The 125-year-old pharma giant behind morphine and codeine reached a deal to extend the deadline for its $200 million payment to an opioid victims’ compensation trust.
Author: Annie George
U.S. Insurers Hit Hardest by Inflation, Triple-I Global Analysis Finds
.S. insurers have paid more than their counterparts worldwide to repair and rebuild damaged properties and vehicles due to inflation since 2018, according to an executive briefing conducted on behalf of the International Insurance Society (IIS).
Two More Property Insurers Scaling Back Coverage in Florida
Florida homeowners have fewer options for property insurance. Just two weeks into hurricane season, The Farmers Group and AIG say they’re scaling back policy coverage.
Fed, SEC Probing Goldman Sachs’s Role in SVB’s Final Days
The Federal Reserve and the Securities and Exchange Commission are investigating Goldman Sach’s role in buying Silicon Valley Bank’s securities portfolio while it was working on its doomed capital raise before the bank’s failure, according to people familiar with the matter.
U.S. Energy Department, Other Agencies Hit in Global Hacking Spree
The U.S. Department of Energy and several other federal agencies were hit in a global hacking campaign that exploited a vulnerability in widely used file-transfer software, officials said on Thursday.
Surfside Condo’s Pool Deck Had ‘Severe Strength Deficiency,’ Investigators Say
The condo in Surfside, Fla., that collapsed two years ago had a “severe strength deficiency” in its pool deck, with a design that failed to meet building codes and construction that did not follow its original plans, federal investigators said Thursday.
Many Americans Face Insurance Obstacles Over Medical Care and Bills
Most (58%) people with health insurance say they encountered at least one problem using their coverage in the past year, with even larger shares of people with the greatest health care needs reporting such problems, finds a new KFF survey of consumer experiences with health insurance.
APCIA to CDI: Cat Modeling An Important Step to Manage Increasing Climate Change Threats
“We are pleased to see the CDI continue their work to explore the benefits of catastrophe models, including how forward-looking models can be used to better assess increasing risks caused by climate change and drier conditions.”
U.S. P/C Insurers Record Q1 $8.2B Underwriting Loss: AM Best
The U.S. property/casualty insurance industry posted an $8.2 billion net underwriting loss for the first three months of 2023, an $11.6 billion swing from the first quarter of 2022, according to research from AM Best.
All the Agency World’s a Stage (of Perpetuation)
A growing trend is the “staged perpetuation” — transferring ownership of the agency in phases, rather than selling it entirely at one time. Not every agency principal is aware of this viable alternative to selling outright or how it works.