Business Insurance: Breaking News
CHICAGO (Reuters)?Diversified manufacturer Ingersoll-Rand Co. Ltd. said Friday it has taken a noncash pretax charge of $449 million for pending and estimated future asbestos claims through 2053. The fourth-quarter charge, which will be $277 million after tax, results from a $538 million increase in...
TALLAHASSEE, Fla. (Reuters)?Florida lawmakers on Thursday subpoenaed property insurers in a probe over why home insurance rates have not declined a year after the state doubled its hurricane insurance pool to at least $32 billion. "Insurance industry representatives gave hours of testimony telling...
WASHINGTON (Reuters)?The U.S. property/casualty insurance industry systematically overcharges policy holders and underpays on claims, said a report from consumer activists Thursday that an industry group called ?absurd.? The Consumer Federation of America?s report said insurers paid out about...
(Reuters)?Drugstore chain Walgreen Co. is not planning to buy a major pharmacy benefits manager, its chief executive officer Jeffrey Rein said on Wednesday. Mr. Rein's remarks, prepared for the company's annual shareholders meeting, were among the strongest yet by the chain, ruling out a possible...
BUDAPEST, Hungary (Reuters)?Hungary's OTP Bank is close to signing a deal to sell its insurance arm Garancia and an announcement could come in late January or early February, a source close to the deal said. OTP has already settled most outstanding issues on the sale and only the final...
VANCOUVER, Canada (Reuters)?Canadian Imperial Bank of Commerce, grappling with some $11 billion in exposure to the battered U.S. subprime mortgage market, shook up its executive suite Monday, ousting its chief risk officer and the head of its corporate and wholesale banking unit. A management...
WASHINGTON (Reuters)?The Supreme Court declined Monday to hear an appeal by Canadian mining company Teck Cominco Ltd. of a ruling that an American environmental law applies to a foreign company when some of its pollution reaches U.S. territory. Vancouver-headquartered Teck appealed in an effort to...
LONDON (Reuters)? Over a third of British companies with defined-benefit pension schemes plan to either close them to new members or limit their benefits over the next five years, an industry body said on Friday. A survey by the National Association of Pension Funds showed that 15% of...
NEW YORK (Reuters)?The insurance brokerage unit of Marsh & McLennan Cos. Inc. will undergo a major reorganization on Thursday at the hands of the unit's new chief executive, Dan Glaser, according to sources close to the situation. Michael Cherkasky, the CEO of the entire company, which...
NEW YORK (Reuters)?The Travelers Cos., one of the top U.S. insurers, Monday agreed to settle a class-action suit and investigations by several states into industry-wide insurance practices. Travelers, the biggest U.S. writer of commercial auto and business insurance , said in a filing that the...
