INSURANCE NEWS
Catastrophe Bond Investors Told to Brace for Jamaica Payout
Investors in a catastrophe bond tied to Jamaica look set to experience a trigger event as Hurricane Melissa barrels toward the Caribbean island as a Category 5 storm. “Based on current models there is a high chance that there will …
Canada Pension Fund Sued by Young People Over Climate Risks
The Canada Pension Plan Investment Board was sued by a group of young people who claim the pension fund is putting their benefits in jeopardy by mismanaging climate-related financial risks. Aliya Hirji, Travis Olson, Ravneet Singh and Chloe Tse, who …
PepsiCo Resolves Lawsuit Over Gatorade Health Bar Claims
PepsiCo has resolved a lawsuit accusing it of falsely marketing its Gatorade protein bars as good for you, though they contain more sugar than protein and more sugar than Snickers bars and chocolate-frosted Dunkin’ donuts. U.S. District Judge Casey Pitts …
Kentucky Supreme Court Weighs in on Three Workers’ Comp Cases
State Supreme Court reviews of workers’ compensation cases are rare, but in Kentucky last week, the state high court handed down no fewer than three opinions – all of which emphasize long-established case law. The court ruled against an insurer …
Officer Faces Misconduct Charge for ATM, Pizza Stops Instead of Murder Investigation
A New Jersey officer has been charged with misconduct after prosecutors say he didn’t quickly respond to and properly investigate reports of a shooting that turned out to be a double murder, instead stopping at an ATM and pizzeria. Franklin …
AIG to Acquire Renewal Rights of Everest’s Retail Commercial Business Worth $2B
American International Group today said it has a definite agreement to acquire the renewal rights for most of the Everest Group’s retail commercial insurance business. Everest will focus on its global wholesale and specialty insurance businesses. The renewal rights of …
AM Best Assigns Credit Rating to Texas’ Dallas Specialty
AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Dallas Specialty Insurance Company (Dallas Specialty), based in Dallas, Texas. The outlook assigned to these Credit Ratings (ratings) is …
Banks Rocked by ‘Extreme’ Car Loan Costs Gear Up for FCA Fight
The UK’s biggest banks are gearing up for yet another fight with regulators over how they’ll compensate consumers who were missold car loans — even after they set aside an additional £1.5 billion to resolve the saga in recent weeks. …
Staff Member Dies After Being Kicked at Residential School
A staff member at a residential school in Massachusetts died after being kicked in the chest while trying to restrain a 14-year-old student, and the girl is charged with assault, a prosecutor said. The incident happened last Wednesday night at …
NHTSA to Expand Probe Into 286,000 GM Vehicles Over Possible Engine Failure
The National Highway Traffic Safety Administration is expanding its probe into 286,000 General Motors vehicles in the U.S. over a possible engine failure issue, the safety regulator said on Monday, following several complaints, despite a recall. The NHTSA said the …
Alaska Airlines Vows IT Upgrades After Outage Forces 400 Flight Cancellations
U.S. carrier Alaska Airlines said it had restored operations after a technology outage that grounded flights across the country and forced it to cancel more than 400 flights, disrupting travel for more than 49,000 passengers. Alaska Air Group said Oct. …
St. John’s University and ACORD Partner On Executive Education Programs
New York City’s St. John’s University is partnering with ACORD, the standards-setting body for the insurance industry, to offer virtual or in-person learning to employees of organizations that are members of ACORD. Programs focus on insurance fundamentals, professional skills, and …