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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 U.S. Department of Health and Human Services 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.

10.3 million gained insurance under Obamacare: Study

By: Paul Demko, Modern Healthcare

Published July 24, 2014 - 11:16am CST

About 10.3 million Americans have gained insurance coverage since the full implementation of Obamacare last year, according to an analysis published Wednesday in the New England Journal of Medicine.

Standard & Poor's may face SEC charges over ratings

Published July 24, 2014 - 10:59am CST

(Reuters) — The parent of Standard & Poor’s, which is defending against a $5 billion lawsuit by the federal government over its credit ratings, said on Wednesday it may soon also face U.S. Securities and Exchange Commission charges over another set of ratings.

Senator balks at House hearing on FTC data-breach case against LabMD

By: Judy Greenwald

Published July 24, 2014 - 10:35am CST

Sen. Jay Rockefeller, D.-W.Va., is accusing Rep. Darrell Issa, R-Calif., of “impropriety” and “using heavy-handed bullying tactics” in allegedly interfering with Federal Trade Commission action against medical testing laboratory LabMD Inc., which has been accused of failing to protect consumers’ personal data.

Ohio workers comp bureau agrees to pay as much as $420M in settlement

By: Jay Miller, Crain’s Cleveland Business

Published July 24, 2014 - 10:16am CST

The Ohio Bureau of Workers’ Compensation has settled its long-standing legal dispute with a group of small business owners.

Greenbrier says rapid phase-out of older oil-by-rail tank cars doable

Published July 24, 2014 - 10:02am CST

(Reuters) — A top U.S. railcar maker, The Greenbrier Companies Inc., said on Wednesday a two-year timeline to retire older railcars that carry dangerous flammable liquids, including North Dakota Bakken crude, is “aggressive” but can be done.

Airline war risk insurance expected to rise due to global conflicts

Published July 24, 2014 - 9:16am CST

(Reuters) — Insurers are expected to hike war risk premiums for airlines following losses due to global conflicts, including the downing of a Malaysia airplane over Ukraine, A.M. Best Co. Inc. said Wednesday.

Aspen reports strong 2nd quarter earnings in shadow of takeover bid

By: Matthew Lerner

Published July 23, 2014 - 5:00pm CST

Aspen Insurance Holdings Ltd. saw second quarter net income more than triple to $130.8 million from $40.1 million in the same period last year on improved underwriting income and substantial investment gains.

GM recalls 717,950 vehicles in U.S., not for ignition switches

Published July 23, 2014 - 2:46pm CST

(Reuters) — General Motors Co. on Wednesday announced six recalls covering 717,950 vehicles in the United States for varying reasons, although none were related to ignition switch issues.

Facebook's Zuckerberg to testify at N.Y. forgery trial: Prosecutors

Published July 23, 2014 - 2:46pm CST

(Reuters) — The government will call Mark Zuckerberg to testify against an upstate New York man accused of trying to cheat the billionaire founder of Facebook Inc. out of half his stake in the social media company, a federal prosecutor said on Tuesday.

Yum China severs ties with owner of plant in meat scandal

Published July 23, 2014 - 2:41pm CST

(Reuters) — Yum Brands Inc.'s China division has stopped buying from OSI China after Shanghai police detained five people connected to the meat supplier's factory at the center of a new food safety scandal, Yum said Wednesday.

Federal exchange premium subsidies still available while lawsuits proceed

By: Matt Dunning

Published July 23, 2014 - 2:32pm CST

The Obama administration has said it will continue providing premium subsidies for health care plans purchased through federally run public exchanges, pending a final resolution of two lawsuits seeking to limit their availability.

Goodwill unit settles charges it retaliated against worker who testified in suit

By: Judy Greenwald

Published July 23, 2014 - 1:28pm CST

Goodwill Industries of Southwest Oklahoma & North Texas Inc. has agreed to pay $100,000 to settle a U.S. Equal Employment Opportunity Commission lawsuit in which it was charged with retaliating against an employee who had testified on another worker's behalf in a sex and age discrimination lawsuit, the agency said.

All Risks offers specialty workers comp class for home healthcare risks

By: Kate Shepherd

Published July 23, 2014 - 1:23pm CST

All Risks Ltd.’s workers compensation specialty division has announced a specialty class workers compensation for home healthcare risks.

Ascent Underwriting increases limits on medical billings liability coverage

By: Kate Shepherd

Published July 23, 2014 - 1:15pm CST

Specialist managing general agent Ascent Underwriting L.L.P. on Wednesday said it has increased the limits on its CyberPro medical billings errors and omissions product up to $5 million.

Pleading the Fifth on immigration status no bar to workers comp benefits in Pa.

By: Sheena Harrison

Published July 23, 2014 - 1:00pm CST

A Pennsylvania employer should not have stopped payment of workers compensation benefits to an employee who declined to testify about his immigration status during a hearing, the Pennsylvania Supreme Court has ruled.