Tue, 20 Feb 2018 13:23:36 +0000
Malicious cyber activity cost the U.S. economy between $57 billion and $109 billion in 2016, the White House said Friday. The estimate comes in a Council of Economic Advisers report on the impact of cyber attacks on U.S. government and …
Tue, 20 Feb 2018 10:17:59 +0000
AXIS Capital Holdings’ money-losing insurance segment has drawn the attention of A.M. Best, which revised its outlooks for the Bermuda-based carrier to negative from stable, based largely on its performance. “The revised outlooks are based on unfavorab...
Tue, 20 Feb 2018 09:17:22 +0000
The road to profits is paved with good data. Every hour, a modern car processes about 25 gigabytes of information — the equivalent of about seven full-length high-definition movies — on everything from engine temperature and tire pressure to what’s …
Tue, 20 Feb 2018 08:52:51 +0000
India’s City Union Bank said on Sunday that “cyber criminals” had hacked its systems and transferred nearly $2 million through three unauthorized remittances to lenders overseas via the SWIFT financial platform. The comments come after the small privat...
Tue, 20 Feb 2018 06:01:57 +0000
Flood warnings continue along the Ohio River in West Virginia following recent heavy rains. The National Weather Service says the Ohio River was nearly seven feet above flood stage Sunday at Point Pleasant. It was expected to fall below flood …
Tue, 20 Feb 2018 06:00:59 +0000
The third annual Insurance Careers Month kicked off with the annual Insurance Careers Movement (ICM) Town Hall on Feb. 1 in Chicago. Co-hosted by A.M. Best and ICM, the virtual event assembled executives from companies around the world. Since 2016, …
Tue, 20 Feb 2018 06:00:12 +0000
General Electric Co. was sued on Friday by a shareholder who accused the conglomerate of concealing mounting insurance liabilities and a U.S. Securities and Exchange Commission probe, saying it cost shareholders tens of billions of dollars. The complai...
Tue, 20 Feb 2018 06:00:06 +0000
Google’s firing of an engineer over his controversial memo criticizing its diversity policies and “politically correct monoculture” didn’t violate U.S. labor law, a federal agency lawyer concluded. Statements in James Damore’s 3,000-word memo “regardin...
Tue, 20 Feb 2018 05:57:54 +0000
A Florida woman called police because she thought she heard a prowler. She actually was hearing the first of several sinkholes that have opened up in a Florida retirement community, displacing seven people. The Villages resident Doris Morrill says she …
Tue, 20 Feb 2018 05:52:35 +0000
NAS Insurance Services has released a new miscellaneous E&O architects and engineers (A&E) insurance product that includes coverage for technology services and cyber liability coverage. NAS’ Architects and Engineers insurance provides three insurance p...
Tue, 20 Feb 2018 05:26:35 +0000
Birmingham, Ala.-based Infinity Property and Casualty were bought for $1.4 billion. Kemper Corp. acquired the auto insurance provider in a cash and stock transaction, making it one of the largest nonstandard auto insurers in the country, Al.com reporte...
Tue, 20 Feb 2018 05:26:21 +0000
Republican lawmakers began their latest push last week to revamp workers’ compensation, advancing a bill that would put time limits on benefits for some injured workers. The provision calling for a 15-year cap from the date of injury drew the …
Tue, 20 Feb 2018 05:11:13 +0000
Litigation from the abuse of assignment of benefits by third parties represented more than half of all Florida insurance litigation in 2017, and without a legislative fix those fueling the abuse will continue to get rich at the expense of …
Mon, 19 Feb 2018 20:34:28 +0000
The Hartford has agreed to acquire Foremost Insurance branded small commercial lines business from Farmers. The Hartford is acquiring the renewal rights on $200 million in small commercial lines premium sold through about 5,000 independent agents and b...
Fri, 16 Feb 2018 19:20:04 +0000
Aspen Insurance Holdings confirmed on Friday, Feb. 16 that it has ceased underwriting property insurance on its Bermuda platform, effective immediately, as a result of the company’s 2017 catastrophe losses. The move was made in response to CEO Chris O’...
Fri, 16 Feb 2018 17:47:04 +0000
A blood disorder led to the unlawful firing of three laborers at a Texas-based petro-chemical contractor, federal officials say. the U.S. Equal Employment Opportunity Commission (EEOC) has charged in a lawsuit that Signature Industrial Services LLC (SI...
Fri, 16 Feb 2018 17:24:11 +0000
A Detroit suburb agreed to a $1.25 million settlement in a lawsuit filed by the family of a woman who was fatally shot by police near a shopping mall, according to a document released on Feb. 15. A Dearborn officer …
Fri, 16 Feb 2018 17:19:53 +0000
State health officials say people who visited a Taco Bell restaurant in northeast Arkansas may have been exposed to hepatitis A after an employee tested positive for the virus. The health department says the affected restaurant is in Corning, about …
Fri, 16 Feb 2018 17:14:55 +0000
Associated Benefits and Risk Consulting (ABRC) announced it will acquire Diversified Insurance Solutions (Diversified), based in Milwaukee, Wisconsin. The transaction is expected to close next month. Terms of the transaction were not disclosed. Based i...
Fri, 16 Feb 2018 17:13:41 +0000
A former Lubbock, Texas, insurance agent has been sentenced to life in prison and ordered to pay back $810,000 to his victims, the Texas Department of Insurance (TDI) reported. Officers with the Texas Department of Insurance Fraud Unit found that …
Fri, 16 Feb 2018 16:14:55 +0000
A judge has ruled that the owner of two rental car companies in Phoenix, Ariz. must pay $1.85 million for defrauding Arizona consumers. The verdict was announced this week by the Arizona Attorney General’s Office. State prosecutors filed a consumer …
Fri, 16 Feb 2018 16:12:12 +0000
Rocky Mountain Power has been cited with a safety violation for the death of a miner in September. Jaimie Olivas was killed in the Bridger Underground Coal Mine when part of a wall of coal collapsed on him. The Casper …
Fri, 16 Feb 2018 16:09:54 +0000
Los Angeles has issued licenses to nearly 100 marijuana retailers but police estimate there are at least two times that number operating illegally in the city and undercutting those who are playing by the rules. Police have shut down eight …
Fri, 16 Feb 2018 15:15:25 +0000
New York Department of Financial Services (DFS) has issued guidance reminding all virtual currency entities licensed by New York State, including those that hold a money transmitter license, that they are required to implement measures designed to dete...
Fri, 16 Feb 2018 15:08:15 +0000
Motor vehicle accidents claimed 40,100 deaths in 2017, almost the same as in 2016 when 40,327 were reported. The National Safety Council says its preliminary 2017 estimate is six percent higher than the number of deaths in 2015 and, if …
Fri, 16 Feb 2018 15:05:51 +0000
A Virginia woman has been sentenced to four years in prison for an identity fraud scheme that included publishing a fake death notice. The Daily Press reports 50-year-old Alexandra Hatcher also has to pay almost $203,000 in restitution to victims …
Fri, 16 Feb 2018 14:43:46 +0000
Maryland Attorney General Brian E. Frosh has announced that Jamar Marlyn Jones, of Edgewood, Md., pleaded guilty and was sentenced on one count of a felony theft scheme having a value of at least $10,000 but less than $100,000. “Insurance …
Fri, 16 Feb 2018 14:35:28 +0000
XL Catlin announced the appointment of Phil Xue as chief executive officer (general manager) of XL Insurance (China) Co. Ltd. The appointment is pending regulatory approval. Xue will also act as country manager for XL Catlin in China, coordinating all …
Fri, 16 Feb 2018 14:02:59 +0000
Zurich Insurance has launched ZurichEmpresas.es, a new digital distribution channel, which initially will provide insurance solutions for small-and-medium-sized enterprises (SMEs) in Spain. The platform, powered by CoverWallet, will provide end-to-end ...
Fri, 16 Feb 2018 13:37:15 +0000
President Donald Trump’s nominee to lead the Federal Trade Commission said he’s “very concerned” about price increases for prescription drugs and will explore forming a task force to monitor whether higher prices are due to anti-competitive conduct. Jo...