RMS launches new catastrophe risk model for Asia-Pacific
U.S.-based catastrophe risk modeling firm Risk Management Solutions, Inc. has launched a new model for Asia-Pacific focusing on flood risks.
Labor board judge rejects McDonald’s bid to settle franchisees’ case
(Reuters) A judge with a U.S. labor agency on Tuesday rejected McDonald’s Corp.’s proposed settlement of a major case on whether the fast-food company is accountable for alleged labor law violations by franchisees across the country.
Toshiba may face renewed shareholder accounting claims
(Reuters) – A federal appeals court gave investors in Toshiba Corp.'s U.S.-listed securities another chance to show they suffered losses because the Japanese industrial conglomerate misled them about its internal controls before a 2015 accounting scandal. In a 3-0 decision, the 9th U.S. Circuit Court of Appeals on Tuesday said a lower court judge misapplied […]
ZTE Trade ban disrupts telecom firms’ services worldwide
The United States’ trade ban on Chinese telecom equipment maker ZTE Corp. disrupted European telecom firms’ operations across the world.
Axa unit acquires majority stake in Emirates Re
France-based insurer Axa S.A.’s unit has acquired a majority stake in U.A.E.-based Islamic reinsurer Emirates Retakaful Ltd.
Insurers wrestle with new accounting standard
A report by U.S.-based consultancy firm Deloitte Touche Tohmatsu found that big insurers are budgeting millions of dollars more than they expected to comply with new accounting standards.
Foodmaker to take $35-million hit due to tainted food recall
Belgium-based food company Greenyard N.V. is likely to take a $35-million hit due to recall of frozen products related to an outbreak of food-borne disease listeria.
Insurers’ premiums rise nearly 10% in Latin America
A study by Spain-based consultancy firm Fundacion Mapfre found that Latin American general insurers’ premiums grew nearly 10% year over year to more than $86 billion in 2017.
ILS needs to boost Lloyd’s capital at the right time: Vario
U.K-based Vario Global Capital Ltd. said that insurance-linked securities and catastrophe bonds should cover Lloyd’s of London’s syndicate capital and profitability following major market-wide losses.
Fox knocked out in Muhammad Ali Super Bowl lawsuit
Fox Broadcasting is perhaps bleeding on the floor dollar amount undisclosed after settling a $30 million lawsuit filed by Muhammad Ali Enterprises in 2017 claiming the network used the famous boxers likeness in a Super Bowl ad.
House bill would extend NFIP to Nov. 30
A bill has been introduced in the U.S. House of Representatives to extend the National Flood Insurance Program to Nov. 30.
Cyber and climate risks, human error threaten shipping: Allianz
While large shipping losses have declined 38% over the past decade, a report by Allianz Global Corporate & Specialty S.E. released on Wednesday warned that the industry faces such threats as cyber attacks, climate risks and human error.
Psychologist pleads guilty in comp fraud scheme
A clinical psychologist in Marina Del Rey, California, is scheduled to be sentenced in October after pleading guilty to charges stemming from a scheme involving Skype sessions with injured workers and fraudulent billing, U.S. Attorney McGregor W. Scott announced Monday.
NHL concussion ruling likely means splintering of cases across jurisdictions
A denial of class action status has been touted as a major win for the National Hockey League, but could eventually translate into hundreds if not thousands of individual lawsuits from players seeking care for head injuries they claim arose from the leagues long-time promotion of violence.
AIG closes deal to buy Validus
American International Group Inc. has completed its $5.56 billion acquisition of reinsurer Validus Holdings Ltd., AIG said Wednesday. In addition to a Bermuda-based reinsurance unit, the deal, which was first announced in January, will give AIG a substantial Lloyd’s of London presence with Talbot Underwriting Ltd. and asset management expertise via AlphaCat Managers Ltd., as […]
Willis Towers Watson extends CEOs contract to 2021
Willis Towers Watson P.L.C. CEO John Haleys contract has been extended until Jan. 1, 2021, when he will retire, said the company, in a U.S. Securities and Exchange Commission filing Wednesday.
Clinical laboratory firm reports possible data breach
A major clinical laboratory firm, Laboratory Corporation of America Holdings, which conducts business as LabCorp, said it has detected a possible data breach.
Estée Lauder settles EEOC new-father leave bias case
Estée Lauder Cos. Inc. will pay $1.1 million to resolve a U.S. Equal Employment Opportunity Commission lawsuit charging it discriminated against male employees by giving new fathers less paid leave to bond with a newborn or with a newly adopted or foster child than it provided new mothers.
US commercial auto underwriting losses persist: Fitch
The commercial auto segment represents 13% of the U.S. commercial lines insurance market’s net written premiums, but Fitch Ratings Inc. said Wednesday it remains challenged.
Citations against heating cable systems maker vacated
An administrative law judge of the Occupational Safety and Health Review Commission vacated citations against a manufacturer of heating cable systems after determining that the U.S. Department of Labor failed to prove the alleged violations.