Business Insurance

Chinese companies must disclose government interference risks

Chinese companies listed on U.S. stock exchanges must disclose the risks of the Chinese government interfering in their businesses as part of their regular reporting obligations, a top U.S. Securities and Exchange Commission official said on Monday.

Posted: Jul 26, 2021

‘Long COVID’ can be considered disability under federal law

“Long COVID" can be considered a disability under federal law, the federal Department of Health and Human Services and the Justice Department said Monday.

Posted: Jul 26, 2021

FM Global unit prevails again in Superstorm Sandy case

A federal appeals court Monday affirmed a lower court ruling in an FM Global unit’s favor in litigation over $1.47 billion in property and business interruption losses New York University claimed it was due as a result of 2012’s Superstorm Sandy.

Posted: Jul 26, 2021

Calif. law creates COVID-19 presumption for disability retirement

California Gov. Gavin Newsom on Friday signed legislation that would entitle certain classes of workers to special benefits if they die or become disabled due to COVID-19.

Posted: Jul 26, 2021

Broker offering psychedelic medicinal cover

Rahn & Associates Inc. is offering insurance coverages for the psychedelic medicinal industry.

Posted: Jul 26, 2021

Veterans Affairs, Calif. to mandate vaccines in health care

All federal Department of Veteran Affairs workers will be required to be vaccinated for COVID-19, and California’s health care personnel must either get a vaccine or be tested for the virus weekly.

Posted: Jul 26, 2021

Aon-Willis deal falls apart, leaves questions over brokers’ prospects

In the face of antitrust concerns, Aon PLC announced Monday it would terminate its agreement to buy rival Willis Towers Watson PLC, raising questions over which companies will benefit or suffer in the wake of the failed deal.

Posted: Jul 26, 2021

Brown & Riding names casualty practice leader

Wholesaler Brown & Riding Insurance Services Inc. has named Andrew Grim as its national casualty practice leader.

Posted: Jul 26, 2021

Regulators to unlock ‘black box’ of ESG corporate ratings

Global regulators took a first step on Monday to unlock the “black box” of corporate environmental, social and governance ratings, suggesting formal oversight of a sector which helps channel trillions of dollars into climate-friendly investment funds...

Posted: Jul 26, 2021

Australian insurer records $850 million in interruption claims

Insurance Australia Group Ltd. has set aside 1.15 billion Australian ($847 million) in business interruption claims for the financial year ending June 30.

Posted: Jul 26, 2021

OSHA cites firms for accident that killed six poultry plant workers

An Occupational Safety and Health Administration investigation into the deaths of six workers at a Georgia poultry processing plant has resulted in citations for 59 violations and proposed fines totaling nearly $1 million for four companies.

Posted: Jul 26, 2021

China Re expects big jump in profit

China Reinsurance estimates that its net profit for the first half of 2021 will rise by 55% to 65%, compared with the same period last year.

Posted: Jul 26, 2021

Covéa replaces top executive

French insurer Covéa said its CEO James Reader has stepped down and will be replaced by Adrian Furness, who is currently chief operating officer.

Posted: Jul 26, 2021

Chevron Phillips failed to report imports of 18 toxic chemicals: Letters

Chevron Phillips Chemical Co. failed to disclose to regulators significant amounts of at least 18 toxic chemicals imported to the United States over the past several years, as required by law, according to letters seen by Reuters.

Posted: Jul 26, 2021

Higher salary for high education: One college ensures it

Is a certain college linked to higher salary? Augustana College in Rock Island, Illinois, is among the first willing to cover that bet for prospective transfer students.

Posted: Jul 26, 2021

Wall Street enforcement to toughen with SEC’s new top cop

When former New Jersey Attorney General Gurbir Grewal starts work at the U.S. Securities and Exchange Commission on Monday, he will be the agency’s first incoming enforcement director without recent ties to corporate America since 2005.

Posted: Jul 26, 2021

Aon, Willis Towers Watson to call off $30B merger

Insurance brokers Aon PLC and Willis Towers Watson PLC said on Monday they had agreed to terminate their $30 billion merger agreement and end their litigation with the U.S. Department of Justice.

Posted: Jul 26, 2021

Former Georgia insurance commissioner convicted

Former Georgia Insurance Commissioner Jim C. Beck was convicted by a federal jury in Atlanta Thursday on all 37 counts of an indictment charging him with embezzling more than $2 million from his former employer, the Georgia Underwriting Association.

Posted: Jul 23, 2021

OSHA fines company after death of apprentice

A dredging equipment manufacturer has been cited more than $89,000 after the death of a 22-year-old apprentice, the Occupational Safety and Health Administration said in a statement Thursday.

Posted: Jul 23, 2021

Hippo unveils homeowners association product

Hippo Enterprises Inc. on Friday said the first offering from its commercial lines unit is a homeowners association product.

Posted: Jul 23, 2021

Death benefits denied in collapse ‘not causally related’

An appeals court in New York on Thursday denied death benefits to the family of a United Postal Service worker with pre-existing coronary artery disease.

Posted: Jul 23, 2021

Hospital worker’s injuries from hit by car compensable

The injuries a hospital food service worker sustained after he was hit by a car near a loading dock entrance to the hospital are compensable, an appellate court held Thursday.

Posted: Jul 23, 2021

Wisconsin approves 5.44% decrease in comp rates

Wisconsin has approved a combined 5.44% decrease in workers compensation rates, which is expected to save businesses more than $90 billion, state Insurance Commissioner Mark Afable announced Thursday.

Posted: Jul 23, 2021

FirstEnergy hires risk officer from N.Y. Power Authority

FirstEnergy Corp. has named former New York Power Authority risk manager Soubhagya Parija as vice president and chief risk officer, effective August 16.

Posted: Jul 23, 2021

COVID-19 lockdowns threaten supply chains of Nike, Ikea

Lockdowns in Vietnam due to a surge in COVID-19 infections threaten to disrupt supply chains of multinational firms such as Nike and Ikea, as their suppliers are forced to either host employees on site or suspend production.

Posted: Jul 23, 2021