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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 compensation exposures that could stem from a terrorism event if the backstop goes away, a panel of insurance industry experts said Tuesday.

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 care 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 U.S. Department of Health and Human Services 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, HHS disclosed.

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.

Employee delivery drivers can’t be reclassified as contractors, court rules

By: Stephanie Goldberg

Published October 17, 2014 - 2:10pm CST

Delivery drivers who went from being classified as employees to independent contractors can rely on the California Industrial Welfare Commission's definition of “employee” for claims that fall within the scope of its wage orders, California's 2nd District Court of Appeal ruled.

NAS offers coverage for Ebola-related business closures

By: Stephanie Goldberg

Published October 17, 2014 - 12:46pm CST

NAS Insurance Services Inc. is offering a new insurance program for businesses facing the possibility of government-mandated closure because of the presence of Ebola.

Third traffic death in U.S. linked to Takata air bags

Published October 17, 2014 - 9:20am CST

(Reuters) — A fatal accident near Los Angeles last year of a 2002 Acura sedan involved a Takata Corp. air bag, the third death in the United States linked to a defective safety component made by the Japanese supplier, according to local officials and the automaker.

Chrysler recalls more than 900,000 vehicles globally in two actions

Published October 16, 2014 - 9:04am CST

(Reuters) — Chrysler Group on Thursday announced two global recalls of more than 900,000 cars and SUVs combined for problems that could cause fires.

Toyota recalls 1.67 million Toyota, Lexus cars for 3 separate defects

Published October 15, 2014 - 3:03pm CST

(Reuters) — Toyota Motor Corp. said on Wednesday it would recall a total 1.67 million vehicles globally in a voluntary move to address three separate defects including a faulty brake master cylinder.

TD Bank to pay $850K in multi-state settlement over 2012 breach

Published October 15, 2014 - 2:25pm CST

(Reuters) — TD Bank N.A. agreed to pay $850,000 and reform its practices to resolve a nine-state probe of a 2012 data breach, New York Attorney General Eric Schneiderman said on Wednesday.

'Gendernomics' leads to less retirement savings for women

By: Joanne Wojcik

Published October 15, 2014 - 12:51pm CST

Because of the “wage gap,” women accrue smaller 401(k) balances on average than their male counterparts even though they typically invest a higher percentage of their salaries.

Succession search begins as Oil CEO announces retirement

By: Mark A. Hofmann

Published October 15, 2014 - 11:45am CST

Robert Stauffer will retire as president and CEO of Oil Insurance Ltd. at the beginning of 2016, Hamilton, Bermuda-based Oil announced Tuesday.

U.S. Supreme Court justices divided over Teva patent battle

Published October 15, 2014 - 11:43am CST

(Reuters) — The U.S. Supreme Court on Wednesday appeared closely divided as it weighed Teva Pharmaceutical Industries Ltd.’s high-profile fight with generic drug manufacturers over patent protections for Copaxone, its top-selling multiple sclerosis drug.

New Poodle web threat not seen as menacing as Heartbleed, Shellshock

Published October 15, 2014 - 11:03am CST

(Reuters) — Google Inc. researchers have uncovered a security bug in web encryption technology that they say could allow hackers to take over accounts for email, banking and other services in what they have dubbed a “Poodle” attack.

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