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Copper Producer Aurubis Says Metal Scam Cost It €185 Million 22 September 2023

Copper Producer Aurubis Says Metal Scam Cost It €185 Million

Europe’s top copper producer Aurubis AG said a massive scam involving shipments of scrap metal cost it €185 million. Aurubis said last month that it had discovered a significant metal shortfall, adding that it believed some of its suppliers had …

RHB Bank Weighs Bancassurance Options as Tokio Marine Pact Ends Soon: Sources 22 September 2023

RHB Bank Weighs Bancassurance Options as Tokio Marine Pact Ends Soon: Sources

Malaysia’s RHB Bank Bhd. is asking financial advisers for proposals for its partnership to sell insurance in its branches, as its deal with an arm of Japan’s Tokio Marine Holdings Inc. is set to expire at the end of next …

As Complaints Against Pharmacists Rise So Does the Cost to Defend Them 22 September 2023

As Complaints Against Pharmacists Rise So Does the Cost to Defend Them

The cost to defend complaints against pharmacists to their State Board has increased more than 100% in the last decade, according to a newly released claim report published by Healthcare Providers Service Organization (HPSO), a division of Aon Affinity, the …

Arthur J. Gallagher Acquires Ace Commercial in California 22 September 2023

Arthur J. Gallagher Acquires Ace Commercial in California

Arthur J. Gallagher & Co. acquired Corona, California-based Ace Commercial Insurance Center. Jackie Hoang, Anhdy Nguyen and their team will remain in their current location under the direction of Scott Firestone, head of Gallagher’s Southwest region retail property/casualty brokerage operations. …

Family Files Suit in New Mexico over Man Fatally Shot by Police at Wrong Address 22 September 2023

Family Files Suit in New Mexico over Man Fatally Shot by Police at Wrong Address

The family of a man shot and killed by police in New Mexico after they responded to the wrong address is suing the city and three officers. The lawsuit filed in U.S. District Court alleges Robert Dotson and his family …

Extreme Weather Forcing JFK, Other Airports to Redesign Runways, Systems 22 September 2023

Extreme Weather Forcing JFK, Other Airports to Redesign Runways, Systems

(Bloomberg) — Airports around the world are relocating sensitive electrical equipment to rooftops to protect it from flooding, reinforcing runways to handle extreme temperature swings and revving up air conditioning as climate change complicates operations. In New York, the $19 …

Texas Manufactured Homes Company Faces Lawsuit for Alleged Racial Harassment in the Workplace 21 September 2023

Texas Manufactured Homes Company Faces Lawsuit for Alleged Racial Harassment in the Workplace

A Texas manufactured homes company was sued for subjecting an employee to a hostile work environment after learning learning of his multiracial family, according to a lawsuit filed by the U.S. Equal Employment Opportunity Commission. Cavco Industries, Inc. and Palm …

The Hilb Group Expands Into Illinois 21 September 2023

The Hilb Group Expands Into Illinois

The Hilb Group announced that it has acquired an Illinois-based property and casualty business, building on the company’s growing presence in the Midwest region and broadening its offerings to include specialized services for fast food franchises and student housing industries. …

People Moves: Grange Names Murphy Chief Legal Officer as Coleman Retires 21 September 2023

People Moves: Grange Names Murphy Chief Legal Officer as Coleman Retires

Grange Names Murphy Chief Legal Officer as Coleman Retires After Nearly 34 Years Grange Insurance Company, headquartered in Columbus, Ohio, named Beth Murphy as chief legal officer, effective January 1, 2024, as LaVawn Coleman retires at the end of the …

From Disorderly to Orderly Reinsurance Renewals – What a Difference a Year Makes 21 September 2023

From Disorderly to Orderly Reinsurance Renewals – What a Difference a Year Makes

One of the themes at this year’s reinsurance Rendez-Vous de Septembre (RVS) was that reinsurers have rediscovered client need, client interest and have again started to put clients at the center of conversations, according to Dirk Spenner, managing director at …

Risk Strategies Acquires Texas’ orchestrateHR Inc. 21 September 2023

Risk Strategies Acquires Texas’ orchestrateHR Inc.

Risk Strategies, announced that it has acquired human resources and employee benefits specialist orchestrateHR Inc. and its affiliate, Ebenconcepts Company . and its affiliate, (doing business as eBen Benefits). Also included in the transaction were the company’s specialty operating subsidiaries, …

Chicago Files Lawsuit Against Monsanto and Univar for Polluting Water, Air, and Soil with Harmful Chemicals 21 September 2023

Chicago Files Lawsuit Against Monsanto and Univar for Polluting Water, Air, and Soil with Harmful Chemicals

Chicago is suing Bayer AG’s Monsanto and Univar Solutions Inc. for polluting the city’s water, air and soil with chemicals the companies knew were harmful to humans. The complaint, filed in Cook County Circuit Court, seeks financial compensation for expenses …

Allstate Records About $640M in August Cat Losses, Half From Maui Wildfire 21 September 2023

Allstate Records About $640M in August Cat Losses, Half From Maui Wildfire

Allstate reported about $641 million in August catastrophe losses from 18 events, with about half coming from the Maui wildfire. The losses for the month of August were $551 million or $435 million, after-tax, partially offset by favorable reserve reestimates …

Openly Secures $100 Million in Series D Funding 21 September 2023

Openly Secures $100 Million in Series D Funding

Insurtech homeowners insurer Openly said has raised $100 million in Series D funding, led by Eden Global Partners. There was additional participation in the round from a mix of current and new investors including Gradient Ventures, Clocktower Technology Ventures, Trinity …

California Truck Drivers Ask Governor to Sign Job-Saving Bill as Self-Driving Big Rigs Are Tested 21 September 2023

California Truck Drivers Ask Governor to Sign Job-Saving Bill as Self-Driving Big Rigs Are Tested

California lawmakers, union leaders and truck drivers are trying to steer Democratic Gov. Gavin Newsom toward signing into law a proposal that could save jobs as self-driving trucks are tested for their safety on the roads. The legislation would ban …

Markets/Coverages: AmTrust Introduces Admitted Lawyers Professional Liability 21 September 2023

Markets/Coverages: AmTrust Introduces Admitted Lawyers Professional Liability

Global specialty P/C insurer AmTrust Financial Services introduced a new admitted lawyers professional liability policy from AmTrust PRO for mid-sized law firms. “In today’s competitive and complex legal environment, even a small error or simple oversight by an individual attorney …

OSHA Fines Georgia Concrete Pipe Maker $246,000 After Death of Worker in Florida 21 September 2023

OSHA Fines Georgia Concrete Pipe Maker $246,000 After Death of Worker in Florida

The death of a 19-year-old Florida worker could have been prevented if a concrete pipe maker had ensured that employees followed proper safety procedures, the U.S. Occupational Safety and Health Administration said. OSHA cited Foley Products Co., based in Georgia, …

MGM Resorts Recovers From Cyberattack, but Still No Digital Room Keys 21 September 2023

MGM Resorts Recovers From Cyberattack, but Still No Digital Room Keys

MGM Resorts said on Wednesday its hotels and casinos were back to normal operations but it was working to resolve issues at its luxury Excalibur hotel and casino in Las Vegas, over a week after a cyberattack disrupted its systems. …

Maritime Industry Eyes Nuclear Power for Ships as Tech Advances; Insurers Are Wary 21 September 2023

Maritime Industry Eyes Nuclear Power for Ships as Tech Advances; Insurers Are Wary

The maritime industry is exploring whether nuclear fuel can be used to power commercial ships as advancements in technology open up such options, industry officials said. Nevertheless, any possible nuclear fuel solutions for ships are at least 10 years away …

Tech Update: Conduit Re Uses hyperexponential’s Pricing Decision Intelligence Platform 21 September 2023

Tech Update: Conduit Re Uses hyperexponential’s Pricing Decision Intelligence Platform

Conduit Re, the Bermuda-based global reinsurer, is achieving end-to-end underwriting with pricing decision intelligence (PDI) company hyperexponential. Using the PDI platform, hx Renew, Conduit Re is now able to rapidly develop and iterate its pricing models and rating landscape. Conduit …

Climate Change Made Deadly Floods in Libya and Greece More Extreme 21 September 2023

Climate Change Made Deadly Floods in Libya and Greece More Extreme

The low-pressure weather system that unleashed unprecedented amounts of rain across the eastern Mediterranean last week was made more likely and more intense by climate change. Global warming caused by human emissions of greenhouse gases made the heavy rainfall over …

UK Firm Sold Thousands of Unverified Jet Engine Parts, CFM Says 21 September 2023

UK Firm Sold Thousands of Unverified Jet Engine Parts, CFM Says

Jet engine maker CFM International said on Wednesday thousands of engine components may have been sold with forged paperwork by a British distributor, as the fallout from a probe into falsely certified parts reached London’s High Court. Matthew Reeve, a …

UK Watchdog Sets 3-Month Deadline to Improve Car Insurance 21 September 2023

UK Watchdog Sets 3-Month Deadline to Improve Car Insurance

Britain’s financial watchdog has told motor insurers they have three months to improve the value they give customers in products that top up coverage, or face potential sanctions. The Financial Conduct Authority (FCA) said on Wednesday it had asked insurers …

John Grisham, Other Top Authors Sue OpenAI Over Copyrights 21 September 2023

John Grisham, Other Top Authors Sue OpenAI Over Copyrights

A trade group for U.S. authors has sued OpenAI in Manhattan federal court on behalf of prominent writers including John Grisham, Jonathan Franzen, George Saunders, Jodi Picoult and “Game of Thrones” novelist George R.R. Martin, accusing the company of unlawfully …

Berkshire Hathaway Energy Shows Unusual Risk Appetite in Wildfire Court Fight 21 September 2023

Berkshire Hathaway Energy Shows Unusual Risk Appetite in Wildfire Court Fight

Berkshire Hathaway Energy Co.’s PacifiCorp has been battered in an unprecedented court fight over the utility’s failure to prevent massive wildfire destruction in Oregon. The largest grid operator in the western US faces the risk that it will have to …

Viewpoint: A New Risk Landscape Emerges for Global Maritime Industry 21 September 2023

Viewpoint: A New Risk Landscape Emerges for Global Maritime Industry

Executive Summary: The International Group of P&I Clubs offers a unique lens into the intricate web of maritime risk that influences both the insurance sector and the maritime industry globally. From this perspective, one thing is abundantly clear: A “new …

Lloyd’s and the UN Team Up to Provide Insurance to Climate Vulnerable Countries 21 September 2023

Lloyd’s and the UN Team Up to Provide Insurance to Climate Vulnerable Countries

Lloyd’s of London is teaming up with the United Nations Capital Development Fund (UNCDF) to try and improve access to insurance for climate vulnerable countries, with an initial focus on Fiji and Pacific island countries. Climate change is happening faster …

Next Florida House Speaker Wants More Property Insurance Legislation, Deliberations 21 September 2023

Next Florida House Speaker Wants More Property Insurance Legislation, Deliberations

The next speaker of the Florida House of Representatives, set to take charge in 2025, said he hopes to see more legislation that could further address spiraling property insurance costs. “Do I believe we are done with property insurance? No. …

Florida OIR Wants Enhanced Hurricane Ian Data by Sept. 27. Claims Have Topped 740,000 21 September 2023

Florida OIR Wants Enhanced Hurricane Ian Data by Sept. 27. Claims Have Topped 740,000

The Florida Office of Insurance Regulation is reminding carriers that additional information about Hurricane Ian claims is due no later than Sept. 27. By law, the office is required to collect data after hurricanes. Simple data was required in the …

Kentucky Schools Adding More Electric Buses Thanks to EPA Grants 21 September 2023

Kentucky Schools Adding More Electric Buses Thanks to EPA Grants

Blue Bird Corp., one of the largest and oldest makers of school buses, has fully embraced electric vehicles and will soon provide 13 electric buses to a Kentucky school district. Bowling Green Independent School District said the purchase of the …