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U.S. appeals court rules for GM in Spyker's Saab sale lawsuit

Published October 24, 2014 - 2:44pm CST

(Reuters) — General Motors Co. persuaded a federal appeals court to uphold the dismissal of a $3 billion lawsuit in which Spyker N.V. accused it of derailing a plan to sell the Swedish automaker Saab to a Chinese company.

Jury awards one-armed security guard $35,922 in EEOC discrimination case

By: Judy Greenwald

Published October 24, 2014 - 1:34pm CST

A federal jury in Miami has awarded a one-armed security guard $35,922 in a U.S. Equal Employment Opportunity Commission discrimination case over his removal from his post after a customer complained about his disability.

Oregon workers comp assessment rate steady at 6.2% for 2015

By: Stephanie Goldberg

Published October 24, 2014 - 12:24pm CST

The Oregon Workers' Compensation Division said Wednesday that insurers will see no change to the current workers compensation assessment rate of 6.2% in 2015.

Northrop must face whistleblower anti-missile lawsuit

Published October 24, 2014 - 10:59am CST

(Reuters) — A Chicago federal judge on Thursday rejected Northrop Grumman Corp.'s bid to dismiss a lawsuit by a former employee who accused the defense contractor of defrauding the U.S. government in performing a contract to develop a missile defense system for commercial aircraft.

Senators want rules on corporate pension de-risking

By: Jerry Geisel

Published October 23, 2014 - 1:36pm CST

The chairmen of two Senate committees are asking the heads of several federal agencies to develop guidance on one of the hottest defined benefit pension plan trends: employer moves to “de-risk” the plans.

Financial institutions identify cyber risk as major concern: Survey

By: Judy Greenwald

Published October 23, 2014 - 1:15pm CST

A total of 84% of global financial institutions identified cyber risk as one of their top five concerns in a third-quarter survey by Depository Trust & Clearing Corp.

OFF BEAT: ‘Simpsons’ lawsuit claims cartoon imitates ‘Goodfellas’ character

Published October 23, 2014 - 12:13pm CST

If gangster “Louie” on “The Simpsons” cartoon reminds you of someone, you’re not alone.

California workers comp reform moderates office visit costs despite rising fees

By: Sheena Harrison

Published October 23, 2014 - 11:58am CST

California medical office visit fees have increased significantly after the state passed a workers comp reform bill in 2012, but changes in how medical providers are reimbursed for some billings may help moderate increases in total payments, according to the Workers Compensation Research Institute.

Allied World profit drops; business segments to be reorganized

By: Mark A. Hofmann

Published October 23, 2014 - 11:49am CST

Third-quarter net income at Allied World Assurance Co. Holdings A.G. fell 74.8% from the prior-year period to $30.9 million as the Zug, Switzerland-based underwriter contended with increased catastrophe losses.

U.S. regulators expand number of vehicles affected by Takata recalls

Published October 22, 2014 - 10:31am CST

(Reuters) — U.S. safety regulators on Wednesday expanded the number of vehicles in the United States that may be affected by recalls for potentially defective Takata Corp. air bags that could spray shrapnel at occupants.

BROKER BEAT Video: Woodruff-Sawyer & Co.

Published October 21, 2014 - 4:42pm CST

Business Insurance Associate Editor Bill Kenealy speaks with Priya Huskins, Senior Vice President of Woodruff-Sawyer & Co., about Bay area D&O buyers, big data and regulation.

China-backed hackers target Apple's iCloud users: Blog

Published October 21, 2014 - 3:16pm CST

(Reuters) — Apple Inc.'s iCloud storage service in China was attacked by hackers trying to steal user credentials, a Chinese web monitoring group said, adding that it believes the Beijing government is behind the campaign.

Product helps small and midsize firms measure cyber attack readiness

By: Joanne Wojcik

Published October 21, 2014 - 2:29pm CST

Information technology solutions provider eManagement Inc. has developed a new tool to help small and midsize businesses measure their readiness to respond to and recover from cyber security attacks.

Possible sunset of federal terrorism coverage backstop concerns insurers

By: Sheena Harrison

Published October 21, 2014 - 1:58pm CST

CHICAGO — The federal terrorism insurance backstop set to expire at the end of this year likely will be replaced or extended, but insurers are worried about workers comp exposures if the backstop goes away.

Property and casualty rates soft, but aviation rates could soar in 2015

By: Matthew Lerner

Published October 21, 2014 - 1:46pm CST

Commercial property and casualty rates will continue to be soft during 2015 as other lines like commercial aviation and in some cases cyber coverage could show strength.

Two more lawsuits filed against Honda, Takata for air bag defect

Published October 21, 2014 - 11:11am CST

(Reuters) — The recall crisis involving Takata-made air bags exploding with too much force and spraying occupants with metal shrapnel continues to grow, with two more lawsuits filed concerning accidents in older Honda cars.

Risk Strategies acquires Massachusetts benefits broker

By: Mark A. Hofmann

Published October 21, 2014 - 10:41am CST

Risk Strategies Co., Boston, on Tuesday said it has acquired Benefit Development Group.

HHS form for health reform law reinsurance fee to be available Friday

By: Jerry Geisel

Published October 21, 2014 - 9:54am CST

A long-awaited form employers will use to provide the HHS with information regulators will need to calculate the amount of a “reinsurance” fee mandated by the health care reform law will be available online starting Friday.

Wall Street urges U.S. regulators' joint cybersecurity approach

Published October 20, 2014 - 4:30pm CST

(Reuters) — Wall Street’s top trade group is calling for the creation of a new inter-agency working group of regulators and the White House that would be tasked with developing consistent cybersecurity rules for the financial industry.

No change in Colorado comp loss rates for 2015

By: Stephanie Goldberg

Published October 20, 2014 - 2:39pm CST

Colorado employers will see no change to workers compensation loss cost rates for next year, the state Department of Regulatory Agencies said Thursday.

Ironshore expanding into agriculture sector

By: Judy Greenwald

Published October 20, 2014 - 2:07pm CST

Ironshore International, a unit of Hamilton, Bermuda-based Ironshore Inc., said Monday it plans to enter the agriculture sector, offering capacity limits of up to $10 million, with the appointment of a divisional director.

Campaign encourages young workers to take path to insurance industry

By: Mark A. Hofmann

Published October 20, 2014 - 1:27pm CST

The insurance industry has launched an initiative to attract millennials to the profession.

Despite rising profile, European risk managers face obstacles: Survey

By: Sarah Veysey

Published October 20, 2014 - 12:14pm CST

BRUSSELS — The profile of risk managers within their organizations in Europe is rising, but more frequent collaboration with top management is needed in some companies, according to the Federation of European Risk Management Association's risk benchmarking survey published Monday.

Hurricane Gonzalo damaged roofs, knocked out power in Bermuda

By: Matthew Lerner

Published October 20, 2014 - 12:12pm CST

Hurricane Gonzalo hit Bermuda Friday night, leaving damaged roofs and electricity outages in its wake, catastrophe modeling firm AIR Worldwide said in a statement Monday.

Deaths linked to GM ignition-switch defect rise to 29

Published October 20, 2014 - 11:41am CST

(Reuters) — A program to compensate victims of a faulty ignition switch in General Motors Co. vehicles has approved two new death claims, bringing the total number of deaths linked so far to the switch to 29, according to a report released on Monday by the lawyer overseeing the program.

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