3 Firefighters Killed in Colorado Remembered for Bravery
With wildfires burning across many Western states, wildland firefighters gathered to pay tribute to three of their own who died after they were trapped by flames a week ago. Emily Barker, Nick Hutcherson and Sydney Watson were remembered on Sunday …
Connecticut Seeks Consultant to Explore Nonprofit Liability Insurance Options
The Connecticut Insurance Department (CID) is seeking a consultant to conduct a study and present options to improve the liability insurance market for nonprofit organizations operating in the state. A report issued in January by a working group of legislators, …
Damaged Qatari LNG Tanker Awaits Salvage After Strike as Hormuz Risks Escalate
A Qatari LNG tanker was still stuck off Oman on Wednesday awaiting salvage operations, shipping data showed, a day after it was hit by a projectile, while the U.S. military said two other tankers had been targeted by Iran in …
Allianz Unit to Cut as Many as 1,800 Jobs in Push to Adopt AI
Allianz SE plans to eliminate hundreds of positions at its assistance and travel insurance subsidiary Allianz Partners as the company pushes forward with implementing artificial intelligence solutions. The cuts, which they expect to take the forms of severance agreements, early …
Developer Downplays Structural Concerns at ‘Unstable’ Midtown Manhattan Tower
The structural concerns that led New York City officials to shut down a Midtown Manhattan high-rise and evacuate surrounding buildings are “very small,” said Nathan Berman, the chief executive officer of Metro Loft, which is leading the project to convert …
NYC Is Racing to Secure Unstable Midtown Manhattan Building
New York City officials were racing to stabilize a high-rise building in the heart of Manhattan after cracks developed in multiple columns and floors began to sag, leading to the evacuation of nearby office buildings and a school during the …
London Moves to Expand Influence in $140 Billion ILS Market
The world’s biggest hub for commercial and specialty risk is angling for a much more prominent role in the $140 billion global market for insurance-linked securities. Issuance of ILS products, currently dominated by Bermuda, is witnessing a stunning surge in …
Private Equity Turns to Heat Detectives as Climate Risks Intensify
Erratic weather is forcing private equity investors to scrutinize a new source of financial risk — whether assets in their portfolios can withstand a changing climate. For decades, investment models at the world’s largest funds relied on assumptions of a …
Allstate Sued by Oklahoma for Alleged Scheme to Underpay Claims
Oklahoma’s attorney general sued Allstate Corp., alleging the insurer schemed to minimize payouts to homeowners for wind and hailstorm damage in order to boost its profits. The state’s top lawyer, Gentner Drummond, alleges that Allstate implemented an internal program to …
Supreme Court Lets Texas’ Age App Verification Law Stand
Texas can continue enforcing a law requiring app marketplace operators like Google and Apple to verify all users’ ages after the U.S. Supreme Court declined Monday to intervene. Senate Bill 2420, which was supposed to take effect Jan. 1, establishes …
Sequel Insurance Agencies Acquires Texas’ Watkins
Sequel Insurance Agencies, powered by SIAA, a leading independent insurance agency platform and perpetuation partner for entrepreneurial agencies, announced its acquisition of Watkins Insurance Group including five office locations across Austin and Central Texas. This transaction marks another strategic milestone …
Merger Suits Stall Under DOJ Boss Who Opposes Blocking Deals
A nearly $1 billion takeover by a defense supplier that Pentagon officials previously faulted for overcharging the military may serve as the latest test of how light a touch the US Justice Department is willing to take on corporate mergers. …
Iran Tells UN It Has Right to Control ‘Parts’ of Hormuz Strait
Iran told the United Nations’ shipping agency that it has authority over parts of the Strait of Hormuz, the waterway that’s a centerpiece of peace talks between Washington and Tehran. “Parts of the Strait of Hormuz fall within the territorial …
Ugandan Farmers to Challenge $5.6 Billion Pipeline in UK Lawsuit
A group of Ugandan farmers will on Tuesday file a lawsuit in the UK High Court against the East African nation’s $5.6 billion crude pipeline, potentially delaying long-awaited exports due to begin later this year. The petition says the 1,450-kilometer …
Premiums Will Skyrocket by 2035, and Discounts Not Enough for Wind Mit, Studies Say
Home fortifications, from roof tie-downs to window protections, have been recognized as key factors in reducing losses, claims and premiums in hurricane-prone states like Florida. But relying on the incentive of premium discounts is not enough to prompt widespread adoption …
Shark Attack on Alabama Teen Inspires Start of National Alert System
Lulu Gribbin was 15 when she survived a shark attack off the coast of Florida. She lost her left hand, part of her right leg and almost her life. What she didn’t know when she entered the water on that …
Los Angeles Heat Builds Ahead of Hot Spell Across US Southwest
Temperatures are set to rise across Los Angeles and parts of the southwestern U.S. later this week. Extreme heat is already settling across Southern California and Arizona as readings threaten to reach 116F (47C) across the region, including in Palm …
People Moves: Chesapeake Employers’ Names Barnett to Leadership
Chesapeake Employers’ Insurance Company Names Barnett SVP, CFO Chesapeake Employers’ Insurance Company appointed John Barnett as senior vice president and chief financial officer (CFO). Barnett brings more than 25 years of financial leadership experience to Chesapeake Employers and will play …
Judge Approves $46.75 Million Payout for 23andMe Data Breach Victims
A U.S. bankruptcy judge on July 7 approved a $46.75 million settlement for victims of a 2023 data breach at the genetic testing company 23andMe, which exposed genetic and other personal information of an estimated 6.9 million customers. U.S. Bankruptcy …
NTSB Finds No Engine Failure in Deadly Missouri Skydiving Plane Crash
Federal safety investigators said in a new preliminary report that they found no indication that engine failure caused the fiery crash of a plane on a skydiving outing last month in Missouri that killed all 12 people aboard, including several …
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