INSURANCE NEWS
U.S. Commercial Rates Increased in Q4 – But at Slower Pace: WTW
U.S. commercial insurance prices grew in the fourth quarter of 2022 by an average of 4.8%, down from the rate of 5.2% in the previous quarter (Q3 2022), according to WTW’s most recent Commercial Lines Insurance Pricing Survey (CLIPS). The …
Generali Hikes Dividend Payout After Posting Its Best Ever Operating Profit
Italy’s Assicurazioni Generali surprised investors on Tuesday by hiking the dividend payout on its 2022 results after posting its best operating profit ever. Finance chief Cristiano Borean also told reporters the leading Italian insurer had no exposure to collapsed U.S. …
Amgen Sued by Pension Fund for Failing to Disclose $10B Tax Bill on Timely Basis
Amgen Inc. misled investors about its financial health by failing to reveal that it may be on the hook for more than $10 billion in back taxes and penalties, a pension fund claimed in a lawsuit. The Internal Revenue Service …
People Moves: Harford Mutual Promotes Officers; Kyer Joins MEMIC; GMI Appoints Hall, Kelly
Harford Mutual Promotes Gearhart, Thames Wayne Gearhart has been promoted from vice president of claims to senior vice president and chief operating officer of Hartford Mutual Insurance Group, headquartered in Hartford, Connecticut. Gearhart brings nearly 30 years of insurance industry …
Court Rules Uber, Lyft Can Classify Gig Workers as Contractors
Uber Technologies Inc., Lyft Inc. and other gig economy companies scored a victory after a California appeals court upheld the current law classifying gig workers as independent contractors instead of employees. The decision on Monday struck down a lower-court ruling …
Ukraine Rebuffs Russia’s Offer of 60-Day Extension on Grain Deal
Ukraine pushed back on Russia’s apparent offer to extend the landmark grain-export deal by just 60 days when it comes up for renewal later this week. Russian and United Nations officials held discussions in Geneva on Monday as crop traders …
Zuckerberg Was Warned on Social Media Addiction, Filing Says
Employees at Meta Platforms Inc. and ByteDance Inc. were aware of the harmful effects of their platforms on young children and teenagers but disregarded the information or in some cases sought to undermine it, according to claims in a court …
Viewpoint: Silicon Valley Bank’s Failure in Risk Management
As someone who had a front row seat at the largest bank failure in U.S. history, Washington Mutual, the demise of Silicon Valley Bank (SVB) brings back memories of how seemingly well-run banks can in an instant run into trouble …
U.S. Sues Rite Aid for Missing Opioid Red Flags
The U.S. government on Monday sued Rite Aid Corp., accusing the pharmacy chain of missing “red flags” as it illegally filled hundreds of thousands of prescriptions for controlled substances, including opioids. In a complaint filed in Cleveland federal court, the …
Silicon Valley Bank Parent SVB Financial Group Faces First Securities Class Action
Silicon Valley Bank (SVB) on Monday was hit with what appears to be the first federal securities class-action lawsuit against it, carrying allegations that the bank make false or misleading statements pertaining to the potential impact rising interest rates could …
Credit Outlook for Allstate’s Florida Unit is Negative, Reflects Deteriorated Surplus
The AM Best financial rating firm’s tepid outlook for Allstate’s Florida subsidiaries, Castle Key Insurance Co. and Castle Key Indemnity Co., has raised new questions about the subsidiaries’ and their parent company’s financial picture. AM Best last week posted a …
Former Maryland Police Chief Convicted of Multiple Arsons Targeting His ‘Enemies’
A former Maryland police chief was convicted Thursday of intentionally setting fire to buildings belonging to his adversaries, leading various law enforcement agencies on a sprawling investigation that linked a dozen arsons spanning nearly a decade and crisscrossing several counties. …