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Insured damages in Bermuda from Gonzalo estimated at $200M-$400M: AIR

By: Mark A. Hofmann

Published October 22, 2014 - 2:47pm CST

Last week's Hurricane Gonzalo caused estimated insured damages of between $200 million and $400 million in Bermuda, catastrophe modeler AIR Worldwide said Wednesday.

Humana looks to sell urgent care subsidiary Concentra: Sources

Published October 22, 2014 - 1:56pm CST

(Reuters) — Health insurer Humana Inc. is exploring a sale of its urgent care subsidiary Concentra in a deal that could value it at around $1 billion, according to three people familiar with the matter.

Insurance sector falls short on addressing climate change: Report

By: Judy Greenwald

Published October 22, 2014 - 1:45pm CST

The insurance industry has shown a “profound lack of preparedness” in addressing climate-related risk and opportunities, says a report on a survey conducted by an advocacy group.

New Orleans mayor creates pension reform group to sustain firefighters plan

By: Rob Kozlowski, Pensions & Investments

Published October 22, 2014 - 12:48pm CST

New Orleans Mayor Mitch Landrieu signed an executive order establishing a pension reform working group to recommend changes to the New Orleans Fire Fighters Pension & Relief Fund.

Justice Department to increase focus on cyber threat, economic espionage

By: Judy Greenwald

Published October 22, 2014 - 12:33pm CST

The Justice Department is making strategic changes to put additional focus on the protection of national assets from the threat of state-sponsored economic espionage and proliferation, including through cyberspace.

U.S. government probes medical devices for possible cyber flaws

Published October 22, 2014 - 10:49am CST

(Reuters) — The U.S. Department of Homeland Security is investigating about two dozen cases of suspected cyber security flaws in medical devices and hospital equipment that officials fear could be exploited by hackers, a senior official at the agency told Reuters.

U.S. regulators expand number of vehicles affected by Takata recalls

Published October 22, 2014 - 10:31am CST

(Reuters) — U.S. safety regulators on Wednesday expanded the number of vehicles in the United States that may be affected by recalls for potentially defective Takata Corp. air bags that could spray shrapnel at occupants.

Lockheed Martin to forgo pension contributions in 2015 through 2017

By: Rob Kozlowski, Pensions & Investments

Published October 22, 2014 - 9:48am CST

Lockheed Martin Corp., Bethesda, Maryland, announced Tuesday it has contributed $1 billion in contributions to its defined benefit plans thus far in 2014 out of an expected $2 billion and does not expect to make further contributions for at least three more years.

Ace reports lower net income in third quarter

By: Matthew Lerner

Published October 22, 2014 - 9:11am CST

Ace Ltd. reported third quarter net income of $785.0 million, down 14.2% from the same period last year as adjusted net realized losses of $106 million blunted gains in premiums and investments, the company announced Tuesday.

BROKER BEAT Video: Woodruff-Sawyer & Co.

Published October 21, 2014 - 4:42pm CST

Business Insurance Associate Editor Bill Kenealy speaks with Priya Huskins, Senior Vice President of Woodruff-Sawyer & Co., about Bay area D&O buyers, big data and regulation.

China-backed hackers target Apple's iCloud users: Blog

Published October 21, 2014 - 3:16pm CST

(Reuters) — Apple Inc.'s iCloud storage service in China was attacked by hackers trying to steal user credentials, a Chinese web monitoring group said, adding that it believes the Beijing government is behind the campaign.

Starr Cos. expands cyber insurance offerings

By: Judy Greenwald

Published October 21, 2014 - 3:04pm CST

Starr Cos. is introducing primary cyber insurance that provides coverage for both first- and third-party costs, the New York-based insurer said.

Ace excludes Ebola claims for some new and renewal general liability policies

By: Douglas McLeod

Published October 21, 2014 - 2:55pm CST

Ace USA confirmed Tuesday that it will exclude coverage for Ebola claims under new and renewal general liability polices issued to companies that have exposures to certain African countries.

Appeals court clears Nationwide of age and race bias charges

By: Judy Greenwald

Published October 21, 2014 - 2:55pm CST

A federal appeals court has overturned a jury verdict and ruled Nationwide Mutual Insurance Co. is not liable for age and race discrimination charges in connection with its termination of two sales managers.

Product helps small and midsize firms measure cyber attack readiness

By: Joanne Wojcik

Published October 21, 2014 - 2:29pm CST

Information technology solutions provider eManagement Inc. has developed a new tool to help small and midsize businesses measure their readiness to respond to and recover from cyber security attacks.

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