INSURANCE NEWS
Employer Owes Pay for Actual Time Changing, Showering— Not Its ‘Reasonable’ Estimate
A Pennsylvania battery firm has been found responsible for paying $22.25 million in backpay to workers to cover the actual time they spent changing and showering for their jobs working with hazardous materials. Their employer, East Penn Manufacturing, had argued …
Verisk to Get First Cat Model Under Review for Insurance Ratemaking in California
Verisk said on Thursday it will be the first modeler to request a review of its wildfire catastrophe model under a reform pushed by California Insurance Commissioner Ricardo Lara. The reform allows catastrophe models to be used by insurance carriers …
Deep Freeze Will Send Some US Temperatures Plunging
Waves of intense cold will send temperatures plunging as much as 20F (11C) below normal across the central and eastern U.S. this month, triggering ice storms that could down power lines and snarl travel from the Midwest to the Mid-Atlantic. …
Bernard Madoff’s Victims Collect $4.3B as US Government Fund Completes Payouts
A U.S. government fund to compensate people swindled by Bernard Madoff announced its tenth and final distribution on Monday, saying it will have paid out $4.3 billion to 40,930 of the late Ponzi schemer’s victims. Richard Breeden, the former U.S. …
New Orleans Attack, Cybertruck Blast Raise US Security Fears
A gruesome attack on revelers celebrating New Year’s in New Orleans thrust US domestic security back into the spotlight just weeks before Donald Trump is sworn in as president. The tragedy, which killed at least 15 people and injured dozens …
Top Climate Group for Banks, Insurers, and Asset Managers Is Making Changes
The world’s biggest climate coalition for financial firms is making adjustments after several high-profile banks, insurers and asset managers opted out. The Glasgow Financial Alliance for Net Zero, which was established in 2021 and operates as an umbrella group for …
Marsh McLennan Agency Acquires New York’s Acumen Solutions
Marsh McLennan Agency (MMA) announced the acquisition of Acumen Solutions Group LLC, a Melville, New York-based insurance agency. Founded in 2012, Acumen provides personal insurance and customized commercial insurance programs, with specialties in the construction, real estate, and aviation industries. …
Peed Named RIMS President for 2025
The Risk & Insurance Management Society today announced that effective Jan. 1 Kristen Peed will serve as president for 2025 — the organization’s 75th anniversary year. Peed is head of corporate risk at Sequoia, a leading human resources technology platform …
South Korea Police Search Jeju Air, Airport Operator Over Fatal Plane Crash
South Korean police said on Thursday they had raided Jeju Air and the operator of Muan International Airport as part of their investigation into Sunday’s crash that killed 179 people in the worst aviation disaster on the country’s soil. Jeju …
Investigation After Train Hits Fire Truck in South Florida, Injuring 15
Three firefighters and a dozen passengers were injured in Florida last week when a fire truck with its lights flashing drove around rail crossing arms and into the path of a high-speed passenger train after waiting for another train to …
Wildfire Smoke Health Risks Can Linger in Homes That Escape Burning − as Colorado Survivors Discovered
(THE CONVERSATION) On Dec. 30, 2021, a wind-driven wildfire raced through two communities just outside Boulder, Colorado. In the span of about eight hours, more than 1,000 homes and businesses burned. The fire left entire blocks in ash, but among …
Morgan Stanley to Leave Sector Climate Coalition
Investment bank Morgan Stanley said on Thursday it had decided to leave the Net-Zero Banking Alliance, becoming the latest U.S. lender to quit the sector’s top global climate coalition. While the bank gave no reason for its decision, top banks …