INSURANCE NEWS

Home Care Agency Owes $414K in Back Pay, Damages to 62 Workers Denied Overtime

The U.S. Department of Labor reported it has obtained a consent judgment against a home healthcare agency and its owner, Teajan Kamara, who had deliberately failed to pay employees their legally earned overtime wages. Following a filing by the department …
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Swiss Re Targets Net Income of More Than US$4.4 billion for 2025

Swiss Re is targeting a net income of more than US$4.4 billion for 2025 and aims to grow the ordinary dividend per share by 7% or more per year over the next three years while maintaining its multi-year IFRS ROE …
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Aviva’s India Officials Approved Brokerage Model Queried by Taxmen

An Aviva business model that Indian tax officials say was used to pay agents unlawful commissions from 2017 to 2023 was rolled out internally in 2013 and approved in writing by top India executives, a confidential company document shows. Tax …
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Ukraine Identifies Tankers It Says Are in Russia’s Shadow Oil Fleet

Ukraine identified 238 tankers it said belong to a shadow fleet of ships that Russia is using to keep its oil and fuels moving around the world — with a view to western authorities sanctioning the carriers. The Military Intelligence …
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Munich Re Targets Net Profit of €6 Billion for 2025

Munich Re is aiming for an IFRS net profit of €6 billion (US$6.3 billion) in 2025 as a result of “consistently good operational performance in all business segments.” It also expects good underwriting profitability with a combined ratio of 79% …
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Public Nuisance Claims Denied by Ohio Supreme Court in Opioid Case

COLUMBUS, Ohio (AP) — The Ohio Supreme Court ruled last Tuesday that the state’s product liability law prohibits counties from bringing public nuisance claims against national pharmaceutical chains as they did as part of national opioid litigation, a decision that …
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Starbucks Restores Scheduling App Taken Down by Hack to Vendor

Starbucks Corp.’s system for logging employee hours is back online nearly three weeks after a vendor hack had forced the company to keep track of schedules by hand. Starbucks worked with third-party software supplier Blue Yonder Group, which was hit …
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Workers’ Comp Mega Claims Total $1B-Plus Yearly, Multiagency Study Shows

Mega claims in workers’ compensation represent far less than 1% of total workers’ comp claims yet account for more than 2% of total loss dollars, and total in excess of $1 billion each year, a new study from 10 state …
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US Appeals Court Tosses Nasdaq Board Diversity Rules

A U.S. appeals court on Wednesday ruled that Nasdaq could not impose rules designed to increase diversity in corporate America by requiring companies listed on the exchange to have women and minority directors on their boards or explain why they …
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Trump’s Antitrust Trio Heralds Big-Tech Crackdown to Continue

President-elect Donald Trump’s antitrust picks are likely to take a hard-line on the tech giants, and a harder line on corporate consolidation than the average Republican. All three of the new administration’s selections – Gail Slater as DOJ antitrust chief, …
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Offshore Driller Asks Judge to Block Insurers’ Demands for $250M Collateral

W&T Offshore, an independent driller operating in the U.S. Gulf of Mexico, has asked a federal judge to block insurance companies’ demands for $250 million in additional collateral for taking apart old oil infrastructure. The offshore drilling industry faces mounting …
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New York Considers Making Property Insurers Cover Taxi Claims Losses

New York is considering asking property and casualty insurers to cover the claims of insolvent taxi insurer American Transit Insurance Co., according to people familiar with the plans. That measure is one of several options under discussion as the state’s …
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