Sen. Thom Tillis, R-N.C., said he plans to reintroduce legislation that would place a 41% tax on profit from third-party litigation financing. The move comes after the Senate parliamentarian dropped the Tackling Predatory Litigation Funding Act -- which Tillis introduced in April -- from the One Big Beautiful Bill Act. Tillis says such a tax is necessary because litigation investors' tax treatment tends to be more favorable than that of plaintiffs who receive awards.

The casualty reinsurance market is facing challenges due to adverse development for prior-year losses, particularly from 2015 to 2019, as reinsurers continue to show caution heading into the Jan. 1 renewals. The market is expected to have sufficient capacity for renewals, but its outlook remains uncertain, executives say.

Insurers are exploring AI in areas such as claims, underwriting and customer experience, but the success of AI initiatives depends on having the proper environment, writes Subramanian Sankaran of Innoveo. Carriers should take steps to standardize and streamline their core operations and ensure integration with legacy systems before carrying out AI initiatives, Sankaran writes.

The market for construction general liability insurance has experienced years of volatility but has gained a much steadier footing recently, although challenges remain due to increasing legal awards and fragmented capacity, according to experts. Rate increases have slowed, with primary general liability rates unchanged or rising by as much as 5%, while excess liability rates are rising by 2% to 8%, said John Johnson of Marsh.

Hurricane Melissa was approaching Jamaica as a Category 5 storm with top sustained winds of 185 mph this morning, more powerful than 2005's Hurricane Katrina. The storm is likely to result in catastrophic flash flooding and pose a landslide risk in Jamaica, Cuba and Hispaniola. Evacuations had been underway in Jamaica and were beginning in Cuba as the storm moves forward.

Jamaica's $150 million catastrophe bond appears likely to be triggered by Hurricane Melissa's expected impact on the Caribbean island country. Icosa Investments CEO Florian Steiger said current models indicate a high probability of at least a partial payout. The bond was arranged by the World Bank.

Some areas of central Florida's Lake County received more than 19 inches of rain within only a few hours on Sunday, resulting in the issuance of a flash flood emergency by the National Weather Service. The county also declared a state of emergency due to the flooding, which affected vehicles and washed out some roads.

AI-powered cyberattacks are rapidly evolving, making large language models particularly vulnerable to threats such as data manipulation, executives said during a webcast. Hackers are using AI for faster reconnaissance and larger data breaches, and companies need to protect themselves by regularly updating their cyberdefenses and reviewing their cyberinsurance policy language, the executives said.

Current Federal Reserve board members Christopher Waller and Michelle Bowman, former Fed Governor Kevin Warsh, White House National Economic Council Director Kevin Hassett and BlackRock executive Rick Rieder have been confirmed as the five finalists to succeed Jerome Powell as chair of the Federal Reserve, Treasury Secretary Scott Bessent said. Bessent said he hopes to present President Donald Trump a "good slate" of candidates after Thanksgiving, while Trump said he expects to make a nominee decision by the end of the year.