Business Insurance

Login  |  Register Subscribe

Most Recent News

U.S. group overhauls China business in meat safety scandal

Published July 28, 2014 - 10:53am CST

(Reuters) — A leading U.S. meat supplier said on Monday that a Chinese unit at the center of a food safety scandal had issues that were “absolutely inconsistent” with the group's high standards.

Lloyds Bank fined $370M for rigging Libor interest rates

Published July 28, 2014 - 10:51am CST

(Reuters) — Britain's Lloyds Banking Group P.L.C. has agreed to pay fines totaling $370 million to U.S. and British authorities investigating its part in a global interest rate rigging scandal and manipulating fees for a U.K. government lending plan.

Aspen shareholders vote to reject meetings proposed by Endurance

By: Matthew Lerner

Published July 28, 2014 - 10:35am CST

Shareholders of Hamilton, Bermuda-based Aspen Insurance Holdings Ltd. have voted to reject two meeting proposals from Endurance Insurance Holdings Ltd. in the latest round of the battle waged over Endurance’s $3.2 billion hostile takeover offer made in April.

OFF BEAT: Dog slips disc in tall grass, owner wants vet bill reimbursed

Published July 28, 2014 - 10:25am CST

The legal arena can be a dog-eat-dog world, but one pet owner from England is taking on her local council to seek compensation for injuries her dog sustained while undertaking that most clichéd of dog activities: chasing a cat.

Evidence of racial discrimination in Cablevision case overlooked: Appeals court

By: Judy Greenwald

Published July 25, 2014 - 2:29pm CST

A federal court overlooked evidence when it dismissed the racial discrimination and retaliation claims of a fired African-American area operations manager at Cablevision Systems Corp., a U.S. appeals court ruled Friday in reinstating the charges.

Seattle man gets 1½ years for Microsoft insider trades

Published July 25, 2014 - 2:22pm CST

(Reuters) — An online stock trader who profited from inside information passed to him by a former Microsoft Corp. finance employee was sentenced to 1½ years in prison in Seattle on Friday.

OFF BEAT: Apparel maker has ‘Duck Dynasty’ camo in its sights

Published July 25, 2014 - 1:46pm CST

A Florida apparel manufacturer is taking aim at a line of camouflaged T-shirts from the once-popular reality TV series “Duck Dynasty.”

Ex-BizJet CEO pleads guilty in Latin American bribe scandal

By: Judy Greenwald

Published July 25, 2014 - 1:24pm CST

The former president and CEO of Oklahoma City-based BizJet International Sales & Support Inc. has pleaded guilty for his participation in a scheme to pay bribes to Mexican and Panamanian government officials.

IRS releases draft of employer reporting form for health reform law compliance

By: Matt Dunning

Published July 25, 2014 - 12:02pm CST

The Internal Revenue Service has issued draft versions of the reporting forms most employers will begin using next year to show that their group health insurance plans comply with the health care reform law.

Insurance specialist law firm Kaufman Dolowich & Voluck adds partners

By: Kate Shepherd

Published July 25, 2014 - 11:18am CST

Insurance specialist law firm Kaufman Dolowich & Voluck L.L.P., based in Woodbury, New York, on Thursday said it has added two partners to its staff.

Citigroup unit pays record penalty to settle SEC charges

Published July 25, 2014 - 10:57am CST

(Reuters) — A business unit of Citigroup will pay $5 million to settle civil charges that one of its private trading venues violated federal law by failing to protect its clients' confidential trading data, U.S. regulators said Friday.

Colorado insurance exchange CEO jumps to Cigna

By: Bob Herman, Modern Healthcare

Published July 25, 2014 - 9:04am CST

Patty Fontneau, CEO of Connect for Health Colorado, will leave her position at the state's health insurance exchange in mid-August to become president of Cigna Corp.'s private exchange business.

Aon second-quarter revenue flat at $2.92 billion

By: Mark A. Hofmann

Published July 25, 2014 - 9:00am CST

Aon P.L.C. on Friday reported revenue of $2.92 billion for the second quarter of 2014, an increase of less than 1% over the same period a year earlier.

House plan to sue Obama over employer-mandate delay moves forward

By: Paul Demko, Modern Healthcare

Published July 25, 2014 - 8:56am CST

A resolution authorizing the House of Representatives to sue President Barack Obama for exceeding his constitutional authority by delaying the employer mandate in the federal health care law cleared the House Rules Committee.

This week's Top 10 features on

Published July 25, 2014 - 6:00am CST

Find out which of this week's features on were the most popular.

Validus net income soars on strong underwriting, low combined ratio

By: Matthew Lerner

Published July 24, 2014 - 5:10pm CST

Pembroke, Bermuda-based Validus Holdings Ltd. reported second quarter net income of $153.4 million, up five-fold from net income of $30.7 million in the same period last year as the company benefitted from increased underwriting income and a lower combined ratio.

Chubb net income falls to $499M in second quarter

By: Mark A. Hofmann

Published July 24, 2014 - 3:55pm CST

Chubb Corp.’s net income for the 2014 second quarter decreased to $499 million, a 13.8% decrease from the same period last year, the insurer announced Thursday.

European Central Bank reports data breach of public website

By: Judy Greenwald

Published July 24, 2014 - 3:33pm CST

The European Central Bank on Thursday reported a breach of its public website, saying it learned about the event after getting an anonymous email seeking financial compensation for the stolen data.

Court reinstates former Indiana prison counselor's sex discrimination case

By: Judy Greenwald

Published July 24, 2014 - 2:23pm CST

An appeals court has reinstated sex discrimination and hostile work environment claims filed by a former Indiana prison substance abuse counselor, who was fired because she had an affair with a co-worker.

Unpaid intern doesn't count as employee in retaliation case: Wis. high court

By: Stephanie Goldberg

Published July 24, 2014 - 12:43pm CST

An unpaid psychologist intern is not considered an employee and therefore not entitled to protections under Wisconsin's anti-retaliation law for health care workers, the Wisconsin Supreme Court ruled Tuesday.

Reported data breaches running 20.5% higher than in 2013: Report

By: Judy Greenwald

Published July 24, 2014 - 12:37pm CST

The number of data breaches so far this year, at 411, is a 20.5% increase over the same time period last year, says the Identity Theft Resource Center, in a report issued Wednesday.

Health insurers to pay $330M in premium rebates

Published July 24, 2014 - 12:26pm CST

(Reuters) — U.S. health insurers will send out about $330 million in rebates to employers and individuals this summer under President Barack Obama's health care reform law, the HHS said on Thursday.

Morgan Stanley to pay $275M penalty for misleading RMBS investors

Published July 24, 2014 - 11:45am CST

(Reuters) — The U.S. Securities and Exchange Commission said on Thursday it had charged Morgan Stanley with misleading investors about two mortgage-backed securities it issued before the 2008 financial crisis, and that the bank would pay $275 million to settle the case, according to a press release.

Everest Re, Allied World report growth in second quarter

By: Matthew Lerner

Published July 24, 2014 - 11:36am CST

Offshore underwriters Everest Re Group Ltd. and Allied World Assurance Co. Holdings A.G. have reported improved second-quarter results.

McDonald's feels 'bit deceived' by audit results from China plant

Published July 24, 2014 - 11:20am CST

(Reuters) — McDonald’s Corp. Chief Executive Don Thompson said the company feels “a bit deceived” by the audit it received for China supplier Shanghai Husi Food Co Ltd., which was shut down after a television report showed workers mishandling meat and mixing fresh meat with product past its expiration date.