INSURANCE NEWS
HSBC to Take $1.1 Billion Hit After Luxembourg Court Ruling in Madoff Case
HSBC Holdings said on Monday it will book a $1.1 billion provision in its third-quarter results after losing part of an appeal in a long-running lawsuit tied to Bernard Madoff’s Ponzi scheme. HSBC acted as a service provider to several …
HK Startup Aims to Launch Satellites for 3D Wind Data, SCMP Says
Hong Kong startup Stellerus aims to create a constellation of satellites to become the world’s first provider of three-dimensional wind data provided by the devices, according to the South China Morning Post. Stellerus, founded in 2023 by Hong Kong University …
AM Best Revises Outlooks to Stable for Members of Illinois’ Pekin Insurance Group
AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of The Farmers Automobile Insurance Association, its wholly owned …
Consumers Seek $2.36B From Google After Privacy Verdict
U.S. Google users who won a $425 million jury verdict in a consumer privacy class action last month have asked a federal judge to force the Alphabet unit to forfeit an additional $2.36 billion in profits. The consumers in an …
Florida’s Universal P&C Reports Strong Profits, Policy Growth for Q3
Universal Insurance Holdings, parent company of Florida’s third-largest property insurer, reported an improved bottom line for the third quarter this year, even with a steady increase in policies in recent months. After shedding more than 160,000 policies in the turbulent …
Plan to Sell Golf Course Built on Slave Graves Sparks Outrage in Florida’s Capital City
A dark history long buried under the towering live oak trees and manicured lawns of a country club in Florida’s capital city of Tallahassee is reviving painful memories of the community’s segregated past and fueling some residents’ calls for a …
Employee Accused of Stealing 47 Vehicles From Car Rental Site at Airport
An employee allegedly stole 47 vehicles from an Avis Budget site at an upstate New York airport and rented them out around the region, police said Friday. The car rental company reported to authorities that the vehicles, worth more than …
California Commissioner Asks Insurers for Policyholder Relief During Shutdown
California Insurance Commissioner Ricardo Lara issued a formal notice asking insurance companies to implement protective measures, including a moratorium on cancellations, for policyholders who may be impacted by the federal government shutdown. According to the California Department of Insurance, the …
Intruders Release Mink From Iowa Farm in What Trade Group Calls ‘Terrorist Act’
One or more intruders broke into an Iowa mink farm and released 2,000 of the furbearing animals in what a trade group called a “terrorist act” under federal law. Sometime between last Monday night and Tuesday morning, fencing was cut …
South Dakota Company Recalls Pork Jerky That May Contain Metal Wire
A South Dakota company is recalling more than 2.2 million pounds (998,000 kilograms) of Korean barbecue pork jerky sold at Costco and Sam’s Club stores because the product may be contaminated with pieces of metal, federal health officials said Friday. …
Jury Awards $40M to Family of Louisiana Man Who Died in Privately-Run Jail
A federal jury found a private company running a Louisiana jail liable for the 2015 death of a man who died of head injuries he received while in custody, and awarded the family more than $40 million in damages. Attorneys …
Bishop Street Underwriters Launches MGA Incubator
Bishop Street Underwriters announced the rollout of Bishop Street Program Managers (BSPM), an incubator for developing managing general agents (MGA). Embedded within Bishop Street’s ecosystem and backed by its $600 million gross written premium platform, BSPM promises to provide the …