Industry News
A.M. Best Cuts Tower Group Rating to B from B++
On Friday, A.M. Best Co. announced that the rating agency has downgraded the financial strength rating (FSR) to B (Fair) from B++ (Good) of the pooled and reinsured members of the Tower US Pool. The ...
Allstate to See $100-$125M Pension Settlement Charge in 4Q
The Allstate Corporation announced Thursday that it expects to report a fourth-quarter 2013 settlement charge of $100 to $125 million, after-tax, related to the annual measurement of its pension ...
Ex-AIG Executives Greenberg, Smith Pursue New York Ethics Complaint
Former American International Group executives are pursuing an ethics complaint against the New York prosecutors still bringing the charges that cost them their jobs at the insurance giant in 2005. ...
Berkshire Hathaway Specialty Emerges as Serious Player in 2013
The year 2013 has been quite eventful for Berkshire Hathaway Specialty Insurance (BHSI)—or half of a year, anyway. Since opening its doors for business in June with much fanfare, the new venture ...
RLI Appoints Angelina to Board of Directors
RLI Corp. announced Friday that Michael E. Angelina, executive director of the Academy of Risk Management and Insurance at Saint Joseph's University, has been appointed to its board of directors. ...
Appeals Court Reinstates Alien Tort Lawsuit Against Multinational Firms
A lawsuit against a unit of Nestle SA and two other companies alleging children were forced to work as slave labor on cocoa plantations in Ivory Coast was reinstated by a federal appeals court. The ...
Lead Paint Verdict May Set Dangerous Precedent: McArdle Viewpoint
A California judge has just ruled that manufacturers of lead paints and pigments have to pay 10 cities in California $1.1 billion to remediate lead paint used in homes there. I wrote about this last ...
St. John’s University to Relocate Manhattan Campus
St. John's University has leased 71,000 square feet of space for its Manhattan campus at 51 Astor Place, between Third and Fourth Avenues in the East Village, Manhattan. The new location will house ...