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.

Earthquake Simulator to Be Built at University of Alabama

There aren’t very many rooms in the world that can successfully reproduce the devastating effects of an earthquake. But come May 1, a laboratory on the University of Alabama campus may be able to do just that

Fairfax Financial’s Quarterly Loss Widens on Cat Claims

Fairfax Financial Holdings, the property and casualty insurer run by investment guru Prem Watsa, said on Thursday that its fourth-quarter loss widened by 56 percent due to catastrophe claims and losses on the company’s equity hedges. The Toronto-based company lost $771.5 million, or $38.47 a share, in the fourth quarter of 2011

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

Penn State Countersues PMA Over Coverage of Sandusky Lawsuit

Penn State has filed a countersuit against its primary general liability insurer, Pennsylvania Manufacturers’ Association (PMA) Insurance Co.

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

Best Affirms HDI-Gerling Industrie Versicherung AG, and Subs Ratings

A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and the issuer credit ratings (ICR) of “a” of Germany’s HDI-Gerling Industrie Versicherung AG (HGI) and its rated subsidiary, HDI-Gerling Welt Service AG (HG WS).

Best Affirms Ratings of HDI Hftp. der Deutschen Industrie, Talanx AG

A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and the issuer credit rating (ICR) of “a” of Germany’s HDI Haftpflichtverband der Deutschen Industrie V.a.G.

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