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E.U. lawmakers smooth way for class actions against cartels

Published April 17, 2014 - 11:49am CST

(Reuters) — European lawmakers on Thursday eased the way for cartel victims to claim compensation from companies under new rules that also shield price-fixing whistleblowers from being the main target of million-dollar lawsuits.

Misdiagnosis could affect 12 million U.S. adults annually: Study

By: Sabriya Rice, Modern Healthcare

Published April 17, 2014 - 11:15am CST

An estimated 1 in 20 U.S. adults could be misdiagnosed during outpatient visits, and about half of those errors could prove to be harmful for the patient, finds a new study in the journal BMJ Quality and Safety.

$1.35B credit facility to fund Brown & Brown acquisitions, future growth

By: Mark A. Hofmann

Published April 17, 2014 - 11:07am CST

Brown & Brown Inc. has entered into a five-year $1.35 billion unsecured credit facility to fund acquisitions and future growth, the Daytona Beach, Fla.-based broker announced Thursday.

Bermuda underwriters’ net income up 23.9% in 2013

By: Mark A. Hofmann

Published April 17, 2014 - 11:03am CST

Bermuda underwriters surveyed by the Association of Bermuda Insurers and Reinsurers reported net income of $11.70 billion in 2013, an increase of 23.9% from 2012, the ABIR said Thursday.

Platinum Underwriters first-quarter net income down 26.4% from 2012

By: Mark A. Hofmann

Published April 17, 2014 - 10:41am CST

Platinum Underwriters Holdings Ltd. had first-quarter net income of $63.7 million, down 26.4% from the same period a year earlier, the Hamilton, Bermuda-based reinsurer reported.

Business Insurance IN FOCUS Video: 4 World Trade Center

Published April 17, 2014 - 9:56am CST

Business Insurance's latest video report explores Silverstein Properties' rebuild of 4 World Trade Center in New York.

U.K.'s RSA sells east European businesses to Polish insurer PZU

Published April 17, 2014 - 9:12am CST

(Reuters) — Troubled U.K. insurer RSA has sold the bulk of its eastern European operations to Poland's state-controlled group PZU for about €360 million ($497.3 million), the Polish firm's biggest ever deal and RSA's first to be done under its financial restructuring plan.

Companies can't litigate secretly to protect image: Appeals court

Published April 16, 2014 - 3:22pm CST

(Reuters) — In a victory for consumers, a federal appeals court on Wednesday directed that litigation about a product linked to the death of an infant be made public, saying the manufacturer could not keep the details secret to protect its image.

PBGC reaches settlement with Saint-Gobain to prevent pension plan takeover

By: Rob Kozlowski, Pensions & Investments

Published April 16, 2014 - 2:51pm CST

The Pension Benefit Guaranty Corp. has reached a settlement that will allow Saint-Gobain Containers Inc., Muncie, Ind., to continue as the sponsor of its pension plan following threats by the agency to take possession of the plan.

Canadian charged in 'Heartbleed' attack on tax agency

Published April 16, 2014 - 2:17pm CST

(Reuters) — Canadian police have arrested a 19-year-old man and charged him in connection with exploiting the "Heartbleed" bug to steal taxpayer data from a government website, the Royal Canadian Mounted Police said Wednesday.

Fired worker only needs to prove comp claim as 'contributing factor': Court

By: Sheena Harrison

Published April 16, 2014 - 2:05pm CST

A lawsuit alleging that an injured worker was fired in retaliation for his workers compensation claim only needed to prove that his claim was a “contributing factor” and not an “exclusive cause” of his discharge, a split Missouri Supreme Court ruled.

ISO online pricing tool caters to excess and surplus market

By: Bill Kenealy

Published April 16, 2014 - 1:25pm CST

Jersey City, N.J.-based Insurance Services Office Inc. on Wednesday unveiled ISO Rapid Valuator, a new pricing tool for commercial excess and surplus insurance underwriters.

Hartford signs $500M contract with IBM for cloud computing update

By: Bill Kenealy

Published April 16, 2014 - 12:42pm CST

Looking to modernize its computing infrastructure, Hartford Financial Services Group Inc. announced a six-year technology contract with Armonk, N.Y.-based IBM Corp. on Wednesday.

Starr Indemnity & Liability added to Treasury list of surety companies

By: Bill Kenealy

Published April 16, 2014 - 12:39pm CST

New York-based Starr Cos. on Wednesday said its Starr Indemnity & Liability Co. has been added to the list of approved surety companies by the U.S. Treasury Department.

GM to seek court protection against ignition lawsuits

Published April 16, 2014 - 11:58am CST

(Reuters) — Signaling a tougher stance toward legal claims stemming from its recent recall over faulty ignition switches, General Motors Co. said it will ask a U.S. court to bar lawsuits related to actions before its 2009 bankruptcy.

Market weighs on insurers and reinsurers, but brokers faring better: Analysis

By: Mark A. Hofmann

Published April 16, 2014 - 11:45am CST

Property/casualty insurers and reinsurers face a challenging market in 2014 from increased competition, but the outlook for insurance brokers is brighter because of general economic growth, according to an analysis released Wednesday by Barclays Capital Inc.

Cyber risks lurk far beyond organizations' own walls: Report

By: Mark A. Hofmann

Published April 16, 2014 - 11:39am CST

WASHINGTON — Current cyber risk management does not give much consideration to “digital distant perfection” — the aggregation of cyber risks that can lie far beyond an organization's own four walls.

Funding of large employers' pension plans fell $5B in March: Milliman

By: Matt Dunning

Published April 16, 2014 - 11:19am CST

The funding levels of pension plans sponsored by large publicly held U.S. employers fell nearly $5 billion in March, primarily due to asset underperformance and interest rate decreases, according to a new report by Milliman Inc.

RSA head for U.K. and Western Europe resigns to join Gallagher

Published April 16, 2014 - 10:07am CST

(Reuters) — The head of British insurer RSA Insurance Group P.L.C.'s U.K. and Western Europe business has resigned ahead of a strategic shakeup to take a new role at broker Arthur J. Gallagher & Co.

Allied World opens Toronto office, names Gord Kerr as head

By: Kate Shepherd

Published April 16, 2014 - 9:58am CST

Allied World Assurance Co. Holdings A.G. has opened a branch office in Toronto, tapping Gord Kerr as senior vice president, chief agent and branch manager for the region.

Patent firm RPX gets OK to act as Lloyd’s of London coverholder

By: Sarah Veysey

Published April 16, 2014 - 9:44am CST

Patent risk management solutions company RPX Corp. has received approval to act as a coverholder at Lloyd’s of London, RPX announced Wednesday.

Lancashire founder and CEO Richard Brindle to retire

Published April 16, 2014 - 9:34am CST

Richard Brindle, CEO and founder of insurer Lancashire Holdings Ltd., will retire from the company on April 30, Lancashire announced Wednesday.

Hull and liability aviation rates down 10% at renewals: Aon

By: Sarah Veysey

Published April 16, 2014 - 9:23am CST

Rates for lead hull and liability aviation insurance fell by an average of 10% during renewals that took place in 2013, according to a report published Wednesday by Aon P.L.C.

Lloyd's lays out strategic plan for next three years

By: Sarah Veysey

Published April 16, 2014 - 9:18am CST

Lloyd's of London set out its strategy for 2014 to 2016 on Wednesday and has updated its plans to meet its 2025 goals.

Texas town eyes new fertilizer plant a year after deadly blast

Published April 15, 2014 - 3:11pm CST

(Reuters) — Not far from an enormous crater where a fertilizer plant stood before an explosion there killed 15 people, lifeless and uprooted trees surround boarded-up homes spray-painted with “OK.”

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