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Sagging underwriting results sap property/casualty sector

By: Bill Kenealy

Published January 26, 2015 - 2:53pm CST

The U.S. property/casualty insurance sector had mixed results in the third quarter of 2014, according to data released by the Insurance Services Office Inc. and the Property Casualty Insurers Association of America on Monday.

The 2015 Innovation Awards winners
are …

Published January 23, 2015 - 3:14pm CST

Business Insurance on Friday announced 10 winners of the 2015 Innovation Awards, the publication's recognition program for products and services designed for use by professional risk managers.

Dead worker's estate can't collect on liability policy

By: Sheena Harrison

Published January 22, 2015 - 2:04pm CST

The 11th U.S. Circuit Court of Appeals on Thursday found that Florida's workers comp exclusive remedy provision prevents a $9.5 million liability judgment from being paid by an insurer to the estate of a Florida worker killed on the job.

International insurance groups promote microinsurance

By: Mark A. Hofmann

Published January 22, 2015 - 1:46pm CST

A group of prominent insurers, reinsurers and brokers on Thursday said it has established a consortium to promote microinsurance ventures in developing countries.

Green Bay banking company acquiring consulting firm for $48 million

By: Shelby Livingston

Published January 21, 2015 - 3:14pm CST

The deal which is expected to close in February, could cost as much as $56 million if certain contingencies are met, Green Bay, Wisconsin-based Associated Banc-Corp said in a statement released Jan. 16.

U.S. Supreme Court rules for Teva over multiple sclerosis drug patent

Published January 20, 2015 - 11:24am CST

(Reuters) — The U.S. Supreme Court on Tuesday ruled for Teva Pharmaceutical Industries Ltd. in its fight with generic drug manufacturers over patent protections for Copaxone, its top-selling multiple sclerosis drug, by sending the case back to a lower court for further review.

Falling oil prices place new emphasis on risk management in energy sector

By: Bill Kenealy

Published January 18, 2015 - 6:00am CST

The ongoing drop in oil prices is putting new emphasis on risk management in the energy sector as insurers brace for potential market changes.

Risk managers should step up as SEC targets cyber security

By: Daniel Garrie

Published January 18, 2015 - 6:00am CST

The U.S. Securities and Exchange Commission has sharpened its focus on cyber security preparedness, says Daniel Garrie, co-head of the cyber security practice at Zeichner, Ellman & Krause L.L.P. law firm in New York. Risk managers now have the opportunity to help guide their organizations as they seek to address the vast legal liabilities that are arising from cyber risks.

Mining company settles derivative litigation for $137.5 million

By: Judy Greenwald

Published January 16, 2015 - 3:51pm CST

A mining company has reached a $137.5 million settlement of derivative litigation stemming from its 2013 acquisition of two firms in which some company directors and officers had been charged with conflict of interest.

Farmers Insurance to cover rideshare drivers between fares

By: Shelby Livingston

Published January 16, 2015 - 3:13pm CST

Farmers Insurance Group of Cos. has rolled out a rideshare drivers coverage endorsement in Colorado that addresses the state's new insurance requirements for rideshare services.

Gillette sues former employees for divulging trade secrets

Published January 16, 2015 - 12:44pm CST

(Reuters) — Procter & Gamble Co. unit Gillette filed a lawsuit against four former employees for disclosing trade secrets to ShaveLogic Inc., their current employer.

Apple, Google settle U.S. poaching lawsuit for $415M

Published January 16, 2015 - 11:15am CST

(Reuters) — Four Silicon Valley companies including Apple Inc. and Google Inc. agreed to pay $415 million to resolve an antitrust class action lawsuit by tech workers who accused the firms of conspiring to avoid poaching each other’s employees, according to a court filing on Thursday.

Data breach costs not assessed at most law firms: Survey

By: Judy Greenwald

Published January 16, 2015 - 10:25am CST

The vast majority of law firms view cyber security as one of the top 10 risks in their overall risk strategy but still have not assessed the potential cost of a data breach, says a survey.

Obama to announce push for paid leave, sick time for workers

Published January 15, 2015 - 11:02am CST

(Reuters) — President Barack Obama will announce on Thursday a handful of initiatives to boost paid leave and sick time, White House adviser Valerie Jarrett said in a statement.

OFF BEAT: Ex-Van Halen wife won’t face the music for using famous name

Published January 15, 2015 - 9:04am CST

The enterprising ex-wife of a famous drummer has struck a deal enabling her to keep using her famous last name for commercial purposes as long as she steers clear of the music business.

Marsh promotes former FINPRO head to lead Pacific North Partnership

By: Shelby Livingston

Published January 14, 2015 - 4:15pm CST

Marsh L.L.C. has promoted Lou Ann Layton to lead its Pacific North Partnership, which includes Marsh’s Denver, Honolulu, Salt Lake City, San Francisco, San Jose, Seattle and Portland offices, Marsh said in a statement.

Business interruption, natural catastrophes top risk manager concerns

By: Bill Kenealy

Published January 14, 2015 - 3:07pm CST

Business interruption risks and natural catastrophes are top concerns of risk managers in 2015, according to a study released on Wednesday by Allianz Global Corporate & Specialty S.E.

OFF BEAT: Man's tales of damaged high-tech equipment finally break down

Published January 14, 2015 - 12:25pm CST

A word of advice to would-be insurance crooks: Just because a claims adjuster can’t easily recognize a piece of supposedly damaged equipment doesn’t mean it’s a safe bet for fraud.

Chief risk officers' broad cyber challenges outlined in report

By: Judy Greenwald

Published January 13, 2015 - 4:33pm CST

Companies’ chief risk officers should promote a culture of open communication, increased awareness of cyber risk at senior firm levels, and facilitate discussions and understanding of cyber risk at both the business and board level, says a report on cyber resilience issues.

To fight hackers, Obama wants companies to share threats

Published January 13, 2015 - 10:46am CST

(Reuters) — President Barack Obama on Tuesday will announce a renewed push for cybersecurity legislation after recent headline-grabbing hacks against companies like Sony Pictures and Home Depot.

Natural catastrophe insured losses down 38% in 2014: Aon Benfield

By: Sarah Veysey

Published January 13, 2015 - 9:32am CST

Natural catastrophes caused total insured losses of $39 billion in 2014, 38% lower than the 10-year-average loss of $63 billion, according to a report published Tuesday by Impact Forecasting.

Workers comp exclusive remedy doesn't apply in liability lawsuit against BP

By: Sheena Harrison

Published January 12, 2015 - 11:34am CST

A liability lawsuit against a business unit of BP P.L.C. can't be dismissed under workers compensation exclusive remedy provisions because BP hasn't shown that the plaintiffs suffered work-related injuries.

GM gets 141 more claims for faulty ignition switch compensation

Published January 12, 2015 - 10:28am CST

(Reuters) — General Motors Co. received 141 additional claims for compensation for ignition switch defects in its cars in the past week, bringing the total to 2,710, according to the official administering the compensation program.

Court shields workers comp settlement, Medicare set-aside in bankruptcy

By: Sheena Harrison

Published January 09, 2015 - 12:48pm CST

A worker who used his workers comp settlement and Medicare set-aside account funds to buy real estate and a new truck will not have to include those items as assets under his Chapter 7 bankruptcy proceedings.

Pharmaceutical firm to pay $39M to settle U.S. kickback claims

Published January 09, 2015 - 11:27am CST

(Reuters) — The U.S. subsidiary of global pharmaceutical company Daiichi Sankyo Co Ltd. has agreed to pay $39 million to the U.S. government and state Medicaid programs to settle claims it paid doctors kickbacks to prescribe its drugs, the Department of Justice said on Friday.

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