The U.S. Department of Labor has recovered $604,000 in back wages for 829 workers after an investigation found an Indianapolis-area vehicle parts manufacturer failed to properly calculate overtime wages. Investigators with the department’s Wage and Hour Division found that Toa (USA) LLC, a major automotive supplier that serves top-tier automotive companies, did not include a …
Q3 was ‘another strong quarter’, says president and chief executive Kevin O’Donnell Source link
Turkiye Sigorta AS shares extended losses after local media reported that two of its top executives were arrested as part of a sweeping probe into allegations of market manipulation in Turkish funds. Chief Executive Officer Taha Cakmak and his deputy Gurol Sami Ozer were detained earlier this month, according to state-run Anadolu Agency. The company’s …
The use of AI in the financial service sector is up 11 percentage points over two years, with generative AI… Source link
French lenders will face heightened scrutiny over turmoil in the country when they present third-quarter earnings this week, with investors focused on their sovereign bond holdings and risks from a potential slowdown in the economy. BNP Paribas SA, Societe Generale SA and Credit Agricole SA together hold about $60 billion in French sovereign debt, according …
The Bank of England, Institute and Faculty of Actuaries and the Financial Conduct Authority are all calling for greater resilience… Source link
A Franklin County judge blocked last week a state law that eliminated Ohioans’ special legal powers to sue polluting neighbors like steel or other industrial plants that spit smoke, ash or other fumes into the sky. This marks the second time in a short few years that environmental interests have managed to squash, at least …
Severe storms and flooding dominate loss picture in third-worst summer on record Source link
AM Best has revised the outlook to stable from negative for the Long-Term Issuer Credit Ratings (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) for the members of Ohio Mutual Insurance Group (OMIG) based in Bucyrus. The outlook of the FSR is stable. The …
Group will study ways to better map novel or pressing risks in the casualty sector, such as social inflation, PFAS… Source link
Zurich American does not get to reclassify a loss as one with a much higher deductible after it had already paid part of the claim, a federal appeals court said in a case involving rain damage to a massive solar farm in Georgia. “Golfers get mulligans. But in this case, the insurance company does not,” …
German reinsurance giant lifts full-year guidance as third-quarter result beats analyst concensus Source link