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Energy company Phillips 66 owes biofuel maker Propel Fuels $604.9 million in damages for stealing Propel’s trade secrets to build up its renewable-fuel capabilities, a jury in a California state court decided on Wednesday. The jury in Oakland agreed with … Source: Claims Journal

The Doan Group added a new insurance claim appraisal franchise serving Minnesota. The new franchise owner is Ebrima Dibba. Dibba has three years of experience as an auto appraiser. The Doan Group, headquartered in Covington Georgia, provides nationwide vehicle, specialty, … Source: Claims Journal

The insurance industry faces a new wave of financial exposure as federal and state regulations surrounding per- and polyfluoroalkyl substances become more stringent. Once hailed as miracle compounds for their water-repellent, non-stick, and heat-resistant properties, PFAS are now viewed with … Source: Claims Journal

Estimates released on Wednesday from CoreLogic show that insured wind and flood losses from Hurricane Milton are expected to be between $17 billion and $28 billion. CoreLogic’s estimate comes as Moody’s RMS Event response updated its estimate, which shows total … Source: Claims Journal

Video-game developer FractureLabs filed a lawsuit against Jump Trading, accusing one of the cryptocurrency industry’s biggest market makers of “fraud and deceit” by manipulating the price of a token used in an online game. According to the suit, FractureLabs planned … Source: Claims Journal

Publicly traded HCI Group, the Tampa-based holding company for Homeowners Choice Property & Casualty, TypTap and a new condominium insurance reciprocal, is one of the first Florida insurers to report estimated losses after recent hurricanes. HCI said in a statement … Source: Claims Journal

Insurance industry investments in generative AI are expected to surge by over 300 percent from 2023 to 2025 as organizations move from pilots in one or two areas to implementations in multiple functions across business lines. But new research identifies … Source: Claims Journal

McKinsey & Co. is nearing a deal with U.S. prosecutors to pay at least $500 million to settle federal probes into its past work helping opioid makers boost sales, according to people familiar with the matter. A settlement, which could … Source: Claims Journal

More than a quarter of rideshare drivers say that vehicle insurance is one of their biggest financial burdens, and 25% say insurance is too expensive. Those are among the results from a survey of Americans who drive for on-demand rideshare … Source: Claims Journal

Vector Risk Solutions named Joshua Cruce chief strategy officer. Cruce will be responsible for driving the company’s strategic initiatives, and identifying new opportunities for growth. Cruce has a background in developing and implementing strategies across various sectors. He was previously … Source: Claims Journal