The U.S. military said it will begin a blockade of ships leaving Iran’s ports on Monday, and Tehran threatened to retaliate against ports of its Gulf neighbors, after weekend talks failed to reach a deal to end the war, leaving a ceasefire in jeopardy. Oil prices surged when trade reopened on Monday, with no sign of a swift reopening of the Strait of Hormuz to ease the worst ever disruption in supplies. Since the war started, Iran has effectively shut the strait to all vessels except its own, saying ships would only be allowed through under Iranian control and subject…
Author: Awais
The Section 13 claim, however, was a different story. The trial court had dismissed it on the basis that Porch’s allegations related only to the placement of the reinsurance, while the provision in question covered duties after placement. The Fifth Circuit disagreed, finding that Porch had in fact alleged a series of failures by Gallagher that occurred well after the deal was in place. Among them: Gallagher’s failure to recognize the difference between the Yu Po collateral letter and a letter of credit, its misrepresentation of the collateral letter as a letter of credit, its failure to flag red flags…
DUAL has significantly strengthened the scope of its global cyber and technology capabilities, offering increased primary limits for risks with revenues up to £1 billion and enhanced excess limits for risks up to £5 billion. Backed by a number of A-rated capacity partners, led by Liberty, the expanded binder creates greater opportunities for broker partners to engage with an extended appetite across a wider range of industry sectors and business sizes in the mid‑market and large‑market segments, while maintaining DUAL’s strong commitment to its core SME market. Alongside expanded capacity and as part of DUAL Group’s global cyber proposition, DUAL…
In the first outcome of the U.S. Department of Justice’s Civil Rights Fraud Initiative, IMB has agreed to about $17 million to settle charges related to the company’s diversity, equity, and inclusion (DEI) practices. “Racial discrimination is illegal, and government contractors cannot evade the law by repackaging it as DEI,” said Acting Attorney General Todd Blanche in a statement. He said the initiative, launched about a year ago, is meant to “root out this misconduct, hold offenders accountable, and end this practice for good.” The Trump administration has repeatedly sought to rid DEI practices from public and private companies, government,…
Bamboo Insurance launched a new condominium unit‑owners (HO‑6) insurance policy in California. The product is designed to address the insurance needs of condominium owners in the state, where coverage requirements often involve coordination between individual unit policies and homeowners association master policies. The offering includes required property and liability coverages, with optional enhancements such as increased limits, personal property replacement cost, loss assessment coverage, and additional water backup protection. Bamboo Insurance is a technology-enabled managing general underwriter focused on homeowners coverage. Was this article valuable? Yes No Here are more articles you may enjoy. Interested in Condominium? Get automatic alerts…
Everest’s Izzo Joins AXIS as Chief Commercial Officer AXIS Capital Holdings Limited, headquartered in Pembroke, Bermuda, appointed Anthony Izzo as chief commercial officer. Izzo will report directly to Vince Tizzio, President and CEO of AXIS, and will work out of the company’s Red Bank and New York offices. Izzo leads the company’s global commercial strategy, working closely with its underwriting and regional leadership. He joins AXIS with 35 years of industry experience, most recently serving as EVP/Group chief commercial officer at Everest, overseeing commercial strategy and driving enterprise-wide growth and client relationships. Before Everest, Izzo held senior leadership roles at…
Lululemon Athletica Inc. fell in New York trading Monday after the Texas attorney general said his office is investigating for the presence of so-called “forever chemicals,” which have been linked to health problems, in the yogawear brand’s apparel. “Emerging research and consumer concerns have raised questions about the potential presence of certain synthetic materials and chemical compounds in their apparel,” the office of Texas Attorney General Ken Paxton said in a statement. The probe “will examine whether Lululemon’s athletic apparel contains PFAS or ‘forever chemicals’ that their health-conscious customers would not expect based on the brand’s marketing.” Lululemon shares declined…
A jury in Chicago said Abbott Laboratories must pay $70 million in damages to a group of families that had accused the company of failing to warn that its formula for premature infants can cause a potentially deadly bowel disease, according to a company spokesperson. The verdict came at the end of a lengthy trial, the latest among hundreds of lawsuits alleging that Abbott’s cow’s milk-based formula products for preterm infants can cause necrotizing enterocolitis, or NEC. Four families’ lawsuits were consolidated for trial. The jury found the company liable on April 9 and awarded the four families $53 million…
A new proposal calling for a European natural catastrophe insurance pool to diversify risks across countries and perils could be further enhanced by the insurance-linked securities (ILS) market, according to the European Insurance and Occupational Pensions Authority (EIOPA) and the European Stability Mechanism (ESM).In a joint paper recently published by the two organisations, they suggest that a risk-based, premium-financed, EU-wide nat cat pool could significantly increase insurance penetration for severe natural disasters such as floods, droughts, storms, and wildfires. In the paper, it is argued that a pool solution combined with an additional loan-based backstop for extreme tail events that…
Drugs were left out of a 2024 rule streamlining prior authorizations, including by making decisions electronic and requiring payers to turn them around more quickly. The Trump administration is looking to address that gap.
The law arms insurers with delay powers, immunity protections, and a 2027 training deadline
In the nation’s most populous state, the surplus lines market has ceased to be a specialized outlet and become, for a startling and growing number of ordinary homeowners, the only game in town. Surplus lines homeowners policies in California surpassed 300,000 in 2025, a level without precedent in the state’s history, according to new data from the Surplus Line Association of California. What began as a rebound from pandemic-era disruption, hardened into a structural shift in 2024, and by 2026 has become something more consequential still: a full-scale realignment of the entire California property insurance market.
In a young city like Miami, a quarter century can seem like a long time. For the Mandarin Oriental hotel, it was long enough to generate nostalgic laments and a farewell bash. The waterfront hotel, which opened in 2000, was imploded early Sunday to make way for a new luxury development that will include a bigger Mandarin Oriental and a 66-story residential tower. The existing 23-story structure folded in on itself just after 8:30 a.m. after the explosives were detonated, as onlookers took video from boats in Biscayne Bay and along nearby streets and bridges. Miami’s Mandarin Oriental ended a…
A shooting at a Chick-Fil-A restaurant in Union Township, New Jersey last evening took one life and injured six others. According to the Union County Prosecutor’s Office (UCPO), the shooting happened at approximately 9 pm on the Chick-Fil-A on Route 22 in Union. Police said they found one deceased victim and deceased six victims who were treated for non-life-threatening injuries. The prosecutor’s office headed by William A. Daniel said there is an active and ongoing investigation. “While no arrests have been made at this time, the preliminary investigation reveals this does not appear to be a random act of violence…