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TRIA dead for 2014 as Senate fails to reauthorize

Published December 17, 2014 CST

The federal terrorism insurance backstop will expire Dec. 31 after the Senate failed to reauthorize it Tuesday.

XL proposes $3.9 billion takeover of Catlin

Published December 17, 2014 CST

XL Group P.L.C. has approached rival insurer and reinsurer Catlin Group Ltd. with a proposed takeover offer of about £2.5 billion ($3.93 billion).

U.S. corporate health exchanges find no new blue chip clients

Published December 15, 2014 CST

(Reuters) — Companies in the health care sector have invested hundreds of millions of dollars to build exchanges that allow company employees to buy their own insurance, betting that Corporate America wants to get out of managing workers' health benefits.

Backlash expected from Senate's inaction on terrorism insurance backstop

Published December 17, 2014 CST

The failure of the Senate to vote on legislation extending the federal terrorism insurance program, will likely reverberate quickly through the insurance industry and the entire U.S economy, according to observers.

OFF BEAT: Science confirms male risk-taking idiocy

Published December 16, 2014 CST

Men and women have long argued over which is the more stupid sex, but now researchers have evidence to support the postulation that there is a “highly statistically significant” difference between the genders when it comes to “idiotic risk-taking behavior” — and it does not favor men.

Ace buying Fireman's Fund high-net-worth business for $365 million

Published December 18, 2014 CST

Ace Ltd. on Thursday announced it has signed an agreement to acquire the Fireman's Fund Insurance Co.'s U.S. high-net-worth personal lines insurance business from Munich-based Allianz S.E. for $365 million.

'Moving beast' of cybercrime will provide insurers challenges in 2015

Published December 16, 2014 CST

Insuring cyber risks will be one of the biggest challenges facing insurers next year, says Ernst & Young L.L.P., in an analysis issued by its London unit Tuesday.

ISO policy contract language for terrorism cover triggered

Published December 18, 2014 CST

The sunset of the federal government's terrorism insurance backstop will trigger the activation of Insurance Services Office Inc.'s conditional commercial policy contract language for terrorism cover, ISO said Thursday.

Employers take wait-and-see approach to private health care exchanges

Published December 16, 2014 CST

While employers' interest in private health insurance exchanges as an alternative health benefits delivery solution remains high, few companies appear willing to be counted among the early adopters, a survey shows.

Electronic payment intermediary Charge Anywhere reports data breach

Published December 15, 2014 CST

Charge Anywhere L.L.C., a firm that operates as an intermediary between retailers' point-of-sale systems and their payment processors, has reported that an unauthorized hacker may have had access to its consumer data.

Congress gives final OK to bill allowing multiemployer pension plan benefit cuts

Published December 15, 2014 CST

Trustees of financially distressed multiemployer pension plans would be allowed to cut participants' benefits to prevent the plans from becoming insolvent under legislation given final congressional approval Saturday.

Employers vetting private health exchanges more closely: Report

Published December 12, 2014 CST

Private health insurance exchanges will continue to draw broad interest from employers in 2015, but new adoptions will likely be limited to benefit programs for certain types of employee groups.

Drone downer: Will new FAA rules ground recreational fliers?

Published December 15, 2014 CST

(Reuters) — Americans shopping for toy remote-controlled airplanes or helicopters may find, sometime in the near future, that they come with unexpected accessories: A raft of new regulations.

U.S. CEOs threaten to pull tacit Obamacare support over 'wellness' spat

Published December 01, 2014 CST

(Reuters) — Leading U.S. CEOs, angered by the Obama administration's challenge to certain "workplace wellness" programs, are threatening to side with anti-Obamacare forces unless the government backs off.

New York City asbestos court tops 'judicial hellholes' list for 2014

Published December 16, 2014 CST

The New York City Asbestos Litigation court heads the American Tort Reform Foundation's 2014-2015 list of “Judicial Hellholes,” released Tuesday.

Shipping industry modifies clauses in contracts for Ebola risks

Published December 16, 2014 CST

(Reuters) — Some of the shipping industry’s biggest trade associations are modifying freight contracts to reduce commercial exposure for companies whose ships travel to countries affected by the Ebola outbreak and to protect crews from the deadly virus.

S&P downgrades Generali rating to BBB+ from A- on Italy woes

Published December 15, 2014 CST

Standard & Poor's Corp. has downgraded Assicurazioni Generali S.p.A. to BBB+ from A- after a downgrade of Italy's sovereign ratings.

Obama signs multiemployer pension measure into law

Published December 17, 2014 CST

President Barack Obama on Tuesday signed into law legislation that will allow trustees of financially distressed multiemployer pension plans to cut participants' benefits to prevent the plans from becoming insolvent.

Disasters caused $34B in insured losses worldwide in 2014: Swiss Re

Published December 17, 2014 CST

Insured losses from natural catastrophes and man-made disasters totaled $34 billion in 2014, down 24% from $45 billion in 2013, according to preliminary estimates released Wednesday by Swiss Re Ltd.

Vermont governor dumps statewide universal health care law effort

Published December 18, 2014 CST

Vermont is abandoning efforts to move to a publicly financed health care system to ensure universal coverage, Gov. Peter Shumlin said Wednesday.

California law pressures companies that use contracted workers: Marsh

Published December 09, 2014 CST

A new California law that increases the liability for companies that use temporary or contract workers could result in additional underwriting scrutiny from insurers, according to a report by Marsh L.L.C.’s Workers’ Compensation Center of Excellence.

California comp premiums up 18% in 2013; continue to climb in 2014

Published December 11, 2014 CST

Premiums for California workers compensation insurers rose 18% year-over-year to $14.8 billion in 2013 and are on track to increase again in 2014, according to the California Workers' Compensation Insurance Rating Bureau.

House approves bill to allow multiemployer pension plan benefit cuts

Published December 12, 2014 CST

Trustees of financially distressed multiemployer pension plans would be allowed to cut participants' benefits to prevent the plans from becoming insolvent under legislation narrowly approved by the House of Representatives Thursday night.

Business, insurance leaders urge approval of terrorism insurance backstop extension

Published December 15, 2014 CST

A group of insurance and business associations has sent a letter asking that the Senate approve without amendment a House measure that would extend the federal government's terrorism insurance backstop for six years.

XL expands D&O cover for investigation expenses

Published December 15, 2014 CST

XL Group P.L.C. on Monday launched a directors and officers liability coverage form that extends coverage to include expenses related to regulatory and law enforcement investigations.