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The trial of five former General Re Corp. and American Opening International Group Inc. (AIG) executives is underway, with opening arguments heard on Monday. The executives are charged with conspiring to inflate AIG’s loss reserves by $500 million with a pair of bogus reinsurance transactions.       told Jurors in a federal courtroom in Hartford,… Continue reading Trial of Former Gen Re and AIG Execs Underway

According to government data, employers have been cutting hours for more workers to below the 35-hour-per-week threshold for full-time work because of slowing demand, or “slack work.” Hyundai Motor Manufacturing Alabama LLC, a unit of Hyundai Motor Co., idled 3,300 production workers for 10 Fridays over the past three months, effectively dropping their weekly hours… Continue reading Employers Reduce Hours for Workers, Another Sign of the Times

For the first time in more than 50 years, New Jersey has for the first time in more than 50 years approved a new territorial rating map for private-passenger automobile insurance, however one industry representative said another measure passed with the map is causing concern. The Territorial Rating Equalization Exchange (TREE) was included along with… Continue reading New Territorial Auto Rating Map Approved by NJ

The South Carolina Supreme Court stated in a ruling that illegal immigrants injured at work are entitled to workers’ compensation benefits. The court unanimously upheld a decision by the state’s Workers’ Compensation Commission and a lower court ruling that held the worker, Mario B. Curiel, was eligible for benefits because of an eye injury suffered… Continue reading South Carolina Court Ruling Upholds Workers Comp Decision for Illegal Immigrants

Australia-based QBE today announced that it had signed an agreement to acquire North Pointe Holdings Corporation, a NASDAQ listed US-based property and casualty insurer. The acquisition is subject to US regulatory and North Pointe shareholder approvals.     North Pointe writes approximately US$150 million of gross written premium in specialist markets involving owner-operated small and… Continue reading QBE Announces Acquisition of North Pointe

Arthur J. Gallagher & Co., an insurance brokerage and risk management services company, on Thursday said it acquired wholesale insurance broker Avreco from The Park Group Inc. Financial terms of the deal were not disclosed.    Chicago-based Avreco specializes in niche markets, including medical malpractice and professional liability, employment-related practices and others.    Arthur J.… Continue reading Arthur J. Gallagher Acquires Wholesale Brokerage Avreco

According to a University of Utah study, motorists who talk on cell phones drive slower on the freeway, pass sluggish vehicles less often, and take longer to complete their trips. “At the end of the day, the average person’s commute is longer because of that person who is on the cell phone right in front… Continue reading Study Shows Drivers on Cell Phones Clog Traffic

For the month December hiring in the U.S. slowed more than expected and unemployment jumped to a two-year high, increasing the possibility that the Federal Reserve will cut interest rates by half a point this month to ward off a recession. The Labor Department said today in Washington that payrolls rose by 18,000, capping the… Continue reading New Job Rate Less than Expected for December

According to a Warren Buffett spokesperson, new bond insurer, Berkshire Hathaway Assurance Corp, is looking to expand to Rhode Island after hearing that the state’s treasurer wanted it to apply for a license to operate in the state. “Rhode Island, here we come,” the spokeswoman quoted the billionaire investor as saying in an e-mail on… Continue reading New Bond Insurer Berkshire Hathaway Assurance Looking to Expand to RI

On Thursday, Marsh & McLennan Cos. announced the overhaul and reorganization of its insurance brokerage unit, saying it would consolidate the unit nto U.S.-Canadian and international divisions.At the same time, on Wednesday, Phil Moyles, chief executive of Marsh’s brokerage in the Americas, resigned. The reorganization is also to include the departure of Mark Feuer, chief… Continue reading As Marsh Reorgization is Underway, Top Exec Departs