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PBGC faces $17 billion in liabilities if AA terminates plans

Business Insurance - Sun, 02/05/2012 - 16:30
FORT WORTH, Texas—If American Airlines Inc. terminates its four hugely underfunded pension plans, the responsibility for paying billions of dollars in benefits to plan participants will shift from the airline to the Pension Benefit Guaranty Corp.
Categories: Business Insurance

Commercial insurance prices rising— but will it last?

Business Insurance - Sun, 02/05/2012 - 16:30
Signs are increasing that the commercial property/casualty insurance market is definitely turning, but it's by no means a hard market yet, according to industry observers.
Categories: Business Insurance

Broker acquisitions pick up as economy improves

Business Insurance - Sun, 02/05/2012 - 16:30
Merger and acquisition activity among insurance agents and brokers regained momentum in 2011 with 285 announced transactions.
Categories: Business Insurance

Greenhouse gas lawsuit dismissed in Minnesota

Business Insurance - Sun, 02/05/2012 - 16:30
ST. PAUL, Minn.—A district court judge in Minnesota last week dismissed a lawsuit seeking to force the state of Minnesota to reduce the state's greenhouse gas emissions.
Categories: Business Insurance

Workers comp covers temporary worker: Court

Business Insurance - Sun, 02/05/2012 - 16:30
AUSTIN, Texas—A temporary employee who died on the job can't be excluded from an employer's workers compensation policy, the Texas Supreme Court ruled in reversing a $2.7 million liability judgment for the worker's family.
Categories: Business Insurance

Will European financial crisis hit U.S. insurers?

Business Insurance - Sun, 02/05/2012 - 16:30
Observers on both sides of the Atlantic say the eurozone sovereign debt problems are not likely to have a direct effect on U.S. insurers, at least not immediately.
Categories: Business Insurance

Broker BB&T to buy Crump operations

Business Insurance - Sun, 02/05/2012 - 16:30
ROSELAND, N.J.—BB&T Corp.'s planned acquisition of the life and property/casualty operating divisions of Roseland, N.J.-based Crump Group Inc.
Categories: Business Insurance

Climate change case to be reheard by Virginia high court

Business Insurance - Sun, 02/05/2012 - 16:30
RICHMOND, Va.—The Virginia Supreme Court's decision to rehear a climate change suit has cast uncertainty on what little judicial guidance exists on the issue of insurance coverage in climate change cases.
Categories: Business Insurance

PBGC opposes termination of American Airlines pension plans

Business Insurance - Sun, 02/05/2012 - 16:30
FORT WORTH, Texas—American Airlines Inc.'s move to terminate its pension plans could launch a legal battle over the airline's plan to shift billions in unfunded benefits to the financially ailing Pension Benefit Guaranty Corp.
Categories: Business Insurance

Captive insurance companies now handling tough risks

Business Insurance - Sun, 02/05/2012 - 16:30
MIAMI—Companies and organizations are looking at their captive insurance structures to address difficult coverages and risks, such as rising medical costs for employee benefits and reputational risks.
Categories: Business Insurance

Low claim frequency keeps Virginia workers comp claim costs down

Business Insurance - Sat, 02/04/2012 - 01:50
CAMBRIDGE, Mass.—Virginia's workers compensation system has higher medical costs than many states, but low claim frequency has kept down insurance premiums and average claim costs, according to the Workers Compensation Research Institute.
Categories: Business Insurance

Judge approves $725M securities suit settlement by AIG with Ohio pension funds

Business Insurance - Sat, 02/04/2012 - 01:36
NEW YORK—A federal judge on Friday approved a $725 million settlement of a securities class action lawsuit that the state of Ohio brought against American International Group Inc.
Categories: Business Insurance

OFF BEAT: Copyright infringement is Batman's newest nemesis

Business Insurance - Sat, 02/04/2012 - 00:46
Batman might be able to protect Gotham City all on his own, but he needed the help of a federal judge to protect the copyright to his famous ride.
Categories: Business Insurance

Pinnacol Assurance delays restructuring pending further review

Business Insurance - Sat, 02/04/2012 - 00:04
DENVER—A plan to privatize Pinnacol Assurance has stalled following questions about the proposal from the insurer's stakeholders, including employers.
Categories: Business Insurance

Pennsylvania comp rates decline 5.7% for 2012

Business Insurance - Fri, 02/03/2012 - 23:59
HARRISBURG, Pa.—Pennsylvania employers will see a workers compensation rate decrease averaging 5.7% for 2012, the state’s Insurance Department said.
Categories: Business Insurance

Court to rehear closely watched climate change insurance coverage case

Business Insurance - Fri, 02/03/2012 - 23:16
RICHMOND, Va.—The Virginia Supreme Court has agreed to rehear a climate change suit after previously upholding a lower court ruling that Steadfast Insurance Co. has no obligation to indemnify Arlington, Va.-based energy corporation AES Corp.
Categories: Business Insurance

Injured worker entitled to comp benefits despite positive drug test: Court

Business Insurance - Fri, 02/03/2012 - 23:10
LAKE CHARLES, La.—A restaurant server who tripped over a box of potatoes is entitled to workers compensation benefits despite a post-injury drug test showing marijuana and Xanax consumption, a Louisiana appeals court ruled.
Categories: Business Insurance

Validus profits down 94.7% in 2011 due to catastrophe losses

Business Insurance - Fri, 02/03/2012 - 22:36
PEMBROKE, Bermuda—Beleaguered by natural catastrophes and man-made disasters, Validus Holdings Ltd. announced on Friday that its annual net income plummeted 94.7% in 2011, to $21.3 million from $402.6 million in 2010.
Categories: Business Insurance

Goldman to face mortgage debt class action lawsuit

Business Insurance - Fri, 02/03/2012 - 22:15
NEW YORK (Reuters)—Goldman Sachs Group Inc. was ordered by a federal judge to face a securities class action lawsuit accusing it of defrauding investors about a 2006 offering of securities backed by risky mortgage loans from a now-defunct lender.
Categories: Business Insurance

BB&T buying life, property/casualty operations of Crump Group for $570M

Business Insurance - Fri, 02/03/2012 - 20:42
ROSELAND, N.J.—BB&T Corp. has reached an agreement to acquire the life and property and casualty insurance operating divisions of Roseland, N.J.,-based Crump Group Inc. for $570 million, BB&T announced Friday.
Categories: Business Insurance
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