INSURANCE NEWS
Lloyd’s of London Says Former CEO Neal Breached Compliance Rules
Lloyd’s of London said former Chief Executive Officer John Neal breached its compliance rules after failing to disclose a close relationship that could have been perceived as creating a potential conflict of interest. An investigation found that Neal failed to …
Families of Men Switched at Birth Sue North Dakota Hospital
The families of two men who discovered through DNA tests that they were switched at birth 38 years ago are accusing a North Dakota hospital of robbing them of the lives they were supposed to lead. Kyle Bylin discovered his …
Texas Flood Destroyed 135 Homes in Kerr County, Governor Says
Swift-moving floodwater destroyed or heavily damaged 135 homes in Kerr County, Gov. Greg Abbott said Monday from Kerrville after taking a helicopter survey of affected areas and receiving a briefing by state and area officials. Water that surged over the …
Insurer Interest in AI Exclusions Growing as Risk Becomes Omnipresent
It’s no surprise given the penetration of artificial intelligence into lives and businesses that it appears insurers are gearing up to exclude AI risk in some of their commercial liability policies. Three ISO exclusions have garnered more interest from carriers, …
Judge Approves Anthropic’s $1.5 Billion Settlement of Copyright Lawsuit
A federal judge in San Francisco on Monday signed off on artificial intelligence company Anthropic’s landmark $1.5 billion settlement of a class action lawsuit brought by a group of authors who accused it of misusing their books to train its …
Heat Morphs Into a Major Economic Shock for an Unprepared Europe
Europe’s status as the planet’s fastest-warming continent is becoming a serious drag on its economic prospects. The region, where temperatures are rising at a pace that’s roughly twice the global average, can no longer afford to ignore the economic impact …
Amgen Settles Shareholder Lawsuit Claiming it Hid $10.7 Billion Tax Bill
Amgen reached a $74 million settlement of a lawsuit accusing the biotechnology company of waiting too long to disclose that it might owe the Internal Revenue Service $10.7 billion for underreporting six years of taxes. A preliminary settlement of the …
Kentucky DOI Set to Lower Exam Score Requirements if Agent Has Sponsor
Applicants hoping to become insurance agents in Georgia may soon be able to start work even if they don’t ace the license exam. The state Office of Commissioner of Insurance will hold a hearing next week on proposed changes to …
Texas Heat Wave Collides With Tropical Storm Bertha
Texas and Louisiana are facing a dangerous combination of stormy weather and extreme temperatures as Tropical Storm Bertha sweeps across the Gulf Coast during a heat wave. Bertha is expected to bring a life-threatening storm surge and as much as …
People Moves: Liberty Mutual Re Names Spurgeon as Global Head of Cyber Reinsurance; Tokio Marine HCC Promotes Dagdelen as Head of Cyber – International
This edition of International People Moves details cyber appointments at Liberty Mutual Reinsurance and Tokio Marine. A summary of these new hires follows here. Liberty Mutual Re Names Spurgeon as Global Head of Cyber Reinsurance Liberty Mutual Reinsurance Group (LM …
Former Arch Execs Grandisson, Gansberg Named Vantage Chair, CEO; Best’s Comments
Howard Hughes Holdings Inc., the new parent company of Vantage Group Holdings Ltd., announced that Marc Grandisson has been named executive chairman of Vantage, effective immediately. At the same time, David Gansberg was appointed as CEO designate – a role …
Allstate’s $1.7M RICO Claims Fraud Suit Merits Trial, Not Arbitration: NJ High Court
New Jersey’s high court has ruled that Allstate Insurance has a right to a jury trial for its fraud and conspiracy claims brought against more than 30 medical providers under the state’s Insurance Fraud Prevention Act (IFPA) and the Anti-Racketeering …