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Judge denies motions for Gen Re trial defendants HARTFORD, Conn.—A Connecticut federal judge Thursday rejected a motion to overturn the convictions of five former executives of General Re Corp. and American International Group Inc. found guilty in March of helping AIG inflate its loss reserves with a sham reinsurance deal. U.S. District Judge ...
OSHA seeks views on flu equipment guidance WASHINGTON—¬The Occupational Safety and Health Administration is seeking comment about proposed recommendations that employers protect employees during an influenza pandemic by stockpiling respirators and facemasks. OSHA’s proposed guidance offers private sector and government employers ...
Arizona expands captive options PHOENIX—Employers with captive insurance companies in Arizona will be able to expand the use of their captives under legislation that received final approval Wednesday. The legislation, in part, builds on an expansion measure approved last year. The 2007 measure included a provision that gives ...
Insurers absorbing investment losses: Moody's Property/casualty and life insurers reported “meaningful” losses on fixed-income securities investments during the first quarter, but most insurers will be able to absorb the losses without harming their financial strength rating, according to a report by Moody’s Investors Service. The losses were ...
Florida lifts suspension of Allstate license MIAMI (Reuters)—Florida Insurance Commissioner Kevin McCarty said Friday he was lifting a suspension on insurer Allstate Corp. issuing new policies in the state after the company stated it had complied with requests from his office for documents. The move came two days after the First District ...
N.Y. gov proposes limiting drugmaker gifts to docs NEW YORK (Reuters)—Doctors in New York state would be prohibited from accepting gifts or payments from drugmakers worth more than $50 a year under a law Gov. David Paterson proposed on Thursday. Doctors would also have to reveal any financial ties to the companies if they gave educational talks to ...
Munich Re securitizes Japanese earthquake risk MUNICH, Germany—Munich Reinsurance Co. has transferred Japanese earthquake risk to the capital markets via a $300 million securitization on behalf of Japanese mutual insurer Zenkyoren. The deal gives cover to Zenkyoren in the event of severe earthquakes in Japan. The deal is structured to ...
Trial begins in Parmalat case vs. Citigroup HACKENSACK, N.J. (Reuters)—Citigroup Inc is responsible for helping spur the meltdown of Parmalat SpA because the bank ignored red flags at the company in a quest for high financial advisory fees and big bonuses for its bankers, a lawyer for the revamped Italian food company told jurors at ...
Baloise Q1 volume up 6.7%, claims lower ZURICH, Switzerland (Reuters)—Swiss insurer Baloise reported a 6.7 percent rise in business for the first quarter on Thursday and lower payouts from insurance claims. The total business volume—based on IFRS premiums and investment-linked life insurance—was 3.3 billion Swiss francs ...
Insurers little hurt by quake: Rating agencies BEIJING, (Reuters)—Insurers and property developers should suffer only minimal fallout from China's devastating earthquake, credit rating agencies said in separate reports. Property developers with projects in the quake-hit areas could face delays in construction and sales as well as higher ...
IAG, State Bank of India form insurance venture MUMBAI, India—India’s largest bank is teaming up with Insurance Australia Group Ltd. to form a general insurance joint venture in India. State Bank of India, based in Mumbai, has more than 100 million customers and around 10,000 branches across the country that will be used as a distribution ...
