Eleven former executives of companies linked to Miteni SpA were sentenced to a combined 141 years in prison by an Italian court for one of the largest groundwater contaminations of forever chemicals in Europe. Parent company Mitsubishi Corp., Japan’s biggest …
Hedge Fund Strategy Built on Catastrophes Taps a Hot New Trend – Parametrics
One of the most successful hedge fund strategies of recent years — insurance-linked securities — is latching on to an old idea whose popularity is suddenly soaring. Parametric insurance, where policyholders get quick payouts if weather-related metrics are met, used …
PwC’s AI Chief Says Firm Has Cut Prices as Tech Saves Staff Time
PricewaterhouseCoopers LLP, one of the world’s largest professional advisory firms, has cut prices for some services as clients raised the fact that the consultancy is using artificial intelligence to complete its work quicker. “Clients would hear us talking about using …
Reeves Plans Rule Change to Create UK Captive Insurance Market
The UK government is planning to announce rule changes to help create a potential new insurance market worth billions of pounds as part of a drive to boost competitiveness. Chancellor of the Exchequer Rachel Reeves is expected to lay out …
As Hurricane Season Picks Up, Key Forecasting Tool Access Set to End
US National Hurricane Center (NHC) forecasters accurately predicted Hurricane Erick would explode in intensity as it hit Mexico’s Pacific coastline. Now, key tools that helped inform that outlook will go away by the end of this month, and it’s unclear …
Tech Firms Warn ‘Scattered Spider’ Hacks Are Targeting Aviation Sector
Tech companies Google and Palo Alto Networks are sounding the alarm over the “Scattered Spider” hacking group’s interest in the aviation sector. In a statement posted on LinkedIn on Friday, Sam Rubin, an executive at Palo Alto’s cybersecurity-focused Unit 42, …
GM Wins Victory as Appeals Court Decertifies Transmission Lawsuits
General Motors persuaded a federal appeals court on Friday to decertify a class action seeking to hold the automaker liable for knowingly selling about 800,000 cars, trucks and SUVs with faulty transmissions. In a 9-7 vote, the 6th U.S. Circuit …
Investigation Into Florida Condo Collapse Is Expected to Finish in 2026
More than four years after a Florida condominium collapse killed 98 people, federal investigators have yet to make a final determination of the cause — but they do have some leading theories. The National Institute of Standards and Technology, the …
Iconic NC Tourist Attraction Reopens as Governor Signs Helene Relief Plan
An iconic tourist attraction in an area of western North Carolina among the hardest hit by Hurricane Helene reopened to the public on Friday, nine months after the storm brought historic flooding, destruction and loss of life. North Carolina Gov. …
Two More Insurers Enter Florida Market as Hurricane Season Warms Up
Two more property insurers have put their toes in the Florida market this summer, bringing to 14 the number of new carriers in the state since 2023. It’s another sign that legislative discouragement of claims litigation has made a difference …