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INSURANCE NEWS
Louisiana Insurance Product Arrested for Fraud, Theft
A Baton Rouge, Louisiana insurance producer was arrested for insurance fraud and theft, the Louisiana State Police announced this week. The Louisiana State Police Insurance Fraud/Auto Theft Unit Baton Rouge Field Office began receiving information from the Louisiana Department of …
Bird Flu is Another Blow to ‘Cattle Country’ Following Wildfires
LUBBOCK — Cows in the Texas Panhandle have tested positive for the bird flu, another blow to the Texas dairy industry following historic wildfires that killed at least 7,000 livestock. The discovery, reported at three different dairies, is believed to …
US Offers $10M Bounty for Information on ‘Blackcat’ Hackers Who Hit UnitedHealth
The U.S. State Department on Wednesday offered up to $10 million for information on the “Blackcat” ransomware gang who hit the UnitedHealth Group’s tech unit and snarled insurance payments across America. “The ALPHV Blackcat ransomware-as-a-service group compromised computer networks of …
UnitedHealth Group Paid Over $3.3B to Care Providers Hit by Cyberattacks
U.S. insurer UnitedHealth Group on Wednesday said it has advanced more than $3.3 billion so far to care providers impacted by a cyberattack last month on insurance claims system Change Healthcare. UnitedHealth said it has paid more than 40% of …
Louisiana’s Temple Seeks Reform in Response to State Farm’s California Exit
Louisiana Insurance Commissioner Tim Temple pointed to State Farm’s withdrawal from the California market as a warning for lawmakers to modernize Louisiana’s regulatory framework and address legal system abuse – or risk insurers leaving the catastrophe-prone state. “As natural disasters …
J&J Can Contest Evidence Linking Its Talc to Cancer, US Judge Rules
Johnson & Johnson will get a new chance to contest the scientific evidence linking talc to ovarian cancer, a federal judge ruled on Wednesday, potentially disrupting more than 53,000 lawsuits the company is now facing over its talc products. In …
Asset-Backed Securities Face New Risks From US Court Decision
A federal court decision has raised new legal risks for a corner of Wall Street that bundles consumer loans into asset-backed securities. A US appeals court last week for the first time upheld the power of the Consumer Financial Protection …
Lloyd’s of London Swings to $13.5 Billion Profit in 2023
Lloyd’s of London swung to a pre-tax profit of 10.7 billion pounds ($13.51 billion) in 2023, the commercial insurance market said on Thursday, boosted by strong underwriting and investment performance. The insurance market, which has more than 50 member firms, …
Mother of 8-Year-Old ‘Violently Sucked’ Into Houston Hotel Pool Files Wrongful Death Suit
The mother of an 8-year-old Texas girl who died over the weekend after being “violently sucked” into a gap in a hotel’s pool system has filed a wrongful death lawsuit against the hotel seeking damages in excess of $1 million. …
Foreign Firms’ Losses From Exiting Russia Top $107 Billion
The corporate exodus from Russia since its 2022 invasion of Ukraine has cost foreign companies more than $107 billion in writedowns and lost revenue, a Reuters analysis of company filings and statements showed. The volume of losses have increased by …
Private Space-Station Maker Sued Over Claims Radio Bands Misused
Vast Space LLC, founded by cryptocurrency billionaire Jed McCaleb, is being sued by a former engineer who claimed he was fired for refusing to use improper radio frequencies in designs for a commercial space station the company hopes to launch …
Deadly Lithium Battery Fires Force Lawmakers to Play Catch-Up on Safety
For a decade, Illinois state Sen. Sue Rezin has recognized the technological and economic potential of lithium-ion batteries. Rezin, a Republican who serves in a district that is a major chemical and energy industry hub southwest of Chicago, also recognizes …