National News

Co-Developer of Saffir-Simpson Scale Dies

Bob Simpson, a meteorologist who co-developed the Saffir-Simpson Hurricane Wind Scale which estimates potential property damage, has died. Peg Simpson, his daughter, said Bob Simpson died early Friday at his home in Washington. He was 102. Bob Simpson began his …

U.S. Seeks Up to $18B in Fines From BP Over Gulf Oil Spill

The government wants BP Plc to pay $16 billion to $18 billion in water-pollution fines for the worst offshore oil spill in U.S. history while seeking more than $1 billion from the co-owner of the blown-out well that caused the …

Sony Hack Reveals Need for Business, Government to Collaborate on Cyber Issues

Back-channel talks between Sony Pictures Entertainment and the White House to coordinate a response to a debilitating cyber-attack didn’t prevent a public disagreement over the studio’s decision to pull its film, “The Interview.” President Barack Obama’s rare rebuke Dec. 19 …

McDonald’s Is Joint Employer with Franchisees: National Labor Board

McDonald’s Corp. wields enough control over its franchisees that it should be jointly responsible for the working conditions of their employees, according to charges by the U.S. labor board critics say threatens to upend the fast- food industry. The National …

U.S. Auto Recalls Set Record at 60 Million for Year

U.S. automobile recalls surpassed the 60 million mark for the first time in a single year, largely because of the rush to prevent more deaths from defective General Motors Co. ignition switches and Takata Corp. air bags. The tally of …

Private Auto Premiums See Largest Q3 Growth in 10 Years: SNL

Private auto insurance industry direct premiums written rose 5.13 percent in the third quarter of 2014, the largest third-quarter year-over-year growth in the past 10 years, according to an analysis by SNL Financial. The 30 largest auto writers by market …

President Obama Signs Bill Easing Insurer Capital Standards

President Barack Obama has signed legislation intended to relax capital and liquidity standards for insurers under the Dodd-Frank Act. The law gives the Federal Reserve flexibility in setting the standard for insurers. The legislation (S.2270) was approved by the Senate …

Fireman’s Fund Timeline: Through Earthquake, Amex and More

The sale of a Fireman’s Fund unit from Allianz SE to Ace Ltd. stands to further diminish an iconic U.S. insurance brand that dates to the 1800s. The buyer said Thursday that it will integrate the operation, which caters to …

MetLife Considers Appeal of Systemic Risk Label

MetLife Inc., the biggest U.S. life insurer by assets, was labeled a systemically important financial institution by a council of regulators and said it will consider whether to sue the government over the decision. The Financial Stability Oversight Council voted …

Insurer Philadelphia Cos. Counts Carbon Footprint

It’s no secret that many property/casualty insurers are tackling climate change on the back end through more sophisticated catastrophe modeling, calls for more resilient communities and pricing. But it seems to be a common misconception that the industry – like …

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