Managing general underwriter Rainbow said it has launched an admitted restaurant insurance program in California as its sees opportunity in decisions by other carriers to scale back their presence in the market.
Author: Annie George
Lemonade Narrows Quarterly Net Loss by 33%
Lemonade Inc. narrowed its fourth-quarter net income loss to $42.4 million from a net loss of $63.7 million a year earlier, the company said in a letter to shareholders.
UnitedHealth Confirms Ransomware Gang Behind Change Healthcare Hack
American health insurance giant UnitedHealth Group has confirmed a ransomware attack on its health tech subsidiary Change Healthcare, which continues to disrupt hospitals and pharmacies across the United States.
Chubb Outlook: Middle Market Companies Set Financial Growth Records, Yet Remain Cautiously Optimistic Amid Emerging Risks
Chubb and the National Center for the Middle Market (NCMM) released today new data that reveals middle market companies demonstrated continued robust growth against the backdrop of inflationary pressures, cybersecurity threats, natural catastrophes and insurance coverage gaps. These findings are the centerpiece of the 2023 Year-End Middle Market Indicator (MMI).
Morgan Stanley Cuts Earnings Expectations for Transportation Companies Amid Surging Insurance Costs
Morgan Stanley cut earnings estimates for all the transportation companies it covers on Tuesday, citing rising insurance costs. It continues to believe the truckload space will be the most impacted as large jury verdicts remain a threat.
Munich Re CFO: Claims Uncertainty Prompts $976.2M in Reserve Strengthening
Munich Re posted strong operating income in the fourth quarter and for 2023 but its net result fell as the group sought to strengthen its position amid uncertainty, said its chief executive officer.
Ryan Specialty’s Revenue Climbs 22.5% in Q4
Ryan Specialty Holdings, Inc. reported that its total revenue in the fourth quarter of 2023 grew 22.5% to $532.9 million, compared to $435 million in the prior-year quarter.
OpenAI Says New York Times ‘Hacked’ ChatGPT to Build Copyright Lawsuit
OpenAI has asked a federal judge to dismiss parts of the New York Times’ copyright lawsuit against it, arguing that the newspaper “hacked” its chatbot ChatGPT and other artificial-intelligence systems to generate misleading evidence for the case.
U.S. Government May Sue PacifiCorp for Nearly $1B in Wildfire Costs
The U.S. government is threatening to sue PacifiCorp, a unit of Warren Buffett’s Berkshire Hathaway, to recover nearly $1 billion in costs related to the 2020 wildfires in southern Oregon and northern California, though the company is trying to negotiate a settlement.
FTC Sues to Block Merger of Grocery Giants Kroger and Albertsons
The Federal Trade Commission sued to block a proposed merger between grocery giants Kroger and Albertsons, saying the $24.6 billion deal would eliminate competition and lead to higher prices for millions of Americans.