INSURANCE NEWS
Finland Records First Hurricane-Force Winds Off West Coast
Finland’s coastal waters were hit by hurricane-force winds for the first time, as more extreme weather batters Europe. Storm Lyly brought an average wind speed of 33.5 meters per second on Friday to Kylmapihlaja, off the coast from the city …
Specialist Risk Group Acquires UK-Based MGA NW Re
Specialist Risk Group (SRG), the London-based specialist insurance intermediary that is majority-owned by Warburg Pincus and Temasek, announced the acquisition of specialist reinsurance firm NW Re. Financial details of the deal were not disclosed. SRG said the acquisition reinforces its …
Trucker Crashes Into Stopped Traffic in Michigan, Killing 4
WEBBERVILLE, Mich. (AP) — A section of Interstate 96 in southeast Michigan remained closed Sunday after a semitruck crashed into more than a dozen vehicles overnight, killing 4 people and injuring 17 others, according to state police. Traffic on I-96 …
Agency Settles With Chicago Mortgage Firm Over Racial Discrimination Claims
The top U.S. consumer financial watchdog agency on Friday said it had reached a settlement in a long-running lawsuit with a Chicago mortgage lender over alleged racial discrimination. Under the terms of the proposed agreement, Townstone Financial would pay a …
Valencia Asks for €31 Billion Rescue Package After Deadly Floods in Spain
The region of Valencia is asking Spain’s central government for rescue funds to help with rebuilding after floods last week destroyed homes and left more than 200 dead. The Valencian government agreed to ask Madrid for €31.4 billion ($34.2 billion), …
Aon to Acquire UK Insurance Broker Griffiths & Armour
Insurance broker Aon plc has signed a definitive agreement to acquire UK-based insurance broker Griffiths & Armour. Financial details of the deal were not disclosed. Upon completion of the transaction, Griffiths & Armour will become wholly owned by Aon UK …
Russia Suspected of Plotting to Send Incendiary Devices to US
European and US intelligence officials believe Russia is behind a plan that would ultimately place incendiary devices on planes to North America through air cargo shipments, according to people familiar with the matter. Authorities are taking the incidents seriously, and …
London Protesters Demand Water Companies Clean Up Sewage-Tainted Rivers
Holding signs with slogans including “stop the plop” and “species not feces,” thousands of people marched in London on Sunday to demand a cleanup of Britain’s sewage-clogged waterways. Organizers estimated that 15,000 people took part in the march along the …
NHTSA Closes Probe Into 411,000 Ford Vehicles Due to Loss of Power
The National Highway Traffic Safety Administration said on Monday it has closed a probe into 411,000 Ford SUVs and pickup trucks over a potentially defective engine that could lose power without warning. In July 2022, the U.S. auto safety regulator …
Grindr Used RTO to Thwart Union, Forcing Out Half of Staff, NLRB Alleges
Grindr Inc. illegally imposed a return-to-office policy last year that forced out half its staff in an attempt to thwart a unionization push, the US labor board alleged in a new complaint. The US National Labor Relations Board’s general counsel …
AIG General Insurance Underwriting Profit Falls 28% in Q3
American International Group saw third quarter underwriting income in its general insurance segment fall 28% to $437 million due to higher catastrophe losses and lower favorable development on prior year reserves. The insurer’s third quarter net income attributable to common …
St. Pete to Spend Millions on Stadium After Reducing Insurance Coverage This Year
Like a homeowner who cut back on coverage only to face catastrophic damage in a storm, St. Petersburg, Florida, city officials may be regretting some insurance changes after much of the roof of the Major League Baseball stadium was ripped …