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Global Business
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NEW YORK (Bloomberg)—Steve Miller became American International Group Inc.'s sixth chairman since 2005 when he was selected Thursday to replace Harvey Golub, who stepped down after a dispute with CEO Robert Benmosche. Read more: |
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Global Business
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NEW YORK (Bloomberg)—Steve Miller, who calls himself “The Turnaround Kid” after a career spent helping hobbled companies survive, has another rescue mission as chairman of bailed-out insurer American International Group Inc. Read more: |
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Global Business
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NEW YORK—Harvey Golub has resigned as chairman of American International Group Inc. amid a clash with the company’s CEO, Robert Benmosche. Read more: |
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Global Business
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NEW YORK (Reuters)—Novartis A.G. will pay $175 million to settle a class action lawsuit accusing the Swiss drugmaker of discriminating against 5,600 current and former female sales representatives in pay and promotions. Read more: |
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Global Business
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WASHINGTON—Proponents of a controversial tax proposal targeting offshore reinsurance transactions pressed members of Congress on Wednesday to support the measure, arguing the current system creates an unlevel playing field, while opponents said the... Read more: |
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Global Business
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LOS ANGELES—Electric utility company Edison International violated its “duty of prudence” under the Employee Retirement Income Security Act by offering three retail mutual funds as investment options in its 401(k) plan rather than their... Read more: |
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Global Business
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Average pharmacy spend per injured worker increased 6.5% in 2009, according to a report on “in-network” transactions released Wednesday by a workers compensation pharmacy benefits manager. Read more: |
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Global Business
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WASHINGTON—Health care reform regulations issued Wednesday by the Obama administration make clear that employers will be able to continue to impose cost-sharing requirements on preventive services employees receive from out-of-network providers. Read more: |
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Global Business
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U.S. pension funds are buying more bonds and paring investments in stocks in the aftermath of the financial crisis as more baby boomers seek safer investments ahead of retirement, according to a new study. Read more: |
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Global Business
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Cutting costs and managing expenses are high on corporate risk managers' priority list as the global financial crisis lingers, according to a survey that Towers Watson & Co. released Wednesday. Read more: |
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Global Business
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FRANKFURT—The United States should not be among the first wave of countries assessed for equivalence with European Union insurance regulations under Solvency II because of difficulties determining an assessment under the U.S. Read more: |
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Global Business
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WASHINGTON (Reuters)—U.S. President Barack Obama discussed his efforts to stimulate the economy and create jobs with billionaire U.S. investor Warren Buffett in an Oval Office meeting on Wednesday, a White House official said. Read more: |
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Global Business
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ALBUQUERQUE, N.M.—The Phoenix Insurance Co. provides workers compensation insurance for Emcore Corp., where a deadly workplace shooting incident took place Monday. Read more: |
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Global Business
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GLEN ALLEN, Va.—A founder of Hilb Rogal & Hobbs Co. has launched a new middle-market insurance brokerage and aims to be a dominant East Coast player through an aggressive growth-by-acquisition strategy, its president and CEO said Tuesday. Read more: |
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Global Business
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(Reuters)—No matter their income level, a significant number of U.S. workers are likely to struggle to meet basic expenses during retirement, a new study of baby boomers and "generation Xers" released on Tuesday shows. Read more: |
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Global Business
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WINNIPEG, Manitoba (Reuters)—An oil spill from a cargo vessel that ran aground near Montreal has forced the closure of a section of the important St. Lawrence Seaway shipping route until at least Wednesday. Read more: |
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Global Business
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LONDON (Reuters)—Pension trustees for Britain’s BT Group P.L.C. asked a court on Tuesday to rule how much of its liabilities could be guaranteed by the state, a move that could affect how the company tackles its deficit. Read more: |
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Global Business
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NEW YORK—Mike Roberts has been named president and executive managing director of Buck Consultants L.L.C., the top leadership position at the New York-based benefit consultant. Read more: |
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Global Business
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PHILADELPHIA—ACE USA said Tuesday that it has developed a renewable energy underwriting unit as part of its casualty risk division in response to the growth of the renewable energy sector. Read more: |
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Global Business
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HARTFORD, Conn.—Employers are entitled to credit an employee’s third-party liability award against future workers compensation benefits for which they may be responsible, Connecticut’s Supreme Court said in a ruling released Tuesday. Read more: |
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Global Business
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WILMINGTON, Del. (Reuters)—A hedge fund is taking aim at the world's biggest banks in an effort to recoup $1.2 billion it lost on subprime mortgages, entering a legal fight where so far Wall Street has largely been unscathed. Read more: |
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