INSURANCE NEWS
A Continent Ablaze: South America Surpasses Record for Fires
South America is being ravaged by fire from Brazil’s Amazon rainforest through the world’s largest wetlands to dry forests in Bolivia, breaking a previous record for the number of blazes seen in a year up to Sept. 11. Satellite data …
As Storm Bebinca Approaches, Taiwan Uses AI to Predict Typhoon Paths
As tropical storm Bebinca barrels towards waters off northern Taiwan gathering strength into a possible typhoon, weather forecasters in Taipei are using a new and so far successful method to help track its path – artificial intelligence (AI). AI-generated forecasts, …
OpenAI, Nvidia Executives Discuss AI Infrastructure Needs With Biden Officials
OpenAI Chief Executive Officer Sam Altman and Nvidia Corp. CEO Jensen Huang met with senior Biden administration officials and other industry leaders at the White House on Thursday to discuss how to fill the massive infrastructure needs for artificial intelligence …
Venture Capital Fund Ends Grant Program for Black Women After Lawsuit
An Atlanta-based venture capital fund on Wednesday agreed to stop operating a program that awarded grants to small businesses run by Black women to settle a lawsuit by an anti-affirmative action group that claimed it discriminated based on race. Fearless …
How Big Was the Cat? Investigator Warns About Claims of Clogged Toilets
Did you hear the one about cat poop clogging a toilet, resulting in thousands of gallons of sewage water in the home and a big insurance claim? Lin Werkheiser, an insurance fraud investigator, has heard that one and many more …
Buffett’s Insurance Leader Ajit Jain Sells Large Part of Berkshire Stake
Ajit Jain, the longtime top insurance executive at Warren Buffett’s Berkshire Hathaway BRKa.N, sold more than half of his Class A shares in the conglomerate this week. According to a Wednesday night regulatory filing, the 73-year-old Jain sold 200 Berkshire …
$1 Billion San Francisco Tower’s Revival Clouded by Lawsuit
One of San Francisco’s most iconic buildings is celebrating its reopening after a four-year, $250 million makeover meant to symbolize the city’s renewal. It’s doing so under the shadow of a lawsuit from one of its key tenants. The Transamerica …
Supreme Court’s Zeal to Curb Agency Power Looms in New Term
Fresh off a blockbuster US Supreme Court decision that rolled back the power of federal agencies to regulate business, big-government foes are pressing an even bolder agenda. As the court prepares to start its new term next month, conservatives are …
Francine Estimated to Cause $9B in Damage With $1.5B in Insured Losses
A preliminary estimate shows total damage and economic loss from Hurricane Francine in the U.S. is expected to be $9 billion. The storm effects are continuing to be felt, and some areas have yet to report complete information about damage, …
People Moves: Lockton Names Young SVP
Lockton, based in Kansas City, Missouri, hired benefits consultant Chad Young as senior vice president based in its Houston office. Young previously served as an account executive at Aetna and held senior account executive roles at Assurant and The Hartford. …
People Moves: JM Wilson Hires Musolf and Hudson as Assistant Property & Casualty Underwriters; Group Captive Program Leader Albian Joins Ryan Alternative Risk
JM Wilson, headquartered in Portage, Michigan, hired Savana Musolf and Lisa Hudson as assistant property and casualty underwriters. Musolf works with independent insurance agents and company underwriters in Michigan and Texas. Before joining JM Wilson, Musolf worked for over two …
Sentry Buys Nonstandard Auto Insurer The General From American Family for $1.7B
Sentry Insurance said it is buying nonstandard auto insurer The General from American Family Insurance for about $1.7 billion to mark the largest acquisition in the company’s 120-year history. Sentry will pay $1.1 billion in cash and assume liabilities and …