Articles by Andrew G. Simpson

BP to Pay $18.7B Over 18 Years to Settle Spill Claims with 5 States, U.S.

BP Plc has agreed to a preliminary deal in which it will pay a record $18.7 billion to settle claims by five Gulf states and the U.S. government for the 2010 Deepwater Horizon oil spill, the worst oil spill in …

ACE to Acquire Chubb in $28.3 Billion Deal

In a major transaction, ACE Limited has agreed to acquire The Chubb Corp. for $28.3 billion in cash and stock. The two firms said the combined company will have complementary businesses, skills and distribution and greater growth and earnings than …

Supreme Court Upholds Obamacare Tax Subsidies

The U.S. Supreme Court today upheld the tax subsidies for health insureds across the country including those in states without their own health exchanges that use the federal health insurance exchange. In a 6-3 opinion (King v. Burwell) written by …

Greenberg Will Appeal AIG Bailout Case Win Over Lack of Damages

Maurice “Hank’ Greenberg, who yesterday won what most considered a long-shot case with a ruling that the U.S. government acted illegally towards American International Group Inc. shareholders in the terms it imposed for its bailout in 2008, is appealing that …

Exec’s Parting Shot: Flood Insurance Program Is a ‘Melting Iceberg’

The outgoing director of the National Flood Insurance Program (NFIP) says the program is a “melting iceberg” that is incapable of properly managing its various players including the private insurance carriers that sell policies and handle claims. The government has …

Senate Bill Would Raise Amtrak Liability Limit

U.S. Sen. Bill Nelson, D-Fla., has filed legislation aimed at helping victims of the deadly May 12 Amtrak derailment. Nelson’s bill would raise the current $200 million cap on the amount a passenger rail company is obligated to pay victims …

GEICO to Raise Auto Insurance Premiums

GEICO, which “everybody knows” saves drivers 15 percent on auto insurance, said it will raise its auto premiums after underwriting results declined in the first quarter. The giant direct writer said its underwriting profit for the first quarter was $160 …

GEICO, Allstate to Raise Auto Insurance Premiums

GEICO, which “everybody knows” saves drivers 15 percent on auto insurance, said it will raise its auto premiums after underwriting results declined in the first quarter. The giant direct writer said its underwriting profit for the first quarter was $160 …

Beating Up on Workers’ Comp: Grand Bargain Taking Jabs from Multiple Directions

The state-based workers’ compensation system has stayed on its feet for 100 years in part by being able to defend itself against blows and then counterpunch when necessary. It has shown an ability to reform to fit the economy and …

Georgia Supreme Court Sides with XL Specialty in Barring Bad Faith Claim

The Georgia Supreme Court denied an insured’s bad faith claim against its insurer for its refusal to pay a settlement because the insured settled on the amount without the consent of the insurer that was required by the policy. A …