News on Business Daily

Nationwide's Medical Stop Loss (MSL) team is commemorating over 20 years of providing crucial protection to businesses with self-funded healthcare plans. As healthcare costs continue to rise in the United States, employers are exploring alternative methods to manage expenses. Self-funding health plans have emerged as a cost-effective solution, but they also carry the risk of businesses being liable for significant medical costs should their employees experience serious illnesses or catastrophic claims.Medical stop loss insurance serves as a safeguard for businesses,...

Citi has recently revealed that LuminArx Capital is introducing Cinergy, a strategic financing vehicle designed to cater to the burgeoning private lending market. The initiative will offer private credit solutions to companies, extending its services to include Citi's global client base.

The Institute for Legal Reform (ILR), a division of the U.S. Chamber of Commerce, recently published a report detailing the rise in commercial tort costs from 2020 to 2021. The report, released in December 2023, found that these costs escalated from $291 billion in 2020 to $347 billion in 2021.

BMO Financial Corp has announced that it has received an outstanding rating in the Community Reinvestment Act (CRA) Performance Evaluation, as assessed by the Office of the Comptroller of the Currency (OCC). The OCC's evaluation is based on a bank's adherence to federal law requirements, which set a standard for commitment to community reinvestment.

BMO has announced the expansion of its BMORE initiative, a program designed to eradicate employment barriers and bolster opportunities in banking and finance for historically marginalized communities. The initiative was launched three years ago in partnership with Cara Collective.

Bank of America has launched CashPro Insights, a new addition to the CashPro Data Intelligence product suite. This digital tool is designed to analyze data within the CashPro platform, enhancing the capabilities of both CashPro Forecasting and CashPro Search. It provides users with advanced insights into the information processed through the platform.

The Mesa Government Affairs Committee was created to focus on legislative practices and decisions affecting all professional establishments.

Californians who have their auto insurance with Allstate and State Farm will face substantial increases in their rates beginning in February. Allstate's rates are set to rise by 30%, while those of State Farm will go up by 21%.

President Biden has renominated acting Secretary of Labor Julie Su, despite disapproval from Democrats over Su's progressive background in California. The White House released the list of Biden's nominations to be sent to the Senate for approval or rejection on January 8, 2024.

The US Bureau of Labor Statistics (BLS) has disclosed a 7.5% increase in nonfatal workplace injuries and illnesses in the private industry for 2021-2022, amounting to 2.8 million cases. Illnesses surged by 26.1 percent, while injuries rose by 4.5 percent.

A new year and winter season bring with them a reminder about the importance of winter weather awareness, particularly when it comes to frozen pipes and ice dams. These two phenomena can cause significant water and structural damage, leading to costly repairs and insurance claims.According to State Farm, from August 2022 to August 2023, they paid out over $806 million for more than 32,000 claims related to frozen pipe and water damage. The average claim amounted to $25,000. Comparing this to the previous year, from 2021 to 2022, State Farm paid $181 million for...