Insurance Journal » News http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Sun, 19 Apr 2015 08:00:05 +0000 en-US hourly 1 http://wordpress.org/?v=4.1.1 Bottom Line: Gulf Oil Spill Isn’t an Environmental Disaster http://www.insurancejournal.com/news/national/2015/04/19/364846.htm Sun, 19 Apr 2015 08:00:05 +0000 http://www.insurancejournal.com/?p=364846 In early March a 30,000-pound mat of oily gunk washed up on East Grand Terre, a barrier island in the mouth of Louisiana’s Barataria Bay. It was an ugly reminder of the blowout at BP’s Macondo well, a disaster that …

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MTM Insurance Associates Acquires Minichiello Insurance in Massachusetts http://www.insurancejournal.com/news/east/2015/04/17/364872.htm Fri, 17 Apr 2015 20:01:18 +0000 http://www.insurancejournal.com/?p=364872 MTM Insurance Associates, an independent insurance agency based in North Andover, Massachusetts, announced its acquisition of Minichiello Insurance Agency, an independent agency in Bradford, Massachusetts. Terms of the transaction were not disclosed. Following the transaction, Minichiello Insurance Agency will operate …

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Vermont Mutual Names Bridge as President to Succeed Catto http://www.insurancejournal.com/news/east/2015/04/17/364871.htm Fri, 17 Apr 2015 19:38:21 +0000 http://www.insurancejournal.com/?p=364871 Vermont Mutual Insurance Group announced that its Board of Directors has elected Executive Vice President Daniel C. Bridge as president of the Group. Bridge succeeds President and CEO William A. Catto who will retire on June 30, 2015. Catto will …

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TWFG Founder Named Gulf Coast Entrepreneur of the Year http://www.insurancejournal.com/news/southcentral/2015/04/17/364874.htm Fri, 17 Apr 2015 16:21:28 +0000 http://www.insurancejournal.com/?p=364874 Richard “Gordy” Bunch, founder, president, and CEO of The Woodlands Financial Group (TWFG) has been nominated Gulf Coast Entrepreneur of the Year by Ernst & Young, making him eligible for the 2015 national award. The Entrepreneur of the Year program …

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Home Builders Safety Group Earns $117,226 Texas Mutual Dividend http://www.insurancejournal.com/news/southcentral/2015/04/17/364869.htm Fri, 17 Apr 2015 16:13:05 +0000 http://www.insurancejournal.com/?p=364869 Austin-based Texas Mutual Insurance Co. announced it awarded a dividend of $117,226 to the Texas Home Builders (THB) safety group. The dividend was earned based on the group members’ dedication to making safety a priority in their businesses and therefore …

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Arkansas Plaintiffs Want Order Dismissing Exxon Oil-Spill Lawsuit Vacated http://www.insurancejournal.com/news/southcentral/2015/04/17/364867.htm Fri, 17 Apr 2015 16:10:11 +0000 http://www.insurancejournal.com/?p=364867 Plaintiffs are urging a federal judge in Little Rock, Ark., to vacate his order dismissing a class-action lawsuit against Exxon Mobil, claiming the oil giant suppressed evidence in the case. The lawsuit, filed over a 2013 oil spill in a …

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Ratings of Illinois-Based Specialty Risk of America Downgraded http://www.insurancejournal.com/news/midwest/2015/04/17/364865.htm Fri, 17 Apr 2015 16:01:19 +0000 http://www.insurancejournal.com/?p=364865 A.M. Best has downgraded the financial strength rating (FSR) to B+ (Good) from B++ (Good) and the issuer credit rating (ICR) to “bbb-” from “bbb+” of Specialty Risk of America (SPRISKA) in Springfield, Ill. The outlook for the ICR remains negative, while the …

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Oklahoma Ridesharing Bill Passes Senate Without Discrimination Protections http://www.insurancejournal.com/news/southcentral/2015/04/17/364861.htm Fri, 17 Apr 2015 15:55:18 +0000 http://www.insurancejournal.com/?p=364861 A bill that sets up a regulatory framework in Oklahoma for ridesharing programs such as Uber and Lyft passed the state Senate, but not before a provision protecting gay and transgender passengers from discrimination was removed. The version of the …

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Insurance Department Recovers $4.4M for North Dakotans http://www.insurancejournal.com/news/midwest/2015/04/17/364859.htm Fri, 17 Apr 2015 15:51:40 +0000 http://www.insurancejournal.com/?p=364859 The North Dakota Insurance Department says it helped residents recover or save nearly $4.4 million last year. The department says the money was recovered on behalf of North Dakota residents through its hotline, complaints filed by consumers against insurance companies …

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Approval of New Orleans East Levees a Good Sign for Flood Insurance Rates http://www.insurancejournal.com/news/southcentral/2015/04/17/364857.htm Fri, 17 Apr 2015 15:49:51 +0000 http://www.insurancejournal.com/?p=364857 Levee officials say the Federal Emergency Management Agency has certified non-federal levees in New Orleans East, a step which should help spur economic development in a part of the city lagging in its comeback from Hurricane Katrina. FEMA officials certified …

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Ex-Daimler Engineer Files $2 Million Discrimination Suit in Oregon http://www.insurancejournal.com/news/west/2015/04/17/364853.htm Fri, 17 Apr 2015 15:40:54 +0000 http://www.insurancejournal.com/?p=364853 An Egyptian-born engineer is the latest worker to sue Portland, Ore.-based Daimler Trucks North America. The Oregonian reported the former employee seeks $2 million, alleging his supervisor often called him “bin Laden” and suggested he was a member of al-Qaida …

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Aspen Insurance, Starr Companies to Form Joint Europe Property Venture http://www.insurancejournal.com/news/international/2015/04/17/364852.htm Fri, 17 Apr 2015 15:39:05 +0000 http://www.insurancejournal.com/?p=364852 Bermuda-based Aspen Insurance, the insurance segment of Aspen Insurance Holdings Limited, and Starr Companies announced that they have “signed a memorandum of understanding under which both parties will enter into a joint underwriting initiative to write international property insurance, with …

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Arthur J. Gallagher Acquires Madison Risk & Insurance Services in California http://www.insurancejournal.com/news/west/2015/04/17/364850.htm Fri, 17 Apr 2015 15:24:40 +0000 http://www.insurancejournal.com/?p=364850 Arthur J. Gallagher & Co. has acquired Madison Risk & Insurance Services in Huntington Beach, Calif. Terms of the deal were not disclosed. Madison is a retail insurance broker providing property/casualty and risk management insurance and consulting services exclusively for …

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Bill Giving California Agents Access to Vehicle Records Passes Committee http://www.insurancejournal.com/news/west/2015/04/17/364848.htm Fri, 17 Apr 2015 15:20:23 +0000 http://www.insurancejournal.com/?p=364848 A bill that would direct the California Department of Motor Vehicles to give insurance agents and brokers better access to motor vehicle records was unanimously approved by the Assembly Transportation Committee. Assembly Bill 933, sponsored by the Independent Insurance Agents …

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Independent Agents Identify Business Opportunities for Carriers: Survey http://www.insurancejournal.com/news/national/2015/04/17/364837.htm Fri, 17 Apr 2015 14:18:16 +0000 http://www.insurancejournal.com/?p=364837 Most independent insurance agents are impressed by the carriers they place business with – but most also are interested in adding new company partners. This is one of the preliminary findings of a recent national survey of independent agents conducted …

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Global Alliance Founder Wins License to Operate Mozambique Insurer http://www.insurancejournal.com/news/international/2015/04/17/364823.htm Fri, 17 Apr 2015 13:01:38 +0000 http://www.insurancejournal.com/?p=364823 The Mozambican unit of a company set up by Global Alliance Group founder Robert Lewis has won a license to become the southern African nation’s 17th insurer. ICE Seguros, part of London-based International Commercial & Engineering Holdings, will provide insurance services …

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TigerRisk Partners Appoints Ursano President http://www.insurancejournal.com/news/international/2015/04/17/364821.htm Fri, 17 Apr 2015 12:20:26 +0000 http://www.insurancejournal.com/?p=364821 TigerRisk Partners LLC, the reinsurance broking and risk/capital management firm, announced that it has appointed Tony Ursano, a veteran investment banker and reinsurance expert, as its President. He will help “grow the firm’s business, identify and source the most efficient …

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CEOs of 43 Companies, Including Allianz, Call for Action on Climate Change http://www.insurancejournal.com/news/international/2015/04/17/364818.htm Fri, 17 Apr 2015 10:54:03 +0000 http://www.insurancejournal.com/?p=364818 The bosses of 43 companies including Ikea, Dow Chemical Co. and HSBC Holdings plc called for swift action on climate change, a sign businesses are prepared for a United Nations deal this year on limiting fossil fuel emissions. The chief …

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Obama, Insurers Welcome Bipartisan Trade Authority Measure http://www.insurancejournal.com/news/national/2015/04/17/364812.htm Fri, 17 Apr 2015 09:11:40 +0000 http://www.insurancejournal.com/?p=364812 The White House would get its desired clarity of authority to negotiate a Pacific trade agreement while lawmakers would get the right to set negotiating parameters and to have a yes-or-no-vote on such pacts under a bipartisan proposal unveiled Thursday. …

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EXOR Shuns Hedge Fund Strategy With $6.4 Billion Buyout Plan of PartnerRe http://www.insurancejournal.com/news/international/2015/04/17/364809.htm Fri, 17 Apr 2015 09:11:16 +0000 http://www.insurancejournal.com/?p=364809 The Agnelli family’s EXOR SpA, known for investments in cars and soccer, is dismissing the prevailing reinsurance strategies as it seeks to push into the industry with a $6.4 billion takeover. EXOR is shunning the idea that it should take …

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PartnerRe Investor Fund Describes Exor Bid as ‘Much Superior’ to Axis Deal http://www.insurancejournal.com/news/international/2015/04/17/364810.htm Fri, 17 Apr 2015 09:05:25 +0000 http://www.insurancejournal.com/?p=364810 PartnerRe Ltd.’s second-biggest shareholder, Franklin Mutual Advisers LLC (FMA), said Exor SpA’s offer for the Bermuda-based reinsurer was “much superior” to a deal with Axis Capital Holdings Ltd that was already on the table. FMA’s CEO Peter Langerman said his …

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Philippines Eyes Catastrophe Bonds to Cut Post-Typhoon Rebuilding Costs http://www.insurancejournal.com/news/international/2015/04/17/364807.htm Fri, 17 Apr 2015 08:40:40 +0000 http://www.insurancejournal.com/?p=364807 The Philippines suffered $13 billion of damage when Super Typhoon Haiyan tore through the country in 2013, a year after another storm killed 1,067. Now, the nation is looking at defraying the costs of future calamities with catastrophe bonds. The …

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Judge Rules Against Mississippi Attorney General Over Google http://www.insurancejournal.com/news/southeast/2015/04/17/364326.htm Fri, 17 Apr 2015 08:00:24 +0000 http://www.insurancejournal.com/?p=364326 A federal judge has ruled against Mississippi Attorney General Jim Hood in his effort to keep Google from getting its hands on correspondence between Hood and lobbyists for the movie industry. It’s the latest defeat for Hood in his effort …

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South Carolina Men Indicted for Train Wreck Insurance Scheme http://www.insurancejournal.com/news/southeast/2015/04/17/364792.htm Fri, 17 Apr 2015 08:00:09 +0000 http://www.insurancejournal.com/?p=364792 Two men face seven federal charges after authorities say they parked a car on train tracks in Allendale County, S.C., causing an Amtrak train to derail, then came back and claimed they were injured in the crash. Prosecutors said 33-year-old …

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Sheriff: Multiple Suspects May be Behind Stolen Kentucky Bourbon http://www.insurancejournal.com/news/southeast/2015/04/17/364802.htm Fri, 17 Apr 2015 04:43:33 +0000 http://www.insurancejournal.com/?p=364802 Whoever stole five heavy barrels of Wild Turkey bourbon from a Kentucky warehouse may have taken a lot more liquor than previously thought and the case could result in multiple indictments, according to the sheriff investigating the whodunit mystery in …

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Prosecutors Launch Website for West Virginia Spill Victims http://www.insurancejournal.com/news/southeast/2015/04/17/364798.htm Fri, 17 Apr 2015 04:27:07 +0000 http://www.insurancejournal.com/?p=364798 Federal prosecutors have set up a website offering updates to victims about the criminal cases over last year’s massive chemical spill in West Virginia. On Wednesday, U.S. Attorney Booth Goodwin announced the new website about the Freedom Industries cases. In …

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NCCI Named Plan Administrator for Tennessee Workers Comp Insurance Plan http://www.insurancejournal.com/news/southeast/2015/04/17/364794.htm Fri, 17 Apr 2015 04:08:47 +0000 http://www.insurancejournal.com/?p=364794 The Tennessee Department of Commerce and Insurance (TDCI) has chosen the National Council on Compensation Insurance (NCCI) as the new plan administrator for the Tennessee Workers Compensation Insurance Plan (TWCIP). Beginning with policies effective July 1, 2015, NCCI will administer …

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WikiLeaks Publishes Stolen Sony Emails, Documents http://www.insurancejournal.com/news/national/2015/04/16/364784.htm Fri, 17 Apr 2015 01:24:35 +0000 http://www.insurancejournal.com/?p=364784 WikiLeaks published more than 200,000 internal Sony Pictures Entertainment documents and e-mails, opening a new chapter in the hacking saga that enveloped Sony Corp.’s Hollywood studio late last year. The release includes 30,287 documents and 173,132 e-mails, sent from or …

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EEOC Issues Rules for Employee Wellness Program Incentives http://www.insurancejournal.com/news/national/2015/04/16/364776.htm Fri, 17 Apr 2015 00:48:22 +0000 http://www.insurancejournal.com/?p=364776 U.S. employers can reward workers with as much 30 percent of the cost of their health insurance benefits in return for participation in programs to monitor weight, cholesterol and other “wellness” measures, the Obama administration said Thursday. Honeywell International Inc., …

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Michigan Auto Insurance Reform Legislation Advances http://www.insurancejournal.com/news/midwest/2015/04/16/364777.htm Fri, 17 Apr 2015 00:45:35 +0000 http://www.insurancejournal.com/?p=364777 A legislative panel has approved changes to Michigan’s auto insurance law, voting to reduce how much insurers pay for medical care, establish an anti-fraud authority and create a new entity to cover expenses for people catastrophically hurt in car crashes. …

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