Contributions to multiemployer defined benefit pension plans have been a mainstay, legacy feature of union negotiations in many industries. But the fabric of such staples may be tearing apart as employers contemplate the potential of escalating contributions to amortize unfunded liabilities that increase costs but may have imperceptible value for their own employees. Increasingly, employers […]
The New York Insurance Association (NYIA) prides itself in offering the premier property and casualty insurance event in New York, and attendees say 2014 was no exception. More than 225 people joined NYIA this year at the Sagamore Resort in Bolton Landing, New York, May 28–30. New York State Department of Financial Services Superintendent Benjamin […]
With Sandy claims looming over the heads of many Long Island and New Jersey agents, carriers and residents, the New York State Court of Appeals has heightened insurance brokers’ liability to their clients for the possible failure to recommend sufficient, proper coverage for their property. The upshot of what is now termed “the Voss decision” may be far-reaching for agents and brokers and their errors and omissions insurers.
The primary question before us is in this insurance dispute is whether a special relationship existed between the insureds and their insurance broker. Under the circumstances of this case, we conclude that the broker failed to meet its burden justifying summary judgment and [*2]dismissal of the complaint is not warranted.
There were 110 announced mergers and acquisitions of insurance agencies in the U.S. and Canada in the first four months of 2014, the strongest showing of any comparable period for at least seven years, OPTIS Partners’ new survey reveals. “While it’s still early, 2014 could surpass the record set in 2012 if the rest of […]
M&A A’ GO•GO M&A Scoreboard, Q1’14 By Adam Cancryn and Jan Haider Kiani The underwriter space logged a total of $4.4 billion in M&A transactions in the first three months of 2014, by far the highest first-quarter total in four years. The deals ranged across all sectors and specialties; private equity firms swooped in for […]
HEIGHT OF ABSURDITY New York’s Dizzying Scaffold Bill By Casey O’Brien ALBANY, N.Y.—Governor Andrew Cuomo has stated there won’t be much movement on the Scaffold Law this year; but that doesn’t stop the issue from continuing to be highly contested throughout the state. Labor Law 240, more commonly known as the Scaffold Safety Law, was […]
LOOKING UP First Net Underwriting Gains Since 2007 Mark P/C Insurers’ 2013 Results Private U.S. property/casualty insurers’ net income after taxes grew to $63.8 billion in 2013 from $35.1 billion in 2012, with insurers’ overall profitability as measured by their rate of return on average policyholders’ surplus climbing to 10.3 percent from 6.1 percent. At […]
The Hartford and IBM Ink $500 Million Cloud Accord Move Aimed at Agent and Customer Service The Hartford and IBM (NYSE: IBM) just announced a new six-year technology services agreement to implement a new service model that includes a private cloud infrastructure. The project will leverage the expertise of both firms, market insights and research […]
Insurers’ Focus on Market Conduct, Privacy and Filing Rules Market conduct exams topped the list of concerns among all respondents to Wolters Kluwer Financial Services’ new U.S. Insurance Regulatory and Risk Management Indicator. In the report (follows on page 18) just released, seventy-five percent of those surveyed indicated a significant level of concern with exams, […]
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