The workers’ compensation line powered through the COVID-19 pandemic last year, generating an average profit of 24% while carriers built up $14 billion in “redundant reserves,” the National Council on Compensation Insurance said Tuesday during its virtual Annual Issues Symposium. …
Oct 20 — Property and casualty insurer Travelers Companies Inc beat third-quarter profit expectations on Tuesday, helped by higher premiums, lower costs and an increase in returns from non-fixed income investments. The New York-based company, seen as a bellwether for …
A well-known workers’ comp number cruncher and an actuary are calling Chicken Little on insurance industry warnings about the cost of COVID-19 claims. Health Strategy Associates owner Joe Paduda and Bickmore Actuarial principal Mark Priven dispute assertions by Moody’s, the …
New York Sports Clubs customer claims in a lawsuit she’s still being charged membership fees even after facilities have been shuttered by the coronavirus. The club’s owner, Town Sports International Inc., is making it “virtually impossible” to cancel memberships and …
Purdue Pharma LP and its billionaire owners won a temporary reprieve from nearly 2,700 opioid lawsuits, giving the bankrupt drugmaker time to clinch a deal that would atone for its role in America’s addiction epidemic. U.S. Bankruptcy Judge Robert D. …
FRANKFURT — Swiss Re’s first-half net profit fell 5.3%, as claims relating to the Ethiopian Airlines crash and the subsequent grounding of the Boeing 737 MAX, plus natural catastrophes took their toll. The world’s second-largest reinsurance company highlighted claims from …
CORALVILLE, Iowa — In 2016, Iowa State University accused an employee of fraud and theft in a dispute over the unusual but lucrative campus assets she managed: popular outdoor sculptures made of thousands of Lego bricks. Three years later, the …
Private U.S. property/casualty insurers’ net income after taxes fell to $55.5 billion in 2014 from $63.4 billion in 2013, with insurers’ overall profitability as measured by their rate of return on average policyholders’ surplus dropping to 8.4 percent from 10.2 …
Employers Holdings Inc., a workers’ compensation insurance provider in West Coast states, rose the most since 2009 after first-quarter net income climbed 44 percent. Employers jumped 11 percent to close at $22.54 in New York. That narrowed the decline for …
Insurance company Nationwide Mutual said profits in the first half of the year fell by more than half after paying claims, like the rest of the industry, for some of the worst tornadoes in U.S. history. Privately held Nationwide, one …