A Coast Guard investigation into the grounding in March of a cargo ship in the Chesapeake Bay faulted the pilot tasked with helping the ship navigate the waterway, saying he relied too much on one piece of equipment to navigate …
AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Badger Mutual Insurance Company (Badger) (Milwaukee, WI). The Credit Ratings (ratings) …
Credit Suisse Group AG cleared the first hurdle toward kick-starting a long-awaited $440 million lawsuit against SoftBank Group Corp. stemming from the spectacular collapse of finance firm Greensill Capital. A London judge said Wednesday that the Swiss lender’s supply chain …
The collapse of the cryptocurrency exchange FTX demonstrates the dangers of failures of corporate governance, according to a commentary published by AM Best. While FTX is not an insurance company, the series of events leading to its collapse should provide …
As a whole, the outlook for the U.S. commercial lines segment continues to be stable, according to AM Best, but the industry rating agency had some warnings in its latest report. Rate changes at renewal remained strong, catastrophe losses have …
An unlicensed contractor and a deputy sheriff in Florida have been charged in separate incidents of contracting fraud and insurance fraud, state and local authorities said. Ty Lamonte Hillman was arrested this week after the state Department of Financial Services …
Twitter Inc has been hit with another lawsuit stemming from the recent purging of half its workforce, this one accusing the social media company of disproportionately targeting female employees for layoffs. The proposed class action filed late on Wednesday in …
UFG Insurance Names Hirtz Houston Branch Manager United Fire Group Inc. (UFG), based in Cedar Rapids, Iowa, has named Diane Hirtz the new branch manager for its Houston, Texas, office. Hirtz brings more than 25 years of diverse insurance experience …
Duke Energy said Wednesday that it has completed repairs on substation equipment damaged when it was shot up last weekend. Power was on track to be fully restored late Wednesday. In a statement to customers on its website, the energy …
The city of Pawtucket is lifting restrictions on political campaign signs under a settlement with the American Civil Liberties Union of Rhode Island, officials said Tuesday. The ACLU filed suit in July on behalf of two Democratic candidates for the …