INSURANCE NEWS
Nearly Quarter of People on Long-Acting Opioids Develop Addiction
More than one in five people prescribed extended-release painkillers such as OxyContin developed an addiction within a year, according to a newly released study mandated by the US Food and Drug Administration. The study, repeatedly delayed by more than a …
Apollo-Backed Aspen Insurance Guides IPO Price at Midpoint
Aspen Insurance Holdings Ltd. is telling prospective investors it expects to price its initial public offering at $30 per share, the midpoint of its price range, according to people familiar with the matter. The Bermuda-based reinsurer’s IPO, consisting of 11 …
Clearwater Condo Building Evacuated After Support Beam Splits
Local authorities Tuesday evening ordered the evacuation of a condominium building in Clearwater, Florida, after cracks developed in a concrete support beam in the parking garage. The South Beach III condo building on Sand Key “is currently being evacuated due …
NSO Group to Pay Nearly $168M to Meta’s WhatsApp for 2019 Hacking
A federal jury in California has ordered Israeli firm NSO Group to pay more than $167 million in punitive damages to Meta Platforms for installing malware on its WhatsApp messaging app six years ago. Spyware vendor NSO Group must pay …
Court Approves $750 Million Settlement for Survivors of Abuse by NY Gynecologist
Columbia University and New York-Presbyterian hospitals will pay $750 million to patients who sued over being sexually abused by a former gynecologist who was convicted of sex crimes in 2023. The settlement was achieved on behalf of 576 former patients …
Rite Aid Returns to Bankruptcy Protection, Seeks to Sell Most Assets
Rite Aid is again seeking bankruptcy protection as the struggling drugstore chain says it will try to sell substantially all of its assets. The company said Monday that its stores will remain open as it returns to Chapter 11 bankruptcy …
Airlines Re-Route, Cancel Flights Due to India-Pakistan Fighting
Several Asian airlines including Taiwan’s China Airlines and Korean Air said on Wednesday they were re-routing or canceling flights to and from Europe, and about a dozen Indian airports were shut after fighting erupted between India and Pakistan. India attacked …
Authorities are Cleaning Up an Oil Spill in Southeast Louisiana
Federal authorities are seeking to contain and clean up the damage from a decades-old oil well in southeast Louisiana that spewed crude and natural gas for more than a week. Upwards of 79,000 gallons (299,047 liters) of “oily water mixture” …
Markets/Coverages: Chaucer Launches Standalone TPL Cover for AI Underperformance
Chaucer Group, the specialty re/insurance group, announced the launch of a standalone third-party liability (TPL) insurance product in collaboration with Armilla AI, the Toronto-based managing general agent that provides specialized insurance and risk management solutions for artificial intelligence. The TPL …
US Seeks Forced Sale of Google Ad Technology Products
Alphabet Inc.’s Google should be forced to sell off two of its businesses that help websites buy, sell and serve online advertising after a judge found the company illegally monopolized those markets, the Justice Department said. The company should be …
Delta Must Face Passenger Lawsuit Over Massive CrowdStrike Computer Outage
Delta Air Lines must face a proposed class action by passengers who said it refused to offer full refunds after delaying or canceling their flights following a massive computer outage last July, a federal judge ruled on Tuesday. U.S. District …
Berkshire Shareholders Reject Diversity, AI Proposals
Berkshire Hathaway shareholders on May 3 rejected a resolution requiring the company to report on risks from its subsidiaries’ race-based initiatives, one of seven proposals tied to diversity, artificial intelligence and other issues that were voted down. Shareholders also voted …