AM Best Says Specialty Insurer Exposures to PG&E Bankruptcy Within Risk Appetites

Article 0 Comments Specialty companies specifically operating in the utility sector are likely to face substantial claims and losses stemming from the bankruptcy filing by PG&E Corp., the California utility whose equipment is being investigated as having a potential role in the recent deadly wildfires, according to a new AM […]

PG&E in California Vows to Keep The Lights on Despite Bankruptcy

Article 0 Comments Utility owner PG&E Corp. filed for bankruptcy protection on Tuesday in anticipation of liabilities from California wildfires, including a catastrophic 2018 blaze that killed 86 people. PG&E, which provides electricity and natural gas to 16 million customers in northern and central California and employs 24,000 people, vowed […]

PG&E in California Files for Bankruptcy in Wake of Wildfire Liabilities

Article 0 Comments Power provider PG&E Corp. filed for voluntary Chapter 11 bankruptcy protection on Tuesday, succumbing to liabilities stemming from wildfires in Northern California in 2017 and 2018. The owner of the biggest U.S. power utility has filed a motion seeking court approval for a $5.5 billion debtor-in-possession financing, […]

PG&E Restructuring Highlights California’s Inverse Condemnation Rule

Article 0 Comments PG&E Corp.’s chances of emerging from bankruptcy proceedings hinge in part on an arcane California legal rule that threatens to keep the utility owner perpetually on the hook for liabilities from catastrophic wildfires even beyond the more than $30 billion the company expects to face from recent […]

$5M in Claims Filed Against Montana Coal Company Include Family of Worker

Article 0 Comments The family of a fallen miner is among those in Montana trying to collect more than $5 million from a coal company that’s working through bankruptcy proceedings. Also trying to collect are county governments, and dentists. The Billings Gazette reported Westmoreland Coal Co., which owns three mines […]

New Jersey Doctor Sentenced for Cheating Medicare, Insurers Out of $3M

Article 1 Comments A New Jersey doctor who defrauded Medicare and private insurers out of $3 million has been sentenced to three years in prison. Anthony Enrico, a podiatrist with offices in Paterson, Passaic, and Elizabeth, had pleaded guilty last October to health care fraud. He was sentenced Monday. Federal […]