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Most Recent Specialty Risks News

Surety bond sector strengthens on rebounding construction industry

By: Matthew Lerner

Published August 31, 2014 - 6:00am CST

The surety bond sector looks to register its second consecutive year of growth, led by the private construction sector as the economy slowly improves.

NLRB ruling that McDonald's is joint employer could increase franchising risks

By: Judy Greenwald

Published August 31, 2014 - 6:00am CST

A determination by the National Labor Relations Board's general counsel that McDonald's Corp. should be considered a “joint employer” with its franchisees could dramatically increase franchisors' potential liabilities should it become law.

Courts and NLRB may dispute franchisors' liability for years

By: Judy Greenwald

Published August 31, 2014 - 6:00am CST

It may take years to resolve whether franchisors can be considered joint employers with their franchisees.

JLT shuffles execs, merges specialty units

By: Matthew Lerner

Published August 29, 2014 - 12:13pm CST

Jardine Lloyd Thompson Group P.L.C. said Friday that JLT Re CEO Alastair Speare-Cole will leave the company as Mark Drummond Brady is appointed deputy group CEO.

Aon Benfield secures reinsurance capacity for Aegis London cyber coverage

By: Bill Kenealy

Published August 29, 2014 - 11:57am CST

Reinsurance intermediary Aon Benfield Group Ltd. on Friday said it has sourced the reinsurance capacity for a recently announced cyber liability facility developed by the Lloyd’s of London syndicate of mutual energy insurer Aegis London, a unit of Aegis Insurance Services Inc.

Lufthansa's Germanwings pilots strike as pension row rumbles on

Published August 29, 2014 - 10:05am CST

(Reuters) — Pilots at Lufthansa's budget carrier Germanwings staged a six-hour strike on Friday, disrupting travel plans of thousands of people returning from summer holidays and putting pressure on Lufthansa management in a pension scheme dispute.

Iceland lowers volcano alert, says small eruption no threat to aviation

Published August 29, 2014 - 9:24am CST

(Reuters) — Iceland reduced its aviation warning level to orange on Friday after concluding that a small eruption in the Bardarbunga volcano system that triggered an hours-long red alert actually posed no threat to aircraft.

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.

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.

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.

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.

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.

OFF BEAT: Traffic hackers get the green light

Published August 26, 2014 - 8:48am CST

Whether hackers are looking to shave time off their commutes or pull off a gold heist like Michael Caine's character in 1969's “The Italian Job” (or Mark Wahlberg's character in the 2003 remake), authorities can add “tampering with traffic lights” to the growing list of cyber risks.

OFF BEAT: $26M deal lets L.A.'s garbage men nap through lunch

Published August 25, 2014 - 2:37pm CST

It was a little known fact that Los Angeles had banned garbage truck drivers from taking naps on their lunch breaks, but now the drivers will be free to sleep since the Los Angeles City Council approved a $26 million legal settlement to end a class action lawsuit over the ban, the Los Angeles Times reported.

Judge casts doubt on Hewlett-Packard shareholder settlement in Autonomy lawsuit

Published August 25, 2014 - 1:15pm CST

(Reuters) — A U.S. judge cast doubt on Monday over a proposed agreement struck between Hewlett-Packard Co. and plaintiff shareholders to settle a lawsuit over the computing giant's botched acquisition of Autonomy P.L.C.

Banks to meet with Treasury Department on cyber threats: Sources

Published August 25, 2014 - 10:12am CST

(Reuters) — A group of Wall Street banks plan to meet the U.S. Treasury Department and other government officials next month to talk about how to cooperate to fend off cyber attacks.

Sony says PlayStation network back online; user data safe

Published August 25, 2014 - 9:59am CST

(Reuters) — Sony Corp.'s PlayStation Network was back online on Monday following a cyber attack that took it down over the weekend that coincided with a bomb scare.

Breach at U.S. government contractor affected at least 25,000 workers

Published August 22, 2014 - 4:27pm CST

(Reuters) — A cyber attack at a company that performs background checks for the U.S. Department of Homeland Security compromised data of at least 25,000 government workers.

Cover offered via Lloyd's syndicates for commercial marijuana industry

By: Judy Greenwald

Published August 22, 2014 - 3:03pm CST

A recently formed insurance agency is offering the commercial marijuana industry general liability and related insurance coverage on a surplus lines basis through several Lloyd's of London syndicates.

Goldman nears $1.1B payment to FHFA: Financial Times

Published August 22, 2014 - 2:42pm CST

(Reuters) — Goldman Sachs Group Inc. could pay about $1.1 billion to settle claims from the U.S. housing finance regulator that it sold bad mortgage-backed securities, the Financial Times reported.

Jardine Lloyd Thompson Canada adds 2 executives to Calgary office

By: Kate Shepherd

Published August 22, 2014 - 12:52pm CST

Jardine Lloyd Thompson Canada Inc., a unit of Jardine Lloyd Thompson Group P.L.C., is adding two new members to its senior team in Calgary, Alberta.