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Archive: May 2024

TWIA Board Approves $500M Line of Credit Ahead of 2024 Storm Season
Insurance Journal | May 10, 2024
TWIA Board Approves $500M Line of Credit Ahead of 2024 Storm Season
The Texas Windstorm Insurance Association (TWIA) Board of Directors met in Austin on May 7 for its second quarterly meeting of the year, where it completed financial preparations for the 2024 storm season. TWIA’s board voted secure a $500 million …
White House to Push Cybersecurity Standards on Hospitals
Insurance Journal | May 10, 2024
White House to Push Cybersecurity Standards on Hospitals
The Biden administration intends to require hospitals to meet minimum cybersecurity standards after a single hack exposed the data of 100 million Americans. “We look to putting in place minimum cybersecurity standards for hospitals in the near term,” Anne Neuberger, …
Tech Update: Aon Updates Its Pricing Platform to Enhance Underwriting Decisions
Insurance Journal | May 10, 2024
Tech Update: Aon Updates Its Pricing Platform to Enhance Underwriting Decisions
Insurance broker Aon plc announced an update to its Pricing Platform that aims to bring enhanced visualization and automation capabilities to re/insurance underwriters. The software update has also added new business lines including U.S. Financial lines and Cyber, as well …
Former Louisiana Lawmaker James D. Cain Passes Away
Insurance Journal | May 10, 2024
Former Louisiana Lawmaker James D. Cain Passes Away
Former Louisiana lawmaker James David Cain passed away on May 8, Insurance Commissioner Tim Temple announced. Cain served 20 years in the Louisiana House of Representatives and another 16 years in the Louisiana Senate, where he led the Insurance and …
Survivors of Alleged Abuse in Illinois Youth Detention Facilities Speak Out
Insurance Journal | May 10, 2024
Survivors of Alleged Abuse in Illinois Youth Detention Facilities Speak Out
CHICAGO (AP) — Three men who say they were sexually abused as children while incarcerated at Illinois juvenile detention centers came forward Tuesday as part of a lawsuit that chronicles decades of disturbing allegations of systemic child abuse. Calvin McDowell, …
Mexico Is Battling 159 Active Wildfires
Insurance Journal | May 10, 2024
Mexico Is Battling 159 Active Wildfires
Mexico is fighting 159 active wildfires across the country amid the year’s second heat wave that has also put the nation’s power grid under stress. Mexico’s national weather service issued an alert that at least 12 states would experience temperatures …
EU Firms’ Appetite for China Investment Sinks to Record Low
Insurance Journal | May 10, 2024
EU Firms’ Appetite for China Investment Sinks to Record Low
China is losing its luster as a top country to invest in as firms seek to avoid geopolitical risks and turn to Southeast Asia and Europe, according to a survey by the European Union Chamber of Commerce in China. Only …
Nine Out of 10 Wrongful Death Lawsuits Settled Over Astroworld Crowd Surge
Insurance Journal | May 10, 2024
Nine Out of 10 Wrongful Death Lawsuits Settled Over Astroworld Crowd Surge
HOUSTON (AP) — Nine of the 10 wrongful death lawsuits filed after a deadly crowd surge at the 2021 Astroworld music festival have been settled, including one that was set to go to trial this week, an attorney said Wednesday. …
People Moves: Higginbotham Announces Executive Promotions in Financial Services, Employee Benefits
Insurance Journal | May 10, 2024
People Moves: Higginbotham Announces Executive Promotions in Financial Services, Employee Benefits
Higginbotham announced a series of executive promotions within the Financial Services division. These moves are intended to match current growth at Higginbotham and prepare for future milestones by drawing on deep bench strength to scale-up operations and enhance client services. …
China Construction Bank Sued in US Over Reinsurance Fraud Losses
Insurance Journal | May 10, 2024
China Construction Bank Sued in US Over Reinsurance Fraud Losses
China Construction Bank Corp., the nation’s third-largest commercial lender, was accused in a US lawsuit of enabling a massive fraud in the reinsurance industry that left companies with “monumental losses” and sinking stock prices. The bank allowed employees to conspire …