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Archive: May 2023

Cyber Hack to Cost UK Outsourcer Capita Up to $25M
Insurance Journal | May 10, 2023
Cyber Hack to Cost UK Outsourcer Capita Up to $25M
British outsourcing company Capita warned it would take a 15 million pound to 20 million pound ($25 million) hit after its systems were hacked in a cyber incident earlier this year. Capita, which provides business support services to government and …
Antitrust Enforcers Are Chilling Big Mergers
Insurance Journal | May 10, 2023
Antitrust Enforcers Are Chilling Big Mergers
The US government’s aggressive stance on antitrust is chilling merger activity among the country’s biggest companies, with some deals never making it past the boardroom as executives fear lengthy and expensive approval processes. US enforcers have roughly doubled their efforts …
Philip Morris Must Pay $37M to Cancer Victim, Massachusetts High Court Rules
Insurance Journal | May 10, 2023
Philip Morris Must Pay $37M to Cancer Victim, Massachusetts High Court Rules
Tobacco company Philip Morris USA must pay $37 million to a Massachusetts woman who developed cancer from smoking Marlboro Lights cigarettes, the Massachusetts Supreme Judicial Court has ruled in a unanimous decision. The state’s high court found that Patricia Walsh …
Florida Could Study Use of Radioactive Gypsum on Roads if Bill Signed
Insurance Journal | May 10, 2023
Florida Could Study Use of Radioactive Gypsum on Roads if Bill Signed
Florida may study whether a radioactive waste byproduct of fertilizer production can be used to help build roads under a bill passed by the Legislature. The proposal, which awaits a signature from Republican Gov. Ron DeSantis, would task the state …
FERMA: Appeal of Cyber Insurance May Weaken Without ‘Concerted Dialogue’
Insurance Journal | May 10, 2023
FERMA: Appeal of Cyber Insurance May Weaken Without ‘Concerted Dialogue’
The Federation of European Risk Management Associations (FERMA) said it has concerns that the cyber insurance market is “evolving in isolation from the industries which it insurers,” and is calling for more certainty regarding the long-term viability of the product. …
BIBA CEO White to Retire Before Year End
Insurance Journal | May 10, 2023
BIBA CEO White to Retire Before Year End
Steve White, the longest-serving chief executive officer in the 47-year history of the British Insurance Brokers’ Association (BIBA), has announced he is stepping down in the fall. White on May 10 told the audience at the annual BIBA Conference that …
Oakland 2nd California Diocese to Seek Bankruptcy Over Abuse
Insurance Journal | May 10, 2023
Oakland 2nd California Diocese to Seek Bankruptcy Over Abuse
The Roman Catholic Diocese of Oakland filed for bankruptcy Monday due to hundreds of new child sex abuse claims, becoming the second diocese in California to do so. The San Francisco Bay Area diocese faces more than 330 lawsuits brought …
Trump Liable for Sex Abuse, Must Pay $5 Million to Carroll
Insurance Journal | May 10, 2023
Trump Liable for Sex Abuse, Must Pay $5 Million to Carroll
A federal jury in New York found Donald Trump liable for sexually assaulting writer E. Jean Carroll and then defaming her by calling her a liar, the first verdict against him in a string of legal cases that threaten to …
AI, Ransomware, Tech Burnout Biggest Takeaways from RIMS’ Riskworld
Insurance Journal | May 10, 2023
AI, Ransomware, Tech Burnout Biggest Takeaways from RIMS’ Riskworld
The 2023 RIMS’ Riskworld conference took place last week in Atlanta, and on this episode of The Insuring Cyber Podcast, two guests shared the biggest takeaways from the conference this year. Paul Bantick, global head of the cyber and tech …
Stalled Gun Bill Advances in Texas After Recent Mass Shootings
Insurance Journal | May 10, 2023
Stalled Gun Bill Advances in Texas After Recent Mass Shootings
AUSTIN, Texas (AP) – Facing new pressure over gun violence in Texas after two more mass shootings, Republicans on Monday unexpectedly allowed a bill that would raise the purchase age for semiautomatic rifles from 18 to 21 to advance out …