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RISK MANAGEMENT

Large losses expected in Oklahoma tornado; market impact limited

As rescuers searched for survivors in tornado-ravaged Moore, Okla., insurance industry experts said they expect Monday's massive tornado to result in large insured losses.


OFF BEAT: Summer brings nightmare vacation home claims

Property owners renting out vacation homes might consider themselves lucky if renters leave them with just a broken window or clogged sink, as opposed to a brothel or an abattoir.

SPECIALTY RISKS

U.S. electric grid vulnerable to cyber attacks: Analysis

The U.S. electric grid is the target of numerous, daily cyber attacks, but most utilities comply only with mandatory cyber security standards and have failed to implement proposed voluntary measures, says a congressional report.


Proxy advisory firm settles SEC charges over data breach

(Reuters) — Institutional Shareholder Services settled civil charges by U.S. regulators that an employee of the prominent proxy advisory firm shared nonpublic voting data in exchange for meals and concert tickets.

BENEFITS MANAGEMENT

Willis North America launches private health insurance exchange

Willis North America, a unit of Willis Group Holdings P.L.C., on Wednesday announced the launch of its private medical and voluntary benefits exchange.


Employees' 401(k) balances hit record in first quarter: Fidelity

Aided by a strong equities market, employees' 401(k) plan account balances hit a record average of $80,900 at the end of the first quarter, according to Fidelity Investments.

BROKERS & INSURERS

NOAA predicts 'active or extremely active' hurricane season

Delivering its annual outlook, NOAA's Climate Prediction Center said it foresees an “active or extremely active” hurricane season this year, which begins June 1.


Legislation would extend terrorism backstop through 2024

A third bill to extend the federal terrorism insurance backstop has been introduced in Congress, the latest by Reps. Michael Capuano, D-Mass., and Peter King R-N.Y. that would extend the program for 10 years.

MID-MARKET EXECUTIVE

Brown & Brown buys Beecher Carlson for $336.5 million

Brown & Brown Inc. has acquired rival Beecher Carlson Holdings Inc. for approximately $336.5 million in net consideration, the brokerage announced Tuesday.


AmWINS launches voluntary benefits practice

AmWINS Group Benefits is launching a new voluntary benefits practice that will be headed up by Robert Shestack, who joined the Charlotte, N.C.-based division of AmWINS Group Inc. this year.

WORKERS COMP

Court rules for CorVel in removal of doctor from workers comp network

CorVel Corp. had a right to remove a doctor from its workers compensation medical provider network after the doctor failed to respond to utilization and peer review requests for unauthorized treatments, a California appellate court has ruled.


Fla. workers compensation case could lead to higher costs

Insurers and employers are awaiting a rehearing on whether Florida's limit on temporary workers compensation benefits is unconstitutional, arguing that an earlier ruling could raise costs by $65 million a year.

INSIGHTS & SOLUTIONS

The 2013 Third-Party Administrators Directory and Rankings include information about 42 of the...
A company's reputation is one of its most important assets. Years of good work can be jeopardized...
Rising prices for workers compensation insurance policies and for excess insurance purchased by...
Remember when most insurance agent and broker business transactions were offline? Customers,...

BUSINESS INSURANCE FEATURE

Globalization means more U.S. employees are at risk of injury and illness while traveling to...
A company’s reputation is one it’s most important assets. Reputational damage can have a dramatic...
Join us May 23 for a free Business Insurance webinar to learn how employers can design and...
Register today for Business Insurance's 4th Annual Workers Compensation Virtual Conference, a one-...
 

SPONSOR INSIGHTS

Home to some of the country’s largest life, health and property/casualty insurers—and now also...