Lloyd’s Reports Banner Year in 2023 but Discipline Must Be Maintained: Market Update

Lloyd’s strong 2023 results reaffirm the primacy of underwriting, “but it’s one year and therefore not a reason for complacency,” said Patrick Tiernan, chief of markets, in a market message to discuss preliminary results. Burkhard Keese, Lloyd’s chief financial officer, …

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FEMA Adds $575M Reinsurance Coverage for NFIP

The Federal Emergency Management Agency (FEMA) late last week said that for the seventh time it went to the insurance-linked securities reinsurance markets to secure $575 million in coverage for the National Flood Insurance Program (NFIP). FEMA entered in a …

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Italy’s Data Watchdog Probes Open AI Tool That Turns Text Into Video

Italy’s data protection agency said on Friday it had opened an investigation into a service developed by Microsoft-backed Open AI that can generate videos based on text prompts. The regulator, known as Garante, asked Open AI to clarify whether the …

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New York Police Target Critics, Including Judges and Journalists, Using Social Media

The first “NYPD: Most Wanted” video was meant to be intimidating. Over a pounding soundtrack, the montage cuts among stock images and body-camera footage of actual police raids. A fake gun discharges. Real officers break down a door, barking orders …

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People Moves: Schauer Group Names Schauer Head of Employee Benefits Division

Schauer Group, headquartered in Canton, Ohio, named Vice President Alex Schauer head of its employee benefits division. Schauer, who is based out of the firm’s Cleveland office, has been with Schauer Group since 2014 and has worked with Schauer Group’s …

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Financial Services Firms Should Be Banned From Misusing Gag Orders: UK Lawmakers

Finance firms in Britain should be banned from misusing non-disclosure agreements (NDAs) to silence victims of sexual harassment and abuse, lawmakers said on Friday, calling for an end to an era of impunity for predators and bullies. In a report …

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US P/C Industry Underwriting Loss Reaches 10-Year High: AM Best

Industry rating agency AM Best said the U.S. property/casualty industry’s underwriting loss for 2023 reached a 10-year high of $38 billion, attributable to severe weather-related losses, stubborn inflation, and upward reinsurance pricing. Analysts in the report published yesterday found that …

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Houthi-Sunk Ship Seen as Likely Cause of Severed Red Sea Cables

The anchor of a cargo ship that was attacked by Houthi militants was the most likely cause of damage to three telecommunications cables in the Red Sea in late February, according to a subsea cable trade group that includes companies …

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OpenAI Fires Back at Musk Allegations With Trove of Emails

OpenAI fired back at a lawsuit filed against it by Elon Musk in a blog post Tuesday, using the billionaire’s own emails to show he backed the company’s plans to become a for-profit business and that he insisted it raise …

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Catholic News Site to Pay $500K to New Hampshire Priest in Defamation Case

A far-right, unofficial Catholic media website has agreed to pay $500,000 to a New Hampshire priest who sued for defamation over a 2019 article that it now disavows. The website also is planning to shut down soon, the priest’s attorney …

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Lawsuit Claims Isolation and Abuse at Wyoming Boys School

Staff at Wyoming’s state youth detention facility locked juveniles in solitary confinement for weeks at a time, repeatedly buckled one in a restraint chair for up to 12 hours a day and poked fun at another while withholding the leg …

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Berkshire Unit Added to Lawsuit Over Inflated Real Estate Commissions

A unit of Warren Buffett’s Berkshire Hathaway was added on Monday to a lawsuit accusing the National Association of Realtors and several brokerages of conspiring to keep real estate commissions artificially high nationwide. The complaint filed in a Kansas City, …

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6 Firefighters Injured in Collision of 2 Firetrucks Heading to Burning House

Authorities say a collision between two firetrucks responding to a blaze in northeastern Pennsylvania injured six firefighters. Officials in Luzerne County say a rescue truck from Valley Regional Fire and Rescue collided with a ladder truck from Hazle Township just …

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Volkswagen Faces Pair of Lawsuits Over Claim Porsche EV Battery Sparked Ship Fire

Volkswagen AG faces a pair of lawsuits in Germany over claims it was the battery in a Porsche electric vehicle that triggered the 2022 fire onboard a massive cargo ship that eventually sank with thousands of cars on board. One …

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North Korea Broke Into South Korean Chip Equipment Firms: Seoul’s Spy Agency

North Korea’s hacking groups have broken into at least two South Korean manufacturers of chipmaking equipment, as the country looks to evade sanctions and turn out its own semiconductors for weapons programs, South Korea’s spy agency said on Monday. The …

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Infernos Rage From Texas to Australia as Wildfire Season Kicks Off Early

After a year of deadly wildfires around the globe, the world is burning again from Texas to Australia — and in some regions, the blazes are igniting early. Canada’s Alberta province said last month that wildfire season had already begun, …

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Rising Sea Levels Increase Threat of Arsenic in Drinking Water: Study

Rising seas due to climate change could exacerbate the threat of arsenic in drinking water, according to a study published in PLOS One in January. Researchers focused on arsenic in well water in Bangladesh, where up to 97% of the …

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Ship Sunk by Houthis Threatens Red Sea Environment, Yemen Gov’t, US Military Say

A UK-owned ship attacked by Houthi militants last month sank in the Red Sea, the U.S. military confirmed on Saturday, as it echoed a warning from Yemen’s internationally recognized government that the vessel’s cargo of hazardous fertilizer posed a risk …

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Three Trains in Collision and Derailment in Pennsylvania; No Injuries Reported

Authorities say three trains were involved in a collision and derailment in eastern Pennsylvania on Saturday morning that caused no reported injuries or evacuations but left some railroad cars scattered along a riverbank and at least one partially in the …

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Xcel Energy Utility Equipment Started Texas Wildfire, Homeowner Claims in Lawsuit

March 1 (Reuters) – A Texas homeowner whose house was destroyed by a massive wildfire raging northeast of Amarillo sued electric utility Xcel Energy XEL.O on Friday, alleging that a splintered power pole owned by the company fell and started …

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