INSURANCE NEWS
Hormuz Traffic Drops Off as Vessel Attacks Raise Fresh Concerns
Commercial traffic through the Strait of Hormuz persisted at a reduced level after attacks on two ships raised fresh concerns about the ability and willingness of shipowners to traverse the waterway. A handful of vessels made open transits over the …
Extreme Heat Grips Eastern Europe After Records Fall in Germany
The deadly heat wave that’s set temperature records across western Europe for more than a week has shifted east to scorch Hungary, Romania and the Balkans. Budapest is expected to top 40C (104F) on Tuesday, according to models from the …
Debt, AI Boom and Financial Fragilities Raise Global Risks, BIS Says
Global pressures from rising public debt to financial fragilities and the sustainability of the AI boom are increasing risks, underscoring the need for disciplined policymaking, according to the Bank for International Settlements. The central bank umbrella group’s Annual Economic Report …
Business Moves: The Doctors Co. Completes Buy of ProAssurance
The Doctors Company said on June 26 that it completed the acquisition of ProAssurance Corporation for $25 per share in cash—a total value of about $1.3 billion. ProAssurance is a specialty insurer in medical liability, products liability for medical technology …
Bayer’s Supreme Court Win in Roundup Case No ‘Silver Bullet’
After years of legal setbacks that have cost billions of dollars over its top-selling Roundup weedkiller, Bayer AG finally got a resounding win in the biggest tribunal of all. The US Supreme Court threw out a jury verdict won by …
Endless Shrimp Deal Was Scheme to Squeeze Red Lobster, Suit Says
Red Lobster’s $20 all-you-can-eat shrimp deal wasn’t just a badly designed promotion that inadvertently helped tip the iconic American restaurant chain into bankruptcy. It was part of a scheme to “squeeze every drop of value” from Red Lobster for the …
The Doctors Group Completes $1.3B Purchase of ProAssurance Med Mal Provider
More than a year after it announced plans to buy Birmingham, Alabama-based ProAssurance, The Doctors Company said it has completed the billion-dollar acquisition. The Doctors Company, headquartered in Napa, California, acquired all outstanding shares of ProAssurance for $25 per share, …
Anderson Insurance Agency Launches in Coral Springs
A south Florida businessman is stepping into the insurance agency with the launch of Anderson Insurance Solutions, based in Coral Springs. Matthew E. Anderson, a licensed agent for life, health and property-casualty lines, said his agency will offer life, health, …
Oman Tells Allies Ships Going Through Hormuz May Have to Pay
Oman has told European officials there’s no way of going back to the pre-war status quo with the Strait of Hormuz and transiting ships may have to be charged some fees, according to people familiar with the matter. While Omani …
Bahrain Targeted, Ship Struck as Iran War Ceasefire Tested
Bahrain said it had been targeted by Iran and a ship in the Strait of Hormuz was struck on Saturday afternoon as Tehran and Washington traded accusations that the other had violated the ceasefire. That came after Iran claimed on …
Appellate Court Rejects EPA Bid to Ease Regulations for Coal-Fired Power Plants
A U.S. federal appeals court on Friday rejected the Environmental Protection Agency’s bid to withdraw Biden-era limits on soot pollution from coal-fired power plants and factories, in a setback for the Trump administration’s deregulatory efforts. The EPA under President Donald …
A Super Yacht Armada Came to Miami, Leaving a Marine Graveyard in Its Wake
Not far from the super yachts docked outside the island palaces of Miami’s new billionaire class, smaller boats abandoned by people who couldn’t afford them languish in Biscayne Bay. Since October, Miami Beach police have identified and removed about 140 …