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Insurers see rates falling up to 15% as competition bites

Published November 20, 2014 CST

(Reuters) — Competition in the global insurance market is driving commercial rates down by as much as 15%, according to senior industry participants as some look to new revenue boosting products.

Obese workers' absenteeism costs U.S. employers $8.65B a year

Published November 18, 2014 CST

Absenteeism among obese workers in the United States costs employers about $8.65 billion each year, according to a study published in the latest issue of the Journal of Occupational and Environmental Medicine.

Insurance commissioners group's task force to target cyber security

Published November 19, 2014 CST

WASHINGTON — The National Association of Insurance Commissioners has created a task force to help coordinate insurance issues related to cybersecurity, the NAIC recently announced.

Group health care plans see modest cost increases: Mercer

Published November 19, 2014 CST

Aided by a surge in enrollment in high-deductible plans, group health care plan costs have continued to increase modestly this year, according to a survey by Mercer L.L.C.

Home Depot expects data breach to cost at least $34M in 2014

Published November 20, 2014 CST

The Home Depot Inc. has reported pretax net expenses of $28 million related to its recent data breach and said it anticipates the total cost will be about at least $34 million for the year.

Marsh places $3.5B in transactional risk market in first half of 2014

Published November 19, 2014 CST

A total of $3.5 billion in insured limits was placed in the transactional risk insurance market in the first half of 2014 by Marsh L.L.C., which was a 59% increase over the same period in 2013, the broker said Wednesday.

Ohio creates captive insurance office

Published November 17, 2014 CST

The Ohio Department of Insurance has created a new Office of Captive Insurance to regulate and support the state's recently authorized captive insurance companies.

Employers get until Dec. 5 to file ACA's reinsurance fee forms

Published November 17, 2014 CST

Federal regulators have given employers until Dec. 5 to submit a form with information that the U.S. Department of Health and Human Services will use to calculate a “reinsurance” fee.

AmWINS, CRC, Swett & Crawford form Lloyd's executive risks facility

Published November 20, 2014 CST

U.S. wholesale brokers CRC Insurance Services Inc., AmWINS Group Inc., and The Swett & Crawford Group Inc. have formed a new directors and officers program at Lloyd’s of London called the CAS Facility.

PBGC deficit hits record $61.7B in 2014

Published November 17, 2014 CST

The Pension Benefit Guaranty Corp.'s deficit hit a record $61.7 billion in fiscal 2014, the agency said Monday.

Construction risk managers should focus on preventing water damage

Published November 13, 2014 CST

NASHVILLE, Tennessee — Risk managers in the construction industry need to redouble efforts to prevent water damage during building projects.

Ryan Specialty launches London-based vehicle for D&O risks

Published November 12, 2014 CST

Ryan Specialty Group L.L.C. has created a London-based managing general agent to write directors and officers liability insurance, the Chicago-based wholesale broker announced Wednesday.

Marsh launches consumer class action settlement insurance

Published November 18, 2014 CST

Marsh L.L.C. has launched a consumer class action settlement insurance product that transfers the settling company’s ultimate payout in a class action lawsuit to the insurer.

OFF BEAT: Airbnb offers host protection for trashed homes

Published November 21, 2014 CST

The possibility of coming home to “meth pipes” or the aftermath of an “XXX freak fest” might deter some people from renting out their living space through Airbnb, but the apartment-sharing service is hoping to set the minds of U.S. hosts at ease by offering an additional liability insurance program.

Renewal rates down 3.5% in first nine months of 2014: Amlin

Published November 19, 2014 CST

Average insurance and reinsurance renewal rates fell by 3.5% for the first nine months of 2014, Amlin P.L.C. said Wednesday.

York Risk Services acquires New York third-party administrator

Published November 17, 2014 CST

Third-party administrator York Risk Services Group Inc. has acquired Mineola, New York-based TPA Risk Management Planning Group.

EEOC charges manufacturer for using carpal tunnel tests before hiring

Published November 20, 2014 CST

The U.S. Equal Employment Opportunity Commission on Thursday filed charges against a manufacturer for allegedly inappropriately testing for carpal tunnel syndrome.

Boston Scientific to pay $18.5M in mesh case

Published November 20, 2014 CST

(Reuters) — Boston Scientific Corp. was ordered Thursday to pay $18.5 million for injuries caused by transvaginal mesh devices, a plaintiffs' lawyer said, in the third courtroom loss for the company.

Judge to hear arguments over Illinois pension reform law

Published November 20, 2014 CST

(Reuters) — Illinois faces an uphill battle on Thursday to defend the constitutionality of a law aimed at easing the state's huge unfunded pension liability.

Employers to stick with health plan designs in 2015, add wellness incentives

Published November 20, 2014 CST

Very few employers are planning to make drastic changes to their group health benefit plans in 2015, opting instead to add incentives to workplace wellness programs, according to new survey data.

Hackers to probe cyber crime defenses at British banks

Published November 19, 2014 CST

(Reuters) — In the next few months, hackers will try to penetrate the cyber defenses of Britain's major banks and steal information about millions of customers. But for once they'll be welcome.

Technical Risk Underwriters, RLI Insurance partner on builders risk coverage

Published November 19, 2014 CST

Technical Risk Underwriters, a specialty property and construction risk underwriting unit of RSG Underwriting Managers L.L.C., on Wednesday said it is partnering with RLI Insurance Co. to expand its builders risk underwriting capabilities.

Widow of exec who died after Brazil trip eligible for comp: Appeals court

Published November 18, 2014 CST

The widow of a company executive who died from meningitis after returning from a business trip to Brazil can receive workers compensation death benefits, an Illinois appeals court has ruled.

Hamilton Insurance acquiring Lloyd's sports and leisure underwriter and broker

Published November 18, 2014 CST

Hamilton Insurance Group Ltd. on Tuesday said it will acquire Sportscover Underwriting Ltd., a Lloyd's of London managing agency, and Kinetic Insurance Brokers Ltd., a Lloyd's broker, from Wild Goose Holdings Pty. Ltd.

Pool Re secures premium rate concessions from U.K. Treasury

Published November 18, 2014 CST

Pool Reinsurance Co. Ltd. on Tuesday said it had secured several concessions and acceptance of several modernization proposals from the U.K. Treasury ahead of a Friday vote on Treasury proposals to increase the retrocession premium it charges the government-guaranteed terrorism reinsurance backstop.