INSURANCE NEWS
Update: NYC’s Largest Cab Insurer Ordered to Explore Sale After Losses
New York’s insurance regulator ordered American Transit Insurance Co. to immediately find capital and explore a sale in a damning report laying out its severe financial condition. The report laid out dozens of potential financial improprieties and accounting problems at …
Ex-CFO Says Royal Bank of Canada Manufactured Workplace-Romance Case
Royal Bank of Canada’s former chief financial officer, fired over allegations she had an undisclosed personal relationship with another executive, said the bank was trying to “manufacture” a reason to get rid of her, as both sides double down in …
Hard Market ‘Supercycle’ Likely to Be Prolonged: Lloyd’s CEO Neal
Now that the market has achieved a first-half profit of £4.9 billion with a combined ratio of 83.7—its best interim results in 17 years—does this mean the hard market cycle is ending? During a media briefing to discuss Lloyd’s results, …
Amazon Challenges Labor Board’s Structure in Lawsuit Over Union Election
Amazon.com sued a U.S. labor board on Thursday, accusing it of illegally interfering in a union election at a New York City warehouse and claiming the agency’s structure violates the U.S. Constitution. The lawsuit filed in San Antonio, Texas, federal …
Dish Network in Talks With Investors to Settle Lawsuit
Dish Network Corp., the ailing satellite-TV provider with more than $20 billion in debt, is in talks with a group of creditors to resolve a lawsuit tied to a controversial transfer of assets. A meeting between the company and investors …
Hershey Attacks Lawsuits Targeting Product Packaging, Seeks to End Reese’s Case
Hershey urged a U.S. judge to dismiss a lawsuit claiming it misled consumers about several Reese’s peanut butter candies, using its request to level a broadside against what it considers baseless class action litigation over product packaging. In a Wednesday …
Claims From 4 Summer Weather Events in Canada Exceed Prior Year Total: IBC
Four natural catastrophes over four weeks during Canada’s summer season have resulted in about five times the amount of claims than the 20-year average, reported the Insurance Bureau of Canada. About 228,000 home, auto and business insurance claims have been …
BMW Recalling Mini Cooper SE Electric Models
German automaker BMW is recalling electric Mini Cooper SE vehicles due to problems in their batteries, which could potentially affect more than 140,000 autos worldwide, a company spokesperson told Reuters on Monday. Around 39,000 vehicles could be affected in Germany, …
New York Regulator Orders Taxi Insurer to Weigh Sale After Losses
New York’s insurance regulator issued a damning report laying out the severely flawed financial condition of New York’s largest insurer of taxis and for-hire vehicles, as well as dozens of potential financial improprieties and accounting problems, warning that the consequences …
Indiana Steel Mill to Pay $248K Over Clean Air Act Violations
The U.S. Environmental Protection Agency announced a settlement with Cleveland Cliffs Burns Harbor LLC in Burns Harbor, Indiana, for alleged Clean Air Act violations that occurred while the facility was operating as ArcelorMittal Burns Harbor LLC. Under the terms of …
People Moves: Stephens Insurance Adds Scott Miller to Arkansas Office
Stephens Insurance, LLC, an affiliate of Stephens Inc., announced Scott Miller will join the firm as a senior vice president within the Property & Casualty practice. He brings more than 25 years of experience in the insurance industry, serving clients …
Texas Faces Need for Hundreds of Thousands of Homes to Address Housing Shortage
If Texas wants to rein in its high housing costs, it needs more homes, Texas Comptroller Glenn Hegar’s office said Tuesday — the latest sign that the state’s high home prices and rents have become a growing concern for the …