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Contraceptives policy not discriminatory: Court
Union Pacific Railroad's former policy of not paying for contraceptives did not discriminate against women and therefore did not violate the federal Civil Rights Act of 1964, a panel of judges with the 8th U.S. Circuit Court of Appeals ruled. The 2-to-1 ruling found that the policy was nondiscriminatory because Union Pacific Railroad also did not pay for male contraception, according to court documents. The court decision reverses a federal judge's 2005 opinion.
Spitzer signs comp reforms
New York Gov. Eliot Spitzer last week signed a workers compensation reform package recently passed by lawmakers. Among other things, the law calls for increasing weekly benefits for injured workers and capping the length of time they are eligible to receive permanent partial disability benefits. The governor has said the reforms will reduce workers comp costs in New York by more than 10%.
Hub to purchase Arizona broker
Hub International Ltd. plans to acquire BNCCORP Inc.'s insurance agency operations for about $37 million. Phoenix-based BNC Insurance Services, which does business as Milne & BNC Insurance Services, generates about $19 million in revenues through its 85 employees in Arizona, North Dakota and Colorado, Hub said. Milne & BNC Insurance will become a regional platform for Hub and will operate as Hub International Milne.
C.V. Starr forms stop-loss unit
C.V. Starr & Co. Inc. has organized a accident and health subsidiary and is introducing an employer stop-loss product in partnership with Chubb Corp. Newly formed Starr Global Accident & Health Insurance Agency L.L.C., based in Greenwich, Conn., will be managed by industry professionals with experience in both domestic and international accident and health lines, New York-based C.V. Starr said.
Flagstone plans $159 million IPO
Property catastrophe reinsurer Flagstone Reinsurance Holdings Ltd., which opened in December 2005, expects to raise about $159.2 million with its initial public offering of 13 million shares, the company said in a Securities and Exchange Commission filing last week. The reinsurer said in its filing that it expects the stock to sell for between $12.50 and $14.50 per share, or $162.5 million to $188.5 million. The estimate assumes underwriters exercise a 1.2 million-share overallotment option. Proceeds will be used to increase the underwriting capacity of Flagstone's reinsurance operations.