INSURANCE NEWS
USGS: Pair of Small Quakes in Southern California’s Inland Empire
A pair of small earthquakes were reported in Southern California’s Inland Empire on Saturday, according to the U.S. Geological Survey. The first magnitude 3.5 earthquake occurred at 2:17 p.m. northwest of Fontana. It was 1. 7 miles deep, according to …
NHTSA Opens Probe Into Over 110,000 Ford SUVs on Seat Belt Concern
The U.S. auto safety regulator said on Monday it had initiated a recall query into about 112,567 Ford SUVs over an issue with seat belt retractors. The National Highway Traffic Safety Administration said it had received three complaints, alleging an …
Spain’s Record-Breaking Floods Push Insured Losses Above €4 Billion ($4.2 Billion)
Total insured losses from recent floods in Spain are expected to exceed €4 billion (US$4.2 billion), according to credit rating agency Morningstar DBRS. This insured price tag includes losses absorbed by the Consorcio de Compensación de Seguros (CCS), the state-backed …
Allstate Thinks Outside the Cubicle With Flexible Workspaces
After ditching two-thirds of its office space and selling its Chicago headquarters, Allstate Corp. realized that even employees who prefer working remotely still need a place to gather with their coworkers from time to time. In the coming months, a …
Marsh McLennan Completes $7.75B Buy of McGriff Insurance Services
Marsh McLennan said Friday it has completed the $7.75 billion acquisition of McGriff Insurance Services. The purchase of Charlotte, North Carolina-based McGriff, founded in 1886, adds to Marsh McLennan’s position as the biggest U.S. broker, with $22.7 billion in revenue …
Worker Rescued From Rubble After Construction Accident in Kentucky
LOUISVILLE, Ky. (AP) — Firefighters in Kentucky’s largest city rescued a construction worker on a demolition team who fell into a void Thursday and became trapped in rubble, requiring a tedious, hours-long operation to dig him out. The rescue was …
Voluntary Evacuations Help Firefighters Contain New York State Forest Wildfire
A voluntary evacuation of homes over the weekend helped New York firefighters continue their progress in containing a state park wildfire near the New Jersey border. The state requested that residents in about 165 homes in Warwick, New York evacuate …
Shadow Banks to Face Reins on Leverage Following Watchdog Probe
Global watchdogs will move to rein in leverage at non-banks early next year, the Financial Stability Board promised on Monday, more than a year after its chair signaled a probe into mounting borrowings at hedge funds, private capital markets and …
Struggling Businesses at Corner Where George Floyd Was Murdered Sue Minneapolis
MINNEAPOLIS (AP) — Several business owners at the struggling corner where George Floyd was murdered by a Minneapolis police officer in 2020 are suing the city to demand it take over their properties and compensate them. The owners of the …
Meta Fined €798 Million by EU Over Abusing Classified Ads Dominance
Meta Platforms Inc. was hit with a €798 million ($841 million) fine by European Union regulators by tying its Facebook Marketplace service to the social network, the US tech giant’s first ever penalty for EU antitrust violations. In a groundbreaking …
Super Typhoon Man-yi Lashes Philippines’ Main Island
Super Typhoon Man-yi battered parts of the Philippines with powerful winds and intense rains as it made its way across the main island on Sunday. Man-yi, known locally as Pepito, made landfall over the coastal Aurora province on Sunday after …
Markets/Coverages: BMS Offers Comprehensive Insurance Solution for Wine Producers
BMS Group, the London-based independent specialist insurance and reinsurance broker, announced the launch of BMS Bacchus, a stock-throughput solution designed to protect wine across all stages of production, storage and transit, from harvested grapes to finished product. BMS Bacchus is …