The SEADRIF Insurance Company and the Food and Agriculture Organization of the United Nations (FAO) have launched an anticipatory drought insurance pilot in Lao People’s Democratic Republic (Lao PDR), the first time a Southeast Asian government has secured parametric insurance specifically designed to deploy pre-arranged finance ahead of drought impacts.According to SEADRIF, the insurance pilot provides the Ministry of Finance of Lao PDR with access to payouts triggered by early warning data signaling elevated drought risk, before drought majorly affects farming households and rural communities. SEADRIF explained that financing is activated when the Combined Drought Index, which is monitored by…
Author: Awais
Select hospitals have refused to share data to prove they’re not double-dipping drug discounts, Lilly said. Hospitals, which have until Monday to comply, are urging the government to intervene.
A Massachusetts judge on Monday declined to lift an order that forced turbine supplier GE Vernova to continue work on the largest offshore wind farm in New England or to send its dispute with the $4.5 billion project’s developer, Vineyard Wind, into arbitration. Suffolk County Superior Court Judge Peter Krupp in Boston ruled that nothing had changed since he issued the injunction in April and that Vineyard Wind was contractually allowed to pursue its legal dispute in court in order to obtain urgent relief. The judge had issued a preliminary injunction requiring GE Vernova to continue work at the behest…
A Kentucky school district secured roughly $27 million in settlements from Meta Platforms and other social media companies over claims they fueled a student mental‑health crisis, according to records seen by Reuters on Friday. Meta agreed to pay the most at $9 million in the bellwether case for school districts, according to documents that reveal financial terms for the first time as terms of the deals had not been disclosed in court. The operator of Instagram, Facebook and WhatsApp settled the case brought by Breathitt County School District on May 21, a few weeks before a planned June trial, following…
The state of Florida sued OpenAI and Chief Executive Officer Sam Altman, accusing the artificial intelligence company of ignoring safety warnings and releasing its ChatGPT product while knowing it was harmful to users. The lawsuit, filed Monday in state court, accuses OpenAI and its online chatbot of violating product liability laws, and also raises negligence and deceptive and unfair trade practices claims. Florida is seeking civil penalties and a court order blocking the company from collecting certain data from users under the age of 13 without parental consent, among other changes. “Sam Altman and ChatGPT have chosen the AI race…
Ascension needs to sell seven surgery centers if it wants the deal to close, regulators said. Ascension, which is pursuing the AmSurg acquisition as part of a larger financial turnaround, said it was pleased with the compromise.
As alternative capital continues to grow, it’s currently estimated share of 20% of the global re/insurance industry is largely an underestimation, according to Guy Carpenter’s Laurent Rousseau, who argues that current market conditions would suggest that it will increase further before it stabilises or shrinks.Broker Guy Carpenter recently published a new report that examines the accelerating integration of alternative capital into the global reinsurance market, as well as the implications for capacity, pricing, and market structure. As mentioned, the broker’s report indicates that alternative capital now represents nearly 20% of the estimated US $660 billion in global reinsurance capital, an…
Amazon was sued on Monday by a Virginia resident over what he said were privacy violations after the company’s Ring doorbell cameras at friends and family members’ homes collected and stored images of his face using facial recognition software. The plaintiff, Charles Sigwalt, who is seeking class-action status, sued Amazon in federal court in Seattle alleging a feature known as “Familiar Faces” retains images of passersby without their consent. He is seeking at least $5 million in damages for the class. Familiar Faces, which is optional, uses artificial intelligence to identify and remember people so that when they return to…
After more than two years of company-building and fundraising, Tampa-based Sypher Insurance Exchange has won its certificate of authority and a financial rating. The stamps of approval mark Sypher’s official entry into the market as the first property insurer with significant investment from insurance agents. Sypher CEO and Founder Subhashish Dutta called it the start of “new era” for the Florida property insurance. “We bring a fundamentally different approach to sustainable capacity in Florida,” Dutta said in a statement. “Over the past two years, we have built an integrated platform that brings together insurance, reinsurance, and technology from day one.”…
HUB announced the appointment of Kyle Bloemers as national chief cross-sell officer. The newly created role is part of HUB’s broader strategy to help deliver greater value to clients, drive new business generation and accelerate organic growth. Bloemers will spearhead HUB’s enterprise-wide cross-sell strategy to help middle market and upper middle market clients access HUB’s full suite of solutions across commercial lines, employee benefits, private client and retirement & private wealth. He will activate HUB’s regional cross-sell leaders across the firm’s 34 geographic regions in North America to implement the national strategy in every market HUB serves. Bloemers brings more…
Seven U.S. states led by New York sued the Trump administration on Tuesday for canceling a major offshore wind lease off the coast of New York in exchange for a pledge by its owner to invest instead in fossil fuel projects. The lawsuit in the Washington, D.C., federal court challenges a March 23 decision by the U.S. Department of the Interior to cancel a lease by a subsidiary of France’s TotalEnergies, “reimburse” $795 million to the company, and extract a pledge from the company not to develop new offshore wind projects in the United States. Total also agreed to spend…
ANV, a global insurance intermediary platform, has successfully completed the acquisition of Specialty Comp Insurance Solutions from Specialty Program Group, a subsidiary of Hub International. SCIS is a Texas-based managing general agent specializing in tough-to-place monoline workers’ compensation insurance. The acquisition expands ANV’s U.S. specialty insurance capabilities by adding a differentiated workers’ compensation MGA focused on middle-market accounts and risks that are typically underserved by the standard market. SCIS wrote approximately $250 million of gross written premium in 2025 and currently manages a well-diversified portfolio spanning key industries including construction, manufacturing, and healthcare. SCIS also has a significant presence in…
WTW Buys Redefind to Boost Access to Crypto, Digital Asset Insurance Insurance broker WTW announced it has acquisition of Redefind, an end-to-end web-based platform, designed to facilitate access to insurance products for crypto and digital assets. WTW said this investment reflects its long-term strategy to expand into next-generation protection solutions for clients exposed to digital finance, crypto ecosystems and tokenized asset environments. Financial details of the transaction were not disclosed. The proposition launches as a non-custodial, cost-of-recovery insurance solution, intended to support digital asset owners in the event of theft or loss. Coverage is designed to support expenses associated with…
Sentry Insurance will take over as the sponsor of the PGA Tour event at Torrey Pines Golf Course in San Diego, Calif. The tournament, which will be named The Sentry, will take place Jan. 27-30, 2027. The iconic Torrey Pines has hosted professional golf tournaments since 1952. “We’re honored to continue investing in the game and creating experiences that bring together players, fans, partners and communities,” said Sentry CEO Pete McPartland. “We look forward to working closely with the San Diego community to shine a spotlight on everything that makes the region so special and continue our longstanding dedication of…