INSURANCE NEWS
Florida’s Universal P&C Overstated Claims to Cat Fund, Must Pay $4M Fine, AG Says
The Florida Hurricane Catastrophe Fund will not have to pay some $30 million to Universal Property & Casualty Insurance Co., after the carrier settled a civil suit that alleged the insurer had backdated claims to boost reimbursement from the fund. …
Chipotle to Settle Kansas Religious Harassment Lawsuit
National restaurant chain Chipotle Services, Inc. will pay $20,000 and furnish other relief to settle a U.S. Equal Employment Opportunity Commission (EEOC) religious harassment, retaliation, and constructive discharge lawsuit, the federal agency announced. The EEOC suit alleged that in July …
Firm Issued Fake insurance for Russian Oil Tankers, Norway’s Regulator Says
The insurance issued to dozens of aging oil tankers used by Russia to skirt international sanctions was bogus, according to Norwegian authorities now investigating the small firm behind the forged documents. Norway-registered Romarine AS purported to be an insurance provider …
Verisk Buy of Nasdaq Subsidiary Gains Access to Hundreds of Catastrophe Models
Verisk said today it has acquired Nasdaq subsidiary Simplitium Limited, the owner and operator Nasdaq Risk Modelling for Catastrophes (NRMC). NRMC is a software-as-a-service platform that supports an open ecosystem where specialized model partners make models, hazard data, and analytics …
Las Vegas Telsa Arson Suspect to Remain Jailed Until Trial
A man accused of setting fire to Tesla vehicles in Las Vegas will remain jailed until his trial on federal charges of arson and possessing an explosive device, a judge ruled Monday. U.S. Magistrate Judge Elayna Youchah concluded no pretrial …
Macy’s to Claw Back Executive Bonuses Due to Accounting Scandal
Macy’s Inc. is clawing back more than $600,000 in cash bonuses from executives after an accounting scandal led to inflated pay. The department-store operator tied executives’ cash bonuses to an earnings metric that turned out to be overstated by around …
Small Businesses Continue to Be Underserved by Cyber Insurers: CyberCube
Cyber risk analytics firm CyberCube in a report said the cyber insurance market continues to underserve small businesses although these businesses represent a significant share of the global economic output. “This protection gap presents both an opportunity and a responsibility …
Suspended Driver Facing Multiple Charges in Brooklyn Crash that Killed Mom, Kids
NEW YORK (AP) — A woman is facing multiple charges after she crashed into a family out for a walk in Brooklyn, killing a mother and her two children in what New York City Mayor Eric Adams described as a …
UK to Compel 1,000 Firms to Shore Up Cyber Defenses After Hacks
The UK government will pass legislation compelling companies providing IT services to critical national infrastructure to improve their cyber defenses after a wave of attacks by Russia, China, Iran and North Korea. As many as 1,000 firms will fall under …
North Korean IT Warriors Increasingly Target Europe, Google Says
North Korean IT workers are increasingly posing as remote freelancers from other countries to infiltrate companies in Europe, putting organizations at risk of espionage, data theft and disruption. The workers, who refer to themselves as “warriors,” secure roles at companies …
Swiss Market Regulator FINMA Restructures; Head of Insurance Division to Step Down
Swiss financial market watchdog FINMA has revamped its organizational structure with immediate effect, the regulator said on Tuesday, as it gears up for future challenges including supervision of the enlarged UBS. Switzerland has pledged to step up regulation of the …
Is Britain on the Cusp of Another Multibillion-Pound Consumer Finance Scandal?
The Supreme Court of the United Kingdom will on Tuesday hear arguments to overturn a judgment that could cost Britain’s financial industry billions of pounds in fresh legal costs and potential customer compensation. The Court of Appeal ruled in October …