Cyberattack Hits Los Angeles School District

Ransomware attack on UnitedHealth

A ransomware attack on the massive Los Angeles school district prompted an unprecedented shutdown of its computer systems, as schools become increasingly vulnerable to cyber breaches at the start of the school year. The Los Angeles Unified School District attack sounded alarms across the country, from urgent talks with the White House and the National… Continue reading Cyberattack Hits Los Angeles School District

Judge Says Billionaire Musk Can Amend Twitter Countersuit to Add Whistleblower Claims

Twitter employee lawsuit

The Delaware judge steering the lawsuit over Twitter Inc. and Elon Musk’s stalled $44 billion takeover said the billionaire chief executive of Tesla Inc. amend his countersuit to include allegations of mismanagement by the social-media platform’s former head of security. The judge denied Mr. Musk’s request to push back the trial to November from Oct.… Continue reading Judge Says Billionaire Musk Can Amend Twitter Countersuit to Add Whistleblower Claims

ADT Secures More than $1.5B Investment from State Farm, Google

Latin American woman leaving her house and locking the door using a home automation system - security concepts. **DESIGN ON SCREEN BELONGS TO US**

ADT Inc has received a $1.2 billion investment from State Farm as part of a partnership that it hopes will encourage the insurer’s many customers to purchase its smoke detection and anti-intrusion products. The company said on Tuesday State Farm would purchase 133.3 million shares, or a near 15% stake, at $9 apiece and get… Continue reading ADT Secures More than $1.5B Investment from State Farm, Google

U.S. Labor Board to Expand Companies’ Joint Employer Liability

joint employer lawsuit

A U.S. labor board proposed reviving an Obama-era standard heavily criticized by trade groups on Tuesday in order to make it easier for workers and unions to hold companies liable for labor law violations committed by their franchisees and contractors. The National Labor Relations Board’s proposed rule would classify companies as “joint employers” when they… Continue reading U.S. Labor Board to Expand Companies’ Joint Employer Liability

National Supply Chain Issues and the Trucking Industry

High cost of insurance for transportation companies

Businesses and consumers rely on the trucking industry to keep rolling as the best and often the only solution to fully support the nation’s supply chains by delivering everything from life’s necessities to forgettable frivolities. COVID-19, with all its variations, has disrupted supply chains worldwide across all sectors, including retail, manufacturing, transportation, logistics, and healthcare.… Continue reading National Supply Chain Issues and the Trucking Industry

SUITELIFE Underwriting Managers Expands Programs to Include Franchise Hotels

SUITELIFE Underwriting Managers, a leading managing general underwriter (MGU) for full-service hotels, premier hotels, boutique hotels, condo-hotels, resorts and hotel management companies, is pleased to announce the addition of the Franchise Hotel Program to their portfolio. SUITELIFE is part of the Ryan Specialty family within the underwriting managers specialty of the firm, Ryan Specialty Underwriting… Continue reading SUITELIFE Underwriting Managers Expands Programs to Include Franchise Hotels

AM Best: U.S. P/C Industry Recorded $6.3 Billion Loss in First Six Months 2022

The U.S. property/casualty (P/C) industry recorded a $6.3 billion net underwriting loss in the first six months of 2022, down $11.4 billion from the prior year period, according to a new AM Best special report. The Best’s Special Report, titled, “First Look: Six-Month 2022 U.S. Property/Casualty Financial Results,” states that a 9.3% growth in net… Continue reading AM Best: U.S. P/C Industry Recorded $6.3 Billion Loss in First Six Months 2022

NICB Report: Vehicle Thefts Continue to Skyrocket in Many Areas of U.S.

vehicle thefts in Canada

According to the National Insurance Crime Bureau’s (NICB) Hot Spots Report, vehicle thefts continue to skyrocket in many areas of the U.S. Nationwide, 932,329 vehicles were reported stolen to law enforcement in 2021, a 6% increase over 2020, and a 17% increase since 2019. Colorado led the nation in 2021 with the highest overall theft… Continue reading NICB Report: Vehicle Thefts Continue to Skyrocket in Many Areas of U.S.

Howden RE and TigerRisk to Create Largest Gobal MGA Business

2023 insurance M&As lowest in a decade

Howden RE and TigerRisk Partners (“TigerRisk”) today announced the creation of a new group, Howden Tiger SabRE (“SabRE”), comprising the existing global MGA and Programme capabilities of Howden RE and TigerRisk. SabRE will be in place following the completion of Howden Group Holdings’ (“Howden”) acquisition of TigerRisk, which is expected to close in Q1 2023,… Continue reading Howden RE and TigerRisk to Create Largest Gobal MGA Business

Reinsurance Outlook Changes to Stable as Sector Raises Prices: Moody’s

E&S market growth

The outlook for the global reinsurance sector has changed to stable from negative as reinsurance prices increase amid a global economic rebound, supporting the sector’s earnings while capitalization will remain solid, Moody’s Investors Service said in a report today. “Healthy price increases will drive stronger earnings through 2022 as the post-pandemic economic recovery and recent… Continue reading Reinsurance Outlook Changes to Stable as Sector Raises Prices: Moody’s