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China condemns cyberattacks, but says no proof N.Korea hacked Sony

Published December 22, 2014 - 1:03pm CST

(Reuters) — China said on Monday it opposed all forms of cyberattacks but there was no proof that North Korea was responsible for the hacking of Sony Pictures Entertainment Inc., as the United States has said.

GM gets 104 more claims for faulty ignition switch compensation

Published December 22, 2014 - 12:33pm CST

(Reuters) — General Motors Co. has received 104 claims for compensation for ignition switch defects in its cars in the past week, bringing the total to 2,430, according to the official administering the compensation program.

Catlin sells European personalized auto insurance service for $133M

By: Matthew Lerner

Published December 22, 2014 - 11:49am CST

Catlin Insurance Co. Ltd., a subsidiary of Hamilton, Bermuda-based Catlin Group Ltd. has agreed to sell its investment in Box Innovation Group Ltd. a personalized auto insurance service that trades as Insure the Box, to Aioi Nissay Dowa Insurance Co. of Europe Ltd., for £85 million ($132.8 million), Catlin said Monday.

CNA commercial president and COO Lindemann to retire

By: Shelby Livingston

Published December 22, 2014 - 11:41am CST

Robert Lindemann will retire as president and chief operating officer of CNA Commercial on Dec. 31, CNA Financial Corp. announced Friday.

Amlin acquires $200M reinsurance coverage for U.S., European storms

By: Sarah Veysey

Published December 22, 2014 - 11:33am CST

Amlin P.L.C. has acquired reinsurance coverage of up to $200 million for U.S. named storm, U.S. earthquake and European windstorm perils via a Bermuda-based special purpose insurer, Tramline Re II Ltd., Amlin announced Monday.

Bermuda commercial insurers in line for Solvency II compliance

By: Matthew Lerner

Published December 22, 2014 - 10:51am CST

A report from the European Insurance and Occupational Pensions Authority has endorsed key aspects of Bermuda’s commercial insurance and reinsurance regulatory regime as meeting the criteria of Solvency II, the Bermuda Monetary Authority said Friday.

S.Korea nuclear plant operator claims hack, raising alarm

Published December 22, 2014 - 10:42am CST

(Reuters) — Computer systems at South Korea’s nuclear plant operator have been hacked, the company said on Monday, sharply raising concerns about safeguards around nuclear facilities in a country that remains technically at war with North Korea.

Express Scripts to cover AbbVie hepatitis C drug, drops Gilead treatment

Published December 22, 2014 - 10:11am CST

(Reuters) — The nation's largest pharmacy benefit manager has lined up a cheaper price from AbbVie Inc. on its newly approved hepatitis C treatment and, in most cases, will no longer cover Gilead Sciences Inc. treatments, Express Scripts said on Monday.

OFF BEAT: Scamming funeral director buried in legal trouble

Published December 22, 2014 - 9:42am CST

According to the proverb, there is nothing certain in life except for death and taxes.

Risk modelers look to clarify cyber risk costs

Published December 22, 2014 - 9:35am CST

(Reuters) — Even as the Sony Corp. cyber attack laid bare the kinds of vulnerabilities that typically drive companies to buy insurance policies, the lack of a risk model for insurers means such protection is not always easy to get.

Barbican gets OK for special purpose Lloyd's syndicate

By: Sarah Veysey

Published December 22, 2014 - 9:22am CST

Barbican Insurance Group has received approval to set up a special purpose syndicate at Lloyd's of London.

TRIA reauthorization supporters pin their hopes on the next Congress

By: Mark A. Hofmann

Published December 21, 2014 - 6:00am CST

Supporters of the federal terrorism insurance backstop are guardedly optimistic the next Congress will take up reauthorization of the program shortly after it convenes next month.

Senate's failure to reauthorize TRIA sends shockwaves through insurance sector

By: Matthew Lerner

Published December 21, 2014 - 6:00am CST

The failure of the U.S. Senate last week to enact legislation extending the federal government's terrorism insurance backstop beyond its year-end expiration sent shockwaves through the insurance sector.

North Korea's Sony hack seen as cyber security game-changer

By: Louise Esola

Published December 21, 2014 - 6:00am CST

Risk and security experts examining the unprecedented cyber attack on Sony Pictures Entertainment Inc. see it as a game-changer for companies who think they have a handle on cyber security.

Supreme Court could give definitive ruling on states' rights to ban gay marriage

By: Matt Dunning

Published December 21, 2014 - 6:00am CST

A definitive ruling by the U.S. Supreme Court on states' rights to ban gay marriage could come as early as June 2015, experts say, bringing welcome relief for employers and their benefits management staffs.