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New Jersey’s US Senator Menendez Convicted of Bribery, Foreign-Agent Charges
US Senator Bob Menendez, the once-powerful New Jersey Democrat, was found guilty of bribery, extortion and acting as a foreign agent of Egypt after a corruption trial focused on 13 gold bars, nearly $500,000 in cash and a Mercedes-Benz seized …... Read more
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World Insurance Acquires Rhode Island’s Affiliated Insurance Managers
Insurance broker World Insurance Associates announced that it recently acquired the business of Affiliated Insurance Managers (AIM) of Warwick, Rhode Island. AIM was founded in 1937. Today the agency is primarily focused on commercial lines, while also providing insurance to …... Read more
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People Moves: Aon Taps Thomas From Lloyd’s as Head of Lloyd’s Capital; McLarens Names 2 Leadership Appointments in Latin America
This edition of International People Moves details appointments at the broker Aon and claims services provider McLarens. A summary of these new hires follows here. Insurance broker Aon plc appointed Ed Thomas as head of Lloyd’s Capital within its Reinsurance …... Read more
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Viewpoint: FEMA Flood Rule Will Lead to Safer Rebuilding Post-Disaster
FEMA issued a new rule that will increase the nation’s resilience to future flood disasters. The rule is amongst the first adopted by a federal agency that will require federally funded projects to be sited and designed with future climate …... Read more
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Markets/Coverage: Lemonade Expands Home Insurance Offering in UK
Lemonade, the New York-based insurtech, announced the launch of buildings and contents insurance in the United Kingdom in partnership with insurer Aviva. Expanding the company’s home insurance offerings in the UK, homeowners can now purchase extensive coverage for their home …... Read more
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Occupational Healthcare Firm Concentra Eyes $3.3 Billion Valuation in IPO
Concentra Group, a Select Medical unit, is eyeing a valuation of $3.30 billion in its U.S. initial public offering, joining a growing list of firms testing the market after a near two-year dry spell. The occupational health services company is …... Read more
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Hurricane Beryl Caused $2.5-$4.5B in Estimated Insured Losses, Says Moody’s
U.S. insured losses from Hurricane Beryl will likely fall between $2.5 billion to $4.5 billion, according to estimates by Moody’s RMS Event Response. Insured losses associated with the storm include wind, storm surge, and precipitation-induced flooding. Moody’s estimates total non-U.S. …... Read more
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Catastrophe Bondholders Sidestep Large Losses From Weather-Related Calamities
Last month, amid reports that Hurricane Beryl would become the earliest Category 5 hurricane in history, a group of money managers were busy trying to figure out whether their highly calibrated bets centered on natural catastrophes were about to take …... Read more
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Hawaiian Residents Return Home After Crews Contain Wind-Swept Wildfire
Firefighters have contained a wind-swept wildfire that was threatening about 200 homes on the Hawaiian island of Kauai, authorities said late Monday night, and an evacuation notice for the area has been lifted. The fire burned 1.56 square miles of …... Read more
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Buffett’s Berkshire Hathaway Sets, Closes at Record High
Berkshire Hathaway’s share price set a record high on Monday, reflecting investors’ confidence in Warren Buffett’s company, which is often regarded as a microcosm of the broader American economy. The price of Berkshire’s Class A shares closed up 2.1% at …... Read more
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Amazon Must Comply With EEOC’s Pregnancy Bias Probe, Judge Rules
A New York federal judge has ordered Amazon.com to comply with a subpoena from a U.S. civil rights agency investigating claims that the online retailer discriminated against pregnant warehouse workers. U.S. District Judge Lorna Schofield in Manhattan late Thursday rejected …... Read more
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TWIA Actuarial Committee Recommends 10% Rate Increase for 2025 Policies
The Texas Windstorm Insurance Association Actuarial & Underwriting Committee voted on Monday, July 15 to recommend that the TWIA Board of Directors approve a rate filing to increase rates by 10% for 2025 residential policies and by 10% for 2025 …... Read more
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Michigan Health Care System to Pay $30K Over Racial Discrimination Suit
Beaumont Health (now Corewell Health), a health care system in southeast Michigan, will pay $30,000 and furnish other relief to settle a race discrimination lawsuit filed by the U.S. Equal Employment Opportunity Commission (EEOC), the federal agency announced. According to …... Read more
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Marathon Oil Reaches $241M Settlement for Air Quality Violations in North Dakota
The federal government announced a $241.5 million settlement with Marathon Oil last week for alleged air quality violations at the company’s oil and gas operations on the Fort Berthold Indian Reservation in North Dakota. The Environmental Protection Agency and Department …... Read more
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CenterPoint Sued Over Hurricane Beryl Power Outages in Houston
A group of Houston restaurants that lost power for days after Hurricane Beryl sued the city’s main utility, accusing CenterPoint Energy Inc. of failing to adequately invest in infrastructure and respond to widespread power outages. The lawsuit, filed by various …... Read more