» Texas Farmers Say Forever Chemicals in Fertilizer Poisoned Their Land
02/12/24 11:36 from Insurance Journal
JOHNSON COUNTY — Tony Coleman recognizes the signs all too well. A cow drools strings of saliva. Then it starts to limp, each step slower. Then it grows stiff. Then it’s quick. There’s nothing to be done. The cow dies. …
» AM Best Revises Outlook for US Personal Lines Insurance Segment to ‘Stable’
02/12/24 11:33 from Insurance Journal
AM Best has revised its outlook to stable from negative for the U.S. personal lines insurance segment for 2025, citing improved rate and pricing conditions, particularly in the auto insurance space, along with solid levels of risk-adjusted capitalization among carriers. …
» Rockford Mutual to Expand Commercial Lines Products in Michigan
02/12/24 11:09 from Insurance Journal
Rockford Mutual Insurance Company (RMIC) announced a strategic expansion into the state of Michigan for Commercial Lines products in 2025. This decision is part of the company’s ongoing efforts to diversify its portfolio and spread risk across different markets in …
» Energy Department to Loan $7.5B for Electric Vehicle Battery Plants in Indiana
02/12/24 11:07 from Insurance Journal
The U.S. Energy Department said Monday it is planning to loan up to $7.54 billion to a joint venture of Chrysler parent Stellantis STLAM.MI and Samsung SDI 006400.KS to help build two electric vehicle lithium-ion battery plants in Indiana. The …
» ‘Drill, Baby, Drill’ Is Unlikely Under Trump, Exxon Says
02/12/24 10:58 from Insurance Journal
Oil and gas producers in the US will not raise output significantly in the coming years despite calls from President-Elect Donald Trump to “drill, baby, drill,” said Exxon Mobil Corp.’s Upstream President Liam Mallon. “I think a radical change is …
» Carolina Woman Charged with Using Mom’s Name to Get Policy, Filing Bogus Claim
02/12/24 10:30 from Insurance Journal
A North Carolina woman is set for a court appearance later this month after she was charged with filing a claim on her deceased mom’s house – for damage that occurred before the insurance policy was purchased. Cindy Ramzi Hanna, …
» Outlook for US Commercial Insurance Segment ‘Stable’ as Profits Stay Strong: AM Best
02/12/24 09:59 from Insurance Journal
AM Best is maintaining its stable market segment outlook on the U.S. commercial lines insurance sector for 2025, due partly to the segment’s persistently strong underwriting performance and improved investment returns, which have bolstered operating profitability. Reserve adequacy in the …
» Aon Names McCabe Carolinas Market Leader
02/12/24 09:46 from Insurance Journal
Rebecca McCabe, with Aon since 2015, has been named Carolinas market leader, based in Charlotte. McCabe has recently served as interim market leader and sales director at Aon, and now replaces Kathleen Lynch, who left Aon earlier this year, according …
» New Mexico Man Gets $412M Medical Malpractice Payout for Botched Injections
02/12/24 09:33 from Insurance Journal
Jurors in New Mexico have awarded a man more than $412 million in a medical malpractice case that involved a men’s health clinic that operates in several states. The man’s attorneys celebrated last week’s verdict, saying they are hopeful it …
» Parts of New York, Pennsylvania Buried by Up to 4 Feet of ‘Lake-Effect’ Snow
02/12/24 08:46 from Insurance Journal
The governors of New York and Pennsylvania have declared disaster emergencies in areas hit with as much as three and four feet of “lake-effect” snow from a fierce winter storm. New York Governor Hochul declared a state of emergency for …
» T-Mobile Engineers Spotted Hackers Running Commands on Routers
02/12/24 07:35 from Insurance Journal
Suspicious behavior on T-Mobile US Inc.’s network devices tipped off the company to a breach that was potentially part of a sprawling cyber-espionage campaign that has raised urgent questions about the exposure of a critical sector of the economy. Jeff …
» West Haven Gains $1 Million From Insurance for Employees’ Theft of Covid Funds
02/12/24 07:32 from Insurance Journal
The Connecticut city of West Haven said it is being reimbursed more than $1 million from its insurer to cover the cost of federal pandemic relief funds stolen three years ago by two city employees. Then-state Rep. Michael DiMassa and …
» British Columbia Can Mount Opioid Class Action, Canada’s Top Court Says
02/12/24 06:24 from Insurance Journal
The province of British Columbia can bring a class action lawsuit against pharmaceutical companies for opioid harms on behalf of multiple governments across Canada, the country’s Supreme Court ruled on Friday. In 2018, BC sued more than 40 drug manufacturers, …
» Arthur J. Gallagher & Co. Acquires UK-Based Caytons Law
02/12/24 03:42 from Insurance Journal
Arthur J. Gallagher & Co. announced that its claims and risk management solutions subsidiary, Gallagher Bassett, has acquired the UK-based operations of Caytons Law LLP. Terms of the transaction were not disclosed. Caytons is a claims and legal management firm …
» China’s ByteDance Seeks $1.1M in Damages From Ex-Intern in AI Breach Case: Report
02/12/24 03:35 from Insurance Journal
China’s ByteDance is suing a former intern for $1.1 million, alleging he deliberately attacked its artificial intelligence large language model training infrastructure, a case that has drawn widespread attention within China amid a heated AI race. The parent company of …
» International Court Begins Hearings That May Shape Global Climate Litigation
02/12/24 03:11 from Insurance Journal
The United Nations’ top court [this] week begins hearings on the legal obligation of countries to fight climate change and the consequences for states of contributing to global warming, the outcome of which could influence litigation worldwide. While the advisory …
» Private Equity Tie-Ups With Insurers Create Risks, BOE Says
02/12/24 02:59 from Insurance Journal
Private equity’s advance into the insurance sector exacerbates the risk of “fire sales” that disrupt the functioning of financial markets, the Bank of England warned. A growing number of PE firms in the US have acquired life insurers, while British …
» Bank of England Finds Non-Bank Financial Firms Pose Wider Risks in Crisis Periods
02/12/24 02:26 from Insurance Journal
Non-bank financial institutions such as hedge funds remain vulnerable to a sudden financial shock and would not all be able to access the funding they would need in such a crisis, the Bank of England said on Friday. Announcing the …
» Zoom Offers $18 Million to Settle SEC Privacy Probe From 2020
02/12/24 00:07 from Insurance Journal
Zoom Communications Inc. has offered $18 million to settle a four-year-old US Securities and Exchange Commission probe related to its privacy policies and communications. In the most recent quarter, the company recorded an $18 million expense for a “tentative settlement …
» Microsoft Faces Wide-Ranging Antitrust Probe
02/12/24 00:05 from Insurance Journal
The U.S. Federal Trade Commission has opened a broad antitrust investigation into Microsoft, including of its software licensing and cloud computing businesses, a source familiar with the matter said on Wednesday. The probe was approved by FTC Chair Lina Khan …