Insurance Journal » News http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Tue, 02 Sep 2014 00:05:14 +0000 en-US hourly 1 http://wordpress.org/?v=3.9.2 Tower Group Reports SEC Has Launched Probe http://www.insurancejournal.com/news/national/2014/09/01/339148.htm Tue, 02 Sep 2014 00:02:00 +0000 http://www.insurancejournal.com/?p=339148 Tower Group International Ltd., which is in the process of being acquired by ACP Re Ltd.,  reported that it had received a letter, dated Aug. 28, 2014, from the Securities and Exchange Commission (SEC) stating that the SEC is conducting …

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Cyber Attacks on Banks Color Terrorism Insurance Renewal Debate http://www.insurancejournal.com/news/national/2014/09/01/339146.htm Mon, 01 Sep 2014 23:15:05 +0000 http://www.insurancejournal.com/?p=339146 Bankers and U.S. officials have warned that cyber-terrorists will try to wreck the financial system’s computer networks. What they aren’t saying publicly is that taxpayers will probably have to cover much of the damage. Even if customers don’t lose money …

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New York’s Staten Island Gets $56M to Control Future Flooding http://www.insurancejournal.com/news/east/2014/08/29/339107.htm Fri, 29 Aug 2014 17:03:25 +0000 http://www.insurancejournal.com/?p=339107 New York officials say $33 million in federal Sandy relief will be going toward the purchase of about 24 acres on Staten Island to control future flooding. Sen. Charles Schumer and New York City Mayor Bill de Blasio announced the …

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Nationwide Eyes Growth in New Jersey Auto Insurance Market http://www.insurancejournal.com/news/east/2014/08/29/339097.htm Fri, 29 Aug 2014 16:59:17 +0000 http://www.insurancejournal.com/?p=339097 Nationwide Mutual Insurance Company has begun selling its Nationwide-branded auto insurance in New Jersey this month for the first time since 1981. “So we’ve been writing business now for about two weeks and so far, so good. It’s obviously very …

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Louisiana’s Homeowners Market Stronger 9 Years after Katrina http://www.insurancejournal.com/news/southcentral/2014/08/29/339094.htm Fri, 29 Aug 2014 16:49:01 +0000 http://www.insurancejournal.com/?p=339094 Louisiana’s property insurance market is vastly improved nine years after Hurricane Katrina devastated the state on Aug. 29, 2005, largely due to the implementation of statewide building codes and strategies that have helped create a more competitive marketplace, according to …

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Climate Change to Affect Hawaii’s Tourism Industry, Says Study http://www.insurancejournal.com/news/west/2014/08/29/339092.htm Fri, 29 Aug 2014 16:48:48 +0000 http://www.insurancejournal.com/?p=339092 A University of Hawaii report is warning the state’s tourism industry to start preparing now for the effects of climate change. The study says Hawaii will likely see more competition for visitors as warmer climate zones expand and new, easier-to-reach …

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Aon Benfield Secures Reinsurance Capacity for AEGIS Cyber Offering http://www.insurancejournal.com/news/international/2014/08/29/339091.htm Fri, 29 Aug 2014 16:48:10 +0000 http://www.insurancejournal.com/?p=339091 Aon Benfield announced that it has secured “the reinsurance capacity for a unique cyber product developed by the Lloyd’s syndicate of mutual energy insurer AEGIS London. “The product offers a comprehensive cyber risk management service, and allows AEGIS’ policyholders to …

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Crop Insurance Options Extended in North Dakota http://www.insurancejournal.com/news/midwest/2014/08/29/339077.htm Fri, 29 Aug 2014 16:34:40 +0000 http://www.insurancejournal.com/?p=339077 U.S. Agriculture Department has announced new supplemental coverage for North Dakota crops through the federal crop insurance program. U.S. Sen. John Hoeven said the department’s Supplemental Coverage Option will include corn and barley for all North Dakota counties in the …

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UPDATE: Iceland Lowers Volcano Alert; Small Eruption No Threat to Aviation http://www.insurancejournal.com/news/international/2014/08/29/339070.htm Fri, 29 Aug 2014 16:34:14 +0000 http://www.insurancejournal.com/?p=339070 Iceland reduced its aviation warning level to orange on Friday after concluding that a small eruption in the Bardarbunga volcano system that triggered a hours-long red alert actually posed no threat to aircraft. No sign of ash like that from …

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Blast at BP Refinery in Indiana Sparks Fire, Shakes Homes http://www.insurancejournal.com/news/midwest/2014/08/29/339072.htm Fri, 29 Aug 2014 16:32:38 +0000 http://www.insurancejournal.com/?p=339072 An explosion at a BP oil refinery in Indiana rattled nearby homes and sparked a fire that was later extinguished, but it didn’t cause any major injuries or halt production at the facility, a company official said. The explosion at …

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Parker Named New CEO of USAA http://www.insurancejournal.com/news/southcentral/2014/08/29/339063.htm Fri, 29 Aug 2014 16:29:42 +0000 http://www.insurancejournal.com/?p=339063 Stuart Parker, currently chief operating officer at San Antonio-based USAA has been named to succeed current CEO Joe Robles when he retires at the end of February 2015. USAA Capital Corporation President Carl Liebert will succeed Parker in the role …

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GetMyBoat Boat Rental Service Launches Boat Rental Insurance http://www.insurancejournal.com/news/national/2014/08/29/339061.htm Fri, 29 Aug 2014 16:28:52 +0000 http://www.insurancejournal.com/?p=339061 GetMyBoat, a global peer-to-peer and boat rental and charter marketplace, has launched a global boat rental insurance product. Customized coverage is offered to boaters who book through the company or through any other service or platform. Policies can be purchased …

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Busy Week for Those Assessing Damage from Napa Quake http://www.insurancejournal.com/news/west/2014/08/29/339003.htm Fri, 29 Aug 2014 16:27:02 +0000 http://www.insurancejournal.com/?p=339003 “It’s been a busy week,” said Glen Pomeroy, CEO of the California Earthquake Authority. The magnitude 6.1 earthquake that struck Northern California in the early hours of Aug. 24 may cause up to $4 billion in economic losses by some …

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‘Cops’ Film Crew Member Killed by Omaha Police Bullet http://www.insurancejournal.com/news/midwest/2014/08/29/339059.htm Fri, 29 Aug 2014 16:23:28 +0000 http://www.insurancejournal.com/?p=339059 When the call came from an officer who needed help facing an armed robber at a fast-food restaurant, two members of a reality television show riding along with Omaha police hustled to record the confrontation. In the chaotic scene that …

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Assured Neace Lukens Hires Seager to Support Midwest Clients http://www.insurancejournal.com/news/midwest/2014/08/29/339056.htm Fri, 29 Aug 2014 16:15:22 +0000 http://www.insurancejournal.com/?p=339056 Louisville, Ky.-based Assured Neace Lukens hired Cary Seager as Health & Productivity manager. In her new role, Seager will support Assured Neace Lukens clients in the Cincinnati, Columbus and Dayton, Ohio, and Indianapolis, Ind., markets with customized and results-oriented health …

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NORCAL Mutual Begins Offering Med Mal Coverage in Del., Penn. http://www.insurancejournal.com/news/east/2014/08/29/339053.htm Fri, 29 Aug 2014 16:15:18 +0000 http://www.insurancejournal.com/?p=339053 NORCAL Mutual Insurance Company, a medical professional liability insurance carrier domiciled in San Francisco, said it is now offering its medical professional liability coverage to healthcare professionals in Delaware and Pennsylvania. The company said it is entering these states offering …

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Endris, Parker Join Higginbotham/Swantner & Gordon in Texas http://www.insurancejournal.com/news/southcentral/2014/08/29/339054.htm Fri, 29 Aug 2014 16:13:57 +0000 http://www.insurancejournal.com/?p=339054 Commercial insurance brokers Aaron Endris and Bryan Parker joined the Swantner & Gordon branch office of Higginbotham in Corpus Christi, Texas. Endris joins as manager of the bond department and Parker as associate of property/casualty insurance, concentrating his service to …

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Philadelphia Insurance Vindicated in YouTube Bugatti Crash Case http://www.insurancejournal.com/news/east/2014/08/29/338986.htm Fri, 29 Aug 2014 15:57:40 +0000 http://www.insurancejournal.com/?p=338986 Philadelphia Insurance Companies said it’s been vindicated in its investigation and denial of a fraudulent claim filed by an East Texas motorist for the 2009 crash of his Bugatti Veryon, following his guilty plea this week in the case United …

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A.M. Best Downgrades Tower Group Again http://www.insurancejournal.com/news/national/2014/08/29/339041.htm Fri, 29 Aug 2014 15:30:49 +0000 http://www.insurancejournal.com/?p=339041 Tower Group International must deal with more ratings downgrades from A.M. Best, spurred by its soaring net losses and uncertainty over whether it can carry its debts through an intended merger with ACP Re. A.M. Best said its revised ratings …

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South Carolina Employee Scores Workers’ Compensation Win for Kickball Injury http://www.insurancejournal.com/news/southeast/2014/08/29/339031.htm Fri, 29 Aug 2014 14:09:39 +0000 http://www.insurancejournal.com/?p=339031 The South Carolina Supreme Court ruled this week that an employee injured during a company kickball game is entitled to workers’ compensation benefits. The court found that Stephen Whigham’s kickball injury was covered by workers’ compensation because he was “impliedly …

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DuPont Hit with $1.3 Million Penalty for Multiple West Virginia Chemical Leaks http://www.insurancejournal.com/news/southeast/2014/08/29/339029.htm Fri, 29 Aug 2014 13:24:30 +0000 http://www.insurancejournal.com/?p=339029 DuPont will pay a fine of $1.275 million to settle a federal complaint over eight chemical releases from a Kanawha County production facility, one of which killed a worker. The Department of Justice and U.S. Environmental Protection Agency said the …

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Ugly Is Beautiful for Hurricane Forecaster http://www.insurancejournal.com/news/national/2014/08/29/339025.htm Fri, 29 Aug 2014 13:02:24 +0000 http://www.insurancejournal.com/?p=339025 When it comes to Atlantic hurricanes, brief and ugly is beautiful, at least to Phil Klotzbach, lead author of Colorado State University’s seasonal storm forecast. That’s because a ragged-looking tropical system that only lasts a few days is an indication …

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Insurers on U.S. Financial Oversight Council Agenda for Next Week http://www.insurancejournal.com/news/national/2014/08/29/339023.htm Fri, 29 Aug 2014 10:43:18 +0000 http://www.insurancejournal.com/?p=339023 The U.S. systemic risk council will meet on Sept. 4 to discuss naming nonbank financial firms for tougher regulatory oversight, the U.S. Treasury Department said on Thursday. The Financial Stability Oversight Council (FSOC) appears close to deciding whether it believes …

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Iceland Puts Airlines on High Alert after Volcanic Eruption http://www.insurancejournal.com/news/international/2014/08/29/339016.htm Fri, 29 Aug 2014 10:21:05 +0000 http://www.insurancejournal.com/?p=339016 Iceland put airlines on the highest level of alert after authorities detected an eruption north of the Bardarbunga volcano. The Icelandic Met Office raised the alert over the site to red and flights have been banned below 5,000 feet, air …

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Beattie to Head Miller’s Expanded Asia Construction Offering http://www.insurancejournal.com/news/international/2014/08/29/339014.htm Fri, 29 Aug 2014 10:14:15 +0000 http://www.insurancejournal.com/?p=339014 UK-based broker Miller Insurance Services LLP announced that it has “implemented plans to grow its Asia construction book with the appointment of producer Paul Beattie as Head of Construction, Asia.” Beattie has over 20 years’ experience in production and broking. …

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Undersea Search for Missing Malaysian Airliner Refined http://www.insurancejournal.com/news/international/2014/08/29/339012.htm Fri, 29 Aug 2014 10:11:13 +0000 http://www.insurancejournal.com/?p=339012 The massive undersea search area for a missing Malaysian airliner in the southern Indian Ocean could be extended farther south based on new satellite analysis, only weeks before the multimillion dollar, yearlong sonar hunt for wreckage is due to begin, …

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How Insurance Can (or Can’t) Help You – a True Story http://www.insurancejournal.com/news/international/2014/08/29/339010.htm Fri, 29 Aug 2014 10:01:36 +0000 http://www.insurancejournal.com/?p=339010 When it comes to personal lines insurance there are really only two attachment points – acquiring the policy and making a claim. The first is fairly simple, although less so if you happen to be a young driver. It’s the …

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Uber, Lyft, Legislature Give Nod to California Rideshare Bill http://www.insurancejournal.com/news/west/2014/08/28/339001.htm Fri, 29 Aug 2014 02:56:09 +0000 http://www.insurancejournal.com/?p=339001 When Assemblywoman Susan Bonilla, D-Oakley, amended her measure to regulate transportation network companies, Uber, Lyft and others removed their opposition and are now supporting the bill. Assembly Bill 2293 was agreed to on Wedensday by TNCs, which had opposed the …

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Merriwether and Williams in California Taps Creedon http://www.insurancejournal.com/news/west/2014/08/28/338998.htm Thu, 28 Aug 2014 23:59:15 +0000 http://www.insurancejournal.com/?p=338998 Merriwether and Williams Insurance Services in California has named Kathleen Creedon director of risk management services. Creedon will focus on the development of Merriwether’s risk management services, including consulting, construction wrap-up services, safety and loss control and contractual risk management. …

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Young Male, Female Drivers Differ in Types of Crashes: Study http://www.insurancejournal.com/news/national/2014/08/28/338925.htm Thu, 28 Aug 2014 19:00:13 +0000 http://www.insurancejournal.com/?p=338925 Young female drivers have more crashes at intersections and collisions with pedestrians than do young male drivers, who have more off-road and nighttime accidents than young female drivers. Gender is often related to what type of severe or fatal crash …

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