Author: completebodyneeds

Property/casualty insurance underwriters are worried about AI tools taking over their jobs. Now, according to a recent survey, nearly three-quarters say they’re opting for companies with clear AI strategies as employers. The result shows up in the report “The Future of Underwriting: AI Adoption, Workforce Trends, and Industry Optimism,” an independent study of 543 underwriting executives and underwriters across the U.S. and Europe published in early July by Sixfold, an AI underwriting platform provider for P/C and life/health carriers, managing general agents and reinsurers. Specifically, according to the report based on the responses of underwriters and executives who are mainly…

Boca Raton-based Edison Insurance Co., now with more than 145,000 policies in force, has joined the list of Florida property insurers filing for rate decreases this year, three years after state lawmakers approved significant disincentives for claims litigation. Edison recently made a use-and-file request for an average decrease of 9.8%. The Florida Office of Insurance Regulation has yet to approve the filing, but it went into effect for renewals starting July 15, the company said in a statement. “These rate decreases reflect positive changes in Florida’s insurance marketplace and the continued benefits of legislative reforms,” Edison CEO Paul Adkins said…

A labor union and two female prison employees filed a lawsuit late last month accusing a U.S. civil rights agency of unlawfully halting their sexual harassment case as part of wider order to indefinitely suspend proceedings in all federal-sector class claims. The lawsuit claims that the Equal Employment Opportunity Commission has ordered an indefinite suspension of federal-sector class complaints pending before the agency’s administrative judges, who handle discrimination complaints from federal workers in a process that is different than for private sector workers. The two women, who are correctional officers at a Louisiana federal prison, have a pending certified class…

A 37-year-old Washington State man has been arrested and charged with arson in connection with one of the wildfires that is devastating Spokane, the County Sheriff’s Office said in a statement. Aaron Farinacci, of Spokane, was taken into custody at his house Monday after one warrant was issued for his arrest and a second one was posted to search his premises, the Spokane Sheriff’s Office said. Farinacci was arrested without incident. Related: Wildfires Destroy Hundreds of Structures in Washington State Farinacci was charged with first-degree arson in connection with the Old Trails Fire, which has destroyed hundred of homes, officials…

Talcott Financial Group and Goldman Sachs have launched a Bermuda-domiciled reinsurance sidecar West Grove Re, the life insurance provider said on Tuesday, which has so far raised $1 billion. The capital raise includes a credit facility and equity commitments from Talcott, Goldman Sachs Asset & Wealth Management and its clients. Goldman Sachs Asset & Wealth Management will oversee West Grove Re’s private asset strategies, while other third-party firms are expected to manage the remainder of the portfolio. Under a quota share agreement, the sidecar will assume a portion of specific U.S. annuities originated by Talcott. Talcott will provide the sidecar…

A $506 million bet on thousands of New York rent-stabilized apartments has already soured for bond investors. Mayor Zohran Mamdani’s rent freeze threatens to make it worse. The commercial-property bond, backed by the mortgage on 53 buildings across Queens, Brooklyn, Manhattan and the Bronx, has piled up more than $5.5 million in past-due interest after payments to its riskiest tranches fell short. Analysts at KBRA Credit Profile value the properties at about $460 million, compared with an appraisal of about $717 million when the bonds were sold five years ago, implying losses of more than $80 million for bondholders. Last…

Observable traffic transiting the Strait of Hormuz remained at a trickle as attacks on vessels and Iranian threats heightened safety concerns for shipowners and crews considering a trip through the waterway. Shipping activity was subdued on Tuesday after six smaller vessels crossed in both directions on Monday with their transponders on near Iran, including bulk carriers and liquefied petroleum gas tankers, according to data from Kpler. One empty crude tanker, a US-sanctioned Aframax called Tiyara, transited dark into the Persian Gulf after idling off Oman’s coast since early July. Maritime safety in the region has deteriorated after a series of…

China signaled it plans to take a more important role in steering the global campaign to tackle climate change, as officials offered further details on strategy to mitigate and adapt to rising temperatures. The nation “will constructively lead the multilateral governance process to address climate change,” said a 15th five-year plan published by the Ministry of Ecology and Environment, the National Development and Reform Commission, and other key agencies. “China’s influence, guiding capacity, shaping power and moral appeal in global climate governance will be significantly enhanced” through 2030, according to the document issued Monday, the latest in a torrent of…

The Rhine River’s water levels dropped to the lowest in nearly 150 years as hot, dry weather grips Europe, threatening to disrupt a crucial route for transporting coal, fuel and industrial commodities across a large swath of the continent. The water level at Kaub, a key choke point for vessels heading to southern Germany and Switzerland, fell to 24 centimeters Monday. That’s the lowest since records began in 1880, according to German federal data compiled by ETH Zurich. With the fourth heat wave to grip Western Europe this summer stretching through the start of this week, the situation risks creating…

Britain would consider regulating advanced AI models if its current voluntary system for testing them before deployment no longer proved sufficient to protect the public, AI Minister Kanishka Narayan told Reuters. Britain has favored a light-touch approach to AI regulation, aligning more closely with the United States than the European Union, whose AI Act came into force on Sunday. The government sees AI as a driver of economic growth and has sought to position Britain as one of the world’s leading destinations for AI investment. Britain is the European leader in AI funding and start-ups. But recent disclosures by AI…