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Marine broker buys out original backer Cooper Gay

By: Matthew Lerner

Published October 09, 2015 - 10:14am CST

Management at Hong Kong-based Latitude Brokers has completed the buyout of shares owned by Cooper Gay Swett & Crawford Ltd. just a little over a year after Cooper Gay launched the marine insurance specialist, Latitude said in a statement Friday.

Embrace new roles in rapidly changing economy, insurers told

By: Gavin Souter

Published October 09, 2015 - 6:00am CST

Relationships with risk managers depend on shift from financial protectors to service providers.

Successful emergency plans require vigilance, realistic expectations

By: Gavin Souter

Published October 09, 2015 - 6:00am CST

Like in football, the best offense in crisis management is a good defense.

Coverage protects manufacturers from California product liability

By: Joyce Famakinwa

Published October 08, 2015 - 4:09pm CST

Wells Fargo Insurance Services USA Inc. said Thursday that they have launched an insurance program specifically designed to provide protection from California’s Proposition 65 law.

Physical health takes back seat among employee wellness concerns

By: Matt Dunning

Published October 08, 2015 - 3:49pm CST

BOSTON — While most workplace wellness programs are designed primarily to improve employees’ physical health, employees say physical health is far less important than other elements of their total well-being.

Police officer’s military service discrimination case reinstated

By: Judy Greenwald

Published October 08, 2015 - 3:22pm CST

A federal appeals court has reinstated a case filed by a village police officer, who claims he was discriminated against in various ways because of his military affiliation.

Volkswagen's U.S. chief blames emissions scandal on 'individuals'

By: Thomson Reuters

Published October 08, 2015 - 2:45pm CST

According to Volkswagen North America CEO Michael Horn, "a couple of software engineers" are behind the installation of defeat devices in the automaker's diesel cars since 2009.

In lawsuit over hacking, Uber probes IP address assigned to Lyft exec

Published October 08, 2015 - 1:56pm CST

(Reuters) — Eight months after disclosing a major data breach, ride service Uber is focusing its legal efforts on learning more about an internet address that it has persuaded a court could lead to identifying the hacker. That address, two sources familiar with the matter say, can be traced to the chief of technology at its main U.S. rival, Lyft.

California wildfire insured losses top $1 billion

By: Mark A. Hofmann

Published October 08, 2015 - 12:04pm CST

Insurers are facing more than $1 billion in claims payouts, making 2015 the costliest year for wildfires losses since 2007.

Private equity firm settles with SEC on fee crackdown

By: Thomson Reuters

Published October 07, 2015 - 3:52pm CST

(Reuters) — Blackstone Group, the world's largest private equity firm, will pay about $39 million to settle civil charges over disclosure failures in connection with certain types of fees it charged its portfolio companies, U.S. regulators said on Wednesday.

VW says it has withdrawn software from 2016 vehicles

By: Thomson Reuters

Published October 07, 2015 - 3:49pm CST

(Reuters) — Volkswagen A.G. has withdrawn a software feature from its model year 2016 vehicles that should have been disclosed to regulators as an auxiliary emissions control device, the company's U.S. chief said on Wednesday.

Wal-Mart sues insurers over Tracy Morgan crash settlement payments

By: Judy Greenwald

Published October 07, 2015 - 3:26pm CST

Wal-Mart Stores Inc. is suing several excess insurers over their alleged recalcitrance in paying the settlement that was reached with comedian Tracy Morgan and others in connection with the 2014 accident, in which one of its trucks crashed in to the comedian's limousine, according to a report.

Potato packers fined $450,000 for sexual harassment, retaliation

By: Judy Greenwald

Published October 07, 2015 - 3:12pm CST

Two companies that operated a joint potato packing plant in Monte Vista, Colorado, will pay $450,000 to settle a lawsuit that accused them of harassment and retaliation, said the Equal Employment Opportunity Commission Wednesday.

Helmsman president adds Liberty Mutual national casualty duties

By: Joyce Famakinwa

Published October 07, 2015 - 2:59pm CST

Liberty Mutual Insurance Co. has appointed Chicago-based Debbie Michel executive vice president and general manager of its National Insurance Casualty unit.

Defunct law firm's execs found not guilty of some counts

By: Thomson Reuters

Published October 07, 2015 - 2:39pm CST

(Reuters) — A New York jury on Wednesday found three former executives of defunct law firm Dewey & LeBoeuf not guilty of some charges but remained deadlocked on others, including the most serious charge of grand larceny.

Axis to pull out of retail in Australia, cut 100 jobs

By: Judy Greenwald

Published October 07, 2015 - 2:12pm CST

Pembroke, Bermuda-based Axis Capital Holdings Ltd. said Wednesday that it plans to withdraw from the retail market in Australia and will also cut a total of 100 positions, or about 8% of its work force, primarily in its corporate and select insurance operations.

Specialty insurance firm offers policies to cover cyber liability and breach response

By: Joyce Famakinwa

Published October 07, 2015 - 1:38pm CST

Berkshire Hathaway Specialty Insurance said that it has launched two policies which provide cyber liability and breach response coverage with risk management resources in the U.S., Berkshire Hathaway said in a statement.

FAA fines drone company $1.9 million for unauthorized aerial photography flights

By: Matthew Lerner

Published October 07, 2015 - 12:13pm CST

The Federal Aviation Administration handed out its largest-ever penalty to a drone operator for “endangering the safety of our airspace,” the Administration said in a statement Tuesday.

Ralph Nader's tort law museum opens without a bang

Published October 07, 2015 - 9:44am CST

Tort reform has vexed insurers and corporate lawyers for decades, and now there’s a place to explore the subject under one roof.

Cisco security researchers disable big distributor of 'ransomware'

Published October 06, 2015 - 2:09pm CST

(Reuters) — Cisco Systems Inc. said it had managed to disrupt the spread of one of the most pernicious systems for infecting Internet users with malicious software such as so-called ransomware, which demands payment for decrypting users’ data.

Buying cyber cover requires sharing most sensitive data

By: Gavin Souter

Published October 06, 2015 - 12:22pm CST

This helps explain why the insurance has so few takers in Europe.

Britain proposes new rules to weed out 'bad apples' in banking, insurance

Published October 06, 2015 - 10:05am CST

(Reuters) — Banks would have to get references for new hires going back six years under proposals published by British regulators on Tuesday to stop “bad apples” in banking and insurance from switching jobs easily.

U.S. says BP to pay $20 billion in fines for 2010 oil spill

By: Thomson Reuters

Published October 05, 2015 - 1:20pm CST

(Reuters) — BP P.L.C. will pay more than $20 billion in fines to resolve nearly all claims from its deadly Gulf of Mexico oil spill five years ago, marking the largest corporate settlement of its kind in U.S. history, Attorney General Loretta Lynch said on Monday.

Worm farm exempted from paying overtime

Published October 05, 2015 - 12:15pm CST

No one in the real world is ever likely to think of raising worms as agriculture, but a court decision last week illustrates that there is sometimes a clear divide between the real and legal worlds.

Former Knicks, Hawks NBA player eligible for California comp

By: Gloria Gonzalez

Published October 05, 2015 - 11:45am CST

A court ruling says California is responsible for covering former NBA player Durand Macklin's cumulative injury claim.

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