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Subscriber only, premium content. Monday, March 2

Most Recent News

AIG former CEO remembered for leading the insurer’s revival

By: Mark A. Hofmann

Published March 03, 2015 - 10:16am CST

Former American International Group Inc. President and CEO Robert H. Benmosche, who died Friday in New York after battling cancer for five years, will go down in history as the executive who led the well-documented turnaround of the insurance giant.

Obama defends lack of 'Plan B' for ACA court case

Published March 03, 2015 - 10:12am CST

(Reuters) — President Barack Obama on Monday said he thinks there is no “plausible legal basis” for the U.S. Supreme Court to strike down a key plank of the Patient Protection and Affordable Care Act, defending his administration’s lack of a contingency plan.

Bank of England warns insurers of possible 'huge hit' over fossil fuels

Published March 03, 2015 - 9:55am CST

(Reuters) — Insurers may face a “huge hit” if they end up being wrongfooted by rule changes linked to climate change, the Bank of England said on Tuesday.

'Cadillac' tax could diminish union health plans

By: Bob Herman, Modern Healthcare

Published March 03, 2015 - 9:40am CST

Health plans obtained through union collective bargaining agreements often include much more generous benefits than other employer-sponsored plans. But such benefits are likely to be pared down as the Affordable Care Act’s excise tax nears, a new study in Health Affairs contends.

Cyber risks a top concern for majority of D&O underwriters

By: Judy Greenwald

Published March 02, 2015 - 3:31pm CST

A total of 60% of directors & officers underwriters consider a company's cyber security a major risk when it comes to underwriting a D&O policy, says a brokerage's survey.

2015 Risk Manager of the Year, Risk Management Honor Roll announced

Published March 02, 2015 - 2:42pm CST

Business Insurance announced Monday that Kathleen M. Ireland, vice president of global risk and insurance management at technology giant IBM Corp. in Armonk, New York, is the 2015 Risk Manager of the Year®.

Connecticut launches probe into Lenovo use of Superfish software

Published March 02, 2015 - 2:33pm CST

(Reuters) — Connecticut Attorney General George Jepsen’s office said on Monday it has launched an investigation into Lenovo Group Ltd.’s sales of laptops preloaded with Superfish software, which the U.S. government last month warned made users vulnerable to cyber attacks.

Comp sole remedy for disabled worker, wife who alleged settlement delays

By: Stephanie Goldberg

Published March 02, 2015 - 2:31pm CST

Workers compensation is the exclusive remedy for a permanently disabled worker and his wife who allege that an insurer and its claims administrator delayed, discouraged and denied benefits for 10 years, the Texas Supreme Court has ruled.

London broker snags competitor’s energy team

By: Sarah Veysey

Published March 02, 2015 - 12:40pm CST

London-based insurance and reinsurance brokerage THB Group Ltd. has hired a team of energy brokers from London-based Howden Insurance Brokers Ltd.

Berkshire Hathaway fourth-quarter results drop

By: Mark A. Hofmann

Published March 02, 2015 - 12:31pm CST

Berkshire Hathaway Inc.’s net income for the fourth quarter of 2014 dropped 16.6% from that of the same period a year earlier to $4.16 billion in large part due to a drop in investment gains and derivative losses, Omaha, Nebraska-based conglomerate reported Saturday.

Terrorism insurance pool buys reinsurance for first time

By: Sarah Veysey

Published March 02, 2015 - 11:48am CST

Pool Reinsurance Co. Ltd., the U.K. government-backed terrorism reinsurance backstop, has bought commercial reinsurance coverage for the first time since it was established two decades ago.

Apple, Google workers head to court on $415 million poaching settlement

Published March 02, 2015 - 11:32am CST

(Reuters) — Workers accusing Apple, Google and two other Silicon Valley companies of conspiring to hold down salaries will try on Monday to win approval of a $415 million settlement from a U.S. judge who rejected an earlier deal as too low.

Health reform law's fate hinges on interpretation of a few words

By: Lisa Schencker, Modern Healthcare

Published March 02, 2015 - 11:02am CST

After months of nervous speculation, it's finally the U.S. Supreme Court's turn this week to consider the legal case that could solidify or savage President Barack Obama's landmark health care reform law.

Bouncy invention takes on hail damage

Published March 02, 2015 - 10:32am CST

Losses caused by hail damage to automobiles can be expensive for insurance buyers and insurers.

Amlin stumbles on reduced investment results

By: Sarah Veysey

Published March 02, 2015 - 10:04am CST

Amlin P.L.C. posted pre-tax profit of £258.7 million ($399.3 million) for 2014, down 21% from 2013, in a more challenging trading environment, according to its CEO Charles Philipps.