It Figures

April 21, 2008

$45 Billion

The rate of obesity in the United States has doubled in the last 30 years, and those extra pounds weigh on companies’ bottom lines, according to a new report from The Conference Board. Today, 34 percent of American adults fit the definition of “obese.” Obese employees cost U.S. private employers an estimated $45 billion annually in medical expenditures and work loss.

In a new report, Weights and Measures: What Employers Should Know about Obesity, The Conference Board examines the financial and ethical questions surrounding whether, and how, U.S. companies should address the obesity epidemic.

$500,000

The Wisconsin Supreme Court says an insurance company has to pay $500,000 to a man severely injured in a bike accident. The court has upheld a settlement between Acuity and G. Vaughn Stone.

Stone had insurance through Acuity when he was hit by a van while riding his bike. He suffered multiple fractures and a collapsed lung. His injuries required several surgeries and lengthy rehabilitation.

Stone and Acuity disagreed over the level of coverage he was entitled to under his policy. They reached an agreement in which the company would pay $500,000 if courts determined Stone had that much coverage.

400

Schaumburg, Ill.-based Zurich North America Commercial (NAC) said it will reduce approximately 400 positions or four percent of the staff that support its business division, primarily in non-market-facing roles. Mike Foley, CEO of NAC, said the positions eliminated “were primarily non-market-facing roles to ensure our actions will not disrupt customer service.”

$4.5 Billion

A Delaware Chancery Court judge has approved the settlement of a shareholder lawsuit against directors and executives of Tyson Foods but reserved judgment in a dispute over attorney’s fees.

The settlement approved by Chancellor William Chandler III calls for Don Tyson and Tyson Limited Partnership, the company’s largest shareholder, to pay the company $4.5 million.

The company also agreed to implement or continue a variety of corporate governance measures in response to the lawsuit, which alleged that Tyson officials were granted stock options timed in advance of favorable news likely to boost the company’s stock price.

Topics USA

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Insurance Journal West April 21, 2008
April 21, 2008
Insurance Journal West Magazine

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