Claims / Legal
$500M Cat Bond Set to Expand FEMA’s Flood Reinsurance Plan
The Federal Emergency Management Agency (FEMA) has secured a reinsurance placement for the National Flood Insurance Program (NFIP) that for the first time is directly backed by capital markets ...
Wells Fargo Will Fork Over $2.09B to Resolve Longstanding U.S. Mortgage Probe
Ten years after faulty mortgages upended the global financial system, Wells Fargo & Co. agreed to pay $2.09 billion to settle a U.S. probe into its creation and sale of loans that contributed to ...
A Repeat of 2017’s Losses Could Test Reinsurers’ Otherwise Healthy Status: S&P
After global insured natural catastrophe losses hit record highs in 2017, will reinsurers be able to withstand another year of active natural catastrophes? S&P Global Ratings indicates that while ...
Analysts Grill U.S. Insurers About Exposure to $4.7B J&J Talc Verdict
Wall Street is trying to figure out whether the U.S. insurance industry will bear any costs from a record $4.69 billion judgment against Johnson & Johnson awarded to customers and their families ...
National Flood Insurance Program Wins Yet Another Short-Term Extension
Congress avoided a lapse in the federal flood insurance program when the Senate voted 86-12 on July 31 to extend authorization for the program by four months to Nov. 30. The National Flood Insurance ...
Hackers Refuse to Let Up on Cloud-Based Business Email Accounts: Beazley
Business email accounts faced an increasing amount of cyber attacks in the 2018 second quarter, according to a new report from Beazley. The report is specific to information handled by the specialist ...
SCOTUS Declines to Stop Children and Teens’ Climate Lawsuit
The U.S. Supreme Court refused to halt a novel and sweeping lawsuit pressed by children and teenagers seeking to force the federal government to take steps against climate change. Rejecting a Trump ...
States Sue to Block Trump Administration Plans Allowing Downloadable 3-D Printed Gun Instructions
A group of Democrat-controlled states said it sued to block the Trump administration from allowing 3-D gun manufacturers to publish instructions on how to make "downloadable" guns. The coalition is ...