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Willis quarterly revenue up 5.1%, but taxes, expenses blunt profit

By: Matthew Lerner

Published July 29, 2014 - 5:38pm CST

Willis Group Holdings P.LC. said Tuesday that its second-quarter revenue increased 5.1% to $935.0 million as commissions and fees grew, but increased income tax charges and expenses limited its net income.

BROKER BEAT: Alper Services L.L.C.

Published July 29, 2014 - 5:08pm CST

Business Insurance Associate Editor Bill Kenealy speaks with David Macknin, president of Alper Services L.L.C., about issues currently affecting the Chicago-based insurance brokerage.

Abbott Labs' $84M insurance award in claims dispute over obesity drug upheld

By: Judy Greenwald

Published July 29, 2014 - 4:45pm CST

An Illinois appeals court has upheld an $84.5 million insurance award to drugmaker Abbott Laboratories in a breach-of-contract claim against several Lloyd’s of London syndicate underwriters.

Arthur J. Gallagher quarterly revenue up 51% over 2013

By: Mark A. Hofmann

Published July 29, 2014 - 4:08pm CST

Arthur J. Gallagher & Co. reported on Tuesday that this year’s second-quarter revenue rose 51.2% over the same period a year ago to $1.18 billion, driven in large part by its risk management and brokerage segment and clean energy segment.

Oil Insurance to increase per-occurrence limit to $400 million

By: Kate Shepherd

Published July 29, 2014 - 3:50pm CST

Oil Insurance Ltd. will increase its per-occurrence limit from $300 million to $400 million and its event aggregation limit from $900 million to $1.2 billion, the insurer said Tuesday.

Israel's Iron Dome makers hit by hackers: Report

Published July 29, 2014 - 3:23pm CST

(Reuters) — Three Israeli defense contractors behind the Iron Dome missile shield and related systems were themselves robbed of hundreds of documents by hackers linked to the Chinese government starting in 2011, according to an independent U.S. security researcher.

Same-sex partner of murdered woman due comp death benefits: Alaska high court

By: Stephanie Goldberg

Published July 29, 2014 - 3:07pm CST

The same-sex partner of a woman who was murdered while working in an Anchorage, Alaska, hotel is eligible for workers compensation death benefits, the Alaska Supreme Court has ruled.

OFF BEAT: Artists alliance sings blues over built-in car audio recorders

Published July 29, 2014 - 2:56pm CST

The Alliance of Artists and Recording Companies Inc. says it’s being taken for a ride by American automobile manufacturers.

Pet food company settles EEOC pregnancy discrimination suit for $30,000

By: Judy Greenwald

Published July 29, 2014 - 2:54pm CST

A pet food manufacturer that fired a lab technician an hour after learning she was pregnant, citing safety concerns for both mother and baby, has agreed to settle a U.S. Equal Employment Opportunity Commission pregnancy discrimination case for $30,000.

NCAA proposes $75M settlement of concussion lawsuits filed by college players

By: Rodd Zolkos

Published July 29, 2014 - 2:23pm CST

The National Collegiate Athletic Association on Tuesday filed a proposed $75 million settlement of several consolidated class action suits brought by athletes who suffered concussions while playing college sports.

Product liability case against Smith & Wesson reinstated on appeal

By: Judy Greenwald

Published July 29, 2014 - 2:04pm CST

A federal court should have admitted a plaintiff expert’s testimony, even though it contradicted the plaintiff’s own testimony regarding the circumstances of his accident, says a federal appeals court.

Allied World North America offers architects and engineers liability insurance

By: Kate Shepherd

Published July 29, 2014 - 1:25pm CST

Allied World North America, a unit of Allied World Assurance Co. Holdings A.G., has launched architects and engineers professional liability insurance coverage for the U.S. market.

PBGC takes over pension plan sponsored by estate of Victor Posner

By: Jerry Geisel

Published July 29, 2014 - 12:18pm CST

The Pension Benefit Guaranty Corp. is taking over and terminating the underfunded pension plan sponsored by the estate of one-time businessman and corporate raider Victor Posner.

IronHealth offers Medicare set-aside liability policy

By: Kate Shepherd

Published July 29, 2014 - 12:04pm CST

IronHealth is offering a Medicare set-aside liability policy for self-insured employers and workers compensation insurers that choose not to seek approval from the U.S. Centers for Medicare & Medicaid Services for workers compensation Medicare set-aside arrangements.

Canada accuses Chinese of trying to hack government network

Published July 29, 2014 - 11:58am CST

(Reuters) — Canada on Tuesday took the unusual step of singling out Chinese hackers for attacking a key computer network and lodged a protest with Beijing, raising tensions at a time when Ottawa wants to boost oil sales to China.

Both PartnerRe, Montpelier Re post improved second quarters over 2013

By: Matthew Lerner

Published July 29, 2014 - 10:43am CST

Two Bermuda-based reinsurers bounced back from 2013's second-quarter losses with profits as they reported second-quarter 2014 results on Monday.

Australia's QBE warns H1 results could disappoint

Published July 29, 2014 - 9:55am CST

(Reuters) — QBE Insurance Group, Australia's biggest insurer by premium income, on Tuesday warned that its first-half results would likely fall short of analysts' forecasts, hit by higher-than-expected claims.

XL reports $279.3M 2nd-quarter loss after selling life reinsurance business

By: Mark A. Hofmann

Published July 29, 2014 - 9:42am CST

XL Group P.L.C. reported a net loss of $279.3 million for the second quarter of 2014, reflecting a large after-tax loss on the sale of its life reinsurance operation, the Dublin-based insurer said.

Aetna says Coventry purchase boosted second-quarter profit

Published July 29, 2014 - 9:39am CST

(Reuters) — Aetna Inc., the third-largest U.S. health insurer, reported a higher second-quarter profit that beat analyst expectations, helped by last year's acquisition of Medicare and Medicaid provider Coventry Health Care.

Marsh & McLennan revenue increases 6.8% in second quarter

By: Mark A. Hofmann

Published July 29, 2014 - 9:38am CST

Marsh & McLennan Cos. Inc. reported 2014 second-quarter revenue of $3.36 billion on Tuesday, a 6.8% increase over the same period last year.

Jardine Lloyd Thompson posts second-quarter revenue of $957M

By: Sarah Veysey

Published July 29, 2014 - 9:04am CST

Jardine Lloyd Thompson Group P.L.C. on Tuesday reported revenue of 559.6 million ($957.3 million) for the first six months of 2014, up 14.9% from the comparable period last year.

Appeals court rules Virginia same-sex marriage ban invalid

By: Matt Dunning

Published July 28, 2014 - 4:49pm CST

A federal appeals court in Richmond, Virginia handed a significant legal victory to gay and lesbian couples seeking equal marriage rights and benefits on Monday by declaring that state's laws banning same-sex marriage invalid.

Berkley reports 55.1% profit surge in second quarter

By: Mark A. Hofmann

Published July 28, 2014 - 3:57pm CST

W.R. Berkley Corp.'s net income for the second quarter of 2014 surged 55.1% over that of the same period in 2013 to $180.0 million, owing in part to price increases, the sale of some real estate and a successful investment strategy.

Total cost of risk for companies rises in 2013: RIMS survey

By: Bill Kenealy

Published July 28, 2014 - 2:43pm CST

The average total cost of risk for companies rose for third straight year in 2013, analysis released Monday by the Risk & Insurance Management Society Inc. and Advisen Ltd. finds.

Smith & Wesson settles charges of bribing foreign officials for $2M

By: Judy Greenwald

Published July 28, 2014 - 2:39pm CST

Gunmaker Smith & Wesson Holding Corp. has agreed to pay $2 million to settle U.S. Securities and Exchange Commission charges that it violated the Foreign Corrupt Practices Act by bribing foreign officials in several countries, the agency said Monday.

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