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FTX Was Run as ‘Personal Fiefdom,’ Faces Hacks and Missing Assets: Attorneys 23 November 2022

FTX Was Run as ‘Personal Fiefdom,’ Faces Hacks and Missing Assets: Attorneys

FTX was run as a “personal fiefdom” of former CEO Sam Bankman-Fried, attorneys for the collapsed crypto exchange said in its first bankruptcy hearing as they detailed ongoing challenges such as hacks and substantial missing assets. In the highest-profile crypto …

Agency Partnerships: SAN Group Adds Woodland Agency of Massachusetts; Vermont’s Barrett Agency Joins Renaissance 23 November 2022

Agency Partnerships: SAN Group Adds Woodland Agency of Massachusetts; Vermont’s Barrett Agency Joins Renaissance

Independent insurance agency alliance Satellite Agency Network (SAN) Group, Inc. recently announced the addition of Woodland Insurance Agency of Hanson, Massachusetts to its network. Founded nearly 40 years ago, Woodland Insurance is an independently owned insurance agency offering home, auto, …

Liberty Mutual Explores $1 Billion Sale of Europe Businesses 23 November 2022

Liberty Mutual Explores $1 Billion Sale of Europe Businesses

Liberty Mutual Holding Co. is exploring a sale of its businesses in Spain, Portugal and Ireland, according to people familiar with the matter, joining other American insurers retreating from the region. The US insurer is working with Bank of America …

Louisiana Court to Hear Appeal of Rare Policyholder Victory in COVID Claim 23 November 2022

Louisiana Court to Hear Appeal of Rare Policyholder Victory in COVID Claim

The Louisiana Supreme Court has agreed to review an appellate court decision that found the COVID virus caused a direct physical loss that was covered by insurance. The Louisiana high court announced Tuesday that it will take up an appeal …

Ohio Dollar General Operator to Pay $341K in OSHA Penalties 23 November 2022

Ohio Dollar General Operator to Pay $341K in OSHA Penalties

When federal workplace safety inspectors opened an investigation at a Dollar General store in Columbus, they discovered violations that were all-too-familiar and the kind that has led to more than $15 million in proposed penalties since 2017 for one of …

Suspect Sought After 4 Killed at Oklahoma Marijuana Farm 23 November 2022

Suspect Sought After 4 Killed at Oklahoma Marijuana Farm

LACEY, Okla. (AP) – Authorities have “a suspect in mind” after four people were found dead and one injured at a marijuana farm in rural Oklahoma, but no arrests have been announced. Oklahoma State Bureau of Investigation Capt. Stan Florence …

Indiana Man gets 50-year prison sentence for Indiana barn fires 23 November 2022

Indiana Man gets 50-year prison sentence for Indiana barn fires

GOSHEN, Ind. (AP) – A man who pleaded guilty to torching several barns last year in a northern Indiana county was sentenced Monday to 50 years in prison followed by decades on probation. An Elkhart County judge sentenced Joseph Hershberger …

Safety Agency Says Wing Broke Before Plane Crash in Washington 23 November 2022

Safety Agency Says Wing Broke Before Plane Crash in Washington

A wing from a Cessna 208B broke away before the plane crashed Friday into a field northeast of Seattle, killing the four people on board, the National Transportation Safety Board said. The NTSB said the wreckage has been recovered and …

Oregon Hemp Plant Fire Injures 5, Town Temporarily Evacuated 23 November 2022

Oregon Hemp Plant Fire Injures 5, Town Temporarily Evacuated

A small town in central Oregon was evacuated and five people were hurt due to a hemp manufacturing plant fire Sunday. The Sherman County Sheriff’s Office said five employees were burned in the blaze, including one who suffered significant burns, …

NAIC Adds ‘Deep Concerns’ to FIO Bid to Collect Climate Change Data From Insurers 23 November 2022

NAIC Adds ‘Deep Concerns’ to FIO Bid to Collect Climate Change Data From Insurers

In a letter to the Treasury’s Federal Insurance Office, the National Association of Insurance Commissioners expressed its “deep concern” over a proposal to collect data on climate-related risks from property and casualty insurers, and its disappointment that insurance commissioners have …

Q3 Combined Ratio for U.S. P/C Industry Highest in 5 Years 23 November 2022

Q3 Combined Ratio for U.S. P/C Industry Highest in 5 Years

The U.S. property/casualty industry posted a combined ratio of about 106.6 in the third quarter – the highest in five years, according to an analysis by S&P Global Market Intelligence. “In addition to the effects of catastrophe losses on various …

Lindberg’s Investment Firm Objects to Liquidation of His Former Insurance Companies 23 November 2022

Lindberg’s Investment Firm Objects to Liquidation of His Former Insurance Companies

An investment group founded by embattled insurance executive Greg Lindberg has filed an objection to North Carolina regulators’ plan to liquidate two of Lindberg’s insurance companies, arguing that the companies could be sold and benefits paid quickly. “We deeply disagree …

Property Cat Reinsurance Rates Likely to Rise by More Than 10% in January Renewals 23 November 2022

Property Cat Reinsurance Rates Likely to Rise by More Than 10% in January Renewals

Reinsurance rates for property catastrophe business should increase by well over 10% when contracts are renewed in January 2023, according to a commentary from Fitch Ratings Fitch expects double-digit percentage premium rate rises for property catastrophe cover in 2023, driven …

Could Recent NotPetya Case Outcomes Pressure Insurers to Reword War Exclusions? 23 November 2022

Could Recent NotPetya Case Outcomes Pressure Insurers to Reword War Exclusions?

With recent news of multinational food and beverage company Mondelez International settling its lawsuit against its insurer Zurich American Insurance Company over the company’s NotPetya claims, conversation has continued around what this could mean for war exclusion language and definitions …

New York Expects Lifting of Deadline to Bring Wave of Claims by Adult Sex Abuse Survivors 23 November 2022

New York Expects Lifting of Deadline to Bring Wave of Claims by Adult Sex Abuse Survivors

Sexual assault victims in New York will get a one-time opportunity to sue over their abuse starting Thursday, under a new law expected to bring a wave of allegations against prison guards, middle managers, doctors and a few prominent figures …

Widow Asks $55M From NCAA for Football Player’s Death 23 November 2022

Widow Asks $55M From NCAA for Football Player’s Death

Attorneys asked a jury Monday to award $55 million to the widow of a former USC football player, in a landmark case accusing the NCAA of failing to protect him from repetitive head trauma that led to his death. Matthew …

Is Britain Starting to Have Second Thoughts About Brexit? 23 November 2022

Is Britain Starting to Have Second Thoughts About Brexit?

Even after years of division and vitriol, it seems like Britain still needs to talk about Brexit. More than six years after voting to leave the European Union, the UK is facing a prolonged recession, a deep cost-of-living crisis and …

Ardonagh Group to Buy Australian Insurance Investment, Distribution Firm Envest 23 November 2022

Ardonagh Group to Buy Australian Insurance Investment, Distribution Firm Envest

The Ardonagh Group, the London-based independent insurance distribution platform, announced it has agreed to acquire Envest Pty Ltd., an Australian insurance investment and distribution business. Headquartered in Brisbane, Queensland, Envest operates with a diverse portfolio of brands and a national …

FTX Collapse Ensnares Creditors Big and Small Across the Globe 23 November 2022

FTX Collapse Ensnares Creditors Big and Small Across the Globe

From a German bank seeking a more than $2 million payment to a Chinese investor requesting $21,000 of lost savings. Claimants around the world who were caught up in the epic collapse of FTX Group are beginning to appear in …

Insurance Journal Releases New Single from First Insurance-Themed Holiday Album 23 November 2022

Insurance Journal Releases New Single from First Insurance-Themed Holiday Album

Insurance Journal, a Wells Media Company, is pleased to announce the release of its entertaining first single, “O Property O Casualty“, from the first ever album of Insurance-themed holiday carols – “Have A Claims Free New Year” – due to …

Cyber Protection as Important as Missile Defense Systems: Retired NATO General 23 November 2022

Cyber Protection as Important as Missile Defense Systems: Retired NATO General

A cyber attack on the German ports of Bremerhaven or Hamburg would severely impede NATO efforts to send military reinforcements to allies, retired U.S. General Ben Hodges told Reuters. The European Commission proposed an action plan to bolster cyber defense …

Australia’s Extreme Weather Events to Worsen as Climate Warms: Report 23 November 2022

Australia’s Extreme Weather Events to Worsen as Climate Warms: Report

Australia will experience an increase in extreme heat, intense rainfall and coral-bleaching events, as well as longer fire seasons and more rapidly rising sea levels, according to the government’s chief science and weather agencies. In a dire report released Wednesday …

Indonesia Earthquake Kills 268 Amid Collapsed Homes, Landslides 23 November 2022

Indonesia Earthquake Kills 268 Amid Collapsed Homes, Landslides

A quake in Indonesia killed at least 268 people as the search continues for victims amid landslides and collapsed buildings. The 5.6-magnitude earthquake that struck West Java on Monday damaged more than 20,000 homes, leaving thousands injured and hundreds still …

Teva, AbbVie Finalize $6.6B Opioid Settlements 23 November 2022

Teva, AbbVie Finalize $6.6B Opioid Settlements

Teva Pharmaceutical Industries Ltd. and AbbVie Inc. have finalized the terms of settlements worth more than $6.6 billion to resolve thousands of lawsuits by U.S. state and local governments over the marketing of opioid painkillers, the companies and lawyers for …

Electric Air Taxi Company Archer Plans $118M Georgia Factory 23 November 2022

Electric Air Taxi Company Archer Plans $118M Georgia Factory

A California company seeking to build small electric aircraft says it will invest $118 million to construct a plant near Atlanta, eventually hiring up to 1,000 people. Archer Aviation, based in Santa Clara, California, said Monday that it would seek …

Grants for Home Hardening Now Available Under Florida Wind-Mit Program 23 November 2022

Grants for Home Hardening Now Available Under Florida Wind-Mit Program

Florida officials this week announced the hard launch of My Safe Florida Home, a program that provides up to $10,000 grants for wind-mitigation efforts for homeowners in vulnerable areas. Once completed, the fortification work can result in significant discounts on …

Supreme Court Nixes Virginia School Board Appeal of Sex-Assault Case 23 November 2022

Supreme Court Nixes Virginia School Board Appeal of Sex-Assault Case

FALLS CHURCH, Va. (AP) — The U.S. Supreme Court won’t hear an appeal from a Virginia school board that says it shouldn’t be held liable for the alleged sexual assault of a student by a classmate on a band trip. …

Takeaways from Our Conversation with New York State Insurance Fund Director 23 November 2022

Takeaways from Our Conversation with New York State Insurance Fund Director

New York State Insurance Fund stepped right into the cannabis space as the state began passing out licenses in August to fill what would have likely been a large gap. New York’s adult-use cannabis market is forecast to reach more …

Washington Contractor Faces Theft Charge over $127K in Workers’ Comp 23 November 2022

Washington Contractor Faces Theft Charge over $127K in Workers’ Comp

A Clark County, Washington, man was charged with stealing $127,000 in workers’ compensation benefits for working at his own construction business while claiming he was too injured to work. Daniel Joseph Lesieur, 54, of Washougal, pleaded not guilty to one …

Oregon Report Shows State’s Workers’ Comp Rates Among Nation’s Lowest 22 November 2022

Oregon Report Shows State’s Workers’ Comp Rates Among Nation’s Lowest

Oregon’s workers’ compensation rates remain among the lowest in the nation, according to an analysis released by the Oregon Department of Consumer and Business Services. The biennial study ranks all 50 states and Washington, D.C., based on premium rates that …