INSURANCE NEWS
Bankruptcy Judge Approves Norwich Diocese Plan With $31 Million for Abuse Survivors
A federal bankruptcy judge in Connecticut has approved a clergy sex abuse settlement between the Catholic Diocese of Norwich and creditors and survivors that includes a $31 million fund to compensate victims. The plan seeks to provide recovery to those …
Air Traffic Control System Failing Americans, Airline CEOs Say
Major airline CEOs on Wednesday called on Congress to approve billions of dollars in funding to modernize the United States’ aging air traffic control system, saying it is “failing Americans.” The Federal Aviation Administration’s air traffic control network’s woes have …
Thames Water Tops List of Firms Facing Criminal Probes Over Pollution
Thames Water tops a list of water companies under criminal investigation for pollution by the UK government, a move that could complicate efforts to turn around the beleaguered British utility. The firm, which serves about a quarter of the UK, …
Climeworks Is Cutting 22% of Staff as US Climate Backlash Hits Carbon Removal
Climeworks AG is laying off 106 people, as startups that aim to reverse global warming face a reckoning with the US government slashing climate incentives and programs. The Swiss startup was one of the first companies to develop direct-air capture …
Aircraft Lessor SMBC’s Proceeds From Russian Jet Insurance Settlements Hit $1.4B
Aircraft lessor SMBC Aviation Capital has booked a further $654 million in proceeds from insurance settlements over the past year related to jets stranded in Russia following Western sanctions, the Irish-headquartered company said on Thursday. That brought SMBC’s total recoveries …
Viewpoint: Loss Control Services Are Underused Tools to Reduce Identity Security Risk
Cyber insurers are offering tools that could significantly reduce your identity risk—but most organizations aren’t using them. One of the most significant advancements in the sector is the increased emphasis on loss control services. These services are designed to mitigate …
Kremlin Vows to Defend Its Ships in the Baltic by All Legal Ways
Russia will defend its vessels in the Baltic Sea by all legal means, the Kremlin said, days after briefly deploying a fighter jet as Estonian officials tried to halt a so-called shadow fleet tanker in their economic zone. “A fairly …
AI Regulation Ban Meets Opposition From State Attorneys General
A Republican proposal to block states from regulating artificial intelligence for 10 years drew opposition on from a bipartisan group of attorneys general in California, New York, Ohio and other states that have regulated high-risk uses of the technology. The …
While FEMA Faces Overhaul, Mississippi Tornado Survivors Wait for Assistance
More than two months after a tornado demolished his Mississippi home, Brian Lowery still sifts through the rubble, hoping to find a tie clip his mother gave him, made from the center stone of her wedding band. “I still have …
Lawsuit Says Florida Aviation Firm Didn’t Verify Inspections of Troubled Learjet
A British aviation firm contends in a lawsuit that a Florida aircraft management company failed to properly inspect a Learjet, botched repairs to landing gear – which allegedly caused a tire blowout on landing – then failed to verify inspection …
California Security Company Owner Sentenced in $3.4M Workers’ Comp Fraud Case
The owner of a San Jose-based security company was sentenced after a California Department of Insurance investigation reportedly uncovered a multiyear scheme to underreport payroll and avoid paying workers’ compensation insurance premiums. Raul Chavez, 40, pleaded guilty to felony premium …
State Farm Still Wants a 30% Rate Increase in California
State Farm isn’t done seeking a rate increase in California, upping its request a week after getting the OK for a large rate hike to what the company had originally wanted before being rejected and agreeing to an interim deal …