Author: completebodyneeds

AM Best has downgraded the Financial Strength Rating to B (Fair) from A- (Excellent) and the Long-Term Issuer Credit Rating to “bb+” (Fair) from “a-” (Excellent) of Prime Insurance Company based in Chicago, Illinois. Concurrently, AM Best has maintained the under review with negative implications status for these Credit Ratings (ratings). The ratings of Prime reflect its balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, neutral business profile and marginal enterprise risk management (ERM). These rating actions reflect AM Best’s continuing concerns related to the adequacy of the company’s loss reserves and…

American Airlines will pay $200,000 to settle a disability discrimination lawsuit brought by the U.S. Equal Employment Opportunity Commission (EEOC), the federal agency announced. According to the EEOC’S lawsuit, American Airlines failed to provide a reasonable accommodation to an employee at its Fort Worth location after she developed cortical blindness. The lawsuit alleged that the employee requested to use screen reader software to convert text and other information on computers into synthesized speech as a reasonable accommodation, which would allow her to use the company’s computer systems to perform her job duties. Alternatively, the employee requested to be transferred to…

Auto insurer Dairyland announced that it will return $30 million in savings to eligible Florida private passenger automobile policyholders through a one-time dividend. The insurer is crediting legal system changes signed into law in 2023 and “improved market stability” for the savings. Dairyland said it has been able to reduce its overall loss costs. In addition to the one-time dividend, Dairyland recently lowered its Florida auto insurance rates by an average of 14%. “Recent reforms have helped create a fairer market environment for everyone, and we’re committed to sharing the benefits of those improvements with Florida drivers while helping them…

KKR & Co. is set to reap a $3.3 billion windfall from its deal to sell USI Insurance Services to Aon Plc for $17 billion, a significant exit for a unit that’s invested its balance sheet in long-term private equity bets. The transaction will generate about $2 billion of adjusted net income for the private equity giant, according to a statement. KKR holds USI, the 10th-largest US insurance brokerage, in its Strategic Holdings unit, a “mini Berkshire” created in 2023 for long-term dividend-paying assets. USI is the latest exit for New York-based KKR, which last month reported a record quarterly…

Poland’s security services are investigating whether a fire at a facility belonging to the country’s largest drone producer WB Electronics SA was an act of sabotage. The fire at the facility, which produces drone components, broke out shortly after midnight, special services coordinator Jacek Dobrzynski told reporters on Monday. It was quickly extinguished and the company is able to resume production, WB’s spokesman Remigiusz Wilk told Republika TV. WB Electronics, which supplies drones to Ukraine, is one of Poland’s key arms manufacturers as the country spends a record 5% of its gross domestic product on shoring up its defenses amid…

The US government is expanding a program for testing out drones in real-world scenarios, focusing on more advanced use cases involving larger unmanned systems, higher altitudes and longer distances. The Transportation Department and Federal Aviation Administration said Aug. 27 that they will double the size of the BEYOND program by adding up to eight new participants, to be selected at a future date. The program first launched in October 2020 and is centered heavily around complex flights beyond an operator’s direct line of sight. The expansion is part of a second phase of BEYOND, during which the FAA will focus…

Northern California and southern Oregon are under red flag fire warnings, as the threat posed by tinderbox conditions is compounded by strong winds. National Weather Service warnings are in place from noon to 8 p.m. local time, while the U.S. Storm Prediction Center said there will be an elevated – level 1 of 3 – risk of fires Monday and Tuesday. Winds in the region are forecast to be as strong as 25 miles (40 kilometers) per hour, with gusts of up to 35 miles per hour. In addition to the winds, “very dry fuels will continue to support an…

Brightline has reached a deal with municipal-bond insurer Assured Guaranty Ltd. that would provide the debt-laden Florida railroad with at least $350 million in new loans if it heads into Chapter 11 bankruptcy, according to people familiar with the matter. The move underscores a growing sense of urgency from Fortress Investment Group-backed Brightline to address its $5.5 billion of obligations. Its deeply distressed bonds have languished for months as municipal-debt firms and hedge funds that hold the railway’s corporate debt have jockeyed for the best position in a major restructuring that has long been seen as inevitable. The deal with…

Donald Trump lost another bid to move a challenge to his New York criminal fraud conviction to a federal court as a judge said that payments to an adult film star don’t constitute an official act that would be covered by presidential immunity. US District Judge Alvin Hellerstein’s ruled against Trump on the issue for a third time Friday, calling his arguments “specious,” meaning the appeal of the so-called hush money case will continue to proceed in state courts. A New York jury found Trump guilty of 34 felony charges in 2024 for falsifying business records to hide a $130,000…

The US Federal Trade Commission has been investigating whether Alphabet Inc.’s YouTube violated consumer protection laws when it suspended the accounts of users, according to people familiar with the probe. The antitrust and consumer protection agency has been probing YouTube since last year and is in the final stages of preparing a potential lawsuit, said the people, who asked not to be identified discussing a confidential probe. The inquiry is looking at whether YouTube violated its own user policies when it banned or demoted content, said the people. The investigation is scrutinizing whether users may have been deceived by the…