Lockheed Martin Sued for Fraud over Washington Nuclear Site

Article 0 Comments The U.S. Justice Department is accusing Lockheed Martin Corp. of using false records and making false statements to bill the Energy Department for tens of millions of dollars in unauthorized profits and fees at the Hanford Nuclear Reservation in Washington. The federal civil lawsuit was filed last […]

Whew! Human Beats IBM’s AI Machine in Debate

Article 2 Comments International Business Machines Corp. fell short in its latest attempt to prove machines can triumph over man. But it came close. The tech giant’s six-year-old artificial intelligence debating system, affectionately dubbed “Miss Debater,” went head-to-head with one of the world’s most decorated practitioners Monday. After a 25-minute […]

Allstate Buys Smartphone Repairer iCracked, Expanding Its Consumer Services

Article 0 Comments The Allstate Corp. said it has acquired iCracked, a provider of on-site, on-demand repair services for smartphones and tablets in North America. The privately held San Francisco-based company will join SquareTrade, a company Allstate purchased in 2019 for $1.4 billion that offers consumer protection plans and tech […]

Safety National Casualty Makes Underwriting Management Changes

Article 0 Comments Safety National Casualty Corp., headquartered in St. Louis, Missouri, has made organizational changes and enhancements to the company’s casualty field underwriting management roles. Steve Cotnoir, formerly vice president – Large Casualty, has assumed the role of executive director of Casualty Field Underwriting. In this position, he will […]

Mercury General in California Reports 4Q Earnings Loss

Article 0 Comments Mercury General Corp. reported a fourth-quarter loss of $81.9 million, after reporting a profit in the same period a year earlier. The Los Angeles, Calif.-based carrier said it had a loss of $1.48 per share. Losses, adjusted for investment costs, were 26 cents per share. The auto […]

Another California Utility One Wildfire Away From Ruin

Article 0 Comments The warning couldn’t have been clearer. As PG&E Corp. plunged into bankruptcy last month, S&P Global Ratings slashed credit grades almost to junk status for California’s two other big electric utilities, owned by Sempra Energy and Edison International, and said they could go lower. The reason: inverse […]

Allstate Q4 Catastrophe Loss Tempered by Higher Premiums, Reduced Auto Claims

Article 0 Comments The Allstate Corp. lost $312 million in its 2018 fourth quarter, which was attributable to higher catastrophe losses, lower investment income and a pension settlement charge. Catastrophe losses hit $963 million, versus just under $600 million in Q4 2017. However, the insurer said that higher premiums earned […]

PG&E Could Kill Lights to Customers When California Wildfires Occur

Article 0 Comments Anyone who gets power from PG&E Corp. could see their lights go out this fire season. Even the millions of Californians who live outside risky areas could be left in the dark under a sweeping proposal the utility filed Wednesday. That’s because it wants regulators to approve […]

SunTrust and BB&T Banks to Merge

Article 0 Comments SunTrust Banks and BB&T Corp. announced that both companies’ boards of directors have unanimously agreed to merge the two financial services firms in an all-stock merger of equals valued at approximately $66 billion. The combined company will be the sixth-largest U.S. bank based on assets and deposits. […]