MEMPHIS, Tenn. (AP) — An insurance company is suing a business whose chief executive was flying a plane that crashed in Georgia, killing him and three passengers. Federal court records show Zurich American Insurance Co. of Illinois is suing Sunshine International Corp. in relation to a plane crash that killed pilot Wei Chen and three business associates in Atlanta in December. Chen was a Memphis resident and CEO of Sunshine, which distributes Chinese construction and industrial equipment. Zurich claims Sunshine answered "no" when asked if it owned or operated aircraft on a workers' compensation coverage application. The lawsuit claims a Sunshine subsidiary, Chen Aircraft, owned the plane. Zurich wants the court to decide if the application is void and whether another insurance company that helped Sunshine with its application is actually liable for claims. … [Read more...] about Insurance company files suit in deadly Georgia plane crash
Workers compensation insurance companies
By Erin Douglas Published 1:31 pm CST, Thursday, March 7, 2019 In Texas, any private-sector employers can choose whether to purchase workers’ compensation insurance, unlike most other states, that mandate it. In Texas, any private-sector employers can choose whether to purchase workers’ compensation insurance, unlike most other states, that mandate it. Photo: David J. Phillip, STF / Associated Press Photo: David J. Phillip, STF / Associated Press Image 1 of / 1 Caption Close Image 1 of 1 In Texas, any private-sector employers can choose whether to purchase workers’ compensation insurance, unlike most other states, that mandate it. In Texas, any private-sector employers can choose whether to purchase workers’ compensation insurance, unlike most other … [Read more...] about Texas small businesses dropped workers’ comp in 2018, study shows
Compensation fell for some top executives at USAA last year, the third straight year it reported more than $2 billion in catastrophe-related insurance claims. CEO and President Stuart Parker received about $4.2 million in total compensation from five USAA insurance companies last year. That was about $286,000, or 6 percent, less than the roughly $4.5 million he received in 2017, according to figures reported to the Nebraska Department of Insurance last week. Last year, the San Antonio insurance and financial-services giant paid a torrent of claims resulting from two hurricanes, other powerful storms and deadly wildfires, cutting into its bottom line. The company doesn’t disclose total compensation for its executive team since it’s a private company. Nebraska, however, requires insurers to report executive compensation for companies that do business in the state, providing a partial look at USAA’s executive pay. Parker and some other executives also may receive pay … [Read more...] about Executive pay falls at USAA insurance companies
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OMAHA, Neb. — Billionaire Warren Buffett says his Berkshire Hathaway conglomerate may take the unusual step of selling one of its insurance companies. Buffett told CNBC Monday that Berkshire has reached an agreement to sell Applied Underwriters, which sells workers' compensation insurance. But Buffett said state regulators will have to sign off on the deal before it can go forward. Buffett said Applied Underwriters is a smaller firm that has to compete against two larger insurance companies Berkshire owns that also sell workers' compensation coverage. It's usual for Berkshire to sell or close any of its companies. Buffett says his preferred holding period for an acquisition is forever. In the past, the only exception Buffett has made to this policy is for businesses that face the prospect of never-ending operating losses. … [Read more...] about Buffett says Berkshire Hathaway may sell an insurance unit