Latest New York Headlines
All the headlines from our New York Topic Page, ordered by recency.
Blackstone Settles IPO Disclosure Lawsuit for $85 Million
Aug 29 2013 // Blackstone Group LP reached an $85 million settlement with investors over claims it made misrepresentations about its initial public offering. A U.S. appeals court in 2011 reversed the dismissal of a proposed class-action...
Cooper Gay Re North America Appoints Managing Director in New York
Aug 26 2013 // Cooper Gay Re North America appointed Norman Gayle as managing director. He joins the executive team working from the head office in downtown New York. He and his team will focus on production and strategic planning and...
AIG to Get $905 Million From Brookfield to End Rate-Swap Dispute
Aug 26 2013 // American International Group Inc., the insurer that repaid a U.S. rescue last year, agreed to accept $905 million from Brookfield Asset Management Inc. to resolve a dispute tied to interest-rate swaps. Brookfield,...
Do Big Malpractice Awards Really Increase Medical Costs?
Aug 25 2013 // A jury in one of New York’s most conservative counties recently returned a $130 million verdict in a medical-malpractice case, the second-largest in the state’s history. Lawyers for the losing hospital decried...
NYS Workers’ Comp Board to Begin Business Process Re-Engineering Project
Aug 23 2013 // The New York State Workers’ Compensation Board said it is launching a broad-based business process re-engineering project (BPR) designed to “significantly improve” the experience of injured workers and...
Worldwide Facilities Appoints Casualty Broker in New York
Aug 22 2013 // Worldwide Facilities, a Los Angeles-based independent surplus lines broker and managing general agency, appointed Kitti Peters as vice president and casualty broker with a specialization in construction. She based in...
Assured Guaranty, JPMorgan Settle Mortgage Litigation
Aug 22 2013 // Assured Guaranty Ltd. and JPMorgan Chase & Co. agreed to settle lawsuits filed by the bond insurer accusing the bank’s EMC Mortgage and Bear Stearns units of making misrepresentations about mortgage-backed...
Axa Art Insurance Corp.’s Subrogation Lawsuit Seeks $1.5M From Christie’s
Aug 20 2013 // Axa Art Insurance Corp. filed a subrogation lawsuit claiming that the famed auction house Christie’s in New York failed to properly store a fine art collection that belonged to Axa’s insured, the Piatigorsky...
GEICO Names Assistant VP of Claims Operation in Buffalo, N.Y.
Aug 20 2013 // David Hodge has been named assistant vice president of claims for auto insurer GEICO’s Buffalo, N.Y., regional office. Hodge previously served as the liability director of GEICO’s Virginia Beach, Va., regional...
Government Wins Bid to Apply FIRREA Fraud Law in Banks’ Mortgage Cases
Aug 20 2013 // A federal judge has endorsed a broad interpretation of a savings-and-loan era law that the U.S. Justice Department is trying to use in cases against Wall Street banks. U.S. District Judge Jed Rakoff in Manhattan said...
Cat Bonds Rally with Hurricane Season Advancing: Credit Market Recap
Aug 20 2013 // Gains on catastrophe bonds are poised to exceed returns on speculative-grade company debt by the most since 2008 as the Atlantic hurricane season heads into its fourth month. Notes designed to protect insurers from payouts...
Fidelis Group Holdings Names 2 Managing Directors for New Inland Marine Unit in N.Y.
Aug 19 2013 // Fidelis Group Holdings LLC, through its subsidiary company Continental Underwriters Ltd., announced the formation of its new inland marine division and appointed two managing directors for the new unit. Ed Helfers and Lisa...
Stilt Houses in Greenwich, Conn., Foreshadow Impact of New Flood Maps
Aug 19 2013 // In the coastal areas of Greenwich, Connecticut, the latest housing craze requires hydraulic jacks, pylons and stilts. One home towers over its neighbors like a cruise ship. Others look like expensive tree...
Upstate New York Man Gets Prison for Staged Crash
Aug 15 2013 // A federal judge has sentenced a 55-year-old Utica, N.Y., man to nearly two years and prison and ordered him to help pay $1.4 million in restitution for his role in staging vehicle crashes for insurance money. Judge Norman...
Flood of Legal Questions Now Roils Sandy Survivors
Aug 14 2013 // First they needed blankets and generators. But before long, many of Superstorm Sandy’s bedraggled survivors also needed a lawyer. Thousands of people with damaged homes and businesses have sought help with legal...
Zurich’s Hogan Rejoining AIG As CEO of Global Consumer Insurance
Aug 14 2013 // American International Group has named Kevin Hogan as chief executive officer of AIG Global Consumer Insurance. Hogan, who previously had a 24-year career at AIG, is expected to formally rejoin AIG in early October. Hogan...
Loeb’s Third Point Re Set for IPO as Einhorn’s Truck Bet Shows Insurers’ Risk
Aug 14 2013 // Investors in Third Point Reinsurance Ltd.’s initial public offering are betting on billionaire hedge fund manager Daniel Loeb. They’re also taking on risk from an unprofitable underwriting operation. The sale...
Lessons from U.S. Blackout of 10 Years Ago: Kemp
Aug 14 2013 // Exactly 10 years ago, at 15:05 Eastern Time on August 14, 2003, an overhead power line came into contact with an overgrown tree near Cleveland, Ohio. What happened next is a frightening case study of how vulnerable modern...
Endurance Appoints Head of U.S. Financial Institutions Insurance in New York
Aug 13 2013 // Endurance Specialty Holdings, a Bermuda-based specialty provider of property/casualty insurance and reinsurance, appointed Fred Cooper as executive vice president and head of U.S. financial institutions insurance, based in...
Trade Group Applauds 2 N.Y. Laws That Target Counterfeit Airbags, VIN Forgeries
Aug 13 2013 // New York Gov. Andrew Cuomo recently signed two pieces of legislation that seek to put greater fraud protections in place and increase safety for the state’s drivers and passengers. The New York Insurance Association...
