INSURANCE NEWS
Oracle To Pay $115M To Settle Suit Over Tracking Consumer Data
Tech behemoth Oracle has agreed to settle a class action lawsuit for $115 million over allegations that it tracked consumer activity both on and offline. The suit alleges Oracle captured, compiled, and sold individuals’ data to third parties without their …
Amazon Drivers Join Teamsters in New York, Union Says
Hundreds of delivery drivers for e-commerce giant Amazon.com have joined the International Brotherhood of Teamsters, seeking improved wages, working conditions and safety standards, the labor union said on Monday. Workers across three Delivery Service Partners (DSP) in Queens, New York …
AT&T Agrees to Pay $13 Million FCC Fine For Cloud Data Leak
AT&T Inc. agreed to pay $13 million to settle an investigation by the US Federal Communications Commission into whether the telecommunications company failed to protect customer data that was stolen when a cloud vendor was hacked last year. The unnamed …
Awbury Syndicate 2025 Gets ‘In Principle’ Nod From Lloyd’s for Launch in January
The Awbury Group and Polo Managing Agency Ltd. have announced that Lloyd’s has granted “in principle” approval for Awbury Syndicate 2025 to commence underwriting from Jan. 1, 2025. Awbury Syndicate 2025 is focused on credit risks and will initially target …
People Moves: Davis Joins MEMIC as Senior Underwriter; Davis Joins Alliant as Senior VP; Monte Joins Alliant M&A Team
The MEMIC Group, based in Portland, Maine, hired Scott Davis as a senior production underwriter overseeing the Virginia and District of Columbia territory. Davis, based in Virginia, joins MEMIC with over two decades of experience in multiline insurance and underwriting. …
Generali Agrees to Sell 99.99% Stake in Turkish Unit
Generali has reached an agreement to sell its 99.99% stake in its Turkish business, Generali Sigorta A.Ş., in a deal struck with four buyers in Turkey. Kiler Holding A.Ş. is buying a 42% stake in Generali Sigorta; Ekol Girişim Sermayesi …
Russian Insurers Play Growing Role in Facilitating Oil Exports to Top Buyer India
Russian insurers are playing a growing role facilitating the country’s oil shipments to India, its biggest buyer, data obtained from trade and shipping sources shows, helping to protect Moscow’s export revenue despite western sanctions. Russian firms provided insurance cover for …
Central Europe Races Against Time as Flood Waters Approach
Volunteers and emergency personnel worked through the night to fortify the Polish city of Wroclaw against approaching flood waters, while Hungary opened a dam as the prime minister warned a “crucial period” was approaching. The worst floods to hit central …
Canada Relaxes Some Mortgage Insurance Rules to Tackle Housing Crisis
Canadian Finance Minister Chrystia Freeland on Monday announced changes to some mortgage rules as part of an effort to make housing more affordable, a critical political issue that has hurt Prime Minister Justin Trudeau and his Liberal government. Freeland said …
Africa Floods Affect 4 Million People, Deepen Food Crisis
Floods across 14 central and West African nations have affected at least 4 million people — rendering many of them homeless — killed about 1,000 and are devastating crops in a region that’s already short of food and plagued by …
Insurers Say Dark Fleet Oil Tankers Pose a Major Claims Risk
Marine insurance markets face significant risk from the growth of a shadow fleet of ships hauling oil from sanctioned producers like Russian and Iran, an industry group said. The opaque nature of the ownership of those vessels makes it hard …
Bump in Federal Trade Secret Litigation Seen in 2023: Report
Analytics from Lex Machina 2024 Trade Secret Litigation Report reveals a rise in trade secret cases filed in federal district court in 2023, along with the continued steady trend of trade secret cases that involved Defend Trade Secret Act (DTSA) …