Insurance Journal » News http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Fri, 22 May 2015 23:07:46 +0000 en-US hourly 1 http://wordpress.org/?v=4.2.2 PartnerRe Board Slammed by Activist Hedge Fund for Rejecting EXOR Bid http://www.insurancejournal.com/news/international/2015/05/22/369210.htm Fri, 22 May 2015 23:07:46 +0000 http://www.insurancejournal.com/?p=369210 Sandell Asset Management Corp., the activist hedge-fund firm run by Tom Sandell, said PartnerRe Ltd. directors hurt shareholders by pushing a merger with AXIS Capital Holdings Ltd. rather than talks with a hostile bidder. “We will not hesitate to exercise the rights …

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IIABNJ Launches U.S. Veterans Pre-Licensing Program http://www.insurancejournal.com/news/east/2015/05/22/369189.htm Fri, 22 May 2015 19:44:08 +0000 http://www.insurancejournal.com/?p=369189 The Independent Insurance Agents and Brokers of New Jersey (IIABNJ) is launching a new program aimed at supporting the men and women of the armed forces and assisting them in finding post-military careers in the insurance industry. IIABNJ’s new program, …

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Penn. Offers Insurance Tips for Consumers Preparing for Summer Vacations http://www.insurancejournal.com/news/east/2015/05/22/369180.htm Fri, 22 May 2015 18:02:07 +0000 http://www.insurancejournal.com/?p=369180 As the weather warms and countdowns until summer vacations begin, the Pennsylvania Insurance Department is reminding consumers to make sure they are fully informed on their insurance coverage when preparing to leave for vacation. “Before leaving for a trip, no …

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Beazley Launches Risk Management Website for Breach Response Policyholders http://www.insurancejournal.com/news/national/2015/05/22/369171.htm Fri, 22 May 2015 16:47:43 +0000 http://www.insurancejournal.com/?p=369171 Beazley has launched of a new risk management website for Beazley Breach Response (BBR) policyholders. The site offers tools and resources to help insureds prepare for and respond to a data breach and minimize reputational risk. In 2012, Beazley formed …

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Maine’s Highest Court Upholds Workers’ Comp Fraud Conviction http://www.insurancejournal.com/news/east/2015/05/22/369016.htm Fri, 22 May 2015 16:47:35 +0000 http://www.insurancejournal.com/?p=369016 Maine’s highest court is upholding the conviction of a northern Maine man convicted of collecting more than $50,000 in workers’ compensation benefits while operating an engine repair business. An Aroostook County jury convicted 63-year-old Stephen Tucker Sr. of theft in …

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Texas Law Bans Cities From Banning Fracking and Drilling http://www.insurancejournal.com/news/southcentral/2015/05/22/369172.htm Fri, 22 May 2015 16:39:24 +0000 http://www.insurancejournal.com/?p=369172 Republican Texas Gov. Greg Abbott has signed into law a prohibition on cities and towns imposing local ordinances preventing fracking and other potentially environmentally harmful oil and natural gas activities. The much-watched measure sailed through the GOP-controlled Legislature after voters …

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Watercraft Laws Taking Effect in Illinois Are Aimed at Safety http://www.insurancejournal.com/news/midwest/2015/05/22/369169.htm Fri, 22 May 2015 16:35:17 +0000 http://www.insurancejournal.com/?p=369169 Law enforcement officials say Illinois boaters should be aware of new laws taking effect this year. Lake County Sheriff Mark Curran Jr. says the laws will keep boaters safe. It’s now a requirement to display a bright orange flag from …

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Ridesharing Service Expands to 5 More Wisconsin Cities http://www.insurancejournal.com/news/midwest/2015/05/22/369167.htm Fri, 22 May 2015 16:33:20 +0000 http://www.insurancejournal.com/?p=369167 The ridesharing service Uber is expanding to five more Wisconsin cities. Uber already operates in Madison, Milwaukee and Green Bay. Thursday it rolls out in Wisconsin Dells, Lake Geneva, Racine, Kenosha and Waukesha. The Journal Sentinel reported the expansion comes …

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Homeowners in a South Dakota County Won’t See Flood Insurance Surcharge http://www.insurancejournal.com/news/midwest/2015/05/22/369165.htm Fri, 22 May 2015 16:30:38 +0000 http://www.insurancejournal.com/?p=369165 More than 400 homeowners whose property lies along the Missouri River in southeast South Dakota are no longer facing a potential surcharge on their flood insurance. The Federal Emergency Management Agency had threated to charge $50 to those homeowners in …

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Hurricane Protection System for New Orleans Tested by Army Corps http://www.insurancejournal.com/news/southcentral/2015/05/22/369162.htm Fri, 22 May 2015 16:25:15 +0000 http://www.insurancejournal.com/?p=369162 With hurricane season approaching, the Army Corps of Engineers is running through its plans to better protect New Orleans from flooding and testing pumps and floodgates built around this low-lying metropolis since Hurricane Katrina struck 10 years ago. Corps officials …

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Southwest Risk Names Flake Vice President in Texas http://www.insurancejournal.com/news/southcentral/2015/05/22/369159.htm Fri, 22 May 2015 16:21:05 +0000 http://www.insurancejournal.com/?p=369159 Southwest Risk, LP has named Jennifer Flake vice president and broker of transportation. Flake will work out of Southwest Risk’s new Fort Worth, Texas office. Flake began her insurance career in 1997 starting with a direct market followed by moves …

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Jersey Shore Still Recovering as 3rd Post-Sandy Summer Nears http://www.insurancejournal.com/news/east/2015/05/22/369155.htm Fri, 22 May 2015 16:20:22 +0000 http://www.insurancejournal.com/?p=369155 In the months after Superstorm Sandy devastated the Jersey shore, New Jersey Gov. Chris Christie warned residents the damage would not be quickly undone. Things would only look moderately better in the first summer after the storm, he said, and …

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Keystone Takes on Two New Missouri Partners http://www.insurancejournal.com/news/midwest/2015/05/22/369156.htm Fri, 22 May 2015 16:16:48 +0000 http://www.insurancejournal.com/?p=369156 Keystone Insurers Group welcomed Springfield, Mo.-based agency Barker Phillips Jackson as its second franchise partner in the state and Winter-Dent & Company of Jefferson City as its third. Earlier in the week Keystone announced its first franchise partner in Missouri. …

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Arthur J. Gallagher Acquires James R. Weir in Minnesota http://www.insurancejournal.com/news/midwest/2015/05/22/369152.htm Fri, 22 May 2015 16:05:54 +0000 http://www.insurancejournal.com/?p=369152 Arthur J. Gallagher & Co. has acquired James R. Weir Insurance Agency Inc. in Mankato, Minn. Terms of the deal were not disclosed. Jay Weir, Michael Donohoe and their associates will continue to operate from their current location under the …

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A.M. Best Assigns Ratings to Coverys Specialty in New Jersey http://www.insurancejournal.com/news/east/2015/05/22/369135.htm Fri, 22 May 2015 16:05:06 +0000 http://www.insurancejournal.com/?p=369135 A.M. Best has assigned a financial strength rating of A (Excellent) and an issuer credit rating of “a” to Coverys Specialty Insurance Company. The outlook assigned to both ratings is stable. Coverys Specialty Insurance Company is a New Jersey-domiciled excess …

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Report Suggests Decrease in Occupational Injuries, Illnesses in N.H. http://www.insurancejournal.com/news/east/2015/05/22/369138.htm Fri, 22 May 2015 16:01:25 +0000 http://www.insurancejournal.com/?p=369138 New Hampshire health officials have released a report suggesting there’s a decrease in occupational injury and illness rates in the state over the years. The report finds that from 2000 to 2012, there were 160 work-related fatalities in New Hampshire. …

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Arizona Wildfire Season Delayed by Cool, Wet Weather http://www.insurancejournal.com/news/west/2015/05/22/369146.htm Fri, 22 May 2015 15:59:18 +0000 http://www.insurancejournal.com/?p=369146 An unusually cool and wet May is delaying the start of the wildfire season around northern Arizona. Weather conditions at this time last year were hot and windy, frustrating firefighters battling what became a 33-square-mile blaze in Oak Creek Canyon, …

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Dry Conditions Have Alaska Wildfire Responders Keeping Eye Out http://www.insurancejournal.com/news/west/2015/05/22/369143.htm Fri, 22 May 2015 15:57:03 +0000 http://www.insurancejournal.com/?p=369143 Interior Alaska and other parts of the state are experiencing conditions ripe for forest fires and natural resources officials are urging caution in outdoor activities heading into Memorial Day Weekend. Information officer Tim Mowry of the Alaska Interagency Coordination Center …

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Swarm of Small Quakes Shake Southern California Desert http://www.insurancejournal.com/news/west/2015/05/22/369137.htm Fri, 22 May 2015 15:50:45 +0000 http://www.insurancejournal.com/?p=369137 A swarm of small earthquakes have struck a sparsely populated area of the Southern California desert, but there were no reports of any damages or injuries. The first, a magnitude-4.0 quake, struck at 8:15 p.m. Wednesday at the edge of …

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Bermuda Monetary Authority Appoints Lespere as Chief Operations Officer http://www.insurancejournal.com/news/international/2015/05/22/369132.htm Fri, 22 May 2015 15:42:17 +0000 http://www.insurancejournal.com/?p=369132 The Bermuda Monetary Authority has appointed Shanna Lespere as its chief operations officer (COO). In her new position, effective immediately, Lespere will oversee the authority’s operational functions – communications, document management, enterprise risk management, facilities, finance and currency, human resources, …

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Willis Construction Adds Russo in New York, Johnson in Chicago http://www.insurancejournal.com/news/national/2015/05/22/369125.htm Fri, 22 May 2015 14:27:53 +0000 http://www.insurancejournal.com/?p=369125 Willis North America announced two appointments to its Construction Practice. Joseph Russo has been appointed East Region Broking Leader for the National Construction team based in New York. In this newly created role, Russo will serve as a senior construction …

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DEA ‘Operation Pilluted’ Nets 280 Drug Trafficking Arrests in 4 States http://www.insurancejournal.com/news/national/2015/05/22/369117.htm Fri, 22 May 2015 14:04:31 +0000 http://www.insurancejournal.com/?p=369117 The U.S. Drug Enforcement Administration (DEA) and federal prosecutors have made 280 arrests in what they call an “unprecedented enforcement action” against doctors, pharmacies and pill mills for alleged trafficking and abuse of prescription drugs. The 15-month operation, dubbed Operation …

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AXA Plans to Sell Coal Assets, Citing Concerns About Climate Change http://www.insurancejournal.com/news/international/2015/05/22/369115.htm Fri, 22 May 2015 13:35:55 +0000 http://www.insurancejournal.com/?p=369115 France’s largest insurer will scrap holdings in coal companies because of concerns about climate change, broadening support for the fossil-fuel divestment movement to a major mainstream investor. AXA SA Chief Executive Officer Henri de Castries said he’s working to sell …

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Senate Committee Passes Dodd-Frank Relief Bill Without Democrats http://www.insurancejournal.com/news/national/2015/05/22/369109.htm Fri, 22 May 2015 12:49:56 +0000 http://www.insurancejournal.com/?p=369109 A bill to ease regulations across the U.S. financial sector passed a Senate committee on Thursday with no support from Democrats, in a setback to the largest overhaul of 2010 banking reforms since the rules were put in place. The …

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UK’s Regulator Criticizes Insurers for Failures in Handling Claims for SMEs http://www.insurancejournal.com/news/international/2015/05/22/369102.htm Fri, 22 May 2015 12:02:15 +0000 http://www.insurancejournal.com/?p=369102 The UK’s Financial Conduct Authority criticized the insurance industry for “poor practices” and “significant” failures in handling claims for small and medium-sized enterprises (SMEs). The regulator said a review of the experiences of business customers showed more dissatisfaction with insurers than a …

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PartnerRe Shareholders to Decide on AXIS Bid; Board Rejects EXOR Offer http://www.insurancejournal.com/news/international/2015/05/22/369096.htm Fri, 22 May 2015 11:44:49 +0000 http://www.insurancejournal.com/?p=369096 PartnerRe Ltd. said in a statement on Friday that its suitor EXOR has rejected any negotiations to raise its $6.8 billion hostile offer. As a result, the Bermuda-based PartnerRe said it will ask shareholders to vote on the planned merger with …

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The Scoop on Recall Insurance and Listeria-Linked Ice Cream http://www.insurancejournal.com/news/national/2015/05/22/368514.htm Fri, 22 May 2015 10:24:19 +0000 http://www.insurancejournal.com/?p=368514 While peanut butter and cantaloupe made big news in recent years, ice cream is now the latest item to be pulled off grocery store shelves due to foodborne-illness. Brenham, Texas-based Blue Bell Creameries’ listeria-tainted ice cream has been linked to …

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More North Carolina Wells Near Duke Coal Ash Pits Show Water Contamination http://www.insurancejournal.com/news/southeast/2015/05/22/369072.htm Fri, 22 May 2015 10:00:54 +0000 http://www.insurancejournal.com/?p=369072 North Carolina officials are warning even more residents living near Duke Energy’s coal ash pits that it’s not safe to drink or cook with their well water. The state Department of Environment and Natural Resources said Wednesday that 191 drinking …

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ConAgra to Settle Georgia Peanut Butter Salmonella Charges for $11.2M http://www.insurancejournal.com/news/southeast/2015/05/22/369062.htm Fri, 22 May 2015 10:00:37 +0000 http://www.insurancejournal.com/?p=369062 ConAgra Foods agreed to pay $11.2 million, a sum that includes the highest criminal fine ever in a U.S. food safety case, to settle a federal charge that the company shipped Peter Pan peanut butter tainted with salmonella from a …

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Montpelier Re to Hold Special Shareholders’ Meeting on Endurance Acquisition http://www.insurancejournal.com/news/international/2015/05/22/369086.htm Fri, 22 May 2015 09:54:12 +0000 http://www.insurancejournal.com/?p=369086 Bermuda-based Montpelier Re Holdings Ltd announced that it has scheduled a special general meeting of its shareholders to “consider and vote upon a proposal to approve the previously announced Agreement and Plan of Merger,” dated March 31, 2015. Shareholders will …

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