National News

Insurers Pummeled by Car Dealers’ Claims for Hail-Damaged Vehicles

A hailstorm that pounded down on a Subaru dealership in Plano, Texas, barely lasted 30 minutes, but left behind a trail of smashed windows, dented hoods and millions of dollars’ worth of claims for an insurer to cough up. Damage …

Ride-Hail Firm Lyft Enters Race to Manufacture Autonomous Cars

Ride-hailing provider Lyft Inc., emboldened by public stumbles by larger rival Uber Technologies Inc., is taking the leap into developing its own fully autonomous vehicles. Lyft is opening a self-driving vehicle development facility in Palo Alto, California, called “Level 5,” …

Chipotle Keeps Getting Served Lawsuits by Customers, Investors

Chipotle Mexican Grill Inc. is facing another class-action lawsuit by a disgruntled shareholder over its alleged inability to keep its restaurants clean, a further hurdle for a company still trying to regain consumer and investor confidence after a food scare …

Deutsche Bank ($77M), JPMorgan ($71M) to Settle Libor Claims in U.S.

Deutsche Bank AG and JPMorgan Chase & Co. have agreed to pay a combined $148 million to end private U.S. antitrust litigation claiming they conspired with other banks to manipulate the yen Libor and Euroyen Tibor benchmark interest rates. The …

Super Regional Carriers Urged to Educate ‘Suspicious’ Regulators on Big Data Use

“We’re curious and we don’t know. When regulators don’t know what’s going on, they get suspicious.” That was Wisconsin Insurance Commissioner Ted Nickel acknowledging that like the industry they regulate, state insurance commissioners face challenges keeping up with new technology …

Exclusive: California Broker Plans Parametric Quake Product That Pays Even If No Damage

A California broker is promising to bring a “first-of-its-kind financial resource” that pays homeowners after an earthquake for a low monthly premium whether there’s damage to the home or not. A Berkeley, Calif.-based firm called Jumpstart Insurance Solutions Inc. recently …

Chubb Launches Multi-line Practice for Large Transportation Clients

Chubb has launched a multi-line industry practice within its Major Accounts division that will provide insurance products, service and risk management options for best-in-class large risk transportation clients in the United States and Canada. Chubb’s Transportation Industry practice provides a …

GOP Senate Health Bill Would Substantially Raise Deductibles, Number of Uninsureds: CBO

The Senate Republican health bill promises lower premiums for consumers. To get there, it would require patients in standard plans to spend as much as about $13,000 upfront on their own care. The deductibles would be so high, in fact, …

O.J. Simpson Faces $58 Million Wrongful Death Damages After Release from Jail

O.J. Simpson will walk out of prison in October after nine years behind bars, but he is far from free of his financial woes. The 70-year-old football star, who won his release from a Nevada parole board on Thursday after …

‘Specialize and Diversify,’ Industry Veteran Markel Tells Super Regional Insurers

Insurance is a very simple business. “You take in some money, you spend some money and you lose some money, and God willing, you have some left at the end of the day,” according to Anthony (Tony) Markel, vice chairman …

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