National News

Low Interest Rates ‘Destroying’ Insurance Companies: BlackRock

Low interest rate policies by central banks around the world are threatening insurance companies and pension funds, said Laurence D. Fink, chief executive officer of BlackRock Inc., the world’s largest asset manager. “As we live in a world of persistent …

The Hartford Names Robinson General Counsel

The Hartford has named David Robinson executive vice president and general counsel. Robinson succeeds Alan Kreczko, current general counsel. Robinson will report to Hartford Chairman and CEO Christopher Swift. Swift thanked Kreczko for his service to the company. He has …

Travelers CEO Fishman: Q1 Results ‘Encouraging Start’ to Year

The Travelers Companies Inc. reported that quarterly net profit fell in the first quarter about 20 percent due to lower net investment income and a drop in underwriting gains. Net income fell to $833 million for the quarter ended March …

Insurers Urge Faster OK for Drones in Disaster Response

U.S. companies including insurers and aerospace manufacturers urged federal aviation regulators on Tuesday to speed up the use of drones in disaster response and relief operations in the United States. A report sponsored by the groups and released by the …

How to Manage Risk of Valuable Properties Concentrated in Coastal Areas

U.S insured property values as of 2014 exceed $90 trillion, but the bulk of that is increasingly concentrated in vulnerable coastal areas. With that in mind, new risk metrics could better help monitor exposures, Karen Clark & Co. concludes in a …

ACE Expands Liability Coverage for Assisted Living, Long Term Care Facilities

ACE Group has introduced four new medical liability coverage endorsements, designed to provide more comprehensive protection to the expanding long term care healthcare sector. The new endorsements include: media event expense; disciplinary proceeding defense; emergency evacuation expense; and patient property …

Duffy Takes Helm at Canopius in U.S.; Bird, Fowles Promoted

Canopius Group Limited, the global specialty insurance and reinsurance unit of Sompo Holdings, has made changes to its U.S. management line-up, including naming Mike Duffy as executive chairman of U.S. operations. Duffy’s appointment follows the recently announced retirement of Jim …

Pfizer Wins First of 1,000 Suits Claiming Antidepressant Zoloft Link to Birth Defects

Pfizer Inc.’s Zoloft antidepressant didn’t cause a boy’s birth defects, a jury concluded in the first trial of more than 1,000 lawsuits over what was once the U.S.’s most popular mood-altering drug. Jurors in state court in St. Louis Friday …

Patriot National Buys Software Firm, Vikaran, and India Development Unit

Florida-based workers’ compensation outsourcing services firm Patriot National Inc. has acquired Vikaran Solutions, a Chicago-based insurance technology company, and its Pune, India-based software development center, MPCS. The company said total purchase price for both entities is approximately $10 million.  The …

Alpha Natural Facing Big Insurance Buy for Abandoned Mines Shortfall

Alpha Natural Resources Inc, a struggling U.S. coal company, may be forced to buy costly new insurance or otherwise ensure it can cover obligations for cleaning up any abandoned mines, according to officials in West Virginia. Alpha has been allowed …

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