INSURANCE NEWS
Rivian to Recall Nearly 35,000 Delivery Vans Over Seat Belt Issue
Rivian Automotive is recalling 34,824 electric delivery vehicles in the U.S. as their seat belt system may fail to properly restrain the driver, increasing the risk of injury during a crash, the EV maker said in a filing with the …
State Farm Sued Over Policies Backed by Distressed Insurer PHL
State Farm Mutual Automobile Insurance Co. faces a lawsuit accusing it of fraud and unjust enrichment for selling products from PHL Variable Insurance Co., which authorities say has a $2.2 billion capital shortfall that left policyholders with less-than-promised payouts. Three …
Landlords Hit With $21.5M Verdict for Hiring Sex Offender Who Set Tenants on Fire
Landlords in Baltimore are being held liable for hiring a convicted sex offender with a violent criminal record who then attacked two tenants and set them on fire, with a jury awarding the victims $21.5 million. The same man murdered …
Baldwin Group to Buy CAC Group for About $1B in Cash and Stock
Independent insurance agencies The Baldwin Group and CAC Group have agreed to merge to create one of the largest independent insurance advisory and distribution platforms in the U.S. Baldwin said the purchase price of about $1.03 billion consists of $438 …
Victims’ Families to Sue for Wrongful Death Over UPS Cargo Jet Crash
Families of the victims of a UPS cargo jet crash plan to file a wrongful death lawsuit on Wednesday, according to one of the law firms representing the victims. The UPS MD-11 cargo jet crashed immediately after taking off in …
Airline Pilots Hide Mental Health Struggles to Keep Flying
Annie Vargas could see her son slipping away and pleaded with him to seek help. But her son, Brian Wittke, a 41-year-old Delta Air Lines pilot and father of three, pushed back, terrified that getting treatment for depression would cost …
Japan’s Asahi Aims to Restore Logistics by February Following Cyberattack
Japan’s Asahi Group on Thursday [November 27] said it aims to normalize logistical operations by February after a cyberattack in late September forced widespread suspension, though not all products will be available to ship by that time. The beverage maker, …
EU Vets Assess Barcelona Swine Fever Outbreak as Cases Rise to Nine
A task force of EU vets began work in Barcelona on Tuesday to help contain an African swine fever outbreak as Spain, one of the world’s leading pork exporters, said the number of wild boars found infected with the virus …
People Moves: Demex Promotes Anderson to CEO, Coleman to President; Fumarola Coalition’s Chief Product Officer; Everest Names Habayeb CFO
Demex, a technology-enabled reinsurance solution provider headquartered in New York City, promoted Michael Anderson to CEO following four years as chief growth officer. Demex also promoted Matthew Coleman to president, reinsurance from chief risk officer; and Charlie Eadie from executive …
Tech Industry Drive to Block State AI Laws Hits Wall in Congress
A powerful coalition of tech companies backed by the White House’s artificial intelligence chief appears to have failed to persuade lawmakers to use a must-pass defense bill to block state governments from regulating artificial intelligence, a key congressional Republican signaled …
Asurion Agrees to Buy CVC-Backed UK Warranty Provider D&G
Asurion LLC has agreed to acquire UK warranty business Domestic & General Group Ltd. as the US company looks to expand its business and geography. Nashville, Tennessee-based Asurion is buying D&G from CVC Capital Partners Plc and the Abu Dhabi …
San Francisco Sues Kraft, Coca-Cola Over Ultra-Processed Foods
The city of San Francisco sued Kraft, Mondelez, Coca-Cola and other makers of ultra-processed foods on Tuesday, accusing them of knowingly sickening California residents with addictive and harmful products. City Attorney David Chiu filed the lawsuit in San Francisco Superior …