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Texas Assisted Living Facility Sued for Firing Worker With Sleep Disorder

Article 0 Comments VibraLife of Katy, LLC, a rehabilitation and assisted living facility in Katy, Texas, violated federal law when it denied an employee an accommodation for her sleep disorder and then fired her, the U.S. Equal Employment Opportunity Commission (EEOC) charged in a lawsuit. According to the lawsuit, VibraLife hired an employee with a sleep disorder for a night-shift position. The job posting required the selected candidate to work 36 hours per week via three 12-hour shifts. Upon beginning her employment, the employee was notified that she would be required to work a fourth 12-hour shift every other week. The employee promptly requested an accommodation that her schedule be limited to the express terms of the job posting. Shortly after receiving the employee’s request for a reasonable accommodation, the employee was demoted and subsequently terminated. Such alleged conduct violated the Americans with Disabilities Act (ADA), which prohibits disability discrimination and retaliation against an employee with a disability. The EEOC filed suit (EEOC v. VibraLife of Katy, LLC, Civil Action No. 4:24-CV-02861) in U.S. District Court for the Southern District of Texas, Houston Division, after first attempting to reach a pre-litigation settlement via its conciliation process. The EEOC is seeking...

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Exxon Delays Golden Pass LNG to Late 2025 on Contractor Dispute

Article 0 Comments Exxon Mobil Corp. and QatarEnergy delayed the start of a $10 billion natural gas export project in Texas to the end of next year after lead contractor Zachry Holdings Inc. declared bankruptcy. The companies agreed other contractors could finish work on Golden Pass last month, paving the way for a restart after several setbacks this year. The new schedule means the 18 million-metric-ton-a-year facility, one of the country’s biggest, will begin operations about six months later than the previous plan, Exxon Chief Financial Officer Kathy Mikells said during an interview. Read More: LNG Builder Zachry Cuts Thousands of Jobs at Exxon’s Golden Pass Last month a Houston judge cleared a deadlock between the Exxon-QatarEnergy joint venture and Zachry after work at the site came to an impasse as thousands of workers were laid off. Zachry cited cost overruns stemming from the pandemic, along with soil conditions and supply-chain snags. It filed for Chapter 11 bankruptcy in May. “We’re pleased the Golden Pass JV has reached a settlement with Zachary which enables us to continue working toward completion,” Mikells said. The facility will come online in stages and is expected to supply customers in Europe and Asia. Other...

Escalating Data Breach Disruption Pushes Cybersecurity Costs in Canada: IBM 0

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Escalating Data Breach Disruption Pushes Cybersecurity Costs in Canada: IBM

AI Plays Crucial Role in Reducing Impact of Cyber Breaches for Canadian Organizations Canadian organizations pay an average cost of CA$6.32 million per data breach. Financial sector pays $9.28 million on average per breach, the technology sector is paying $7.84 million on average, and the industrial sector pays $7.81 million on average. Organizations with extensive use of security AI and automation report costs of CA$2.84 million less and 54-day shorter breach lifecycles. Markham, ON (July 30, 2024) – IBM is pleased to announce the release of its annual Cost of a Data Breach Report, revealing that Canadian organizations are paying an average cost of CA$6.32 million per data breach in 2024, as breaches grow more disruptive and further expand demands on cyber teams. Financial services and technology companies experienced the costliest breaches, with average costs of CA$9.28 million and CA$7.84 million, respectively. Phishing attacks were the most common type of initial attack vector, representing 14% of incidents and costing an average of CA$6.38 million per breach. The report highlights the importance of Artificial Intelligence (AI) in cybersecurity. The findings show that 61% of Canadian companies are now deploying security AI and automation to prevent and combat breaches, which has led...

KRGinsure Acquires Jones-Dooley Insurance Brokers 0

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KRGinsure Acquires Jones-Dooley Insurance Brokers

RRJ Insurance Group Limited o/a KRGinsure acquires Jones-Dooley Insurance Brokers Ltd. Toronto, ON (Aug. 1, 2024) — KRGinsure is delighted to announce the addition of Jones-Dooley Insurance Brokers Ltd. to the KRGinsure family, effective July 1, 2024. In business since 1985, Jones-Dooley has been a recognized name in Ajax and surrounding communities. Through the years, Marsha’s life’s focus has been on her family and her brokerage. Due to many changes in the insurance industry, the ever-growing need for more complex software applications, technical needs, cyber protection and evolving government regulation, Marsha began exploring the option of combining Jones-Dooley Insurance with a larger insurance broker to provide more stability, access to more markets and professional support for their clients. With that in mind, Marsha chose to merge their brokerage with RRJ Insurance Group Limited operating as KRGinsure. The ownership and management of KRGinsure are very reflective of her beginnings, with shared values of customer service. Marsha wants clients to have the same sense of personal service with real people answering the phone, not a call centre environment. Together, we look forward to delivering the best insurance solutions to our customers and dedication to our communities. Marsha Jones-Dooley, CIP, CAIB, RIB(Ont), EPC,...

Rival Launches R-Quote, the Future of Quoting for Insurance Brokers 0

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Rival Launches R-Quote, the Future of Quoting for Insurance Brokers

Toronto, ON (Aug. 1, 2024) — Rival Insurance Technology, a leader in insurance management systems and connectivity solutions, is excited to announce the launch of R-Quote, the next evolution in insurance rating and quoting technology. R-Quote empowers insurance brokers with streamlined quoting in a modern, responsive web application and is powered by Rival’s expansive Rating Service. R-Quote offers a host of key features, including: Modern, Responsive Interface: With a sleek and intuitive design, R-Quote provides a user-friendly experience, ensuring insurance brokers can deliver quotes quickly and accurately. Streamlined Workflows: Built with efficiency in mind, R-Quote’s streamlined workflows significantly reduce quoting time, allowing brokers to focus on providing exceptional customer service. Seamless Integration: R-Quote is powered by Rival’s existing Rating Service, ensuring smooth operations for insurance carriers. It integrates seamlessly with Rival’s BMS solutions, TBW and TBW Flex, and the newly launched Rival Platform & Marketplace (RPM), creating a comprehensive ecosystem for insurance technology. “We are thrilled to introduce R-Quote to the market,” said Greg Purdy, CEO of Rival Insurance Technology. “R-Quote represents a major step forward in insurance quoting, offering brokers a faster and more efficient experience. With its streamlined interface built on the Rival Platform, it lays the groundwork...

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Vanguard Fund Plans Change in Portfolio Management

Sykes has worked closely with Hynes since joining Wellington’s health care team in 2007. During Hynes’ tenure as a portfolio manager, the Health Care Fund has outperformed its benchmark by more than 1.6% per year, and fund assets have doubled to $48 billion from $23 billion, according to Vanguard. She will continue to serve as a resource to Sykes and the broader Wellington health care team, the fund giant said. “I am confident that the fund’s shareholders are in good hands with Rebecca Sykes at the helm,” Hynes said in a statement. Skyes “is an experienced and extremely skilled investor and a great example of the depth of Wellington Management’s investment talent. I’m excited to see her take over as the fund’s lead portfolio manager,” Hynes added. (Shown in photo: Jean Hynes and Rebecca Sykes)

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Oil and Gas Power Lines Suspected of Causing Texas Panhandle Wildfires

Article 0 Comments When a spate of wildfires tore across the Texas Panhandle in February and scorched 20,000 acres of Craig Cowden’s ranch near Skellytown, he decided he had had enough. Cowden took on a second unofficial job: looking for possible fire hazards on his family land, including checking on the electric lines that power oil and gas equipment. Unlike the utility companies that run power lines across a region under state oversight, oil and gas companies typically string their own power lines from utility poles to their work sites. Texas relies on the operators to maintain those lines. Not all of them do. And the state agencies that regulate the energy industry and the power industry said they’re powerless to regulate power lines in the oil patch. Cowden, 38, spots problems such as a pump jack with faulty wiring or a power line lying on dead grass. He’s filed complaints with the Railroad Commission of Texas, which oversees oil and gas operations. The agency inspected some of the issues he reported, Cowden said. That made him lucky — a lawyer said others have had to file lawsuits against oil lease owners to get dangerous electric equipment fixed. “I have...

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8 Ways the Advice and Investing Worlds Are Changing Now

7. Private equity firms are seeking to reach RIAs’ clients. A number of big investment managers like KKR and Apollo are putting in major efforts to gain access to retail investors through RIAs, Oros said. These investments, once only available to institutions and accredited investors, have never been more accessible to retail investors, he said. Many of Hightower’s clients, Oros said, are ultra-high-net-worth investors who made their money through investing in a single asset. These investors have an appetite for thematic investing and are not necessarily looking to invest through a 40 Act mutual fund. Hightower recently launched a cybersecurity fund in conjunction with an outside manager that has drawn a lot of interest from some clients, he said. Why are private equity firms eyeing up RIAs’ clients? These firms see a big opportunity for growth, Oros said, pointing out that some of these firms have dedicated as many as 100 people to building out this market. Koch mentioned that her firm will be bringing some of their alternative investing capabilities to the wealth management market through both existing structures and dedicated offerings. The hardest part of this process, she added, is figuring out the type of vehicle and structure...

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Report: 1Q 2024 California Workers’ Comp Written Premium 3% Lower Than Year Ago

Article 0 Comments Written premium for the first quarter of 2024 was 3% lower than the first quarter of 2023, while written premium in 2023 was slightly above 2022, according to the Workers’ Compensation Insurance Rating Bureau of California. The WCIRB released its Quarterly Experience Report, an update on California statewide insurer experience valued as of March 31, 2024. Highlights of the report include: The average charged rate for the first quarter of 2024 is 1% lower than the first quarter of 2023 and the lowest in decades. The projected combined ratio increased by 2 points in accident year 2023, driven by increases in average claim severities offsetting premium increases. The average charged rate for 2023 continues to decrease. It was 5% lower than 2022 and the lowest in decades. The estimated average charged rate for the first three months of 2024 was 1% lower than 2023. Over the long term, declining claim frequency and increasing wage levels have offset rising medical costs and increases in indemnity benefits, resulting in decreases in average charged rates. The WCIRB proposed a 0.9% advisory pure premium rate increase for September 1, 2024. California Insurance Commissioner Ricardo Lara issued a decreased pure premium rate,...

CrowdStrike Outage: Policyholder Guidance and Insurance Implications 0

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CrowdStrike Outage: Policyholder Guidance and Insurance Implications

By Joshua Motta, CEO and Co-Founder, Coalition Inc. — On Friday, July 19, 2024, at 04:09 UTC, cybersecurity vendor CrowdStrike released a single computer file buried in a defective software update, causing a global IT outage for customers running the update on any Microsoft Windows operating system version 7.11 and above. Numerous airports, banks, 911 services, hotels, trains, hospitals, restaurants, governments, and maybe even your own computer were taken offline and replaced by the so-called Blue Screen of Death. Microsoft has estimated that 8.5 million computer systems were impacted. Coalition was not impacted by the outage. We are processing claims as they are received, and our security support and incident response teams are readily available to assist impacted customers. Remediation guidance was also directly provided to affected Coalition policyholders immediately following its availability and can be found on CrowdStrike’s remediation hub, together with a preliminary post-incident review detailing CrowdStrike’s investigation into the outage. Understandably, this event has garnered international media attention and raised questions among Coalition policyholders and insurance partners about how cyber insurance — and Coalition, specifically — will respond. It also highlights the ongoing discussion about risk aggregation and how (or whether) the insurance industry can insure widespread...