INSURANCE NEWS
Dick’s Sporting Goods Reports Unauthorized Access to Information Systems
Dick’s Sporting Goods on Wednesday said it discovered unauthorized access to its information systems. In a filing with the U.S. Securities and Exchange Commission, Dick’s said it made the discovery of the cyberattack on Aug. 21 and immediately “activated its …
US P/C Insurance Industry Posts First H1 Underwriting Profit Since 2021
The U.S. property/casualty insurance industry recorded a net underwriting gain of $3.7 billion and net income of $94.6 billion for the first-half of 2024, according to a new report. “After years of consistent losses, premium growth is helping the overall …
Southern California Edison Seeks to Recover $1.6B of Wildfire-Related Losses
Southern California Edison, a unit of utility Edison International said on Thursday it was seeking approval for a settlement agreement to recover nearly 60% of losses related to wildfires and mudslides in 2017 and 2018. Under the agreement with the …
Alabama Shipbuilder Austal to Pay $24M to Settle Accounting Fraud Probe
MOBILE, Ala. (AP) — Austal USA, an Alabama-based shipbuilder that makes vessels for the U.S. Navy, has admitted wrongdoing and agreed to pay a $24 million fine to settle an accounting fraud investigation, the U.S. Department of Justice announced Tuesday. …
Inadequate Inspections and Oversight Cited in Fatal WV Helicopter Crash
CHARLESTON, W.Va. (AP) — Inadequate inspections by an operator and a lack of oversight by the Federal Aviation Administration were partly to blame for the crash of a Vietnam-era tourist helicopter that killed six people in West Virginia two years …
US Appeals Court Takes Aim at Big Tech Liability Shield
A US appeals court has struck down a long-standing argument from social media platforms: that a federal law grants them blanket immunity from being held accountable for user harms – even the wrongful death of children. In a ruling delivered …
Mosquito-Borne Encephalitis Virus Takes Life of New Hampshire Resident
A New Hampshire resident infected with the mosquito-borne eastern equine encephalitis virus has died, state health authorities said. The Hampstead resident’s infection was the first in the state in a decade, the New Hampshire Department of Health and Human Services …
Captain of Sunken Superyacht Declines to Answer Prosecutors’ Questions, Lawyer Says
The captain of a superyacht that sank during a storm off Sicily last week, killing seven people, decided not to respond to prosecutors’ questions Tuesday, his lawyer said. James Cutfield, a 51-year-old New Zealand national, is under investigation for possible …
Hedge Fund Fermat Says Returns Took a Hit Amid Catastrophe Bond Selloff
Fermat Capital Management, one of the world’s biggest investors in catastrophe bonds, says anxiety about this year’s hurricane season has already left a meaningful dent on returns. “Returns in May were low and even negative for a lot of funds,” …
Court Tosses Missouri Law That Banned Police From Enforcing Federal Gun Laws
COLUMBIA, Mo. (AP) — Federal appellate judges overturned a Missouri law Monday that banned police from enforcing some federal gun laws. The 8th U.S. Circuit Court of Appeals found the Missouri law violated a section of the U.S. Constitution known …
Romanian Government Plans Drought Insurance Scheme for Farmers
The Romanian government plans to approve an insurance system for agricultural land as part of a series of measures to help farmers whose crops have been ravaged by drought, Agriculture Minister Florin Barbu said on Wednesday. Romania is among the …
EU Mission in Red Sea Says no Oil Spill From Tanker Damaged in Houthi Attack
The European Union’s mission in the Red Sea said on Wednesday there was no oil spill in the waters near the Greek-flagged tanker hit by a fiery Houthi militant attack off Yemen’s coast. The mission, called Aspides, added that the …