Commodity trader Mercuria is suing the Baltic Exchange, the world’s top provider of benchmark shipping indices, over losses it said were caused by oil tanker pricing data that did not account for the effective closure of the Strait of Hormuz, a court filing showed. The U.S.-Israeli war with Iran, which began on February 28, has left hundreds of ships and 20,000 seafarers stranded inside the Gulf and unable to sail through the vital chokepoints with only a few ships willing to make the voyages daily. In a court filing dated April 30 and submitted through England’s high court, Swiss-headquartered Mercuria…
Author: Awais
Net income came in at $38 million, or $0.39 per diluted share, compared with $21.5 million, or $0.21, a year earlier. Net operating income, a non-GAAP measure, totaled $101 million, or $1.05 per diluted share, up from $0.79. Revenue rose 8.5% year on year to $1.03 billion, beating estimates by 3.2%.
Executives said Tenet’s focus on managing expenses and growing high-acuity service lines helped it withstand poor volumes that battered some of its peers in the first quarter.
Policies in force are up 46% year on year amid the carrier’s expansion
Former Florida governor and U.S. Rep. Charlie Crist is seeking yet another office, this time running for mayor of his hometown of St. Petersburg. Crist, 69, has been a Republican, a Democrat and an independent during his political career. He served as a Republican governor from 2007 to 2011 and was a Democratic member of the U.S. House for three terms, ending in 2022. He also unsuccessfully ran against Republican Gov. Ron DeSantis in 2022 and previously challenged then-Gov. Rick Scott in 2014, as a Democrat in both races. Now Crist has his sights set on St. Petersburg City Hall…
CMS recently finalized policies as part of the 2027 Medicare Advantage final rule that both enhance consumer protections and roll back changes to the Medicare Advantage program that were intended to protect consumers. These changes have gotten less attention than payment issues and changes to the star ratings system, which also affect plan payments, but could have implications for Medicare beneficiaries (See Table 1): CMS will enhance some consumer protections by requiring Medicare Advantage plans to post eligibility criteria for Special Supplemental Benefits for the Chronically Ill (SSBCI), making it easier for prospective enrollees to assess their eligibility for these…
Inszone Insurance Services announced the acquisition of Mena Insurance Agency, Inc. This strategic acquisition brings a century-old institution and an experienced team into the Inszone organization, further expanding its footprint in Arkansas. Founded in 1911 by H.G. McLafferty, Mena Insurance has been a cornerstone of the local community for over a century. The agency is now led by P.T. Plunkett. Topics Mergers & Acquisitions Was this article valuable? Yes No Here are more articles you may enjoy. Interested in Mergers? Get automatic alerts for this topic.
In a rare crossing of insurance lines, Alabama-based Protective Life Insurance Co. is moving to expand into property/casualty lines by acquiring Obsidian Insurance Holdings, Inc., a New York-based property, casualty and specialty insurance platform. The companies say the acquisition will establish a new business line for Protective while giving Obsidian long-term capital support and additional flexibility. Terms were not disclosed. The purchase agreement was signed with Obsidian’s private equity founder, Genstar Capital, and involves acquiring Obsidian Insurance Holdings, Inc. and its affiliates Obsidian Specialty Insurance Co. (Delaware), Obsidian Insurance Co. (Ohio), and Obsidian Pacific Insurance Co. (Delaware). Obsidian’s admitted and…
SACRAMENTO, Calif. — In his earliest days in the governor’s office, Democrat Gavin Newsom huddled with his advisers to consider how to realize a key campaign promise: transforming a healthcare system replete with insurance company intermediaries into the nation’s first state-run single-payer model providing comprehensive coverage to all residents, similar to those in Canada and Taiwan. He’d need to secure tax increases to help cover the high cost of a single-payer system, once pegged at about $500 billion a year, and Republican President Donald Trump, then in his first term, would have to give California permission to use federal funding…
A review of five years’ of proprietary claims data revealed just how vulnerable manufacturers are to cyberattacks and the high cost of disruptions, according to Resilience, which found more than 90% of total incurred losses in its manufacturing portfolio were attributable to ransomware, despite ransomware making up only 12% of claim volume among manufacturers. In the newly released report, “The State of Cybersecurity in Manufacturing,” the cyber risk analyst identified the key drivers of financial losses based on real claims data and security practices that deliver measurable reductions in financial risk across its manufacturing portfolio. In its fifth year as…
Prosecutors said the man they charged with starting the deadly 2025 Palisades Fire in Los Angeles was upset about a failed relationship and not having New Year’s Eve plans just before he set a small blaze which rekindled six days later. Jonathan Rinderknecht, 30, who is set to go to trial June 8, “exhibited extreme anger, indignation, and frustration about being unable to find companionship on New Year’s Eve,” prosecutors in the office of Los Angeles U.S. Attorney Bill Essayli said in a court filing. They said he tried and failed to make plans for that night with two other…
Trucordia reported it has acquired Paradiso Financial and Insurance Services in Stafford Springs, Connecticut. Paradiso offers auto, home, life, business and specialty lines insurance. Joining Trucordia will give Paradiso’s team and clients access to more carrier relationships, shared resources, and national support. Chris Paradiso, owner and chief executive officer of the agency, is also a speaker on social and digital marketing for agencies. “Paradiso is a perfect fit for Trucordia. Chris and the company he has built embody the business acumen and values that Trucordia represents,” said Rocky Steele, Trucordia senior vice president of business development. The Utah-based Trucordia group…
RenaissanceRe’s third-party capital and insurance-linked securities management unit Capital Partners is considered an “important source of resilience” for the company and a key differentiator, especially for clients that “value, scale, reliability and flexibility,” according to CEO Kevin O’Donnell.Speaking during RenaissanceRe’s first-quarter earnings call yesterday, O’Donnell explained that the RenaissanceRe Capital Partners division continues to deliver as expected, driving attractive earnings through fee income that complements the reinsurer’s investment and underwriting earnings. O’Donnell said that fee income, “Performed equally well this quarter,” saying, “We reported total fee income of approximately $94 million. Performance fees were the main driver of the upside,…
The U.S. Food and Drug Administration on April 29 said tested samples of infant formula available in the country contained very low levels of contaminants, confirming that the nation’s supply is safe for consumption. The agency tested more than 300 samples across 16 infant formula brands sold nationwide, screening them for contaminants including heavy metals such as arsenic, cadmium, lead and mercury, as well as pesticides, synthetic chemicals and phthalates. The majority of samples had undetectable or very low levels of contaminants, the agency said. The FDA applied the Environmental Protection Agency’s drinking water limits to assess infant formula, as…