Berkshire Hathaway recently announced its earnings and stated that it is unlikely that an underwriter would be purchased. In recent insurance news, Warren Buffett of Berkshire Hathaway finally put an end to the speculations that have been made about the company for a long time, by saying that they don’t have any real intention to ever purchase a large commercial underwriter, and that the intention is to take a more organic strategy in order to grow their commercial platform. Buffett fielded some heavy questions at the annual shareholder meeting for…
Read MoreCategory: Workers Compensation
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Pennsylvania workers compensation rates to be reduced
The state will be slashing back these insurance rates by 5.99 percent, beginning with the start of April. Pennsylvania has announced that it will be reducing its rates for workers compensation by 5.99 percent, and that this new level will become effective as of April 1, in a decision that is hoped to provide businesses with a considerable savings. In fact, the Wolf administration has said that the savings to businesses has been estimated at $140 million. The governor of Pennsylvania, Tom Wolf, explained that “These rate reductions will go…
Read MoreWorkers compensation bill introduced by Tennessee lawmakers
Should it become a law, it could provide an alternative to the state-mandated offering, within the free market. Tennessee Senator Mark Green (R-Clarksville), who is also the vice chair of the state Senate Commerce and Labor Committee, and who is also a physician, introduced a bill with Rep. Jeremy Durham (R-Franklin), the House Majority Whip, which was designed to create an alternative to the state-mandated workers compensation insurance and that would be sold in the free market. This new Tennessee Option has been created based on the design and models…
Read MoreSelf insurance to be the focus of consultant hiring for study in Georgia
The Department of Employee Trust Funds is looking to bring in a new expert to research coverage in the state. The Georgia Department of Employee Trust Funds (ETF) is now working to hire a new consultant in Atlanta who will be able to research potential reforms to the $1.5 billion worker benefits program in the state, including the use of self insurance in order to replace the current competitive HMO model. The ETF plans to award this consultation contract to the Segal Company, according to recent insurance news. Spokesperson for…
Read MoreInsurance news struggles force fire department to shut down
In Washington Township, Ohio, a lack of coverage has stopped firefighters from being able to work. One of the firefighters from the Washington Township Fire Department recently confessed to embezzlement, and this issue has now led to the unfortunate insurance news that a lack of coverage had caused a temporary shut down until a policy could be reopened. The fire truck insurance premiums and the workers’ compensation costs have not been paid for months. According to the fire department’s attorney, Susan McDonald, this insurance news begins with the fact that…
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