Third-party litigation funding adds further pressure. According to APCIA’s Sam Whitfield, the rise in such funding “inflates claims costs and contributes to a tort tax, a hidden burden of more than $5,000 per household on average annually.” At least 21 states have adopted laws governing litigation funding, though regulatory approaches vary widely.
Author: Awais
According to the company, strategic acquisitions are central to its growth thesis. Novacore has stated it partners with established specialty insurance programs, niche MGAs and promising startups through acquisitions and lift-outs, combining scale, carrier relationships and resources to drive growth.
Meta Platforms is set to face trial this week in a lawsuit brought by the state of New Mexico accusing it of exposing children and teens to sexual exploitation on its platforms and profiting from it, the first case of its kind against the social media giant to reach a jury. The lawsuit, brought by New Mexico Attorney General Raúl Torrez, a Democrat, alleges the company promoted illegal content and enabled the sexual exploitation of children on its Facebook, Instagram and WhatsApp platforms. The lawsuit claims Meta allowed predators unfettered access to underage users and connected them with victims, often…
Two companies processed and supplied dried milk powder that could be a culprit in the outbreak of botulism tied to ByHeart infant formula that has sickened dozens of babies, The Associated Press has learned. Organic whole milk powder that tested positive for the type of bacteria that causes botulism was made from milk provided by Organic West Milk Inc., a California company, and processed at a Dairy Farmers of America plant in Fallon, Nevada, company officials said. Related: Oregon Baby Still Battling Botulism After ByHeart Formula Exposure The source of the contamination, however, is not yet known. Both companies and…
The Virginia Workers’ Compensation Commission reappointed Commissioner Robert A. Rapaport to serve an additional six-year term as a commissioner of the Virginia Workers’ Compensation Commission. Rapaport was originally appointed to the commission in 2017. Before his appointment, Rapaport practiced law for 35 years, with a focus on workers’ compensation. His leadership has also extended regionally through the Southern Association of Workers’ Compensation Administrators (SAWCA), where he previously served as vice president and president. Topics Workers’ Compensation Talent Virginia Was this article valuable? Yes No Here are more articles you may enjoy. Interested in Talent? Get automatic alerts for this topic.
When her doctor died suddenly in August, Tammy MacDonald found herself among the roughly 17% of adults in America without a primary care physician. MacDonald wanted to find a new doctor right away. She needed refills for her blood pressure medications and wanted to book a follow-up appointment after a breast cancer scare. She called 10 primary care practices near her home in Westwood, Massachusetts. None of the doctors, nurse practitioners, or physician assistants was taking new patients. A few offices told her that a doctor could see her in a year and a half or two years. “I was…
The Delaware Supreme Court handed Tesla a victory on Friday, slashing by more than $100 million the legal fees owed to shareholder lawyers who successfully sued directors at Elon Musk‘s electric car company for overpaying themselves. The court said Tesla must pay $70.9 million to lawyers who represented the Detroit firefighter and police pension fund that led the case, 60% less than the $176.1 million awarded by a Delaware Chancery Court judge. Friday’s decision said the judge overvalued the settlement when determining the fee. The decision came at a time of increasing criticism from professors and lawyers who represent corporate…
Some of the world’s biggest reinsurers, including Lloyd’s of London, are seeking Indian regulatory approval to operate in a low-tax city set up in the prime minister’s home state to try to rival other international financial hubs, two sources said. The global companies, which also include South Korea’s Samsung Re, Kenya Re and Spain’s Mapfre Re, will join more than a dozen global reinsurers from Europe, the Middle East and Asia that are turning to the new city to gain access to India’s $129.78 billion insurance market, estimated by the industry to be the tenth largest in the world. The…
Willis, a WTW business, has announced its return to the light and recreational general aviation market after a 30-year absence, marking a significant milestone in the company’s ongoing commitment to providing industry-leading insurance solutions. The move has been enabled by Willis’ acquisition of the Crispin Speers’ general aviation team. Through this expansion, Willis offers a fully comprehensive range of insurance solutions tailored to the unique needs of light and recreational general aviation operators, including microlights, balloons, gliders, commercial drones, as well as light fixed wing aircraft.In addition, Willis is now equipped to offer commercial insurance solutions for non-aviation risk exposures,…
The U.N. atomic watchdog’s board held a special session Friday to discuss risks to nuclear safety in Ukraine as concerns mount that relentless Russian attacks on its energy infrastructure pose an increasing danger of a nuclear accident. The urgent meeting of the International Atomic Energy Agency’s board of governors was held at the request of the Netherlands with support from 11 other countries, diplomats said — Belgium, Canada, France, Germany, Italy, Japan, Lithuania, Luxembourg, Portugal, Romania and the United Kingdom. Though it won’t produce any binding outcome, the aim is to increase diplomatic pressure on Russia. Russia’s “ongoing and daily”…
As healthcare leaders know all too well, the procurement process can be plagued with inefficiencies and complications. The pandemic may be behind us, but the memory of PPE shortages remains vivid, and supply chain disruptions remain an issue. Trade barriers, extreme weather, and limited supplier options all make sourcing more costly and difficult. According to a recent survey, 71% of healthcare systems are still experiencing distribution delays in their supply chain, and 55% report issues in raw material and sourcing availability. These challenges have very real financial implications. In the same survey, nearly one-third (29%) of respondents have seen non-labor…
American Integrity Insurance Company has returned to the catastrophe bond market, with an initial target to secure at least $175 million of fully-collateralized US named storm reinsurance for losses across southeastern states, through an Integrity Re III Ltd. (Series 2026-1) issuance, Artemis has learned.This new catastrophe bond from American Integrity Insurance will be the company’s ninth in the Integrity Re series of deals. It’s the second from the Integrity Re III Ltd. special purpose insurer that is based in Bermuda, following a $565 million Integrity Re III Ltd. (Series 2025-1) that American Integrity Insurance sponsored one year ago, which became…
For Q4, Selective posted a net income of $2.52 per share. Net premiums written (NPW) rose 4% year-on-year to $1.13 billion, while net premiums earned increased 7% to $1.22 billion. The Q4 combined ratio improved to 93.8%, a 4.7-point gain on the 98.5% reported a year earlier. Catastrophe losses added 1.7 points to the ratio, compared with a 0.9-point benefit in Q4 2024, but there was no prior year casualty reserve development. In the same quarter of 2024, adverse development added 8.8 points.
The Netherlands’ consumer protection regulator ACM has launched an investigation into U.S. gaming platform Roblox over potential risks to underage users in the European Union, it said on Friday [Jan. 30]. The regulator said it will assess whether Roblox is taking adequate measures to protect minors, referring to the EU’s Digital Services Act, which requires platforms to take appropriate and proportionate measures to ensure safety for minors using their services. A Roblox spokesperson said the company is “strongly committed to complying with the EU Digital Services Act” and referred to the gaming platform’s announcement last November that it would require…