Swiss Gov’t Seeks Mandatory Reporting of Cyberattacks on Key Infrastructure
The Swiss government proposed on Friday making it mandatory to report cyberattacks on critical infrastructure as a way to help shed light on hackers and sound the alarm more widely. It asked parliament to approve legislation that creates the legal …
POSTED DECEMBER 02, 2022 12:58 PM |
Citigroup in Talks to Recoup Errant $500M Revlon Loan Payment
Citigroup Inc. is negotiating the return of about $500 million it mistakenly paid a group of hedge funds and investment firms on a loan owed by Revlon Inc., the now-bankrupt cosmetics company controlled by billionaire Ronald Perelman. In a Thursday …
POSTED DECEMBER 02, 2022 12:50 PM |
After FTX Collapse, Pressure Builds for Tougher Rules for Cryptocurrencies
Regulators must step in to protect crypto investors after the collapse of FTX, financial industry executives and lawmakers said at the Reuters NEXT conference this week, the latest call for tougher oversight of a sector prone to meltdowns. Policymakers have …
POSTED DECEMBER 02, 2022 12:27 PM |
Record UK Bird Flu Outbreak Wipes Out Half of Free-Range Turkeys
A record bird flu outbreak in the UK has resulted in culling of almost half of the nation’s free-range turkeys for Christmas, according to the poultry industry group. About 600,000 free-range birds have been culled or died as a result …
POSTED DECEMBER 02, 2022 11:43 AM |
KKR Used Equity Rather Than Debt to Fund Acquisition of Broker April Group
KKR & Co.’s buyout of a French insurance broker is offering a window into the diminishing power of Wall Street’s vaunted leveraged finance machine. The buyout firm agreed to fund on its own the totality of the €2.3 billion ($2.4 …
POSTED DECEMBER 02, 2022 10:31 AM |
DOJ Watchdog Seeks Independent Review of FTX Bankruptcy
The U.S. Department of Justice’s bankruptcy watchdog on Thursday called for an independent investigation into the collapse of crypto exchange FTX, saying customers need a neutral party to investigate allegations of “fraud, dishonesty, incompetence, misconduct, and mismanagement.” FTX has ousted …
POSTED DECEMBER 02, 2022 6:43 AM |
Facebook Accused by Female Truckers of Skewing Job Ads
Meta Platforms Inc. unlawfully steered dozens of hiring ads from trucking companies and other advertisers to mostly one gender or age group, an advocacy group for female truckers alleged in a U.S. complaint on Thursday, citing the social media giant’s …
POSTED DECEMBER 02, 2022 6:35 AM |
View from Defense Counsel’s Office: Hope on the Horizon for Florida Insurers?
Despite recent hurricanes in Florida, continued insurance claims litigation, and steadily rising reinsurance rates, insurers and reinsurers have reason to be optimistic about the next few years. Due to a variety of factors, including large loss events, the state is …
POSTED DECEMBER 02, 2022 6:01 AM |
New York Online Hate Speech Law Challenged by Thiel-Backed Rumble
A New York law prohibiting hate speech on social media was challenged by the Volokh Conspiracy legal blog and the Peter Thiel-backed video site Rumble Inc., which claimed the measure will hurt online services and seek to silence unfavorable but …
POSTED DECEMBER 02, 2022 6:00 AM |
Massachusetts Prison Guards Begin Body Camera Pilot Program
About 50 correctional officers at a Massachusetts prison are participating in a pilot program to evaluate the use of body cams in improving safety and transparency in state Department of Correction facilities, officials announced Monday. The program is taking place …
POSTED DECEMBER 02, 2022 6:00 AM |
New Mexico Sues Tobacco Companies over Settlement Payments
New Mexico is suing more than a dozen tobacco companies, accusing them of conspiracy and breach of contract. Attorney General Hector Balderas announced the legal challenge this week, claiming that the companies have been withholding portions of annual payments that …
POSTED DECEMBER 02, 2022 6:00 AM |
Oregon OSHA Fines Mattress Retailer for Exposing Workers to Vehicle Safety Hazards
Oregon OSHA fined Mattress Megastore in Hillsboro more than $66,000 for multiple workplace safety violations, including willfully exposing employees to serious injury or death from potential traffic accidents. The penalties followed an inspection launched by the division in response to …
POSTED DECEMBER 02, 2022 6:00 AM |
NASA: U.S. Coastlines Could Experience a Foot of Sea Level Rise Within 30 Years
Sea levels along U.S. coastlines could rise as much as 12 inches above today’s waterline by 2050, according to NASA researchers. The results from the NASA Sea Level Change Team rely on measurements from a network of satellite altimeters along …
POSTED DECEMBER 01, 2022 6:25 PM |
Arch Insurance North America Promotes First to President
Brian First has been promoted to president of Arch Insurance North America. First was promoted from chief underwriting officer of programs, property and specialty. First, who joined Arch in 2014 and has 30 years of industry experience, will now have …
POSTED DECEMBER 01, 2022 5:51 PM |
Louisiana Woman Latest to Plead Guilty in Staged Auto Collision Scheme
United States Attorney Duane A. Evans announced that Florence Randle, age 70, of Gibson, Louisiana, pled guilty on November 29, 2022 to Count One (1) of her indictment, charging her with Conspiracy to Commit Mail Fraud in violation of Title …
POSTED DECEMBER 01, 2022 5:40 PM |
Texas Lt. Gov. Prioritizes Electric Grid Fixes for 2023 Legislative Session
Lt. Gov. Dan Patrick on Wednesday unveiled a list of 21 legislative priorities including property tax relief, improving the reliability of the electric grid and continuing to spend money on border security funding. Patrick, who presides over the Senate and …
POSTED DECEMBER 01, 2022 5:36 PM |
Bird Flu Outbreak Prompts Slaughter of 1.8M Chickens in Nebraska
OMAHA, Neb. (AP) – Nebraska agriculture officials say another 1.8 million chickens must be killed after bird flu was found on a farm in the latest sign that the outbreak that has already prompted the slaughter of more than 50 …
POSTED DECEMBER 01, 2022 5:01 PM |
Michigan’s Ford Credit Company to Launch Commercial Vehicle Insurance
Michigan-based Ford Credit announced plans to launch Ford Pro Insure, a new commercial auto insurance product powered by Pie Insurance. “Ford Pro customers have come to expect a complete set of products and services that ensure their fleets are the …
POSTED DECEMBER 01, 2022 4:56 PM |
AM Best Downgrades Credit Ratings of Minnesota’s RAM Mutual
AM Best has downgraded the Financial Strength Rating to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Rating to “a-” (Excellent) from “a” (Excellent) of RAM Mutual Insurance Company (RAM) (Esko, MN). The outlook of these Credit Ratings …
POSTED DECEMBER 01, 2022 4:52 PM |
Amwins Buys Franklin Street’s Arena Special Risks Wholesale Book
Amwins, an international distributor of specialty insurance products, has purchased Atlanta-based Arena Special Risks’ wholesale business from Franklin Street. The move will allow Franklin Street to concentrate on retail insurance for the real estate market, the company said in a …
POSTED DECEMBER 01, 2022 4:06 PM |
Hurricane Ian Drives Global Insured Losses of $115B From Natural Disasters: Swiss Re
Hurricane Ian and other natural catastrophes, such as European winter storms, floods in Australia and hailstorms in France and the U.S., have cost global insurers an estimated $115 billion so far this year, according to a report published by Swiss …
POSTED DECEMBER 01, 2022 3:55 PM |
PCF Insurance Services Acquires Georgia-based VB@Work
PCF Insurance Services, one of the larger brokerage firms in the country, has acquired Georgia-based Voluntary Benefits at Work. VB@Work, as it is abbreviated, said it designs employee benefits packages that minimize client administrative overhead. The merger will expand VB’s …
POSTED DECEMBER 01, 2022 3:36 PM |
Hawaii Volcano Eruption Has Some on Alert, Draws Onlookers
The first eruption in 38 years of the world’s largest active volcano is attracting onlookers to a national park for “spectacular” views of the event, and it’s also dredging up bad memories among some Hawaii residents who have been through …
POSTED DECEMBER 01, 2022 2:56 PM |
Vet’s California Lawsuit Blaming Antimalarial Drug For Psychosis Tossed
– A federal judge threw out a lawsuit against the maker of an anti-malarial drug blamed for causing psychotic behavior and neurological damage to U.S. servicemembers, ruling that the case had no right to be filed in California. The proposed …
POSTED DECEMBER 01, 2022 2:54 PM |
Harvard to Appeal Missed Insurance Claim Deadline Ruling That Cost It $15M
Harvard University has signaled its intention to appeal last month’s federal court ruling that cost it as much as $15 million in insurance payments for failing to notify its insurer of its claim by the policy deadline. The law firm …
POSTED DECEMBER 01, 2022 2:28 PM |