Insurance Journal » News http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Mon, 26 Jan 2015 10:21:56 +0000 en-US hourly 1 http://wordpress.org/?v=3.9.2 African Risk Capacity (ARC) Payouts to Exceed $25 Million http://www.insurancejournal.com/news/international/2015/01/26/355319.htm Mon, 26 Jan 2015 10:21:56 +0000 http://www.insurancejournal.com/?p=355319 The African Union’s African Risk Capacity’s affiliated mutual insurance company, ARC Ltd, is set to make claim payouts of more than $25 million to three of its member states belonging to its catastrophe insurance pool, which was recently established to …

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Opinion: ECB QE, Small, but Imperfectly Formed: James Saft http://www.insurancejournal.com/news/international/2015/01/26/355317.htm Mon, 26 Jan 2015 10:15:36 +0000 http://www.insurancejournal.com/?p=355317 QE [quantative easing], European Central Bank style, passed the markets test but will have a harder time doing as well for the euro zone economy or the currency union project. Mario Draghi’s plan to buy €60 billion [$67.5 billion] a …

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Axis to Merge with PartnerRe to Create $11 Billion Reinsurer http://www.insurancejournal.com/news/international/2015/01/26/355315.htm Mon, 26 Jan 2015 10:06:39 +0000 http://www.insurancejournal.com/?p=355315 Axis Capital Holdings Ltd. agreed to merge with PartnerRe Ltd., combining two Bermuda-based reinsurers with a total market value of almost $11 billion amid accelerating consolidation in the industry. PartnerRe shareholders will own 51.6 percent of the new company after …

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Florida Colleges Rushing to Offer Degrees in Cybersecurity http://www.insurancejournal.com/news/southeast/2015/01/26/354794.htm Mon, 26 Jan 2015 10:02:24 +0000 http://www.insurancejournal.com/?p=354794 The now infamous computer hacks infuriated consumers who had personal information compromised and Hollywood honchos who had embarrassing emails made public. But headline-grabbing computer intrusions are only a fraction of what is going on in the Wild West of cybercrime. …

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Sandy Flood Insurance Issues Said to Be Focus of Criminal Probe http://www.insurancejournal.com/news/east/2015/01/25/355288.htm Mon, 26 Jan 2015 04:23:20 +0000 http://www.insurancejournal.com/?p=355288 New York’s attorney general has opened a criminal probe into accusations by Hurricane Sandy victims that insurance companies rejected claims for flood damage to their properties based on falsified engineering reports, a person familiar with the matter said. New York …

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Oklahoma Jazz Hall : Insurance Debts Paid or Not? http://www.insurancejournal.com/news/southcentral/2015/01/25/355279.htm Sun, 25 Jan 2015 23:45:07 +0000 http://www.insurancejournal.com/?p=355279 The shaky finances of the Oklahoma Jazz Hall of Fame seem to be attracting more attention than the museum itself. Executives at the nearly 30-year-old Tulsa nonprofit have sternly denied that the museum was in dire straits over the past …

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FEMA Agrees to Fargo, North Dakota, Flood Insurance Basement Exemption http://www.insurancejournal.com/news/midwest/2015/01/25/355276.htm Sun, 25 Jan 2015 23:41:57 +0000 http://www.insurancejournal.com/?p=355276 Fargo, N.D’s acting mayor says the Federal Emergency Management Agency has moved to continue to allow homeowners to have basements in the city’s new floodplain. FEMA is responsible for the National Home Insurance Program and does not always allow basements …

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Iowa, Nebraska Officials Seek to Close Insurance Co-Op http://www.insurancejournal.com/news/midwest/2015/01/25/355274.htm Sun, 25 Jan 2015 23:39:18 +0000 http://www.insurancejournal.com/?p=355274 Iowa’s top insurance official announced plans to ask a court to end a cooperative that was selling health insurance to residents in Iowa and Nebraska – a move that will limit options for consumers in both states. Iowa Insurance Commissioner …

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Ohio BWC Proposes Private Employer Workers’ Comp Rate Reduction http://www.insurancejournal.com/news/midwest/2015/01/25/355272.htm Sun, 25 Jan 2015 23:36:27 +0000 http://www.insurancejournal.com/?p=355272 Ohio Bureau of Workers’ Compensation (BWC) is proposing to reduce overall premium rate levels for private employers beginning July 1, 2015. The 10.8 percent reduction would result in a decrease in projected annual premium of $153 million, the BWC. If …

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Schroeder Named VP of Marketing Texas-Based ITC http://www.insurancejournal.com/news/southcentral/2015/01/25/355267.htm Sun, 25 Jan 2015 23:31:10 +0000 http://www.insurancejournal.com/?p=355267 Insurance Technologies Corporation (ITC), a Carrollton, Texas-based provider of marketing, rating and management software and services, has promoted Becky Schroeder to vice president of marketing. In her new position as vice president of marketing, Schroeder will oversee the company’s continued …

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Study Finds Workplace Trust a Predictor of Comp Outcomes in Arkansas http://www.insurancejournal.com/news/southcentral/2015/01/25/354966.htm Sun, 25 Jan 2015 19:06:32 +0000 http://www.insurancejournal.com/?p=354966 A new study from the Workers Compensation Research Institute (WCRI) identified new predictors of worker outcomes that can help public officials, payors, and health care providers in Arkansas improve the treatment and communication an injured worker receives after an injury ― leading …

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Former California Surplus Lines Chair Gibbs Loved Stories, Clients http://www.insurancejournal.com/news/west/2015/01/23/355259.htm Fri, 23 Jan 2015 22:38:31 +0000 http://www.insurancejournal.com/?p=355259 George N. Gibbs Jr. was a man who was famous in insurance circles for his ability to tell a good story, and those who knew him say he was passionate about protecting the interests of his clients. Gibbs died on …

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XL’s McGavick Receives St. John’s 2014 Insurance Leader of the Year Award http://www.insurancejournal.com/news/east/2015/01/23/355092.htm Fri, 23 Jan 2015 17:20:34 +0000 http://www.insurancejournal.com/?p=355092 St. John’s University’s School of Risk Management (SRM) in New York hosted its 20th Annual Insurance Leader of the Year Award Dinner on Jan. 21 in honor of Mike McGavick, chief executive officer of XL Group plc. The event, held …

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Wal-Mart Settles With Family of Comedian Who Died in N.J. Turnpike Crash http://www.insurancejournal.com/news/east/2015/01/23/355062.htm Fri, 23 Jan 2015 16:25:11 +0000 http://www.insurancejournal.com/?p=355062 Wal-Mart Stores Inc. reached a confidential legal settlement with the family of comedian James McNair, who died in a June 7 accident on the New Jersey Turnpike that also seriously injured actor-comedian Tracy Morgan. The settlement followed months of “often …

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N.Y. Assembly Speaker Silver Accused of Running 15-Year Graft Scheme http://www.insurancejournal.com/news/east/2015/01/23/355063.htm Fri, 23 Jan 2015 16:20:02 +0000 http://www.insurancejournal.com/?p=355063 New York Assembly Speaker Sheldon Silver reaped millions of dollars in kickbacks in a 15-year conspiracy that involved medical referrals, real estate developers and law firms, the U.S. said. Silver, 70, used his position to refer asbestos cases from a …

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Pinnacol in Colorado Names Brannen Vice President of Human Resources http://www.insurancejournal.com/news/west/2015/01/23/355068.htm Fri, 23 Jan 2015 16:16:10 +0000 http://www.insurancejournal.com/?p=355068 Pinnacol Assurance in Colorado has named Barbara Brannen vice president of human resources. Brannen will oversee the company’s human resources and learning and organizational development areas. Brannen has 35 years of experience. Her previous roles include vice president of human …

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Ex-Partner Defeats California’s Firm’s Bid for Personnel Records http://www.insurancejournal.com/news/west/2015/01/23/355064.htm Fri, 23 Jan 2015 16:09:57 +0000 http://www.insurancejournal.com/?p=355064 Kleiner Perkins Caufield & Byers, facing gender-bias claims by ex-partner Ellen Pao, may not get access to her performance reviews, complaints about her and other personnel records it sought from her other employers in a case that has focused attention …

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Committee Advances Bill To Increase Wyoming Workplace Safety Fines http://www.insurancejournal.com/news/west/2015/01/23/355060.htm Fri, 23 Jan 2015 16:06:12 +0000 http://www.insurancejournal.com/?p=355060 A bill to increase penalties against Wyoming employers when safety violations result in worker fatalities has cleared its first hearing. The Senate Labor, Health and Social Services Committee on Wednesday recommended approval of the bill. Wyoming long has been among …

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Senior Market Presents Opportunities for Young Agent Specialists http://www.insurancejournal.com/news/national/2015/01/23/355056.htm Fri, 23 Jan 2015 15:54:13 +0000 http://www.insurancejournal.com/?p=355056 The graying of America could be a great opportunity for young entrepreneurs, including young insurance producers. As the nation’s population continues to gray, the people who work in the many businesses and organizations that serve seniors are themselves getting older …

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Drone Pilot Who Challenged FAA Authority Settles http://www.insurancejournal.com/news/national/2015/01/23/355054.htm Fri, 23 Jan 2015 14:37:39 +0000 http://www.insurancejournal.com/?p=355054 The drone pilot who challenged the U.S. government’s authority over unmanned aircraft agreed to pay a reduced fine of $1,100 to settle his case. Raphael Pirker, a Swiss citizen who flew a small unmanned plane without government permission over the …

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U.S. Adds Automatic Braking to Recommended Car Safety Features http://www.insurancejournal.com/news/national/2015/01/23/355049.htm Fri, 23 Jan 2015 14:33:50 +0000 http://www.insurancejournal.com/?p=355049 The National Highway Traffic Safety Administration plans to add what it considers two “cutting-edge” automatic emergency braking systems to the recommended safety features included under its rating system for consumers. Transportation Secretary Anthony Foxx said  it is recommending two automatic …

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Willis China Unveils New Leadership Team to Drive Expansion http://www.insurancejournal.com/news/international/2015/01/23/355050.htm Fri, 23 Jan 2015 14:25:58 +0000 http://www.insurancejournal.com/?p=355050 Willis Group Holdings plc, the global risk adviser, insurance and reinsurance broker, has announced a group of internal promotions and moves to strengthen the Willis China leadership team. Mitchell Ma has been appointed as chairman of Willis China. Ma has been …

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Obama’s Visit to India Ignites Nuclear Accident Liability Debate http://www.insurancejournal.com/news/international/2015/01/23/355041.htm Fri, 23 Jan 2015 13:20:47 +0000 http://www.insurancejournal.com/?p=355041 It’s a $182 billion question for India with no easy answer. That’s the estimated amount the country plans to spend on nuclear power plants to meet Prime Minister Narendra Modi’s pledge to provide around-the-clock electricity, and end the nation’s blackout …

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Tennessee’s Crichton Group Makes Staff Changes, Names New Partner http://www.insurancejournal.com/news/southeast/2015/01/23/355016.htm Fri, 23 Jan 2015 13:01:19 +0000 http://www.insurancejournal.com/?p=355016 The Crichton Group, an independent insurance agency in Middle Tennessee, has appointed a new partner and a new director of risk management. In addition, it has also added an account executive and an account manager to its team. The staff …

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Kentucky Doctor Accused of Prescribing Drugs that Led to 5 Patient Deaths http://www.insurancejournal.com/news/southeast/2015/01/23/355013.htm Fri, 23 Jan 2015 12:58:35 +0000 http://www.insurancejournal.com/?p=355013 A doctor with offices in Louisville, Ky. and southern Indiana has been charged with prescribing pain medications that resulted in the deaths of five patients. The U.S. attorney’s office in Louisville said 47-year-old Jaime Guerrero was charged in a 32-count …

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Maine Expresses Opposition to OSHA’s SHARP Program Changes http://www.insurancejournal.com/news/east/2015/01/23/354996.htm Fri, 23 Jan 2015 12:55:27 +0000 http://www.insurancejournal.com/?p=354996 Maine’s Commissioner of Labor Jeanne Paquette said in a statement Wednesday that the state’s Department of Labor is opposed to the Occupational Safety and Health Administration’s (OSHA) changes to the Safety and Health Achievement Recognition Program award (SHARP). The SHARP …

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Mississippi Residents, Lawmakers Pushing Bill to Disclose Insurance Costs by Area http://www.insurancejournal.com/news/southeast/2015/01/23/355009.htm Fri, 23 Jan 2015 12:53:51 +0000 http://www.insurancejournal.com/?p=355009 A group of lawmakers and residents from the Mississippi Gulf Coast are again pushing a bill that would require insurance companies to disclose, by geographic area, how much they are charging to insure property. The idea, which originated in Alabama, …

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Travelers CEO Fishman Reduces Outside Activities Due To Health http://www.insurancejournal.com/news/national/2015/01/23/355029.htm Fri, 23 Jan 2015 11:40:36 +0000 http://www.insurancejournal.com/?p=355029 Travelers Cos. Chief Executive Officer Jay Fishman is reducing his activities that aren’t tied to the company after being diagnosed with a neuromuscular condition. “I have already begun to cut back fairly meaningfully on my non-Travelers commitments,” Fishman, 62, said …

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Global Insurers, Brokers Establish Micro Insurance Consortium http://www.insurancejournal.com/news/international/2015/01/23/355027.htm Fri, 23 Jan 2015 11:08:04 +0000 http://www.insurancejournal.com/?p=355027 A group of global insurance companies and brokers took advantage of the World Economic Forum meeting in Davos to announce that they have established a micro insurance consortium and micro insurance venture incubator (MVI). Among the companies taking part in …

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Swiss Re Corporate Solutions Strengthens Cyber & Technology Team http://www.insurancejournal.com/news/international/2015/01/23/355025.htm Fri, 23 Jan 2015 10:35:46 +0000 http://www.insurancejournal.com/?p=355025 Swiss Re Corporate Solutions has strengthened its Cyber & Technology team with the addition of two new senior executives. Francois Brisson and Richard De Piero have been appointed Global Head and North America Head, respectively, for this key line of …

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