insurers News

Boy Scouts Lawyers Eye New Bankruptcy Reorganization Plan

DOVER, Del. (AP) — Attorneys for the Boy Scouts of America told a Delaware bankruptcy judge Monday that they plan to file a new reorganization plan after gaining little support for a previous proposal that has been roundly criticized by …

Insurers May Be on Hook for Millions Tied to Suez Canal Crisis

There were potentially thousands of insurance policies taken out on the steel boxes stacked high on the massive boat blocking the Suez Canal and upending world trade. They could result in millions of dollars in payouts — but first, a …

Boy Scouts Aim to Settle 95,000 Abuse Claims Before Cash Crunch

More than 95,000 victims have filed sexual-abuse claims against the Boy Scouts of America, and the organization risks running out of cash if it can’t settle the claims and exit bankruptcy by summer 2021, the group said in court Wednesday. …

Pandemic Pushes Insurers to Avoid Already Strained Senior Care Market

The coronavirus pandemic has made it even harder for senior-care centers in the United States to find or afford standard liability insurance, with rates soaring by as much as 300%, insurance brokers said. Residential care communities like nursing homes and …

Hurricanes May Cause More Pain For Pandemic-hit Insurers

The official start of the Atlantic hurricane season on Monday could signal more steep losses for insurers and reinsurers, already battered by the impact of the coronavirus pandemic on their underwriting and investment positions. However, recent years of hefty damage …

Ransomware Attack on Hospital Shows New Risk for Muni-Bond Issuers

Hackers have finally done what bond issuers may have feared most from cyber criminals. A ransomware attack on Pleasant Valley Hospital in West Virginia was partly responsible for the hospital’s breach of its covenant agreement, according to a notice to …

CEO Walks Back Pledge to Fix Homes Damaged in Houston Blast

HOUSTON — The head of a company involved in a massive explosion in Houston that killed two workers and injured 20 others on Tuesday backtracked on a pledge he had made earlier in the day to fix the hundreds of …

Bankrupt Philadelphia Refinery Expects Second Insurance Payment

Insurers of Philadelphia Energy Solutions (PES) have indicated they will make a second payment of $15 million from its property policy in connection to the June fire and subsequent shutdown of the plant, court documents showed. The payout will be …

PG&E Is Offering $13.5 Billion in Compensation to Wildfire Victims

Bankrupt utility giant PG&E Corp. is trying to offer $13.5 billion in compensation to the victims of wildfires sparked by its power lines as part of a restructuring plan, according to people with knowledge of the situation. The company’s shares …

PG&E Attacks Rival Plan for Paying Fire Victims Before Insurers

PG&E Corp. and a group of insurers urged a judge to reject a competing reorganization plan for the bankrupt utility because the proposal would pay fire victims who lost their homes ahead of insurance companies and “unjustly enrich” bondholders including …