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MetLife accuses U.S. risk panel of secrecy; demands access to records

Published June 29, 2015 - 3:06pm CST

(Reuters) — MetLife Inc. asked a federal judge on Monday to force the U.S. government to hand over 500 pages of confidential records that relate to financial regulators' decision to designate the insurance giant as systemically important.

European windstorm insured losses up to nearly $1 billion

By: Sarah Veysey

Published June 29, 2015 - 9:31am CST

Windstorm Mike-Niklas caused about €895 million ($999.45 million) in insured property losses when it struck parts of Western and Central Europe in late March and early April, according to catastrophe data firm Perils A.G.

Insurer must revisit 'known loss' provision in case against contractor

By: Judy Greenwald

Published June 26, 2015 - 2:48pm CST

An insurer's interpretation of the “known loss” provision in a commercial general liability policy may not have been correct, says an appeals court, in reversing a ruling in favor of the insurer.

Aerospace insurer dives deeper into seaplane coverage

By: Donna Mahoney

Published June 25, 2015 - 1:48pm CST

Global Aerospace Inc., a Parsippany, New Jersey-based aerospace insurer, is expanding its seaplane insurance area within the United States.

Liability underwriting group taps new executive director

By: Joyce Famakinwa

Published June 25, 2015 - 1:20pm CST

The Professional Liability Underwriting Society on Thursday said it has appointed Robbie Thompson executive director, effective July 29.

Terrorism insurance backstop renewal helped keep rates down

By: Mark A. Hofmann

Published June 24, 2015 - 12:59pm CST

The reauthorization of the federal terrorism insurance backstop early this year helped create favorable terrorism insurance pricing for most policyholders, according to a report released Wednesday by Marsh L.L.C.

Insurance premiums reached $4.778 trillion worldwide in 2014

By: Sarah Veysey

Published June 24, 2015 - 10:21am CST

Global insurance premium volume increased by 3.7% to $4.778 trillion in 2014 compared with 2013, according to a Swiss Re Ltd. sigma study published Wednesday.

Commercial property insurance rates could turn downward in 2015

By: Mark A. Hofmann

Published June 23, 2015 - 1:54pm CST

Commercial property/casualty insurers rated by Moody's Investors Service Inc. expect commercial property rates to turn negative this year, according to a survey released Tuesday.

Railroad firms, workers charged in Lac-Mégantic oil train disaster

Published June 22, 2015 - 5:01pm CST

The Canadian government on Monday charged two railroad companies and six people in the July 2013 Lac-Mégantic, Quebec, train derailment.

Insurer not obligated to pay for CEO’s embezzlement, renewal lies

By: Judy Greenwald

Published June 22, 2015 - 1:22pm CST

Scottsdale Insurance Indemnity Co. is not obligated to indemnify a building maintenance company for the more than $2 million embezzled by its CEO and chief financial officer because of false answers she had provided on the firm’s insurance renewal application, says an appeals court, in upholding a lower court ruling.

Anthem CEO sticks with latest 'compelling' offer to Cigna

By: Shelby Livingston

Published June 22, 2015 - 1:12pm CST

Anthem Inc. refuses to back down from a potential merger with Cigna Corp., despite its rival's rejection on Sunday of Anthem's latest offer.

Enterprise risk management gaining traction

By: Matthew Lerner

Published June 22, 2015 - 11:57am CST

While insurers value the advantages of their enterprise risk management systems, many say they have yet to complete their vision for a comprehensive system according to a new survey from Towers Watson & Co.

Movie director burned in case over fire coverage

Published June 22, 2015 - 10:23am CST

The director of “Dazed and Confused” saw his longstanding legal battle with his insurer go up in smoke in a Texas courtroom last week.

Updated insurance law to bring more clarity to U.K. buyers

By: Sarah Veysey

Published June 21, 2015 - 6:00am CST

LIVERPOOL, England — Updated insurance law will give U.K. buyers greater clarity about their coverage but will create more work for buyers and brokers in presenting risks to underwriters.

Tokio Marine makes splash with latest deal

By: Matthew Lerner

Published June 21, 2015 - 6:00am CST

Tokio Marine Holdings Inc.'s $7.5 billion cash offer for U.S. specialty insurer HCC Insurance Holdings Inc. furthers the Japanese insurer's goal of expanding beyond Asia into noncorrelated risks at a price that appears to be high enough to forestall competing bids.

AIG bailout case to continue as Greenberg seeks damages

By: Mark A. Hofmann

Published June 21, 2015 - 6:00am CST

Former American International Group Inc. leader Maurice R. Greenberg and other AIG shareholders vowed to continue their legal battle to win billions in damages stemming from the government's “unduly harsh” terms to bail out the insurer in 2008.

Q&A: Bob Rheel, Aspen U.S. Insurance

Published June 21, 2015 - 6:00am CST

Currently head of U.S. property/casualty insurance at Aspen Insurance Holdings Ltd., Bob Rheel was recently appointed president of Aspen U.S. Insurance. Before joining Aspen in 2011, Mr. Rheel was the head of distribution and regional management at Zurich Financial Services, and he has held several senior roles in his 30-year career. He recently spoke with Business Insurance Associate Editor Bill ...

Insurance industry takes look at ethics to polish reputation

Published June 21, 2015 - 6:00am CST

The insurance industry has had a longstanding problem with its reputation, and The Institutes, a nonprofit provider of professional insurance education, recently decided to survey risk management and insurance professionals on ethics in the profession. Peter L. Miller, president and chief executive of The Institutes, discusses those results and offers suggestions on how the industry could...

New York case against ex-AIG CEO Greenberg heads back to court

Published June 19, 2015 - 9:58am CST

(Reuters) — A decade-old lawsuit in which New York accused former AIG CEO Maurice R. Greenberg of accounting fraud will head to the state's highest court for a second time.

Dodge minivan products liability and wrongful death case reinstated

By: Judy Greenwald

Published June 18, 2015 - 1:41pm CST

A federal appeals court has reinstated a products liability and wrongful death case against the Chrysler Group L.L.C., stating there is a genuine dispute whether the deaths of two people were caused by a defect in a 2008 Chrysler Dodge Grand Caravan minivan.

Amazon buzzes Congress for quick action on drone rules

By: Donna Mahoney

Published June 17, 2015 - 4:50pm CST

Amazon.com's Vice President for Global Public Policy Paul E. Misener told a Congressional committee Wednesday his company is concerned about the lag in action toward regulations that would provide guidance to unmanned aerial vehicle flying.

Ex-QBE executive, consultant accused of embezzlement

By: Donna Mahoney

Published June 17, 2015 - 11:50am CST

A former QBE North America executive and a consultant are accused of embezzling $2.6 million from the insurer through fake contracts and spending the money on expensive homes and cars.

Market for political risk favors insurance buyers

By: Mark A. Hofmann

Published June 17, 2015 - 10:18am CST

Abundant capacity has created a buyer's market in political risk insurance, according to an analysis released Wednesday by Marsh L.L.C.

Commercial insurance prices inch up 2% in first quarter

By: Matthew Lerner

Published June 15, 2015 - 1:07pm CST

Commercial insurance prices in the first quarter of 2015 increased 2% in aggregate compared with the first quarter of 2014, Towers Watson & Co. said Monday in a new report.

Risk Management Spotlight series: Brian Merkley, Huntsman Corp.

Published June 15, 2015 - 6:00am CST

In the final episode of Business Insurance's four-part Risk Management Spotlight video series, we get better acquainted with 2015 Risk Management Honor Roll® winner, Brian Merkley, global director of corporate risk management with Salt Lake City-based chemical manufacturer Huntsman Corp.

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