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Business Insurance announces 2014 Best Places to Work in Insurance winners

Published August 28, 2014 - 5:02pm CST

A record 75 insurance industry companies are being recognized in this year's Business Insurance Best Places to Work in Insurance program.

Company kickball-game injury qualifies for comp: S.C. Supreme Court

By: Sheena Harrison

Published August 28, 2014 - 3:22pm CST

A South Carolina worker who was injured in a kickball game he organized for his employer should receive workers compensation benefits because he was expected by his employer to attend the game, the South Carolina Supreme Court has ruled.

Benmosche says cancer prognosis led to earlier retirement from AIG

By: Matt Dunning

Published August 28, 2014 - 3:13pm CST

As he prepares to step down as chief executive officer of American International Group Inc. on Sept. 1, Robert H. Benmosche revealed that his ongoing cancer prognosis forced him to move up his planned retirement by several months.

Washington health exchange plans double; average rates rise 1.9%

By: Rachel Landen, Modern Healthcare

Published August 28, 2014 - 2:35pm CST

Consumers in Washington state will have more choices in health plans next year and at rates lower than initially proposed, according to information made public by the state's Office of the Insurance Commissioner.

Cincinnati to cover employee gender reassignment surgery

By: Matt Dunning

Published August 28, 2014 - 1:20pm CST

Cincinnati will offer coverage for medically necessary transgender procedures under its employee health care plans beginning in 2015, according to city officials.

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

Published August 28, 2014 - 1:05pm 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.

Willis Re Canada adds two executives from Guy Carpenter

By: Kate Shepherd

Published August 28, 2014 - 11:36am CST

Willis Re Inc., the North American reinsurance operation of Willis Group Holdings P.L.C., on Thursday said it has hired two executives for its Toronto-based senior management team from Guy Carpenter & Co. L.L.C.

OFF BEAT: Sports car bath lands driver in hot water

Published August 28, 2014 - 10:58am 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.

Aon Hewitt adding voluntary benefit options to private health exchange

By: Matt Dunning

Published August 28, 2014 - 9:57am CST

Aon Hewitt on Thursday said it is planning to add voluntary benefit plans to the menu of coverages available through its private health insurance exchange, largely due to rising employer demand for a wider variety of exchange-based benefit options.

Credit insurer says Ukraine crisis could lift German insolvencies

Published August 28, 2014 - 9:21am 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.

JPMorgan probes possible cyber attack; other banks reportedly hit

Published August 28, 2014 - 9:02am 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.

PricewaterhouseCoopers must face $1B lawsuit over MF Global advice

Published August 27, 2014 - 2:30pm 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.

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

Published August 27, 2014 - 1:36pm 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.

Malaysia police arrest 42 foreigners after riot at export factory

Published August 27, 2014 - 10:38am CST

(Reuters) — Malaysian police have arrested 42 men after a riot by up to 1,000 mostly Nepalese workers sparked fires and destroyed parts of an electronics export factory, highlighting accusations of poor conditions.

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

Published August 27, 2014 - 10:19am 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.

RBS mortgage fine deals blow to boss McEwan

Published August 27, 2014 - 10:09am 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.

Ariel co-CEO Milligan to retire after sale of Ariel Re

By: Sarah Veysey

Published August 27, 2014 - 10:07am CST

Tom Milligan, co-CEO of Ariel Holdings Ltd., will retire upon completion of the sale of Ariel's reinsurance operations, Ariel Re, to Sao Paulo-based investment bank Banco BTG Pactual S.A.

Munich Re to expand Australian insurance business through Calliden deal

By: Sarah Veysey

Published August 27, 2014 - 10:06am CST

Munich Reinsurance Co. plans to expand its specialty, middle-market and small commercial insurance business in Australia in a three-way deal with a broker network and insurance group.

Vermont residents spend less on health care, but clouds are looming

By: Melanie Evans, Modern Healthcare

Published August 27, 2014 - 8:49am CST

With Vermont's ambitions for universal health care by 2017, reports say privately insured patients spent less time hospitalized and used more generic drugs than the average U.S. patient, in lieu of health reform.

Global insured losses from disasters reach $21B in first half: Swiss Re

By: Sarah Veysey

Published August 27, 2014 - 8:44am CST

Worldwide insured losses from disasters totaled about $21 billion in the first half of 2014, down from $25 billion in the comparable period last year and lower than the 10-year average for first-half losses.

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

Published August 26, 2014 - 4:46pm 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.

U.S. loses bid to dismiss ex-AIG CEO's $25B lawsuit over bailout

Published August 26, 2014 - 4:35pm CST

(Reuters) — A federal judge has rejected the United States' bid to dismiss a more than $25 billion lawsuit filed by Maurice R. Greenberg, the former chief executive of American International Group Inc.

HealthCare.gov to be run by Connecticut exchange leader

By: Darius Tahir, Modern Healthcare

Published August 26, 2014 - 3:57pm CST

The leader of one of the most successful state-based insurance exchanges will head to Washington to become CEO of the federal marketplace. The CMS named Connecticut's Kevin Counihan to the newly created post on Tuesday.

Retrofit bulks up corporate weight-loss effort with BSwift

By: John Pletz, Crain's Chicago Businsess

Published August 26, 2014 - 3:07pm CST

Chicago's Retrofit Inc., a tech-enabled weight-loss startup backed by J.B. Pritzker, Larry Levy and Jai Shekhawat, is teaming with BSwift, a Chicago-based health insurance services company.

Growing earnings, workforce pushed comp costs up 6.9% in 2012: Report

By: Sheena Harrison

Published August 26, 2014 - 12:37pm CST

Workers compensation costs paid by employers rose 6.9% to $83.2 billion year-over-year in 2012, driven largely by an increase in worker numbers and earnings.

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