Zywave Names Simoncic New CEO, Kasper CFO
Insurance technology provider Zywave said Martin Simoncic is its new chief executive officer and Christian G. Kasper has joined as chief financial officer. Simoncic most recently served as president of PROS Holdings, a software-as-a-service (SaaS) solutions company using artificial intelligence. …
Moody’s: Private Market Insured Losses From Francine to Not Exceed $2B
U.S. private market insured losses from Hurricane Francine are estimated to not exceed $2 billion, Moody’s RMS Event Response team said. Losses to the National Flood Insurance Program from the hurricane are estimated to be less than $200 million, the …
AM Best Downgrades Credit Ratings of Texas Farm Bureau Casualty Insurance Co.
AM Best has downgraded the Financial Strength Rating (FSR) to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “bbb+” (Good) from “a-” (Excellent) of Texas Farm Bureau Casualty Insurance Company and its affiliates, Farm …
Federal Judge in N.D. Temporarily Blocks Biden Rule on Natural Gas Flaring
BISMARCK, N.D. (AP) — A federal judge in North Dakota has temporarily blocked a new Biden administration rule aimed at reducing the venting and flaring of natural gas at oil wells. “At this preliminary stage, the plaintiffs have shown they …
Wisconsin Food Processor Fined $161K for Exposing Workers to Dangers
A Wisconsin animal food producer exposed employees to the risks of explosions, fires and long-term respiratory illnesses from excessive amounts of airborne dust, federal workplace inspectors found. The findings follow an inspection by the U.S. Department of Labor’s Occupational Safety …
US Sues Ship Owner, Operator Over Baltimore Bridge Collapse
The US sued the owner and the operator of a Singapore-flagged ship that rammed into a Baltimore bridge in March, the most aggressive action to date in response to a disaster that killed six workers and threw the region’s transportation …
Houston-Area Blaze Caused by SUV Accident, Officials Say
A fire on an Energy Transfer LP natural gas liquids pipeline near Houston was caused by an SUV crashing through the fence of a Walmart store and into an above-ground valve to the line, local officials said. Preliminary reports indicate …
Appeals Court Spikes Brett Favre’s Defamation Suit Against Shannon Sharpe
NEW ORLEANS (AP) — A federal appeals court has refused Monday to revive a defamation lawsuit that former NFL quarterback Brett Favre filed against a fellow Pro Football Hall of Fame member — former tight end Shannon Sharpe. Favre filed …
Wildfire Risk Upends California’s Cannabis Heartland as Insurance Vanishes
Hannah Whyte is one of thousands of Californians who have struggled to insure their property in the event of wildfire. Her 77-acre farm nestled deep in a wildfire-vulnerable forest lost its coverage from State Farm after the mountainous region burned …
Alabama’s Wind-Mitigation Program Celebrates 50,000 Fortified Homes in the State
Alabama’s wind-mitigation grant program has resulted in 50,000 fortified homes over the last decade, outpacing most other coastal states that offer similar programs. The Alabama Department of Insurance announced the milestone this week, giving more kudos to a program that …
Oracle To Pay $115M To Settle Suit Over Tracking Consumer Data
Tech behemoth Oracle has agreed to settle a class action lawsuit for $115 million over allegations that it tracked consumer activity both on and offline. The suit alleges Oracle captured, compiled, and sold individuals’ data to third parties without their …
Amazon Drivers Join Teamsters in New York, Union Says
Hundreds of delivery drivers for e-commerce giant Amazon.com have joined the International Brotherhood of Teamsters, seeking improved wages, working conditions and safety standards, the labor union said on Monday. Workers across three Delivery Service Partners (DSP) in Queens, New York …
AT&T Agrees to Pay $13 Million FCC Fine For Cloud Data Leak
AT&T Inc. agreed to pay $13 million to settle an investigation by the US Federal Communications Commission into whether the telecommunications company failed to protect customer data that was stolen when a cloud vendor was hacked last year. The unnamed …
Awbury Syndicate 2025 Gets ‘In Principle’ Nod From Lloyd’s for Launch in January
The Awbury Group and Polo Managing Agency Ltd. have announced that Lloyd’s has granted “in principle” approval for Awbury Syndicate 2025 to commence underwriting from Jan. 1, 2025. Awbury Syndicate 2025 is focused on credit risks and will initially target …
People Moves: Davis Joins MEMIC as Senior Underwriter; Davis Joins Alliant as Senior VP; Monte Joins Alliant M&A Team
The MEMIC Group, based in Portland, Maine, hired Scott Davis as a senior production underwriter overseeing the Virginia and District of Columbia territory. Davis, based in Virginia, joins MEMIC with over two decades of experience in multiline insurance and underwriting. …
Generali Agrees to Sell 99.99% Stake in Turkish Unit
Generali has reached an agreement to sell its 99.99% stake in its Turkish business, Generali Sigorta A.Ş., in a deal struck with four buyers in Turkey. Kiler Holding A.Ş. is buying a 42% stake in Generali Sigorta; Ekol Girişim Sermayesi …
Russian Insurers Play Growing Role in Facilitating Oil Exports to Top Buyer India
Russian insurers are playing a growing role facilitating the country’s oil shipments to India, its biggest buyer, data obtained from trade and shipping sources shows, helping to protect Moscow’s export revenue despite western sanctions. Russian firms provided insurance cover for …
Update: Central Europe Flood Deaths Rise as Citizens Race to Build Defenses
Volunteers and emergency personnel raced to secure river banks and buildings in Poland and Hungary on Tuesday as flood waters that have wreaked havoc across central Europe began to rise in new areas and the Czech Republic reported another death. …
Canada Relaxes Some Mortgage Insurance Rules to Tackle Housing Crisis
Canadian Finance Minister Chrystia Freeland on Monday announced changes to some mortgage rules as part of an effort to make housing more affordable, a critical political issue that has hurt Prime Minister Justin Trudeau and his Liberal government. Freeland said …
Update: Africa Floods Displace Millions, Prompt Warnings of Disease, Dam Bursts
Floods in Africa that are displacing millions of people from Guinea on the west coast to the Central African Republic more than 2,000 miles to the east are prompting warnings of dam bursts and disease. In Chad, rising waters in …
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