INSURANCE NEWS
Russia Faces Impending Oil Tanker Crisis as Sanctions Pile Up: Bloomberg Oil Strategist
Russia appears to be on the cusp of a debilitating oil-freight transportation problem because of US sanctions, writes Bloomberg oil strategist Julian Lee. On Jan. 10, the US Treasury sanctioned 161 oil tankers for their role in moving Russian oil. …
Valencia Floods Prompt Race for Funds to Boost Spain’s Climate Resilience
Spain is seeking European approval to repurpose more than a billion euros of post-pandemic recovery funds to make Valencia more resilient against climate change after the Mediterranean region suffered catastrophic heavy rains last year. The talks started a few weeks …
Avolon, BOC Settle Lawsuit Against Insurers Over Stranded Russian Jets
Avolon and BOC Aviation, two of the world’s largest aircraft lessors, have settled lawsuits in the Irish courts against insurers over jets stranded in Russia following Western sanctions in 2022, they said on Friday. Lessors are suing dozens of insurers …
Wisconsin Couple Sues Over Son’s Death Linked to $500 Surge in Asthma Meds
A Wisconsin couple is suing Walgreens and a pharmacy benefits management company, alleging that their son died because he couldn’t afford a sudden $500 spike in his asthma medication. Shanon and William Schmidtknecht, of Poynette, filed their lawsuit in federal …
Texas Crisis Communications Specialist Sues Film Star Blake Lively for Defamation
A Texas crisis communications specialist has sued Blake Lively for defamation after the actor pulled him into her legal fight with co-star and director Justin Baldoni over their film, “It Ends With Us.” Jed Wallace and his company, Street Relations, …
People Moves: Hiscox Appoints Baldwin US Media Practice Leader; Willis Names Kyriacou Head of Contingent Risk Solutions
Hiscox Appoints Baldwin US Media Practice Leader Hiscox, headquartered in Atlanta, appointed Karen Baldwin as vice president, media practice leader. Baldwin leads Hiscox USA’s media liability practice. Baldwin has over 30 years of media underwriting and leadership experience, most recently …
UAE Turns to Satellites to Shield Region’s Only Nuclear Plant From Climate Risks
The United Arab Emirates, which operates the Gulf’s only commercial nuclear power station, is for the first time taking special measures to protect the project from the devastating impact of climate change. Since September, the Federal Authority for Nuclear Regulation …
Climate Risks Again Top List of Risk Manager Worries
Climate risks, disruptive technology and geopolitical instability are what worry risk managers most, according to a joint survey from the Casualty Actuarial Society and the Society of Actuaries. The 18th Annual Emerging Risk Survey is an online questionnaire prompting risk …
OpenAI’s Stargate AI Venture Is Scouting for US Data Center Sites
ChatGPT maker OpenAI said on Thursday it is evaluating U.S. states as potential artificial intelligence data center locations for its massive Stargate venture, framing the project as a matter of urgency for the United States to beat China in the …
In Wake of Mass Shootings, Alabama Lawmakers Eye Ban on Glock Switches
MONTGOMERY, Ala. (AP) — After a violent year marked by multiple mass shootings in Alabama, Republican Gov. Kay Ivey and many lawmakers from both parties are backing a proposed ban on so-called Glock switches and other conversion devices that make …
AM Best Downgrades Title Insurer’s Ratings
AM Best has downgraded Connecticut Attorneys Title Insurance Co. (CATIC) of Essex Junction, Vermont. The company’s Financial Strength Rating has been downgraded to to B (Fair) from B++ (Good) and the Long-Term Issuer Credit Rating to “bb” (Fair) from “bbb” …
Judge Blocks Sandy Hook Families’ Settlement in Alex Jones’ Bankruptcy
A U.S. bankruptcy judge on Wednesday blocked a settlement between families who have sued Alex Jones over his false claims about the 2012 Sandy Hook Elementary School mass shooting, saying their attempt to divide the bankrupt conspiracy theorist’s assets exceeded …