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North Carolina Rate Bureau Withdraws Dwelling Rate Increase of 19.6% over Data Error

The North Carolina Rate Bureau is alerting all member companies that it has withdrawn its request for a 19.6 percent rate increase on dwelling policies due to a data error on its Dwelling Policy Program revisions announced in April, 2016. …

AIG Signs Major Reinsurance Deal with Berkshire’s National Indemnity

American International Group Inc. announced that it has entered into a reinsurance agreement covering many of the long-term risks on previously-written commercial insurance policies. The agreement, with National Indemnity Co. (NICO), a subsidiary of Berkshire Hathaway Inc., is effective January …

Massachusetts Court Reminds Auto Insurers of Importance of Retail Book Value

A Massachusetts appeals court used a recent case to warn auto insurers that it is important to take retail book value into consideration early in the settlement process. While the court ruled in favor of defendant Massachusetts Homeland Insurance Company …

Recently Installed Smoke Detectors Credited for Saving 4 Lives in Vermont

Vermont State Police are crediting two fire safety officials with saving the lives of three children and an adult who safely escaped a fire in a Brighton home days after the officials required that smoke detectors be installed in the …

Pennsylvania’s NSM Insurance Group Promotes Buler

NSM Insurance Group, a Conshohocken, Penn., based property and casualty insurance services firm, has promoted John Buler to director of the NSM Retail department. NSM Retail provides commercial property and casualty insurance and risk management services to middle market businesses …

Nationwide Using Mobile-App Startup Sure to Sell Renters Insurance

On-demand insurance agency Sure has signed Nationwide as a partner in offering renters insurance via its real time mobile app. Using the Sure app (for iPhone and Android), consumers can now obtain a renters insurance quote, purchase a policy, and …

Beverly City Hall in Massachusetts Evacuated After Fire Releases Toxic Gas

Beverly City Hall had to be evacuated along with several other buildings after officials say an underground electrical fire released dangerous amounts of carbon monoxide. Firefighters were called to city hall on Tuesday morning after smoke began emanating from a …

Cost of Most Serious Workplace Injuries Falls: Liberty Mutual

Workplace injuries and accidents that cause employees to miss six or more days of work cost U.S. employers $59.9 billion in 2014, the most recent year for which statistically valid injury data are available, according to the 2017 Liberty Mutual …

Fairfax in Talks to Sell 25% of India’s ICICI Lombard, Worth Up to $1B

Fairfax Financial Holdings is in early talks to sell 25 percent of India’s largest private general insurer ICICI Lombard in a deal that could fetch up to $1 billion, as the Canadian firm looks to cash out and start a …

International Insurance Society Forms Global Certification Program

The International Insurance Society (IIS) has announced the formation of the Global Centers of Insurance Excellence (GCIE), a certification program designed to recognize universities and colleges with outstanding risk management and insurance programs and enhance their connections with the insurance …

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