INSURANCE NEWS
Shein Faces Texas Probe Over Alleged Violations of Labor Laws and Product Safety
Texas Attorney General Ken Paxton said the state is investigating global fast-fashion retailer Shein US Services LLC Corporation and its affiliates for potential violations of Texas law related to unethical labor practices and the sale of unsafe consumer products. Shein, …
A 6.0-Magnitude Earthquake Hit Anchorage Area on Thanksgiving
A 6.0-magnitude earthquake rocked the Anchorage metropolitan area Thursday morning, according to the U.S. Geological Survey. The quake struck at about 8:11 a.m. local time at a depth of 69 kilometers (43 miles), according to the USGS. Its epicenter was …
How ‘Super Roofs’ Reward Insurers, Cat Bond Investors and Homeowners
As the Trump administration stalls federal funding for projects intended to make states more resilient to climate change and private insurers decline to cover properties in high-risk zones, North Carolina just proved there’s another way to fund disaster preparedness: a …
Death of Teenager on Carnival Cruise Ship Ruled a Homicide
The death of a Florida teenager on a Carnival cruise ship earlier this month has been ruled a homicide, the latest development in a case that has drawn international attention and sparked intense speculation on social media. Anna Kepner’s cause …
Air France, Airbus Dispute Pilot Roles in Rio-Paris Crash
Air France and Airbus clashed over the role of pilots in a mid-Atlantic crash that killed 228 passengers and crew more than 16 years ago as the two companies fought corporate manslaughter charges at the climax of an eight-week appeal …
Amazon Wins Injunction Against New York Law on Labor Relations
A federal judge last Wednesday granted Amazon.com a preliminary injunction to block the New York State Public Employment Relations Board from enforcing a new state law that the online retailer considers an attempt to illegally regulate private-sector labor relations. The …
Hong Kong’s Deadliest Fire in Decades Followed a Year of Safety Complaints
Residents of the housing complex that was engulfed in Hong Kong’s deadliest blaze in seven decades were told by authorities last year that they faced “relatively low fire risks” after complaining repeatedly about fire hazards posed by ongoing renovation works, …
PE Firms EQT, CVC Drop $3.44B Pursuit of Australian Broker AUB Group; Shares Drop
Australia’s AUB Group said on Monday its suitors EQT and CVC Asia Pacific had abandoned their pursuit that valued the insurance broker at A$5.25 billion ($3.44 billion), sending its shares more than 17% lower. Shares of the Sydney-based firm plunged …
US E&S Outlook No Longer Positive: AM Best
AM Best is revised its market segment outlook on the U.S. excess and surplus lines segment to stable from positive, the rating agency announced in mid-November. The change comes as rates soften and premium growth moderates. “Although favorable market conditions …
Lawsuit Over Burger King’s Whopper Ads Set Back by Federal Judge
A federal judge dealt a setback to customers suing Burger King over advertising for its Whopper sandwiches, saying their claims were too disparate to justify certifying a nationwide class action. The lawsuit by 19 customers in 13 U.S. states accused …
Deadly Bear Attacks in Japan Prompt New Products From Insurers
Hardly a day goes by in Japan without news of another bear attack, but a problem that’s worrying local residents, tourists and farmers and hampering leisure-related businesses is presenting an opportunity for insurers. Tokio Marine & Nichido Fire Insurance Co. …
Why Reciprocal Insurance Exchanges Are Back in Fashion
Reciprocal insurance exchanges have been increasingly popular in recent years, with third-party investor interest in the fee-for-service businesses that manage RIEs and waning property insurance capacity in catastrophe-prone regions supporting the resurgence. Third-party investors “are not exposed to the insurers’ …