U.S. Drops Major Anti-Bribery Prosecution

The Obama administration on Tuesday dropped a major bribery prosecution that had been part of a campaign to crack down on corruption after the government suffered several setbacks in court in a case involving military equipment sales. Federal prosecutors moved to dismiss charges against the remaining 16 defendants rounded up in a “sting” operation to root out corruption under the U.S. Foreign Corrupt Practices Act (FCPA), which makes it illegal to try to bribe officials of foreign governments

Allied World U.S. Creates Mergers & Acquisitions Division

Allied World U.S. has expanded its professional lines operations through the launch of a new mergers and acquisitions division that will be headed up by Jeff Anderson, vice president, in the company’s New York office. The new division will initially offer representations and warranties insurance, loss portfolio transfers, loss mitigation insurance/litigation buy-outs, tax opinion liability and specific contingency insurance

$20M Verdict Upheld in Massachusetts Pool Slide Lawsuit

A Massachusetts judge has upheld a $20 million jury award to the family of a Colorado woman who died after a Toys `R Us inflatable pool slide partially collapsed. In October, a jury ordered Toys “R Us to pay the award to the family of Robin Aleo after attorneys argued that the slide was not tested to determine if it met certain safety standards. Aleo was visiting family in Andover in 2006 when she slid head-first down the slide and it partially collapsed.

Five Star Healthcare Adds Managed Care Coverage

Five Star Healthcare, a division of Crump Insurance Services, has added an insurance facility to provide coverage for managed care service providers. The product consists of a single-policy solution providing multiple coverage options

Anderson & Murison Founder to be Remembered

Dave Anderson, founder of wholesaler Anderson & Murison Inc. in Southern California, who served several insurance associations in numerous capacities, will be remembered for his contributions to the insurance industry

AIR Analyzes Increased Japan Risk after Tohoku-Oki Earthquake

Catastrophe modeling firm AIR Worldwide has released a new report – “ Understanding Earthquake Risk in Japan Following the Tohoku-Oki Earthquake of March 11, 2011 .” The report stresses that the “M9.0 Tohoku earthquake changed the seismic risk landscape of Japan. In response, AIR scientists have conducted a detailed analysis of whether and where the stresses relieved by the Tohoku earthquake have been transferred to neighboring faults.” AIR explained that, “although damage from this event is most closely associated with the massive tsunami—which in places reached a height of more than 30 meters and demolished nearly all structures within its footprint—by AIR’s estimate, the tsunami was responsible for only about 30 percent of overall insured losses from this event. Shake damage was far more widespread—and it is worth remembering that shake damage would have been significant within the area subsequently impacted by the tsunami.” The paper also analyzes the “effects that stress transfer may have on future rupture probabilities—including on subduction zone segments and crustal faults in the vicinity of Tokyo

California Lawmaker Introduces Claim Information Control Bill Over Insolvent Insurers

A California lawmaker on Friday introduced a bill to give greater control of claim information held by insolvent companies over to policyholders.

Creator of Consumer Watchdog Attack Site Says More Attacks to Come

The owner of a website that launched an attack last week against a consumer group that often does battle with the insurance industry is now calling the attacks and information he put on the site “just the tip of the iceberg,” and he denied he is working on behalf of anyone in the insurance industry. The site, ConsumerWatchDogWatch.com , which takes on Santa Monica, Calif.-based Consumer Watchdog, accuses the group of being a “pay to play” organization that generates millions of dollars for itself, and it contains several income tax documents detailing Consumer Watchdog’s legal fees and contributions made to the group. “I think they’re a total fraud.

Beyond Golf: P-U-T-T-E-R’s the Name of the Game in E&S World

Bill Reynolds, Atlantic Casualty Insurance Golf could be called the go-to sport of the insurance industry, so it’s safe to assume that most insurance professionals know what a putter is – a tool for cursing and hurling to the ground after a missed shot, right?

TD Insurance Appoints VP for Employee Benefits in Philadelphia Region

TD Insurance, a subsidiary of TD Bank, appointed Charles Maleski as vice president, regional group practice leader for employee benefits in the Greater Philadelphia marketplace.

Next Page »