Uncategorized

Pennsylvania National Mutual Casualty Insurance Co. cannot escape the long tail of asbestos, and must cover part of the litigation losses for an asbestos installation company that went out of business more than 30 years ago, the South Carolina Supreme … Source: Claims Journal

Indivior reached an $86 million settlement with 16 U.S. states over the drug manufacturer’salleged role in spreading opioid addiction across the United States, New York Attorney General Letitia James said on Friday. James said the settlement in principle concerned Indivior’s … Source: Claims Journal

The European Central Bank said lenders in the region need to keep investing in their ability to respond to attacks by hackers after a landmark stress test of the industry showed “room for improvement.” “Banks need to prioritize investment in … Source: Claims Journal

A massive wildfire in Northern California has destroyed an undetermined number of buildings and is threatening thousands or properties, prompting thousands of evacuations orders, as it continued to rage on Friday morning. The Park fire, which became the state’s largest … Source: Claims Journal

Allstate’s National General auto insurance brand has been sued by the U.S. Department of Justice over allegation that National General and subsidiaries “engaged in a scheme to defraud customers” by putting its insurance product onto vehicles financed by Wells Fargo. … Source: Claims Journal

Johnson & Johnson lost its bid in a federal appeals court to revive a plan to settle tens of thousands of talc cancer lawsuits by placing a subsidiary into bankruptcy. The ruling Thursday upheld a bankruptcy judge’s dismissal last year … Source: Claims Journal

General Motors’ self-driving technology unit, Cruise, aims to return to running fully autonomous rides later this year and charge fares by early 2025, Bloomberg News reported on Thursday, citing people familiar with the matter. San Francisco, California-based Cruise has been … Source: Claims Journal

Global insured losses from last week’s massive IT outage are likely to range from $400 million to $1.5 billion, cyber analytics firm CyberCube said on Thursday. A software bug in cyber security firm CrowdStrike’s quality-control system caused the software update … Source: Claims Journal

In recent years, cities worldwide have faced an alarming increase in the frequency and severity of flood events. These catastrophes have left urban areas grappling with extensive damage to infrastructure, buildings and equipment. As communities strive to recover from flood … Source: Claims Journal

Monsanto will pay $160 million to settle a lawsuit by the city of Seattle that accused the unit of Germany’s Bayer of polluting the city’s drainage system and the local Lower Duwamish River with toxic chemicals known as PCBs. City … Source: Claims Journal