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May 25, 2022Former Executive of PICC Property & Casualty Expelled From China’s Communist Party
China’s ruling Communist Party has expelled a former chief accountant of state-controlled PICC Property and Casualty Co. from the party, accusing him of illegal activities and taking bribes, the anti-graft watchdog said on Wednesday. The Central Comm …


May 25, 2022Insurance (or Lack of It) Is Russian Oil’s Achilles’ Heel
Russia has so far deflected much of the impact of sanctions on its oil trade but the insurance industry threatens to throw a spanner in the works unless Moscow and its customers can plug a gap left by Western underwriters. …


May 25, 2022Fairfax-Backed Digit Insurance Targets $5B in India IPO Valuation: Sources
India’s Digit Insurance, backed by Canadian billionaire Prem Watsa’s Fairfax Group, is considering raising about $500 million in an initial public offering at a valuation of $4.5 billion to $5 billion, three people aware of the matter told Reuters. F …


May 25, 2022Ford to Pay States $19.2 Million Over False Advertising Claims
Ford Motor Co. will pay $19.2 million to resolve allegations it falsely advertised real-world fuel economy and payload capacity for some hybrids and pickup trucks, the Iowa Attorney General’s Office said on Tuesday. The multi-state settlement covers …


May 25, 2022New York City to Pay $7M to Man Wrongfully Convicted in 1996 Killing
New York City has agreed to pay $7 million to a man who spent 23 years behind bars for a murder he didn’t commit, Comptroller Brad Lander said Monday. Grant Williams was exonerated last July in the 1996 shooting of …


May 25, 2022Arthur J. Gallagher Acquires Frederickson Partners in California
Arthur J. Gallagher & Co. acquired Menlo Park, California-based Valerie Frederickson & Company Inc., dba Frederickson Partners. Founder Valerie Frederickson and her team will continue to operate under the direction of Scott Hamilton, global m …


May 25, 2022New York City Area Traffic Returns to Pre-Pandemic Levels
Traffic at the Port Authority of New York and New Jersey’s bridges and tunnels has returned to pre-pandemic levels, partly due to changes in traveling habits, the agency’s Executive Director Rick Cotton said. “At the bridges and tunnels, the volumes …


May 25, 2022Tesla Blocked From Shunting California Sex Harassment Suit into Arbitration
Tesla Inc. must keep defending itself in open court against claims that female employees face “rampant sexual harassment” in its largest California factory, a California judge ruled, spurning the company’s request for closed-door arbitration. Alameda …


May 24, 2022Forecasters Predict 7th Straight Above-Normal Hurricane Season
The Atlantic hurricane season is poised to deliver another round of above-normal storms for the seventh consecutive year, the National Oceanic and Atmospheric Administration (NOAA) said on Tuesday. NOAA forecasters estimate 14 to 21 named storms, six …


May 24, 2022Insurance Technology: MGA Insight Risk Targets Water Damage; Beazley Starts Cyber Incident Response Rooms
Insight Risk Targets Builder’s Risk Water Damage Losses Insight Risk, a technology-focused Builder’s Risk managing general agent (MGA), announced it is launching an innovative model designed to reduce water damage losses on commercial occupancies by …

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