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Feds outline sentences sought for finite fraud HARTFORD, Conn.—Federal probation officials have recommended 14- to 17-and-a-half year prison terms for five former General Re Corp. and American International Group Inc. executives convicted of fraud earlier this year, but federal prosecutors are arguing for stiffer sentences. In a court ...
Fierce Hurricane Ike targets Gulf, Hanna nears U.S. SALVO, N.C. (Reuters)—Fierce Hurricane Ike weakened as it charged across the Atlantic Friday and took aim at south Florida and the oil fields of the Gulf of Mexico, while Tropical Storm Hanna was set to crash ashore in the Carolinas after killing at least 136 people in Haiti. Hanna was ...
R.I. club owners settle with victims of 2003 fire PROVIDENCE, R.I.—Surplus lines insurer Essex Insurance Co. would cover the $813,000 settlement that two nightclub owners have agreed to pay to resolve claims stemming from a deadly fire at the Rhode Island club in 2003, according to an attorney for the club owners. The Sept. 4 tentative ...
Arrest made over comp fraud in Florida TALLAHASSEE, Fla.—Florida investigators said Wednesday they arrested the operator of one of South Florida's largest check-cashing operations for racketeering and allegedly conspiring in a "major money-laundering and workers compensation fraud scheme." Florida's Department of Financial ...
Nurses' travel for medical tests compensable: Court PHILADELPHIA—Employers must compensate employees for travel expenses and nonwork time spent receiving treatment for exposure to blood-borne diseases while on the job, a federal appeals court ruled Thursday. In Secretary of Labor vs. Beverly Healthcare-Hillview, the 3rd U.S. Circuit Court of ...
P/C rates still dropping: MarketScout Property/casualty insurance rates dropped by an average of 10% in August compared with rates of a year earlier, MarketScout reported Friday. Workers compensation rates declined by the smallest percentage, showing a 5% reduction, the Dallas-based electronic insurance exchange reported. But ...
Reinsurers' investment hit won't stop price drop FRANKFURT, Germany (Reuters)—European reinsurers' losses on investments due to the financial crisis may dampen their appetite for a reinsurance price war but will not interrupt the trend toward a weakening market. As reinsurers descend on the Mediterranean resort of Monte Carlo this weekend ...
Former N.Y. regulator joins Gen Re board STAMFORD, Conn.—General Re Corp. said Friday that Salvatore R. Curiale has joined its board as an independent director. Mr. Curiale is a former New York State superintendent of insurance. He also previously served as executive director of Mutual of America Life Insurance Co. He currently ...
Meadowbrook Insurance founder to retire SOUTHFIELD, Mich.—Merton J. Segal, founder and chairman of Meadowbrook Insurance Group Inc., plans to retire from the company, effective Sept. 30. Mr. Segal, 79, will continue to serve on the company’s board of directors as nonexecutive chairman and will also remain a consultant. Mr. Segal ...
Lockton approved for China operation SHANGHAI—Lockton Cos. L.L.C. has received a wholly owned foreign enterprise insurance broking license and will open a new operation in China. The license, which was approved by the China Insurance Regulatory Commission, allows the brokerage to set up a unit in Shanghai, which will be known ...
Stable outlook for reinsurers in spite of storms: Moody’s NEW YORK—The ratings outlook for the global reinsurance industry remains stable, despite recent hurricane activity and turbulence in the capital markets, says Moody’s Investors Service. The New York-based ratings agency said that Hurricane Gustav was a “near miss” for reinsurers and not ...
Lloyd’s calls on U.K. government to act now on tax LONDON—Lloyd’s of London Chairman, Lord Peter Levene has called on the U.K. government to amend the tax treatment of Lloyd’s insurers, or risk losing out to lower tax domiciles. The future success of Lloyd’s is threatened by competition from other markets, notably offshore centers whose tax ...
Irish international premiums grow DUBLIN, Ireland—Ireland’s international nonlife insurance and reinsurance sector generated gross premiums of more than €22 billion ($31.32 billion) last year, with net premiums totaling more than €18 billion ($25.63 billion), a survey by the Dublin International Insurance & Management ...
Malta to address skills shortage VALLETTA, Malta—Malta’s insurance market must address a lack of skills to ensure the marketplace remains competitive, a report set for release this month will reveal. The Malta Financial Services Authority will publish the results of its survey launched earlier this year to measure skills ...
