Industry Updates

After a two-and-a-half-year lull in SPAC activity, the second half of 2024 brought glimmers of sunshine to the otherwise gloomy world of SPACs. New SPAC IPO activity picked up pace in the summer of 2024 and continued to grow, finishing the year at a respectable 57 IPOs, with $9.6 billion raised. Seventy-three business combinations valued at almost $38 billion closed in 2024, with 61 additional announced and pending....By: Woodruff Sawyer

At the close of 2024, US Congress passed a short-term extension of Medicare telehealth flexibilities as part of the American Relief Act, 2025 (ARA). The Medicare telehealth waivers, originally enacted as part of the COVID-19 public health emergency (PHE) and subsequently extended through legislation, were set to end on December 31, 2024. These flexibilities, along with the Acute Hospital Care at Home waiver program, are now set to expire March 31, 2025. The ARA failed to extend other waivers,...By: McDermott+

The following summarizes some of the available tax relief procedures for taxpayers affected by the Palisades, Eaton, Hurst, and other Los Angeles County wildfires. Answers to commonly asked disaster-related tax questions are also below....By: Lewitt Hackman

The devastating wildfires in Los Angeles and surrounding areas serve as a stark reminder of how unpredictable life can be. Beyond the immediate physical and emotional tolls, these disasters can have long-term implications for personal and financial matters, including your estate plan....By: Lewitt Hackman

In order to resolve hundreds of Child Victims Act lawsuits alleging sexual abuse, the Diocese of Rockville Centre commenced chapter 11 to seek protection for itself, its parishes, and schools, as well as providing equitable compensation for the hundreds of claimants, while maximizing their substantial insurance assets. In 2024, the Supreme Court decisions in Purdue and Truck materially complicated such resolutions, presenting substantial hurdles to the dual objectives of getting parishes...By: Jones Day

In a unanimous 9-0 decision delivered on February 21, 2024, the US Supreme Court in Great Lakes Insurance SE v. Raiders Retreat Realty Co., LLC (“Great Lakes”) reinforced the enforceability of choice-of-law clauses in marine insurance contracts. This decision clarifies that under federal maritime law, such provisions are presumptively valid unless they conflict with a federal statute or maritime policy or if the parties cannot provide a reasonable basis for their choice of jurisdiction. The...By: Kennedys

On the brink of the new year, the Massachusetts Attorney General’s Office (MA AGO) secured a landmark $165 million judgment, including civil penalties and restitution, against three UnitedHealth insurance companies: HealthMarkets, Inc. and its subsidiaries; The Chesapeake Life Insurance Company; and HealthMarkets Insurance Agency Inc. (formerly known as Insphere Insurance Solutions, Inc.) (collectively Defendants). The Suffolk Superior Court found Defendants liable for violating a prior consent...By: Kelley Drye & Warren LLP

The Los Angeles wildfires, which began on January 7, 2025, have caused widespread devastation, destroying homes, businesses, and communities, while displacing thousands of residents. Insured loss estimates currently exceed $30 billion....By: Jones Day

California’s beauty is undeniable, but its vulnerability to wildfires is a harsh reality. If you’re a homeowner in the Golden State, the aftermath of a wildfire can be devastating, both personally and financially. Navigating insurance claims amidst the chaos adds another layer of complexity. This guide is designed to help you understand the process and advocate for yourself during this difficult time....By: JUSTICENTER

An owner, general contractor (GC) and subcontractor (Sub) were sued by injured workers at a construction site, and they were defended by the Sub’s insurer, U.S. Specialty Insurance Company. U.S. Specialty tendered their defenses to the insurer of a sub-subcontractor (Sub-Sub), State National Insurance Company. State National’s policy contained a blanket additional insured endorsement providing additional insured coverage to the owner, GC and Sub if required by a written contract....By: Rivkin Radler LLP

As government scrutiny and enforcement targeting the Medicare Advantage (Medicare Part C) program continued in 2024, the industry’s response to agency actions escalated. Last year also resulted in the first sizable Part D False Claims Act settlement......By: Mintz - Health Care Viewpoints

The devastating wildfires that have rapidly spread across Los Angeles this month underscore the need for businesses and homeowners to be prepared to make insurance claims when natural disasters strike. This LawFlash details five recommended steps to help preserve and maximize insurance recoveries in the wake of this ongoing tragedy and others like it....By: Morgan Lewis

In December 2024, the Louisiana Second Circuit Court of Appeals rendered a significant opinion in Troung v. Sanders, et al., addressing the contentious issue of “betterment deductions” in third- party property damage claims....By: Cozen O'Connor

Yesterday, the Court of Appeals of Virginia issued a significant opinion in Thibault Enterprises, LLC v. David A. Yost, et al., Yost Living Trust, a case involving a dispute over a 50-foot granted easement for ingress and egress....By: Kaufman & Canoles

Apex Roofing & Restoration LLC a/a/o Monica Williams v. United Auto. Ins. Co., Fla. 1st DCA, No. 1D2022-3990, October 2, 2024 - Prior to suit, USAA’s insured assigned her rights to Apex via an Assignment of Benefits (AOB) signed by both the insured and Apex. A day after signing the AOB, Apex prepared an itemized cost estimate....By: Marshall Dennehey

When the damage is finally assessed, the January 2025 wildfires in Southern California will likely be the costliest blaze in U.S. history, and no doubt real estate will comprise a major component of those assessments. CoreLogic, a real estate data and analytics firm, estimated the total damage to insured properties in the main wildfire zones—the Eaton and Palisades fires—to be $30 billion with the number of impacted properties totaling nearly 17,000....By: Husch Blackwell LLP

Join Kennedys Partners Erik Kowalewsky, Chad Pasternack and Shain Wasser for an insightful webinar on California’s fair claims settlement practices regulations, satisfying this year’s mandatory training requirement. Moderated by Kennedys Partner Kristin Gallagher, this session also serves as a valuable refresher for professionals managing wildfire-related claims. Participants will receive a certificate of attendance upon completion....By: Kennedys

Across the United States, courts disagree about where an insurance company may be subject to personal jurisdiction. For instance, is a territory-of-coverage provision relevant to personal jurisdiction? What about registering to do business? This post analyzes these issues and offers a practical guide to avoiding litigation in far-flung locales....By: Maynard Nexsen

In a ruling that bucked the national trend, the North Carolina Supreme Court recently held that restaurants’ business interruption losses caused by the COVID shutdown were covered under an all-risk property policy. North State Deli, LLC v. Cincinnati Ins. Co., No. 225PA21-2 (N.C. Dec. 13, 2024). This ruling is a huge win for policyholders that are continuing to pursue claims for COVID losses under policies with no virus exclusion. And it offers opportunities to argue for coverage in other...By: Kilpatrick

Medicare Advantage (MA), the private insurance option under Medicare, is one of many policy areas that will garner great attention in 2025 and beyond under the incoming Trump Administration. We recently released our 2025 policy outlook exploring major health policy issues that might arise this year....By: McDermott+

Lynda A. Bennett, Heather Weaver, and Josh Weisberg of SterlingRisk  continue their year-end conversation about what changed in the insurance recovery space in 2024 and what to expect in 2025.  Lynda, Heather, and Josh anticipate rate relief and broader coverage in cyberinsurance, provided that companies can show that they have good risk control measures in place. They also expect this year’s Crowdstrike event to affect contingent business income coverage, high jury verdicts in personal injury...By: Lowenstein Sandler LLP

During the COVID-19 crisis, newly-created relief allowed first dollar coverage for telehealth services under a high deductible health plan (HDHP) without ruining health savings account (HSA) eligibility. That relief was extended for plan years beginning prior to January 1, 2025......By: Foley & Lardner LLP

The Centers for Medicare & Medicaid Services (CMS) has issued the Calendar Year (CY) 2026 Advance Notice, proposing updates to payment policies for Medicare Advantage (MA) and Medicare Part D Prescription Drug Programs. This release builds on the Contract Year 2026 MA and Part D proposed rule from November 2024, continuing CMS’s commitment to fiscally responsible, technical updates aimed at maintaining the stability and affordability of these programs....By: Nelson Mullins Riley & Scarborough LLP

Episode 13: The Future of Value-Based Care with Dr. Vishnukamal Golla In this episode of BRight Minds in Healthcare Delivery, host Eric Tower interviews Dr. Vishnukamal Golla, the medical director for value transformation at Evolent, a specialty and primary care enablement company. They discuss evolution and innovation in value-based care (“VBC”), and the headwinds impacting implementation of VBC in multi-specialty groups. Key challenges in operationalizing VBC are also examined, including the...By: Blank Rome LLP

Each week while Congress is in session, our Policy team delivers a key update to highlight a topical benefits, health, or retirement news item from the Hill, such as a newly introduced bill, a summary of a committee hearing, or another hot-button matter....By: Groom Law Group, Chartered

In a significant victory for policyholders, the Delaware Superior Court rejected three insurers' attempts to apply their Directors and Officers Liability ("D&O") policies' so-called "bump-up" exclusion to bar coverage for securities litigation arising from Samsung's acquisition of Harman International Industries, Inc....By: Jones Day

In a groundbreaking enforcement action, Texas Attorney General Ken Paxton has filed a lawsuit against Allstate Corporation and its subsidiary Arity, alleging systematic violations of the Texas Data Privacy and Security Act (TDPSA) and other consumer protection laws. This is the first ever enforcement action under the TDPSA, which became effective in 2024, and the lawsuit highlights the pervasive risks associated with unauthorized collection of precise geolocation data....By: Baker Botts L.L.P.

A “tobacco surcharge” is part of many employers’ wellness programs, where the employer charges tobacco users higher health insurance premiums than non-tobacco users. A typical tobacco surcharge program will ask an employee if they are tobacco-free and will impose the surcharge on tobacco users unless the tobacco user completes a smoking cessation program....By: Warner Norcross + Judd

The recent fires in Los Angeles have left many businesses grappling with significant disruptions. For business owners, navigating the aftermath of such a catastrophe often includes understanding how their insurance policies, particularly business interruption (BI) coverage, can provide financial relief. This article will highlight key considerations for those impacted by the fires, share lessons learned from claims experience, and offer guidance on how to maximize recovery under BI policies with...By: Procopio, Cory, Hargreaves & Savitch LLP

The wildfires in Los Angeles continue to rage and have destroyed or damaged more than 12,000 structures, mostly personal residences. Southern Californians will be impacted by the devastating aftermath for years to come. There will also be significant impact on the insurance industry both immediately, and in the long term....By: Kennedys