000 annually compared with male employees, plaintiffs in a lawsuit allege in newly unsealed …
Towne Insurance Acquires Lockhart Agency in Charlotte
Towne Insurance Agency, with offices across Virginia and the Carolinas, has acquired Lockhart Insurance, expanding its footprint in the Charlotte area. Lockhart was founded in 1972 by Gregg Lockhart and has been a fixture in the Charlotte community for decades, …
Kreidler Issues $111K in Fines for Violations in October
Washington Insurance Commissioner Mike Kreidler issued fines in October totaling $111,000 against insurance companies, agents and brokers who violated state insurance regulations. Following are the companies, their location, the size of their fines, and the allegations against them. Insurance companies …
Massive Snowfall Buries Western and Northern New York
BUFFALO, N.Y. (AP) — A dangerous lake-effect snowstorm paralyzed parts of western and northern New York on Friday, dumping over 5 feet in some spots with more expected to fall through the night into Saturday. The storm was blamed for …
Lemonade Records Net Loss, Top and Bottom Line Growth
Insurtech Lemonade booked a third-quarter net loss of $91.4 million compared with a net loss of $66.4 million during the same quarter last year, but in a letter to shareholders, the company said both top and bottom lines came in …
Court Won’t Reconsider Block of Arkansas Trans Care Law
LITTLE ROCK, Ark. (AP) – A federal appeals court said Wednesday it won’t reconsider its ruling temporarily blocking Arkansas from enforcing its ban on gender-affirming care for children. The 8th U.S. Circuit Court of Appeals denied the state’s request for …
Texas Agency, Lawmakers Aim to Tighten Pollution From Concrete Plants
ARLINGTON — Deirdre Diamond is frustrated and concerned that another concrete batch plant is coming to her town. Gunter, located about 50 miles north of Dallas, already has 11 permitted concrete batch plants, according to Texans for Responsible Aggregate Mining, …