INSURANCE NEWS
Insurer Rolls Out Policy to Protect Data Centers Against Growing Backlash
Intensifying public pushback against artificial intelligence data centers is spurring a new line of business for a New York-based boutique insurer. Arbol, which was founded by a former Citadel strategist, on Tuesday launched a new policy that protects data center …
Oaktree’s Deal to Buy A-Cap Insurer Crumbles, Spawning New Talks
Oaktree Capital Management’s agreement to take over a life insurer owned by Advantage Capital Holdings has collapsed, leaving the companies to discuss alternatives after regulators raised alarms over the business’s potential exposure to defunct investment firm 777 Partners. Oaktree, which …
Hormuz Could Be ‘Redundant’ in Five Years, Replaced by New Routes, HSBC CEO Says
Investment in alternative logistics routes in the Gulf to mitigate the impact of the Iran war could make the Strait of Hormuz “redundant” in the next five years, HSBC Group Chief Executive Georges Elhedery said on Tuesday. The conflict has …
AI Tool That Hacked Korean Banks Was Used in Japan: Security Firm
The hackers who recently infiltrated some of Japan’s biggest companies used an AI tool developed in China and linked to a rash of breaches at South Korean banks last month, according to a Tokyo-based internet security firm. Researchers confirmed that …
People Moves: Virginia Workers’ Comp Commission Names 2 Deputy Commissioners
The Virginia Workers’ Compensation Commission named two new deputy commissioners, Adam L. Katz and Jason A. Mullins. Both Katz and Mullins will serve as administrative law judges under the Virginia Workers’ Compensation Act and hold evidentiary hearings. Since 2010, Deputy …
California Group Off the Hook for Defamation Suit Brought by Maine Lobster Industry
The First Circuit Court of Appeals has dismissed a defamation lawsuit by Maine lobster interests against a California environmental group that urged the public to avoid eating North American lobster because, the group alleged, lobster fishing poses a risk to …
Bank of England Considers Stress Testing AI’s Effect on the Financial Sector
While the Bank of England is busy stress testing the UK’s private markets, another threat is looming in the minds of regulators. Turmoil caused by artificial intelligence is among the options being discussed for the BOE’s next system-wide exploratory scenario, …
French Unrest Tapers Off After Security Measures Imposed
French protests largely died down after authorities rolled out tougher security measures, including targeted curfews, following cost-of-living protests over the weekend that degenerated into violence, vandalism and looting.An 11 p.m. curfew was put in place in a few areas of …
US Banning Chinese AI DeepSeek From Government Agency IT Systems
The US Homeland Security Department is ordering the removal of DeepSeek products and third-party services using the Chinese AI model from US civilian agency IT systems, according to a notice published Oct. 19. The department is also banning acquisition of …
Supreme Court to Weigh Case Over Race and School Admissions
The US Supreme Court agreed to consider making it easier to challenge public school admissions policies as racially discriminatory in a fresh test of educational diversity efforts. The justices said Monday they will consider reviving a lawsuit that claims Maryland’s …
Florida OIR Marks End to American Mobile, Which Briefly Served Stressed MH Market
Six years after it launched and two years after it exited the distressed Florida market, American Mobile Insurance Exchange has officially lost its authority to operate. Florida Insurance Commissioner Mike Yaworsky announced Monday, Oct. 19, that he had forced the …
Reuters: DXC in Advanced Talks to Sell Insurance Software Unit for $2.4 Billion
IT services company DXC Technology is in advanced talks to sell its insurance software and services division to private investment firm Eldridge Industries for about $2.4 billion, according to people familiar with the matter. Eldridge is discussing combining the business …