National News

Pimco to Pay $20 Million to Settle Charges It Misled Investors

Pacific Management Investment Co. (Pimco) will pay $20 million to settle charges it misled investors about the performance of a top exchange-traded fund it manages, U.S. regulators said on Thursday. The Securities and Exchange Commission’s settlement with Pimco, a unit …

Plans Underway for Super Regional P/C Insurer Conference 2017 for C-Suite Professionals

Insurance Journal and Demotech, Inc. announced that the inaugural Super Regional P/C Insurer Conference will be held July 16-18 2017 at the Grand Geneva Resort & Spa in Lake, Geneva, Wis. The theme of the event is “Finding Your True …

Insurance Associations AAMGA, NAPSLO Move Forward with Merger Talks

A possible merger of the nation’s two major excess and surplus lines organizations is on track. The American Association of Managing General Agents (AAMGA) and the National Association of Professional Surplus Lines Offices (NAPSLO) said they are moving forward with …

Insurers Praise House Approval of Systemic Risk Reform Bill

The House of Representatives took a step toward changing the Dodd-Frank financial regulation law by passing a measure that requires that a systemic risk designation be based on more than a financial institution’s size. The House vote was heralded by …

Liberty Mutual Names Dwortz President of Helmsman

Liberty Mutual Insurance has appointed David Dwortz as president, Helmsman Management Services, its third party claims administrator. Dwortz takes the reigns at Helmsman Management Services from Debbie Michel, who was recently appointed executive vice president, National Insurance Casualty, Liberty Mutual. …

Audit Hits Regulator for Not Testing Brokerage Firms’ Cyber Security Policies

The U.S. Commodity Futures Trading Commission failed to verify whether futures and swaps brokerage firms have adequate policies to help ward off cyber attacks, an internal CFTC audit found. The audit was completed in October by Brown & Company CPAS …

Senate Bill Would Let Wells Fargo Customers Sue in Court, Bypass Arbitration

Legislation introduced by two Democratic lawmakers on Thursday would allow Wells Fargo & Co. customers to go to court, instead of private arbitration, to resolve claims about accounts opened without authorization, according to a media release. The bill, which faces …

FM Global Explores Next-Generation Fire Sprinklers

Warehouses, served by increasingly powerful automated materials-handling equipment, are steadily getting taller, posing new fire risks and stressing traditional fire protection systems like heat-triggered ceiling sprinklers. That’s why Rhode Island-based FM Global, one of the world’s largest commercial property insurers, …

J&J Hit with $1 Billion Verdict in Hip Implant Product Liability Case

Johnson & Johnson was ordered by a Texas jury to pay more than $1 billion to patients who claimed the company hid flaws in its Pinnacle artificial hips that had to be surgically removed, in J&J’s second loss linked to …

How GM’s ‘Super Cruise’ Self-Driving Car Is Evolving

General Motors Co.’s semi-autonomous “Super Cruise” system will allow drivers to take their hands off the steering wheel for extended periods, but will stop the vehicle automatically if drivers are not attentive, according to a government letter made public on …

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