Federal judge dismisses lawsuit against Arizona s use of private prisons
U.S. District Judge Douglas L. Rayes on Monday dismissed the class action lawsuit against the Arizona Department of Corrections, Rehabilitation and Reentry, GEO Group, CoreCivic Inc. and Management and Training Corp. after the state filed a motion.
The lawsuit was filed in June by five inmates and the NAACP. They claimed Arizona is practicing slavery by sending inmates to private prisons to generate revenues and profits for the monetary benefit of corporate owners, shareholders and executive management.
The judge ruled the inmates were not able to provide any allegations supporting their claims.
Swiss Re reports $878 million loss driven by the pandemic effect PUBLISHED BY
Swiss Re Group, the reinsurance company, reported a net loss of US $878 million for 2020. The company’s net income rose to $2.2 billion from $727 million in 2019, but that is excluding Covid-19 claims and taxes of $3.9 billion.
Analysts predicted a loss of $456 million for the company. Swiss Re’s Group Chief Executive Officer Christian Mumenthaler said: “The COVID-19 pandemic continues to affect communities and businesses across the globe. The start of vaccination effort brings hope that the situation will improve soon.
Swiss Re has forecast that the crisis will cost the property and casualty industry anywhere between $50billion and $80 billion claims payments on policies ranging from travel to event cancellation.
2021-02-19T19:06:00+00:00
Swiss Re reported a Group net loss of USD 878 million for 2020. Excluding USD 3.9 billion of COVID-19-related claims and reserves (pre-tax) for the year, Swiss Re’s net income was USD 2.2 billion, a material increase from USD 727 million in 2019. Based on the Group’s very strong capital position and positive market outlook, the Board of Directors will propose a dividend of CHF 5.90 per share at the Annual General Meeting on 16 April 2021.
Swiss Re’s Group Chief Executive Officer Christian Mumenthaler said: “The COVID-19 pandemic continues to affect communities and businesses across the globe. The start of vaccination efforts brings hope that the situation will improve soon. Our Group has gone through this crisis with confidence and strength, and in our role as a shock absorber we are doing our part to help mitigate the challenges of the pandemic and improve resilience to future systemic risks.
Swiss Re Reports Larger-Than-Expected Annual Loss of US$878 Million February 19, 2021
Swiss Re swung to a larger-than-expected annual loss on Friday, pressured by $3.9 billion in claims and reserves related to the coronavirus pandemic, but declared a dividend as the reinsurer expects a return to profit in 2021.
Swiss Re and its competitors have faced large claims from the pandemic, such as those for canceled events, as well losses from hurricanes and wildfires in the United States.
“We are confident in the outlook for 2021 with COVID-19 losses mostly behind us,” Chief Executive Christian Mumenthaler said, adding the rollout of COVID-19 vaccines provided hope.