Insurance Journal » News http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Wed, 01 Apr 2015 04:21:42 +0000 en-US hourly 1 http://wordpress.org/?v=4.1.1 Wisconsin Rideshare Bill Would Require $1M Commercial Coverage http://www.insurancejournal.com/news/midwest/2015/03/31/362729.htm Tue, 31 Mar 2015 23:54:31 +0000 http://www.insurancejournal.com/?p=362729 Wisconsin lawmakers have introduced a bill that would impose statewide regulations on online ride-sharing companies such as Uber and Lyft. The measure would require companies to apply for a $5,000 state license and carry $1 million in commercial insurance for …

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NAIC Adopts Ridesharing White Paper for State Policymakers http://www.insurancejournal.com/news/national/2015/03/31/362714.htm Tue, 31 Mar 2015 19:42:03 +0000 http://www.insurancejournal.com/?p=362714 The National Association of Insurance Commissioners on Tuesday adopted a white paper on insurance coverage for ridesharing that offers several suggestions for how state regulators should deal with insurance issues. Ridesharing services offered by transportation network companies like Uber, Sidecar …

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Reports Advise How to Make Flood Insurance Affordable http://www.insurancejournal.com/news/national/2015/03/31/362708.htm Tue, 31 Mar 2015 19:28:55 +0000 http://www.insurancejournal.com/?p=362708 A new report suggests the federal flood insurance program may want to target mitigation grants to households with high premiums, urge homeowners to select higher deductibles, expand the educational role of insurance agents, and provide mitigation loans to help make flood …

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Audit: Maryland Misallocated $28.4M for Health Exchange http://www.insurancejournal.com/news/east/2015/03/31/362705.htm Tue, 31 Mar 2015 16:59:43 +0000 http://www.insurancejournal.com/?p=362705 Maryland misallocated $28.4 million in federal money for its flawed health care exchange and should pay the money back, according to a federal audit released on March 27. The audit marked the first time the inspector general of the Department …

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Crystal & Company, AIG Launch Conceptual Art Insurance Product for Private Clients http://www.insurancejournal.com/news/national/2015/03/31/362698.htm Tue, 31 Mar 2015 16:51:34 +0000 http://www.insurancejournal.com/?p=362698 Crystal & Company, a strategic risk and insurance advisor, has partnered with AIG Private Client Group, a division of AIG, to create a new insurance product for private clients with conceptual art collections. Conceptual art is focused more on the …

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Experts: California Sex Bias Case Will Embolden Women Despite Verdict http://www.insurancejournal.com/news/west/2015/03/31/362694.htm Tue, 31 Mar 2015 16:33:29 +0000 http://www.insurancejournal.com/?p=362694 Observers say a long legal battle over accusations that a prominent Silicon Valley venture capital firm demeaned women and held them to a different standard than their male colleagues will embolden women in the industry and lead firms to examine …

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NFP Acquires Arizona-Based WIS http://www.insurancejournal.com/news/west/2015/03/31/362692.htm Tue, 31 Mar 2015 16:26:20 +0000 http://www.insurancejournal.com/?p=362692 NFP has acquired Weber’s Insurance Service Inc. and Weber’s Assurance Group LLC in Arizona. The transaction was effective Feb. 18, but terms of the deal were not released. Weber’s Insurance and Weber’s Assurance, known collectively as WIS, is based in …

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California Applicants Attorneys Want Action Based on Workers’ Comp Report http://www.insurancejournal.com/news/west/2015/03/31/362689.htm Tue, 31 Mar 2015 16:22:11 +0000 http://www.insurancejournal.com/?p=362689 The California Applicants’ Attorneys Association on Tuesday called for action from Gov. Jerry Brown on reported  delays and denials in the treatment of injured workers. CAAA’s call to action is in response to a series of articles by National Public Radio reporting …

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Speed Camera Tickets Bring Nearly $17M in Revenue for NYC http://www.insurancejournal.com/news/east/2015/03/31/362686.htm Tue, 31 Mar 2015 16:15:14 +0000 http://www.insurancejournal.com/?p=362686 Speed cameras have produced a surge in tickets and generated nearly $17 million in revenue for New York City. The Daily News reports that last year more than 445,000 speed-camera tickets were issued. That’s compared to nearly 118,000 issued manually …

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Ex-AG Says Arkansas Religious Protection Bill Would Allow Discrimination http://www.insurancejournal.com/news/southcentral/2015/03/31/362682.htm Tue, 31 Mar 2015 15:59:03 +0000 http://www.insurancejournal.com/?p=362682 Several dozens of people, including former Attorney General Dustin McDaniel, gathered in Little Rock to show their distaste for a proposed law that critics say would sanction discrimination against gays and lesbians. They oppose the bill prohibiting state and local …

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Jones Made a Name in Surety as a Common Sense Underwriter http://www.insurancejournal.com/news/west/2015/03/31/362680.htm Tue, 31 Mar 2015 15:57:46 +0000 http://www.insurancejournal.com/?p=362680 Louis E. Jones had a reputation in the insurance industry as a common sense underwriter, and there were few contractors and home builders that he did not touch over the years, his friends say. Jones was born Nov. 9, 1931. …

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Ratings of Texas-Based National Lloyds, American Summit Affirmed http://www.insurancejournal.com/news/southcentral/2015/03/31/362677.htm Tue, 31 Mar 2015 15:39:39 +0000 http://www.insurancejournal.com/?p=362677 A.M. Best has affirmed the financial strength rating (FSR) of A (Excellent) and the issuer credit ratings (ICR) of “a” of Texas-based National Lloyds Insurance Co. (National Lloyds), and its affiliate, American Summit Insurance Co. (American Summit). The outlook for National Lloyds’ ratings …

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Protector Holdings Acquires Oasis South in California http://www.insurancejournal.com/news/west/2015/03/31/362673.htm Tue, 31 Mar 2015 15:37:21 +0000 http://www.insurancejournal.com/?p=362673 Protector Holdings, a joint venture of Edgewood Partners Insurance Center and Dowling Capital Partners, has acquired Oasis South Insurance Services in California. With eight locations across California’s San Diego County, Oasis South specializes in providing insurance services to Hispanic consumers, writing auto, …

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Missouri Police: At Least 20 Trucks Stolen as Part of Theft Ring http://www.insurancejournal.com/news/midwest/2015/03/31/362675.htm Tue, 31 Mar 2015 15:36:48 +0000 http://www.insurancejournal.com/?p=362675 Authorities in eastern Missouri are trying to determine just how many trucks were stolen in a theft ring that struck several Missouri towns along Interstate 44. The Washington Missourian reports that police now believe at least 20 trucks were taken, …

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Auto-Theft Task Forces Closing Amid Illinois Budget Crisis http://www.insurancejournal.com/news/midwest/2015/03/31/362672.htm Tue, 31 Mar 2015 15:35:34 +0000 http://www.insurancejournal.com/?p=362672 Officials with police-run auto-theft task forces say they are shutting down across Illinois due to state spending freezes. Separately, the (Peoria) Journal Star also reports that a bipartisan deal reached in the state Legislature last week will siphon $6 million …

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Electronics Enable Michigan Police to Check Vehicle Insurance Quickly http://www.insurancejournal.com/news/midwest/2015/03/31/362670.htm Tue, 31 Mar 2015 15:32:52 +0000 http://www.insurancejournal.com/?p=362670 Police in Michigan are using an easy way to check whether a motor vehicle is properly insured. Starting last year, police got access to information on whether a vehicle is insured by running a license plate number through an in-car …

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Top 10, Bottom 10 Housing Markets in U.S.: Nationwide http://www.insurancejournal.com/news/national/2015/03/31/362667.htm Tue, 31 Mar 2015 13:56:25 +0000 http://www.insurancejournal.com/?p=362667 The U.S. housing market is at its healthiest level since 2001, according to a new index from economists at insurer Nationwide who evaluated the housing market nationally and for 373 metropolitan areas. Housing markets in the vast majority of metropolitan statistical …

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New Law to Protect Domestic Workers to Take Effect in Massachusetts http://www.insurancejournal.com/news/east/2015/03/31/362612.htm Tue, 31 Mar 2015 13:16:34 +0000 http://www.insurancejournal.com/?p=362612 A new law set to take effect this week aims to increase protections for domestic workers in Massachusetts. The law requires people who hire nannies, caregivers and other domestic workers in Massachusetts to adhere to established labor standards and other …

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BNC Insurance Agency Acquires Milbrandt & Co. in New York http://www.insurancejournal.com/news/east/2015/03/31/361930.htm Tue, 31 Mar 2015 13:15:47 +0000 http://www.insurancejournal.com/?p=361930 BNC Insurance Agency Inc., an independent agency based in Rye Brook, New York, announced that it has acquired Milbrandt & Co. Inc., an independent agency based in New Rochelle, New York, with a satellite office in Hudson, New York. Terms …

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Endurance to Acquire Montpelier for $1.8 Billion http://www.insurancejournal.com/news/international/2015/03/31/362658.htm Tue, 31 Mar 2015 12:17:04 +0000 http://www.insurancejournal.com/?p=362658 Bermuda-based Endurance Specialty Holdings Ltd. and Montpelier Re Holdings Ltd. announced a merger today, in which Endurance will acquire Montpelier in a stock-cash deal for roughly $1.8 billion. Specifically, the deal consideration consists of 0.472 shares of Endurance and $9.89 …

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Liberty Mutual Centralizing Personal Lines Service at 6 Call Centers http://www.insurancejournal.com/news/national/2015/03/31/362602.htm Tue, 31 Mar 2015 12:07:41 +0000 http://www.insurancejournal.com/?p=362602 Boston-headquartered Liberty Mutual said it is moving to a centralized service model for its personal insurance customers beginning in January 2016. This move involves transitioning local service activities into customer service call centers, and expanding those centralized operations, currently at …

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Exit Ramp Rollovers Kill Hundreds of Truckers a Year http://www.insurancejournal.com/news/national/2015/03/31/362618.htm Tue, 31 Mar 2015 11:50:10 +0000 http://www.insurancejournal.com/?p=362618 It was almost midnight when Walter Price eased his 18-wheeler into the right lane on Interstate 75 near Atlanta. As he began to bank onto the exit ramp he’d been taking for the past 10 years, Price had no idea …

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A.M. Best: Germanwings Crash May Put More Pressure on Aviation War Sector http://www.insurancejournal.com/news/international/2015/03/31/362649.htm Tue, 31 Mar 2015 11:47:53 +0000 http://www.insurancejournal.com/?p=362649 A.M. Best said the total insurance loss of Germanwings Flight 4U9525, which crashed in the French Alps on March 24, 2015 killing 150 people, may put further pressure on the beleaguered aviation war sector. The total insurance loss for the …

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Insurers Face Earnings Growth Challenges in Varying Global Economy: S&P http://www.insurancejournal.com/news/international/2015/03/31/362645.htm Tue, 31 Mar 2015 10:59:02 +0000 http://www.insurancejournal.com/?p=362645 When it comes to finding earnings growth in 2015, the challenge facing the global insurance industry will be uneven economic conditions in many parts of the world, according to a report released by Standard & Poor’s Ratings Services. Entitled “Pursuing …

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Bank of Ireland Shares Fall 6%, as Fairfax Financial Sells Stake http://www.insurancejournal.com/news/international/2015/03/31/362642.htm Tue, 31 Mar 2015 09:30:22 +0000 http://www.insurancejournal.com/?p=362642 Canada’s Fairfax Financial Holdings has sold half of its 5.8 percent stake in Bank of Ireland for more than triple what it paid for it in 2011, a source with knowledge of the deal said, pushing the share price down …

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Aon Benfield Aggregate Study Confirms Reinsurer Capital Builds to $575 Bn http://www.insurancejournal.com/news/international/2015/03/31/362640.htm Tue, 31 Mar 2015 09:27:05 +0000 http://www.insurancejournal.com/?p=362640 In the latest edition of its Aon Benfield Aggregate (ABA) report, which analyses the financial results of 31 major reinsurers in 2014, Aon Benfield confirmed earlier estimâtes that global reinsurer capital rose by 6 percent to $575 billion in 2014, including …

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ACE Creates International Excess Unit in Asia Pacific; Appoints Sexton http://www.insurancejournal.com/news/international/2015/03/31/362638.htm Tue, 31 Mar 2015 06:41:02 +0000 http://www.insurancejournal.com/?p=362638 ACE Group has created a new business unit – ACE International Excess (AIE) – to provide commercial property insurance on an excess basis for large companies in the Asia Pacific region. The new business unit will be modeled after ACE Bermuda International, …

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Allianz Estimates $300 Million in Claims for Germanwings Crash, Sources Say http://www.insurancejournal.com/news/international/2015/03/31/362636.htm Tue, 31 Mar 2015 06:25:15 +0000 http://www.insurancejournal.com/?p=362636 Germany’s Allianz has estimated insurers will pay $300 million in claims and costs stemming from the crash of a Germanwings plane in the French Alps last week, insurance industry sources said on Monday. The figure gives a preliminary orientation to …

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AIG CEO Hancock Aims to Sell Off More Assets http://www.insurancejournal.com/news/national/2015/03/31/362614.htm Tue, 31 Mar 2015 06:00:33 +0000 http://www.insurancejournal.com/?p=362614 American International Group Inc. Chief Executive Officer Peter Hancock, who took over the top job in September, said he plans to sell more businesses that don’t align with the insurer’s biggest moneymakers. “Floating or selling businesses that lack current or …

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Florida Foreclosure Rate Declines 35 Percent, Still Among Highest in Nation http://www.insurancejournal.com/news/southeast/2015/03/31/362631.htm Tue, 31 Mar 2015 05:24:40 +0000 http://www.insurancejournal.com/?p=362631 Florida’s foreclosure activity has declined by more than a third from a year ago, but it still ranks as one of the highest in the nation. The research firm Realty Trac reported that Florida has one out of 570 homes …

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