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Most Read Specialty Risks News

Cover offered via Lloyd's syndicates for commercial marijuana industry

Published August 22, 2014 CST

A recently formed insurance agency is offering the commercial marijuana industry general liability and related insurance coverage on a surplus lines basis through several Lloyd's of London syndicates.

OFF BEAT: Bieber scent stinks up cosmetic firm's fragrance sales

Published August 22, 2014 CST

A cosmetic company’s plans to hitch its financial wagon to pint-sized pop star Justin Bieber has come back to haunt it.

OFF BEAT: $26M deal lets L.A.'s garbage men nap through lunch

Published August 25, 2014 CST

It was a little known fact that Los Angeles had banned garbage truck drivers from taking naps on their lunch breaks, but now the drivers will be free to sleep since the Los Angeles City Council approved a $26 million legal settlement to end a class action lawsuit over the ban, the Los Angeles Times reported.

OFF BEAT: Traffic hackers get the green light

Published August 26, 2014 CST

Whether hackers are looking to shave time off their commutes or pull off a gold heist like Michael Caine's character in 1969's “The Italian Job” (or Mark Wahlberg's character in the 2003 remake), authorities can add “tampering with traffic lights” to the growing list of cyber risks.

OFF BEAT: Puppet maker says CBS violated copyright on gassy stuffed hippo

Published August 27, 2014 CST

There are some phrases one simply never expects to encounter in a professional context — and until now, “the farting hippo” was certainly among them.

Philip Morris ordered to defend fraud suit over U.S. military vendors

Published August 26, 2014 CST

(Reuters) — A U.S. appeals court on Tuesday revived a lawsuit against Philip Morris USA Inc. that claims the tobacco company defrauded the federal government by failing to sell cigarettes at the lowest price.

Sony says PlayStation network back online; user data safe

Published August 25, 2014 CST

(Reuters) — Sony Corp.'s PlayStation Network was back online on Monday following a cyber attack that took it down over the weekend that coincided with a bomb scare.

Breach at U.S. government contractor affected at least 25,000 workers

Published August 22, 2014 CST

(Reuters) — A cyber attack at a company that performs background checks for the U.S. Department of Homeland Security compromised data of at least 25,000 government workers.

OFF BEAT: Lost loot sack adds insult to troubled casino’s injury

Published August 21, 2014 CST

By all accounts, times are tough in the Atlantic City casino business, but it's even tougher when a casino loses a portion of its precious take from the roof of an armored car meant to carry the cash to safety.

Banks to meet with Treasury Department on cyber threats: Sources

Published August 25, 2014 CST

(Reuters) — A group of Wall Street banks plan to meet the U.S. Treasury Department and other government officials next month to talk about how to cooperate to fend off cyber attacks.

Goldman nears $1.1B payment to FHFA: Financial Times

Published August 22, 2014 CST

(Reuters) — Goldman Sachs Group Inc. could pay about $1.1 billion to settle claims from the U.S. housing finance regulator that it sold bad mortgage-backed securities, the Financial Times reported.

PricewaterhouseCoopers must face $1B lawsuit over MF Global advice

Published August 27, 2014 CST

(Reuters) — A federal judge on Wednesday ordered PricewaterhouseCoopers L.L.P. to face a $1 billion lawsuit claiming that its bad accounting advice was cause of the 2011 bankruptcy of MF Global Holdings Ltd.

RBS mortgage fine deals blow to boss McEwan

Published August 27, 2014 CST

(Reuters) — Britain's financial regulator has fined Royal Bank of Scotland for selling mortgages without checking if customers could afford them, undermining Chief Executive Ross McEwan's efforts.

JPMorgan probes possible cyber attack; other banks reportedly hit

Published August 28, 2014 CST

(Reuters) — JPMorgan Chase & Co. is investigating a possible cyber attack and working with law enforcement authorities to determine the scope, a company spokeswoman said on Thursday morning.

Jardine Lloyd Thompson Canada adds 2 executives to Calgary office

Published August 22, 2014 CST

Jardine Lloyd Thompson Canada Inc., a unit of Jardine Lloyd Thompson Group P.L.C., is adding two new members to its senior team in Calgary, Alberta.

Honda to recall 63,200 vehicles over Takata air bag defect

Published August 28, 2014 CST

(Reuters) — Honda Motor Co. is recalling about 63,200 vehicles due to a defect in driver-side air bags made by Takata Corp., the latest in a series of air bag recalls across the industry that have affected nearly 16 million vehicles to date.

OFF BEAT: Adjuster who drove her way out of a job winds up with settlement

Published August 20, 2014 CST

Even when a loss assessor contributes to losses for the insurer she works for it’s apparently not sufficient grounds in Ireland to fire her.

Judge casts doubt on Hewlett-Packard shareholder settlement in Autonomy lawsuit

Published August 25, 2014 CST

(Reuters) — A U.S. judge cast doubt on Monday over a proposed agreement struck between Hewlett-Packard Co. and plaintiff shareholders to settle a lawsuit over the computing giant's botched acquisition of Autonomy P.L.C.

Credit insurer says Ukraine crisis could lift German insolvencies

Published August 28, 2014 CST

(Reuters) — The Ukraine crisis and its impact on relations between Russia and the West is crimping German growth and could lead to a rise in manufacturing sector insolvencies in the second half of this year, credit insurer Euler Hermes S.A. said Thursday.

OFF BEAT: Sports car bath lands driver in hot water

Published August 28, 2014 CST

A YouTube video has sunk a Texas man's attempt to defraud insurers out of $2.2 million for “accidental” water damage to his Bugatti sports car.

Venture capital firm Kleiner Perkins suffers security breach

Published August 22, 2014 CST

(Reuters) — California detectives are investigating a July computer theft at storied venture capital firm Kleiner Perkins Caufield & Byers, a spokeswoman for the Menlo Park police said Thursday.

JLT shuffles execs, merges specialty units

Published August 29, 2014 CST

Jardine Lloyd Thompson Group P.L.C. said Friday that JLT Re CEO Alastair Speare-Cole will leave the company as Mark Drummond Brady is appointed deputy group CEO.

GM ignition-switch fund receives claims for more than 100 deaths

Published August 27, 2014 CST

(Reuters) — A program to compensate victims of crashes linked to a faulty ignition switch in General Motors Co. vehicles has received claims for 107 deaths as of Tuesday, according to a spokeswoman for the lawyer overseeing the program.

Howden offers insurance coverage for mine collapse rescues

Published August 21, 2014 CST

Howden Insurance Brokers Ltd., a unit of Hyperion Insurance Group Ltd., has launched a stand-alone insurance product that mitigates the costs of rescue in a mine collapse.

Lufthansa's Germanwings pilots strike as pension row rumbles on

Published August 29, 2014 CST

(Reuters) — Pilots at Lufthansa's budget carrier Germanwings staged a six-hour strike on Friday, disrupting travel plans of thousands of people returning from summer holidays and putting pressure on Lufthansa management in a pension scheme dispute.