INSURANCE NEWS
Apple Accused in Lawsuit of Underpaying Female Workers in California
Apple on Thursday was hit with a proposed class action accusing the tech giant of paying more than 12,000 female employees in California less than men with comparable jobs. The lawsuit filed in state court in San Francisco by two …
42 States, J&J Finalize $700M Settlement Over Talc Marketing
Attorneys general in 42 states said they finalized a $700 million settlement with Johnson & Johnson over the marketing of its talcum powder products. The settlement, announced in principle in January, resolves an investigation by the states and Washington D.C. …
Broker Clear Group Buys UK Credit Insurance Specialist Rycroft Associates
The Clear Group, the London-based independent broker, announced it has acquired the book and assets of credit insurance broker Rycroft Associates LLP and its sister company and appointed representative, Inspire Credit Management Ltd., a delegated authority specialist. The company was …
Singapore’s Income Insurance, Allianz in Talks on Potential Transaction
Singapore’s Income Insurance Ltd is in discussion with Allianz regarding a transaction relating to its shares in Income Insurance, it said in a statement on Friday. The company added in the statement that there is no assurance that any transaction …
Insured Flood Losses in Germany Could Range From US$2.1B to US$3.2B: Moody’s RMS
Insured losses from floods that hit Central Europe between Thursday, May 30 and Monday, June 3 in Germany will likely fall within the range of €2 billion to €3 billion (US$2.1 billion to US$3.2 billion), according to Moody’s RMS Event …
Hurricane Season Ushered in With a Deluge in South Florida
Dangerous flooding from a tropical disturbance inundated much of southern Florida on Wednesday, blocking roads, floating vehicles and delaying the Florida Panthers on their way to Stanley Cup games in Canada against the Edmonton Oilers. The disorganized storm system was …
Mubadala Proposal to Sell Insurtech Startup Wefox Opposed by Founders
Mubadala Investment Co. has proposed selling troubled insurance tech startup Wefox Holding AG to UK insurance broker Ardonagh Group Ltd. in a deal opposed by the German firm’s founders. The Abu Dhabi sovereign wealth fund has told Wefox shareholders it …
Evergrande Liquidation Law Firm Probes PwC, Others to Recoup Creditor Losses: Sources
Lawyers appointed by the liquidators of China Evergrande Group 3333.HK are investigating some of the property developer’s service providers including its former auditor PricewaterhouseCoopers, to potentially recoup losses for creditors, three sources said. Evergrande, once China’s largest property developer, was …
On a Warming Planet, Outdoor Concerts Need a New Safety Playbook
Just before Ana Clara Benevides lost consciousness, she likely found it hard to breathe. Packed with 60,000 people in Rio de Janeiro’s Nilton Santos Stadium for a Nov. 17 Taylor Swift concert — amidst a heat wave with a “real …
Ship on Fire Near Yemen After Second Attack in as Many Days
A small cargo ship was on fire after being hit by three projectiles while sailing in the Gulf of Aden, marking the second significant incident in two days and a fresh ramp up of attacks. The attack on the Verbena …
Britain’s ‘Quiet Quitters’ Are Costing the Economy £257 Billion
The UK economy lost more than £257 billion ($327 billion) in potential output because of demotivated workers last year, adding to a productivity crisis that’s left the country falling behind other wealthy nations. Just one in 10 UK workers were …
Marsh: Cyber Extortion Reached Record High in US and Canada in 2023
Multiple companies in the U.S. and Canada experienced a record number of cyber extortion events in 2023 and unprecedented demands, a new report from Marsh shows. The report, Ransomware: A persistent challenge in cyber insurance claims, also showed an increasing …