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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.

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.

Philippines: Typhoon Ruby damage pegged at $75 million

Published December 15, 2014 CST

The Philippine National Disaster Risk Reduction and Management Council said in its 22nd update that estimates for damage from the recent Typhoon Ruby has been increased to 3.35 billion Philippine pesos ($75 million), BusinessWorld Online reports.

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).

'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.

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.

New London firefighters drop DC plan, join Connecticut retirement system

Published November 20, 2014 CST

New London, Connecticut, firefighters are back to participating in a municipal defined benefit plan after being in a 401(a) defined contribution plan for 17 years.

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.

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.

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.

Opioids top comp payers' concerns, but compounded drugs gain scrutiny

Published December 16, 2014 CST

While the use of opioids remains a top concern for workers compensation payers, compounded drugs are a leading emerging issue, according to a new survey.

Home Depot cleared to stop paying comp for missing woman unless she reappears

Published December 12, 2014 CST

Home Depot Inc. will not have to continue paying workers compensation benefits for a Maine employee who has been missing since 2012 unless she reappears and appeals for benefits to be reinstated.

Alliant acquires New York employee benefits provider

Published December 11, 2014 CST

Specialty insurance broker Alliant Insurance Services Inc. on Thursday announced it has acquired New York-based employee benefits provider The Camps Group L.L.C.

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.

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.

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.

New Jersey pension system funding plummets under new rule

Published November 26, 2014 CST

(Reuters) — New Jersey's retirement system for public employees is in worse shape than previously reported, thanks to recent accounting changes that are starting to be rolled out across the country.

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.

Tina Mallie named CEO of Spencer Re

Published December 16, 2014 CST

Spencer Re has named Tina Mallie as CEO, the Spencer Capital Holdings Ltd. unit announced Tuesday.

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.

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.

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.

Texas risk management office names Todd Holt deputy executive director

Published December 15, 2014 CST

The Texas State Office of Risk Management has named L. Todd Holt as deputy executive director, effective Jan. 5.

Falling oil prices, political unrest top 2015's international risks: Marsh

Published December 17, 2014 CST

Falling oil prices, political violence and separatist movements will influence the global risk landscape in 2015, broker Marsh L.L.C. said in a report released on Wednesday.

Construction trade group loses appeal on Labor Department disability rules

Published December 15, 2014 CST

The federal appeals court in the District of Columbia has refused to agree with a construction trade group's objections to U.S. Department of Labor regulations that call for strengthening affirmative action programs to hire disabled workers, labeling the group's challenge “arbitrary and capricious.”