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Most Read Specialty Risks News

Risk managers should step up as SEC targets cyber security

Published January 18, 2015 CST

The U.S. Securities and Exchange Commission has sharpened its focus on cyber security preparedness, says Daniel Garrie, co-head of the cyber security practice at Zeichner, Ellman & Krause L.L.P. law firm in New York. Risk managers now have the opportunity to help guide their organizations as they seek to address the vast legal liabilities that are arising from cyber risks.

Farmers Insurance to cover rideshare drivers between fares

Published January 16, 2015 CST

Farmers Insurance Group of Cos. has rolled out a rideshare drivers coverage endorsement in Colorado that addresses the state's new insurance requirements for rideshare services.

Falling oil prices place new emphasis on risk management in energy sector

Published January 18, 2015 CST

The ongoing drop in oil prices is putting new emphasis on risk management in the energy sector as insurers brace for potential market changes.

Sony hack serves as wake-up call, boosts interest in cyber security protocol

Published January 18, 2015 CST

The cyber attack on Sony Corp. has been a wake-up call for many senior managers nationwide who were not already motivated by earlier hacking events.

Burns & Wilcox Canada acquires Avec Insurance Managers

Published January 15, 2015 CST

Managing general agent Burns & Wilcox Canada Inc., a unit of Kaufman Financial Group, has acquired Toronto-based MGA Avec Insurance Managers Inc.

Target tries to pin breach costs on credit card issuers in latest legal move

Published January 16, 2015 CST

Credit card issuers themselves are responsible for any losses they sustained as a result of the Target Corp. breach, says the retailer, in a court filing Thursday in response to litigation filed by the financial institutions.

HIIG acquires Elite Underwriting Services

Published January 16, 2015 CST

Houston International Insurance Group Ltd. has acquired Malvern, Pennsylvania-based Elite Underwriting Services.

Global Aerospace president and COO to step down

Published January 14, 2015 CST

The president and chief operating officer of aerospace insurance provider Global Aerospace Inc., Jeffrey Cassidy, will step down April 1, the company said.

Data breach loss capped at $500,000

Published January 27, 2015 CST

A St. Louis-based supermarket chain has a $500,000 cap on how much it must pay for a data breach it suffered in 2012 and 2013, says a federal court in a case filed by the retailer against its payments processor and merchant bank.

Hacker demands money from Swiss bank BCGE

Published January 09, 2015 CST

(Reuters) — A hacker claiming to be behind a cyber attack on Banque Cantonale de Geneve, or BCGE, used social media on Friday to threaten to leak confidential data on the Swiss bank’s clients if its demands for payment weren’t met.

Supreme Court may dilute EEOC’s aggressive legal strategy

Published January 18, 2015 CST

The U.S. Supreme Court appears highly likely to take some degree of judicial review of whether the Equal Employment Opportunity Commission must seek conciliation with employers before suing them for violating federal law.

Data breach costs not assessed at most law firms: Survey

Published January 16, 2015 CST

The vast majority of law firms view cyber security as one of the top 10 risks in their overall risk strategy but still have not assessed the potential cost of a data breach, says a survey.

Singapore ups ante in cyber security fight

Published January 27, 2015 CST

(Reuters) — Singapore is gearing up for a crackdown on cyber crime with the launch of a central agency and the appointment of a minister in charge of cyber security, the government said on Tuesday, as the wealthy city-state grapples with a rise in online crime.

Mining company settles derivative litigation for $137.5 million

Published January 16, 2015 CST

A mining company has reached a $137.5 million settlement of derivative litigation stemming from its 2013 acquisition of two firms in which some company directors and officers had been charged with conflict of interest.

EEOC workplace harassment task force to include employers, worker advocates

Published January 14, 2015 CST

Equal Employment Opportunity Commission Chair Jenny R. Yang announced the creation of a task force to address the issue of workplace harassment during a public hearing on the issue Wednesday.

Proposed settlement of $200 million reached in Quebec rail explosion

Published January 12, 2015 CST

A proposed partial settlement of nearly $200 million has been reached in the 2013 Lac-Mégantic, Quebec, train derailment and explosion disaster, attorneys said.

Ironshore International acquires Dubai-based specialty underwriter

Published January 12, 2015 CST

Ironshore International Ltd. has acquired Dubai-based Visionary Underwriting Agency Ltd., Ironshore said Monday.

Pharmaceutical firm to pay $39M to settle U.S. kickback claims

Published January 09, 2015 CST

(Reuters) — The U.S. subsidiary of global pharmaceutical company Daiichi Sankyo Co Ltd. has agreed to pay $39 million to the U.S. government and state Medicaid programs to settle claims it paid doctors kickbacks to prescribe its drugs, the Department of Justice said on Friday.

OFF BEAT: Man's tales of damaged high-tech equipment finally break down

Published January 14, 2015 CST

A word of advice to would-be insurance crooks: Just because a claims adjuster can’t easily recognize a piece of supposedly damaged equipment doesn’t mean it’s a safe bet for fraud.

Hiscox acquires MGA and high-end insurer

Published January 14, 2015 CST

Hiscox Ltd. said Wednesday it had reached a preliminary agreement to acquire a managing general agent and a high-net-worth insurance company from Randall & Quilter Investment Holdings Ltd.

Home Depot lawsuits put on separate consumer, financial institution tracks

Published January 20, 2015 CST

The federal judge overseeing litigation in connection with The Home Depot Inc. data breach has set up separate consumer and financial institution litigation tracks.

Google, Viacom win dismissal of children's Internet privacy lawsuit

Published January 21, 2015 CST

(Reuters) — Google Inc. and Viacom Inc. won the dismissal of a nationwide privacy lawsuit accusing them of illegally tracking the Internet activity of boys and girls who visited Nickelodeon's website in order to send targeted advertising.

McDonald's faces civil rights lawsuit from former workers in Virginia

Published January 22, 2015 CST

(Reuters) — Former McDonald's workers in Virginia filed a civil rights lawsuit Thursday against the fast-food chain and owner of restaurants where they worked in the latest bid to hold it legally responsible for the actions of its franchisees.

Court says misleading manual provides FMLA coverage

Published January 26, 2015 CST

A Michigan county road commission employee was entitled to coverage under the federal Family Medical Leave Act, even though the commission was not obligated to provide the coverage, because of a misleading statement in its employee manual, says an appellate court.

Johns Hopkins physics lab settles racial discrimination charges

Published January 22, 2015 CST

Johns Hopkins University's Applied Physics Laboratory will pay $359,252 to settle discrimination charges made by two African-American women who worked at its Laurel, Maryland, facility, the U.S. Department of Labor's Office of Federal Contract Compliance Programs said Thursday.