Event For Officers

17 Jun 19
KFOR.com

TORONTO – At least two people were shot Monday when gunfire near the Toronto Raptors NBA Championship parade sent throngs of basketball fans running. Toronto police said the two victims are now being treated for serious but not life-threatening injuries after a shooting close to Nathan Phillips Square in Downtown Toronto. SHOOTING: Nathan Phillip's Square-Bay […]

17 Jun 19
This is Alfred

Shaftesbury Chamber of Commerce has a new Chairman. Virginia Edwyn Jones hopes to create more events in our town’s calendar, and she wants engagement with landlords to ensure that our High Street remains vibrant, with many independent stores.

17 Jun 19
Bloody Disgusting!

Ruby Rose made her small screen debut as Batwoman during The CW’s “Arrowverse” event last year, and a Rose-led solo series is now set for premiere this coming Fall. We’ve learned tonight that “Batwoman” will premiere on Sunday night, October 6! In the spinoff series: Kate Kane never planned to be Gotham’s new vigilante. Three […]

17 Jun 19
WQAD.com

At least two people were shot Monday when gunfire near the Toronto Raptors NBA Championship parade sent throngs of basketball fans running.

17 Jun 19
Keeping up with Katherine

Today kicked off the first day of the Cannes Lions International Festival of Creativity. I started the day by attending the Young Lions kickoff event where I was given advice on how to get the most out of my week here in Cannes. The President of the Cannes Lions International Festival of Creativity  reminded our […]

17 Jun 19
News and Headlines: RoboeAmerican,Keeping you informed.

News and Headlines: In The News, Politics, World News, Tech Watch, Commentary/Opinion. In The News: Kansas teen miraculously survives 10-inch knife in face: ‘It was really shocking’ Paramedics rushed the teen to Children’s Mercy Hospital Kansas, where doctors saw the potential for damage to the carotid artery in his brain, opening up the possibility for […]

17 Jun 19
WTKR.com

Officers arrested two people and recovered two firearms, police said.

17 Jun 19
FOX6Now.com

TORONTO – At least two people were shot Monday, June 17 when gunfire near the Toronto Raptors NBA Championship parade sent throngs of basketball fans running. Toronto police said the two victims were being treated for serious, but not life-threatening injuries after a shooting close to Nathan Phillips Square in Downtown Toronto. SHOOTING: Nathan Phillip's […]

17 Jun 19
FOX2now.com

TORONTO – At least two people were shot Monday when gunfire near the Toronto Raptors NBA Championship parade sent throngs of basketball fans running. Toronto police said the two victims are now being treated for serious but not life-threatening injuries after a shooting close to Nathan Phillips Square in Downtown Toronto. SHOOTING: Nathan Phillip's Square-Bay […]

17 Jun 19
WPIX 11 New York

TORONTO – At least two people were shot Monday when gunfire near the Toronto Raptors NBA Championship parade sent throngs of basketball fans running. Toronto police said the two victims are now being treated for serious but not life-threatening injuries after a shooting close to Nathan Phillips Square in Downtown Toronto. SHOOTING: Nathan Phillip's Square-Bay […]

17 Jun 19
kplr11.com

TORONTO – At least two people were shot Monday when gunfire near the Toronto Raptors NBA Championship parade sent throngs of basketball fans running. Toronto police said the two victims are now being treated for serious but not life-threatening injuries after a shooting close to Nathan Phillips Square in Downtown Toronto. SHOOTING: Nathan Phillip's Square-Bay […]

17 Jun 19
The Boyce Observer

As the U.S. nears a record-long expansion in July, the conversation is increasingly turning to when it will all end. Recessions are inherently hard to spot. The National Bureau of Economic Research’s Business Cycle Dating Committee, a panel whose determinations of when expansions begin and end are accepted as official, generally waits about a year […]

17 Jun 19
News Archives Uk

ROry Stewart has to scrutinize his alleged past as a spy after refusing to work for MI6 before becoming a member of parliament. The Tory leadership contender was asked on Monday directly at an event if he had ever spied for the Secret Intelligence Service after having repeatedly asked questions about his earlier career. A […]

17 Jun 19
FOX40

TORONTO – At least two people were shot Monday when gunfire near the Toronto Raptors NBA Championship parade sent throngs of basketball fans running. Toronto police said the two victims are now being treated for serious but not life-threatening injuries after a shooting close to Nathan Phillips Square in Downtown Toronto. SHOOTING: Nathan Phillip's Square-Bay […]

17 Jun 19
fox13now.com

TORONTO – At least two people were shot Monday when gunfire near the Toronto Raptors NBA Championship parade sent throngs of basketball fans running. Toronto police said the two victims are now being treated for serious but not life-threatening injuries after a shooting close to Nathan Phillips Square in Downtown Toronto. SHOOTING: Nathan Phillip's Square-Bay […]

17 Jun 19
MagaOneNews
FILE PHOTO: Lyft President John Zimmer and CEO Logan Green applaud as Lyft lists on the Nasdaq at an IPO event in Los Angeles
FILE PHOTO: Lyft President John Zimmer and CEO Logan Green applaud as Lyft lists on the Nasdaq at an IPO event in Los Angeles, California, U.S., March 29, 2019. REUTERS/Mike Blake

June 17, 2019

By Suzanne Barlyn

(Reuters) – Companies going public in the United States face insurance costs that have increased as much as 200% in the last three years to cover their executives against lawsuits alleging they misled investors.

A rise in securities class-action cases involving initial public offerings is spurring IPO insurers to double and triple prices for directors and officers coverage, or “D&O” coverage, insurers and brokers told Reuters.

A $5 million policy that cost $200,000 in 2016 can now easily cost $500,000 to $600,000, said Paul Schiavone, head of North American Financial Lines for Allianz Global Corporate & Specialty, an Allianz SE unit.

“You want to be part of the market, but there are also lots of risks in IPOs,” said Schiavone. “If things don’t go well in a year, you have the investors saying, ‘I want my money back.’”

The tightening insurance market follows a 2018 U.S. Supreme Court decision that allows some securities lawsuits to proceed in state court in addition to federal court.

“Since then, the market has gotten absolutely more challenging,” said Jennifer Sharkey, President of the Northeast Management Liability Practice for insurance broker Arthur J. Gallagher & Co.

Investors who used to wait months to see how a new stock would perform now waste little time to see if promises made in offering documents come to fruition – and are swift to accuse the executives of misleading investors if they do not.

“You have a lot more aggressive lawyers and investors out there who are looking where the cash is,” said Jeff Lubitz, who heads Securities Class Action Services for Institutional Shareholder Services. “And now, it looks like they will have multiple choices on how to jump on this.”

The changes come amid a spate of mega-IPOs, including recent offerings by ride-sharing rivals Uber Technologies Inc and Lyft Inc. There were 205 IPOs in 2018, up 14% from 2017, according to accounting and consulting firm EY.

Many larger companies have ample funds to pay the premiums, but smaller companies that need the insurance in order to attract reputable board members may feel the strain, insurance brokers said.

There have been 25 lawsuits related to IPOs so far this year, against 19 companies. Six companies that launched IPOs face suits in both state and federal court, including Lyft, BrightView Holdings Inc, and US Xpress Enterprises.

Shareholders slapped Lyft with a lawsuit about three weeks after its stock began trading on March 28 and quickly tanked more than 20%. The suit alleges that Lyft misled investors by overstating its market share. A Lyft spokeswoman declined to comment.

As the pace quickens and litigation picks up in two court systems, insurers are on the line to pay tens of millions of dollars in defense costs and substantial settlements.

IPO-related settlements have totaled $929 million since 2017, including a $250 million settlement by Alibaba Group Holding Ltd in April, after an earlier $75 million state court settlement. Last year, LendingClub Corp settled a suit for $125 million, according to ISS.

About 25 insurers sell D&O coverage to companies going public, including American International Group Inc, Chubb Ltd, AXA XL, Beazley PLC, and Allianz SE. The insurers, collectively, can offer about $150 million coverage, according to broker Aon Plc.

Insurers are chopping coverage limits and requiring IPO clients to pick up more costs before a policy kicks in. And they are requiring companies to pay a percentage of the eventual loss, said Rachel Turk, D&O team leader for Beazley.

(Reporting by Suzanne Barlyn in New York, Editing by Neal Templin and Rosalba O’Brien)

Source: OANN

17 Jun 19
myfox8.com

TORONTO – At least two people were shot Monday when gunfire near the Toronto Raptors NBA Championship parade sent throngs of basketball fans running. Toronto police said the two victims are now being treated for serious but not life-threatening injuries after a shooting close to Nathan Phillips Square in Downtown Toronto. SHOOTING: Nathan Phillip's Square-Bay […]