Author: completebodyneeds

Bamboo Insurance Services Inc., a home insurance firm controlled by private equity firm CVC Capital Partners, has postponed its initial public offering, according to people familiar with the matter. The Midvale, Utah-based company cited market conditions for the move, the people said, asking not to be identified as the information isn’t public. The listing could be revived in the future, the people said. Representatives for CVC and Bamboo didn’t immediately respond to requests for comment. Bamboo was founded in 2018 and valued at $1.75 billion when CVC-advised funds purchased a controlling stake in the firm from White Mountains Insurance Group…

Southern California Edison customers face hundreds of millions of dollars in additional costs if the utility’s credit rating is downgraded to junk after California failed to pass wildfire legislation, according to the head of the utility’s parent company. Among the pieces of wildfire reform on Edison’s wish list is a permanent shareholder liability cap, Edison International Chief Executive Officer Pedro Pizarro said Tuesday in an interview with Bloomberg News in New York. Under current law, that cap is set at 20% of a utility’s equity rate base, or $4.3 billion in Edison’s case, if the company’s equipment sparks a blaze…

The Washington State Department of Labor & Industries is proposing a 4.9% increase in the average hourly rate employers and workers pay for workers’ compensation insurance in 2027. The proposed increase would raise the cost of coverage by an average of $1.44 a week per full-time employee. Employers in Washington pay roughly 75% of the premium, and workers pay about 25%. Related: Washington Labor & Industries Opens Inspections at State’s Other Kraft Paper Mills According to L&I, the proposed increase would help pay for the rising cost of providing wage replacement and medical care benefits when a worker is injured…

Legal filings against residential rental properties in New York City grew substantially between 2021 and 2023 and then remained constant at that elevated level, according to research from Milford Street Captive Insurance. The analysis conducted by LegalClaimsAI and the NYU Furman Center also found that government-subsidized, income-restricted housing and heavily rent-stabilized buildings have “consistently faced a disproportionately higher rate of claims per unit than market-rate and other housing types.” NYU’s Furman Center and LegalClaimsAI matched a data set of 56,289 individual claims filed against New York City properties between 2021 and 2025. After matching, researchers analyzed 21,992 claims filed against…

A North Carolina insurance agent was charged this week with exploiting an elderly person by stealing identify information and taking out a life insurance policy without the woman’s knowledge. Tony Lee Gunter, 29, of Spruce Pine, also earned $257 in commission from Foresters Insurance Co. on the fraudulent policy, the North Carolina Department of Insurance and the arrest warrant indicated. “The defendant, (a) licensed North Carolina insurance agent, used the checking account information of (the victim) to purchase life insurance policy” without the victim’s consent, reads the arrest information in Yancey County court. The offense took place in January 2025,…

Marsh Appoints Reath US Real Estate and Hospitality Practice Leader, Marsh Risk Alex Reath Marsh, headquartered in New York City, appointed of Alexander Reath as U.S. real estate and hospitality practice leader, Marsh Risk. Based in Boston, Massachusetts, Reath reports to Darren Cromwell, industry practice group leader, Marsh Risk, U.S. and Canada. Reath leads Marsh’s U.S. real estate practice across all asset classes. Reath brings more than 25 years of property insurance experience to the role, including more than a decade leading Marsh’s New England property practice. In his most recent role as U.S. property real estate leader, he developed…

As technological advancements become more ingrained in the development of entirely new industries and change the nature of existing industries, accessing needed coverage for complex risks through surplus lines carriers will become more of the path to success. The development of new technologies, growth in e-commerce, and the expanding global economy have made robust risk management strategies a necessity. This has boosted the demand for specialized insurance products to cover the exposures related to expanding technology-driven and evolving business operations. Coverages for many complex exposures, especially newer ones, are not readily available through standard market insurers, elevating the need for…

Using AI agents for online shopping could increase the risk of scams, fraud and data-privacy breaches, banks including NatWest and Bank of America said on Sept. 22, as they set out principles for developing the technology. Technology companies including OpenAI, Anthropic, Google and Meta are increasingly promoting AI chatbots as shopping tools, envisioning a future in which shoppers use AI agents to select products and make purchases on their behalf. Retailers, meanwhile, are racing to influence chatbots’ recommendations. British retailer John Lewis said in September that searches originating from AI agents had risen to 2.5% from 0.3% a year earlier,…

The US Justice Department has encouraged prosecutors to dismiss more lawsuits against companies brought by whistleblowers, and the former top deputy for the agency’s civil division expects the trend to continue. The approach would follow recent revisions to the Justice Department’s guidelines related to the False Claims Act. Under the FCA, a person can file what’s known as a qui tam lawsuit alleging someone defrauded the government. The department’s authority to dismiss whistleblower lawsuits “will be utilized more aggressively,” said Paul Perkins, formerly an associate deputy attorney general at the Justice Department’s civil division who helped oversee the recent revisions…

Alphabet Inc. agreed to fund capacity increases at two nuclear plants operated by a Southern Co. subsidiary that will add about 96 megawatts of new supplies amid a data center-driven jump in electricity demand. Alphabet’s Google will finance so-called uprates at the Vogtle and Hatch nuclear plants in Georgia via a new tariff, according to a statement Monday. An uprate is a way of expanding power output from a reactor by doing things such as replacing some mechanical gear. Southern’s Georgia Power subsidiary co-owns the Vogtle and Hatch facilities, and the parent’s Southern Nuclear business operates them. The arrangement is…