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With LA Wildfire Suits Looming, Edison Beats Estimates on Lower Expenses and Rate Hikes
Edison International beat Wall Street estimates for first-quarter profit on Tuesday, as the utility benefited from lower operating and interest expenses and higher rates for its services. Lower interest rates reduce borrowing costs for power companies, which usually need more …
POSTED APRIL 30, 2025 3:30 PM |
Co-op Is Latest British Retailer to Be Hit by Cyber Attack
Britain’s Co-op Group said on Wednesday hackers had attempted to break into its systems, the second high-profile cyber attack on a major UK retailer in as many weeks, following an ongoing incident at Marks & Spencer. The Co-op, which is …
POSTED APRIL 30, 2025 3:28 PM |
Aspen Specialty Settles With Condo in $11M Nashville Bombing Coverage Dispute
Aspen Specialty Insurance Co. has reached a settlement with the owners of a Nashville condominium building that was badly damaged in the Christmas Day bombing in 2020. The terms of the settlement were not disclosed. Both sides have agreed to …
POSTED APRIL 30, 2025 3:01 PM |
Insured Losses Could Hit $145B in 2025, Driven by Rising Claims From Secondary Perils
Global insured losses from natural catastrophes hit US$137 billion in 2024, following the 5%-7% annual growth rate that has been the norm in recent years, according to Swiss Re analysis. If this trend continues, global insured losses will approach US$145 …
POSTED APRIL 30, 2025 2:57 PM |
Three Rhode Island Men Charged in Theft of Thousands of Catalytic Converters
Three Rhode Island men have been charged in federal court in Providence for their alleged roles in a conspiracy to steal and sell hundreds of thousands of dollars’ worth of catalytic converters, announced Acting U.S. Attorney Sara Miron Bloom. According …
POSTED APRIL 30, 2025 1:40 PM |
AIG: Turning One Human Underwriter Into Five, ‘Turbocharging’ E&S
Some property/casualty insurers talk about experimenting with artificial intelligence to automate call center responses and back-office operations. But that’s not the road to turbocharging growth that AIG CEO Peter Zaffino envisions for his company. AIG is all-in on AI that …
POSTED APRIL 30, 2025 12:55 PM |
Tech Update: WTW Launches AI Monitoring Tool ‘Radar Vision’ for Insurers; Tariff Simulator Added to Marsh McLennan’s Sentrisk
WTW has announced the North American launch of Radar Vision, an AI-driven performance monitoring tool custom-built for insurers. The global insurance industry has been turbulent for a few years, with significant inflation and demographic changes compounded by increasingly competitive and …
POSTED APRIL 30, 2025 12:47 PM |
Companies Count the Costs After Blackout in Spain and Portugal
As factories, stores and hotels across Spain and Portugal gradually returned to normal on Tuesday after a huge blackout the day before, business associations and companies began counting the cost. Spain’s main business lobby CEOE estimated the outage would shave …
POSTED APRIL 30, 2025 11:08 AM |
Zombie Ships Are Fast Becoming a Feature of Venezuelan Oil Trade
On Good Friday, an aging supertanker fully laden with oil and calling itself Varada arrived in the waters to the east of Malaysia after a two-month voyage from Venezuela. The vessel raised some red flags: it was 32 years old, …
POSTED APRIL 30, 2025 10:48 AM |
UK Warned Cuts to Flood Defense Are Too Dangerous to Consider
The UK should spare flood defense programs from budget cuts to be announced in June, as the country is already woefully unprepared for worsening disasters linked to climate change, a government adviser has said. “We are seriously concerned that resilience …
POSTED APRIL 30, 2025 10:00 AM |
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