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Archive: October 2023

Oil Tanker Sails to Israeli Red Sea Port to Avoid Conflict
Insurance Journal | October 20, 2023
Oil Tanker Sails to Israeli Red Sea Port to Avoid Conflict
An oil tanker is hauling a cargo of crude toward an Israeli Red Sea port that’s seldom used for crude deliveries after the nation’s main import terminal on the Mediterranean was disrupted by the conflict with Hamas. The shipment underscores …
Ransomware Criminals Aiming at Third-Party Vendors in Hunt for ‘Big Game’
Insurance Journal | October 20, 2023
Ransomware Criminals Aiming at Third-Party Vendors in Hunt for ‘Big Game’
Ransomware victims have become less likely to pay extortion demands, but cyber criminals are changing their tactics by hitting third-party vendors and using data exfiltration instead of encryption when making ransom demands, according to a new report by cyber insurer …
AIG’s CEO Sees Pandemic, Wars and Climate Change Among Biggest Risks
Insurance Journal | October 20, 2023
AIG’s CEO Sees Pandemic, Wars and Climate Change Among Biggest Risks
American International Group Inc. Chief Executive Officer Peter Zaffino said the biggest challenge to the insurance sector over the last decade has been “unpredictable risks” including the pandemic, wars and climate change. “We’ve had 100 natural disasters reported through nine …
Music Publishers File Suit in Tennessee Against AI Company Over Song Lyrics
Insurance Journal | October 20, 2023
Music Publishers File Suit in Tennessee Against AI Company Over Song Lyrics
Oct 18 (Reuters) – Music publishers Universal Music, ABKCO and Concord Publishing sued artificial intelligence company Anthropic in Tennessee federal court this week, accusing it of misusing an “innumerable” amount of copyrighted song lyrics to train its chatbot. The lawsuit …
Family Alleges Negligence, Discrimination in Lawsuit Over Autistic Prisoner’s Death
Insurance Journal | October 20, 2023
Family Alleges Negligence, Discrimination in Lawsuit Over Autistic Prisoner’s Death
Eleven days after 57-year-old Anthony Talotta arrived at a Pittsburgh jail, he died from what his family says was a treatable and preventable infection from a foot wound. Talotta, who had autism and developmental disabilities, had been brought to the …
Washington Commissioner Fines UnitedHealthcare $500K
Insurance Journal | October 20, 2023
Washington Commissioner Fines UnitedHealthcare $500K
Washington Insurance Commissioner Mike Kreidler imposed a $500,000 fine against UnitedHealthcare Insurance Company for reportedly failing to demonstrate how it administers its mental health and substance use disorder benefits in accordance with state and federal laws. Half of the fine …
AM Best Withdraws Credit Ratings of Civil Service Employees Insurance Co. and CSE Safeguard Insurance Co. in California
Insurance Journal | October 19, 2023
AM Best Withdraws Credit Ratings of Civil Service Employees Insurance Co. and CSE Safeguard Insurance Co. in California
AM Best has downgraded the Financial Strength Rating to B (Fair) from B+ (Good) and the Long-Term Issuer Credit Ratings to “bb” (Fair) from “bbb-” (Good) of Civil Service Employees Insurance Company and CSE Safeguard Insurance Company, which together comprise …
Higginbotham Adds Louisiana’s Bourg Insurance as Partner Agency
Insurance Journal | October 19, 2023
Higginbotham Adds Louisiana’s Bourg Insurance as Partner Agency
Higginbotham has joined forces with Bourg Insurance, a long-term family business with deep ties to the South Louisiana community. Founded in 1958 by Claude ‘Toby’ Bourg, Jr. and his wife Edith, Bourg Insurance is a personal and commercial property and …
Summer Heat May Have Cost Texas Economy $24 Billion: Dallas Fed
Insurance Journal | October 19, 2023
Summer Heat May Have Cost Texas Economy $24 Billion: Dallas Fed
Each degree of warming in Texas slows the state’s economy, an analysis by economists at the Federal Reserve Bank of Dallas found. Extreme heat this year may have cost the Texas economy $24 billion, or reduced the state’s nominal gross …
Ameris Bank Agrees to Invest $9M in Jacksonville, Settling DOJ Redlining Charges
Insurance Journal | October 19, 2023
Ameris Bank Agrees to Invest $9M in Jacksonville, Settling DOJ Redlining Charges
Ameris Bank, an Atlanta-based corporation with operations in seven Southeastern states, has agreed to invest $9 million in minority neighborhoods in Jacksonville, part of a settlement with the U.S. Department of Justice over alleged redlining practices. “As today’s case makes …