The SPAC boom is overwhelming a key player in the creation of a blank-check companies: insurers. Firms selling directors-and-officers liability policies for special purpose acquisition companies have been flooded by the listings that surged last year. That’s caused insurers to …
Target Corp. has been denied its $138 million insurance claim against ACE (now Chubb) Insurance companies stemming from a 2013 data breach. A federal judge in Minnesota ruled the retailer had failed to prove that its reimbursement to banks for …
U.S. congressional investigators found “dangerous levels of toxic heavy metals” in certain baby foods that could cause neurological damage, a House Oversight subcommittee said in a report released on Thursday in calling for new standards and testing requirements. The panel …
Financial holding company Ambac Financial Group has launched Everspan Group, capitalized with more than $100 million, to focus on writing specialty program insurance business. Everspan Group’s insurance companies include two Arizona-domiciled entities: Everspan Indemnity Insurance Co., an excess and surplus …
Digital pay-per-mile auto insurer Metromile will officially become a public company tomorrow as the deal to be merged with a special purpose acquisition company (SPAC) is expected to close today. INSU Acquisition Corp., a publicly traded SPAC, announced that its …
Three Democratic U.S. senators introduced a bill that would limit Section 230, a law that shields online companies from liability over content posted by users, and make the companies more accountable when posts result in harm. Called the SAFE TECH …
Hippo, an insurance technology startup, is in talks to go public through a merger with a special purpose acquisition company, according to people with knowledge of the matter. The transaction with Reinvent Technology Partners, a special purpose acquisition company that …
Fourth quarter profit at The Hartford dipped slightly due in part to COVID-related group life insurance claims. Fourth quarter 2020 net income came in at $532 million, down 2% from fourth quarter 2019. Fourth quarter earnings of $636 million, rose …
A federal judge has dismissed Walmart Inc’s lawsuit seeking to preemptively block the U.S. government from blaming the world’s largest retailer for its alleged role in fueling the nation’s opioid crisis. U.S. District Judge Sean Jordan said the government had …
Amazon.com has revealed plans to install AI-powered video cameras in its branded delivery vans, in a move that the world’s largest e-commerce firm says would improve safety of both drivers and the communities in which they deliver. The company recently …