Canopius has entered a definitive agreement to purchase AmTrust Financial Services' Lloyd's of London business. Canopius said the transaction will give it $2.2 billion in premium, placing it among the top five insurers within Lloyd's while making AmTrust "a significant minority shareholder in Canopius."
Arizona Gov. Doug Ducey has signed a measure allowing law enforcement officers to write warnings for handheld cellphone use while driving, with the authority to write tickets for such violations coming in 2021. Another bill that has reached Ducey's desk would let officers conduct traffic stops for any behaviors unrelated to driving found to be causing an immediate hazard.
The Sackler family, which owns OxyContin maker Purdue Pharma, hopes for a "global resolution" of more than 2,000 lawsuits brought against them by state and local officials, said lawyer Mary Jo White, who represents four members of the family. Joe Rice, co-lead counsel in consolidated litigation against the company, said key issues now appear to be "what are they willing to settle, how, when, and for what consideration."
Utility rates need to be higher to help mitigate wildfire risk, Pacific Gas and Electric and other utilities have told the California Public Utilities Commission. PG&E is also looking to increase its return on equity to bring in more investor capital for improving wildfire safety and making its systems more reliable.
A measure that has gained a California Senate committee's approval would mandate that developers improve protections for homes in areas of high wildfire risk. The bill would also mandate that local governments ensure existing homes are more resistant to wildfire.
The Federal Emergency Management Agency has agreed to provide $19.2 million in individual assistance for those affected by flooding that hit Nebraska in March, while the National Flood Insurance Program has approved $14.1 million related to the flooding. In addition, the Small Business Administration is providing $15.2 million in low-interest loans for homeowners, renters, businesses and nonprofits.
Homes on Texas' coast have missed out on a total of $76.4 million in potential property value due to flooding risks amid higher sea levels, according to a study by researchers at First Street Foundation and Columbia University. The overall analysis examined 18 coastal states from Texas through Maine and found that tidal-flooding risk led to $15.9 billion in potential property value lost.
Legislation filed in Ohio would require minors in the state to have a learner's permit for a year, instead of the current six-month time frame, before they can receive a probationary license. That would mean drivers must be at least 16½ years old before they can obtain a license.
Richard Thaler, a Nobel Prize-winning economics professor, has proposed allowing retirees to give up to $250,000 of their 401(k) funds to the Social Security Administration to increase their monthly benefits. The proposal has drawn criticism from numerous industry groups.
Charitable giving and volunteering contribute to improved self-esteem and lower stress levels among retirees, writes philanthropic strategist Bruce DeBoskey. Retirees should ask themselves a series of questions when considering philanthropy, adds DeBoskey, who advises caution in relation to solicitation requests.
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