Business Insurance
The workers compensation industry is seeing a rise in the percentage of claims containing prescriptions for drugs used to manage opioid dependency or overdoses, even as claims with opioids continue to decline.
Posted: Aug 02, 2023
Business Insurance announced the winners of the 2023 U.S. Insurance Awards during a live awards presentation in New York on Wednesday, July 19, 2023. Also honored during the event were the winners of the 2023 Innovation Awards and the recipient of th...
Posted: Aug 02, 2023
American International Group Inc. exceeded second-quarter profit expectations, driven by growth in its life and retirement unit and lower-than-expected catastrophe losses in what was a very expensive quarter for the industry.
Posted: Aug 01, 2023
Lockton Cos. LLC and two former employees are suing one another in federal court in Kansas City, Missouri, and California state court over the issue of whether nonsolicitation agreements are enforceable in Missouri.
Posted: Aug 01, 2023
Louis Reynaud, senior vice president and climate risk resiliency practice leader at Galway Holdings, outlines the challenges that policyholders face when it comes to wildfire risk and what insurers can do to help buyers address the exposure.
Posted: Aug 01, 2023
In a classic case of the provided food doesn’t meet the expectations of that which is advertised, a New York man is suing Taco Bell over allegations that the fast-food restaurant short-changed customers on beef, beans and other fixings.
Posted: Aug 01, 2023
Brokerage PCF Insurance Services said Tuesday it had closed $400 million in debt financing led by alternative asset manager Blue Owl Capital Inc., one of its existing minority investors.
Posted: Aug 01, 2023
Marsh McLennan Agency, the small and midsized brokerage unit of Marsh LLC, said Tuesday it has acquired Philadelphia-based brokerage Graham Co.
Posted: Aug 01, 2023
New York-based cyber managing general agent Converge Inc. on Tuesday said it has secured $15 million in Series A funding from venture capital firm ForgePoint Capital Management LLC.
Posted: Aug 01, 2023
A federal appeals court said Monday that a lower court’s ruling that Liberty Mutual units did not have to indemnify a policyholder in a pollution case was premature.
Posted: Aug 01, 2023
The U.S. Occupational Safety and Health Administration has cited a Miami-based excavation contractor after a worker drowned while removing debris from an eight-foot canal.
Posted: Aug 01, 2023
According to latest data from Marsh LLC, captives are growing ever more popular, as risk managers are increasingly using non-traditional methods to manage their risks, Strategic Risk Asia Pacific reported. Over the past two years, captive premium gro...
Posted: Aug 01, 2023
Vietnam-based non-life insurer PVI Insurance Corp. has signed a new memorandum of understanding with South-Korea based Nonghyup Property & Casualty Insurance Co. Ltd. to boost business cooperation, Asia Insurance Review reported citing Viet Nam News....
Posted: Aug 01, 2023
French insurer Axa SA will soon cease providing new standalone, site-specific insurance policies for upstream gas greenfield exploration and development projects, Verdict reported. The decision is part of the company’s updated energy policy, which ta...
Posted: Aug 01, 2023
Marsh & McLennan Cos. Inc. has agreed to acquire Costa Rica-based insurance broker Asprose Corredora de Seguros S.A. for an undisclosed sum, with the transaction expected to close later in the third quarter of this year, Reinsurance News reported. Ro...
Posted: Aug 01, 2023
Terraform Labs and its founder, Do Kwon, must face fraud allegations brought by the U.S. Securities and Exchange Commission, a federal judge ruled Monday.
Posted: Aug 01, 2023
After hitting an all-time low in 2022, the number letters from doctors regarding injured workers challenging the denial of treatment or medications in the workers compensation system in California increased 4.1% in the first half of 2023 compared wit...
Posted: Aug 01, 2023
Fronting insurers and others will likely tighten their controls in the wake of alleged fraud that surfaced last month involving Vesttoo Ltd., but some in the industry were surprised sufficient measures weren’t already in place.
Posted: Aug 01, 2023
Vesttoo said Tuesday it was laying off about 75% of its staff and closing some offices in Asia, as it tries to recover from a scandal over a fraudulent letter of credit used as collateral in a transaction with an insurer.
Posted: Aug 01, 2023
A federal appeals court Friday refused to rule on complex asbestos-related litigation filed by a plumbing products manufacturer, saying it lacks jurisdiction.
Posted: Jul 31, 2023
Missouri Gov. Mike Parson on Thursday ceremonially signed into law Senate Bill 24, which, among other things, creates a post-traumatic stress disorder presumption in workers compensation for first responders.
Posted: Jul 31, 2023
Employees with vision problems who cannot safely leave work after dark may be entitled to modified work schedules as an accommodation, a federal appeals court ruled Friday, in overturning a lower court.
Posted: Jul 31, 2023
Global commercial insurance pricing rose 3% in the second quarter, compared with 4% in the first quarter and 9% in the second quarter of 2022, according to a report Monday from Marsh.
Posted: Jul 31, 2023
Some of the world’s largest aircraft lessors and insurers are aiming to be ready to go to trial in June 2024 over contested insurance claims for aircraft stuck in Russia, a lawyer for one of the lessors said on Monday.
Posted: Jul 31, 2023
CNA Financial Corp. on Monday reported net income of $283 million in the second quarter of 2023, a 49% increase over the prior year quarter, as investment income soared.
Posted: Jul 31, 2023