Commercial Lines
BP Risks $18B Fine in Gulf of Mexico Oil Spill After Judge Assigns Blame
A U.S. judge has decided that BP Plc was "grossly negligent" and "reckless" in the Gulf of Mexico oil spill four years ago, a ruling that could add nearly $18 billion in fines to more than $42 ...
Workers Comp Sector Approaches Profitability: Moody’s
Accident-year workers compensation profitability, excluding state funds, improved in 2013 to a combined ratio of 103—its lowest level since 2008—as a result of significant rate increases and the ...
Nationwide Will Reorganize Scottsdale and Other Brands Into Just One
Nationwide Mutual Insurance Co. said it will unite all of its products and subsidiaries under its most recognizable brand— Nationwide — and drop the use of Harleysville Insurance, Scottsdale and ...
What Analysts Expect in 2015: Lower Rates, More M&A, Underwriting Losses
Analysts seem to agree on a few things, at least, about what the property/casualty insurance industry can expect through the end of 2014 and into 2015. Reinsurance consolidation is coming, they say. ...
Ex-NSA Leader: JPMorgan Cyber Attack May Have Had Greater Purpose
Hackers who stole gigabytes of data from JPMorgan Chase & Co. may have been trying to send a message that U.S. financial institutions can be disrupted, the former director of the National ...
Halliburton Will Pay $1.1B to Resolve U.S. Gulf Oil Spill Claims
Halliburton Co, North America's top oilfield services provider, said it reached a $1.1 billion settlement for a majority of claims related to its role in BP Plc's oil spill in the Gulf of Mexico in ...
RMS: Napa Valley Quake Insured Losses Won’t Surpass $250M
With some time to assess the situation, insured losses from the Napa Valley earthquake may end up a little more reasonable than initially thought. Catastrophe modeling firm RMS predicted that insured ...
Iceland Lowers Volcano Aviation Warning Following Fissure Eruption
Iceland is monitoring a fissure eruption north of the Bardarbunga volcano as authorities downgraded the threat of a full-blown ash cloud. The Icelandic Met Office lowered their aviation warning level ...