UK Is Far From Climate Proof Due to Poor Planning, Officials Say
The UK has failed to prioritize climate adaptation to risks such as floods and heat waves, putting British citizens and critical infrastructure in danger, an official assessment has found. A national adaptation plan, published last July, “falls far short of …
Tesla, Rivals Get Low Marks for Automated-Driving Technology
Tesla’s Autopilot and Full Self Driving technology and nine other assisted-driving systems marketed by major automakers received “poor” ratings from the U.S. Insurance Institute for Highway Safety in a new study released on Tuesday. The IIHS, a safety research arm …
Hedge Fund That Rode Catastrophe Bond Rally Mounts Tactical Retreat
A hedge fund that last year delivered its best result ever thanks to catastrophe bonds is now scaling back its position, based on a bet that the market is headed for a rough patch. Tenax Capital, which has a €100 …
US Natural Gas Pipeline Accidents Pose Big, Unreported Climate Threat
Last October, an Idaho farmer using a backhoe punched a hole into a 22-inch pipeline buried under a field, sending more than 51 million cubic feet of natural gas hissing into the air. While the incident on Williams Companies’ Northwest …
Would-Be Everton Owner 777 Partners Faces Lawsuit Over Asset Transfers
The investment manager trying to buy Everton FC is being sued by a creditor who wants to stop the firm from transferring two subsidiaries, claiming that the transaction was designed to “shield” the assets. Obra Capital said in a New …
Oxendine’s Georgia Fraud Trial Must Finally Start April 15, Federal Judge Says
A former Georgia insurance commissioners’ efforts to dismiss insurance fraud and money laundering charges against him have run their course. John Oxendine must face trial starting April 15, a federal judge has decided. A pretrial conference is set for March …
How 9 Men Stole 45 Cars Over 6 Months During COVID, Then Got Caught
New York Attorney General Letitia James has announced the guilty pleas and sentencing of nine members of a Bronx car theft ring for their roles in the theft of 45 vehicles during a six-month period from April to October 2020. …
$12.6M in Aid Delivered to San Diego County Communities
To aid recovery efforts in San Diego County following the January storms, FEMA, the California Governor’s Office of Emergency Services and local partners continue to work together to bring relief to affected communities. In just three weeks since Gov. Gavin …
People Moves: California Insurance Commissioner Lara Announces Appointments, Reappointments to Boards and Committees
California Insurance Commissioner Ricardo Lara appointed new members and reappointed members to several state insurance boards and committees. New appointments include Ronald Coleman Baeza to the California Life and Health Insurance Guarantee (CLHIGA) Board of Directors, and Samantha Tradelius to …
Nord Stream Sues Insurers in London Over 2022 Pipeline Blasts
Nord Stream is seeking more than 400 million euros ($436 million) from its insurers over explosions in 2022 which ruptured pipelines designed to transport Russian gas to Germany, court filings show. Nord Stream AG names Lloyd’s Insurance Co. and Arch …
People Moves: Stratico Appointed Professional Liability Practice Leader at Brown & Riding
Brown & Riding, headquartered in Dallas, appointed Bill Stratico national professional liability practice leader. Stratico has over 35 years of industry experience. He joined Brown & Riding in 2010 as a management and professional liability broker and most recently served …
Mississippi Wind-Mit Bill Would Tax Insurers, Help Fund Retrofits, Tornado Rooms
Mississippi could soon join the growing list of states with grant-funded wind fortification programs for homeowners, thanks to a bill that’s moving through the state Legislature. The state House of Representatives last week approved House Bill 888, by chief sponsor …
Huge Texas Blaze Shows Power-Line Fires Are a Widespread Threat
Massive wildfires sparked by power lines used to be a California problem, one many utility executives considered safely confined to the Golden State. No more. Texas officials on Thursday blamed the state’s largest-ever fire on electrical lines sparking in dry …
Nine Killed in Wisconsin Highway Crash Involving Semitrailer and Van
DEWHURST, Wis. (AP) — Nine people were killed Friday in a crash involving a semitrailer and a van at a western Wisconsin highway intersection. Preliminary reports about the early morning crash indicated the semitrailer traveling on State Highway 95 collided …
James River Files Suit Against Fleming for Failing to Close Planned Purchase of JRG Re
James River Group Holdings Ltd. announced it has filed a lawsuit against Fleming Intermediate Holdings for its failure to complete the $277 million acquisition of its casualty reinsurance subsidiary, JRG Reinsurance Co. – a deal that was first announced on …
Pie’s Financial Strength Rating of A- Under Review by AM Best
Insurance industry rating agency AM Best on Friday put the financial strength rating of Pie Insurance Group under review with negative implications. Pie Insurance Company of Columbus and Pie Casualty Insurance Company of Chicago currently have a financial strength rating …
Drought and Extreme Heat Devastate Louisiana’s Crawfish Harvest
BATON ROUGE, La. (AP) — Amid a crawfish shortage in Louisiana, the nation’s top producer of the crustaceans that are a staple in Gulf Coast seafood boils, Gov. Jeff Landry issued a disaster declaration for the impacted industry last week. …
Kansas Truck Washing Company After Worker Dies From Harmful Gases
Federal investigators determined a Liberal, Kansas truck washing company failed to protect workers from hydrogen sulfide gas as they entered over-the-road tanker trailers to clean them out, causing one worker’s fatal injuries and hospitalizing two co-workers. The U.S. Department of …
Norfolk Southern Ordered to Solely Pay for Ohio Train Derailment Cleanup
Norfolk Southern alone will be responsible for paying for the cleanup after last year’s fiery train derailment in eastern Ohio, a federal judge ruled. The decision issued Wednesday threw out the railroad’s claim that the companies that made chemicals that …
California Insurance Co. Says Judge’s Tentative Order Won’t Stop CDI Overreach
A California court’s tentative decision in a dispute between the California Department of Insurance and the California Insurance Company “failed to undo the unprecedented use of the CDI’s conservation mechanism to restrain CIC from its long-planned exit from the state,” …
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