Insurance Journal » News http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Fri, 27 Feb 2015 19:27:31 +0000 en-US hourly 1 http://wordpress.org/?v=4.1.1 Former AIG, MetLife Leader Benmosche Dies at 70 http://www.insurancejournal.com/news/national/2015/02/27/358889.htm Fri, 27 Feb 2015 19:20:36 +0000 http://www.insurancejournal.com/?p=358889 Robert Benmosche, the combative former chief executive officer of American International Group Inc. who led the insurer, once the world’s largest, to repay a $182.3 billion taxpayer bailout, has died. He was 70. He died on Friday at NYU Langone …

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NYC Gets $116M Reimbursement for Sandy-Related Fixes http://www.insurancejournal.com/news/east/2015/02/27/358881.htm Fri, 27 Feb 2015 17:59:30 +0000 http://www.insurancejournal.com/?p=358881 The federal government is sending $116 million to New York City to compensate for funds spent in a program that made flooded homes habitable after Superstorm Sandy. Sens. Charles Schumer and Kirsten Gillibrand were joined by New York City Mayor …

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LIU Adds Underwriters to Risk Engineering Team http://www.insurancejournal.com/news/national/2015/02/27/358878.htm Fri, 27 Feb 2015 17:52:02 +0000 http://www.insurancejournal.com/?p=358878 Liberty International Underwriters has added five risk engineers to its U.S. and Latin America risk engineering team to focus on energy-related opportunities and civil construction projects in response to the resurgence in America’s energy industry and continued energy growth anticipated …

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Mattax Confirmed as Texas Insurance Commissioner http://www.insurancejournal.com/news/southcentral/2015/02/27/358874.htm Fri, 27 Feb 2015 17:47:41 +0000 http://www.insurancejournal.com/?p=358874 The appointment of David Mattax as Texas Insurance Commissioner has been confirmed by the Texas Senate, the insurance department reported. Mattax was appointed to the job by Gov. Greg Abbott on Jan. 21. He was appointed earlier in January by …

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Louisiana Alleges Insurance Agency Owner Pocketed Premiums http://www.insurancejournal.com/news/southcentral/2015/02/27/358872.htm Fri, 27 Feb 2015 17:42:36 +0000 http://www.insurancejournal.com/?p=358872 An East Baton Rouge Parish insurance agency owner recently was served by Louisiana Department of Insurance Fraud Division investigators with a summary suspension and a cease and desist order for alleged misappropriation of insurance premium funds. Weldon Jerome Campbell, a …

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Ariel Re Launches Ariel Specialty Insurance Managers http://www.insurancejournal.com/news/national/2015/02/27/358863.htm Fri, 27 Feb 2015 17:39:45 +0000 http://www.insurancejournal.com/?p=358863 Ariel Specialty will commence underwriting E&S property business on March 1st, 2015, with business being written through wholesale brokers only on a limited appointment basis and on behalf of Ariel’s Lloyd’s Syndicate 1910. The new E&S property underwriting unit underwriting …

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LP Insurance in Nevada Names Marini Sales Executive http://www.insurancejournal.com/news/west/2015/02/27/358857.htm Fri, 27 Feb 2015 17:22:50 +0000 http://www.insurancejournal.com/?p=358857 Reno, Nev.-based LP Insurance Services Inc. has named Tony Marini to its northern Nevada sales team beginning Sept. 1. Marini, the current executive director of Hot August Nights, will be joining LP Insurance as a sales executive after the conclusion …

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South Carolina Court Orders J&J to Pay $136M in Risperdal Case http://www.insurancejournal.com/news/southeast/2015/02/27/358855.htm Fri, 27 Feb 2015 17:16:55 +0000 http://www.insurancejournal.com/?p=358855 South Carolina’s Supreme Court ordered Johnson & Johnson to pay a penalty of $136 million, upholding a jury’s finding that the drugmaker’s Janssen unit had improperly marketed its anti-psychotic drug Risperdal and concealed its risks. A trial court had earlier …

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Ohio House Passes Bill Protecting Skilled Volunteers from Liability http://www.insurancejournal.com/news/midwest/2015/02/27/358853.htm Fri, 27 Feb 2015 17:11:52 +0000 http://www.insurancejournal.com/?p=358853 The Ohio House has passed a bill that gives legal protection to certain volunteers who provide service and expertise during emergencies. The measure gives architects, engineers, surveyors and tradespersons immunity from civil liability for errors or omissions that may occur …

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Atlas in California Names Williams Executive Vice President http://www.insurancejournal.com/news/west/2015/02/27/358851.htm Fri, 27 Feb 2015 16:51:03 +0000 http://www.insurancejournal.com/?p=358851 Atlas General Insurances Services LLC in California has named Mark Williams executive vice president of underwriting. Williams will be responsible for driving profitable workers’ compensation and premium growth nationwide. Williams will also assist in the management of all underwriting personnel …

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Californians Favor Mandatory Rationing to Battle Drought, Poll Shows http://www.insurancejournal.com/news/west/2015/02/27/358847.htm Fri, 27 Feb 2015 16:45:03 +0000 http://www.insurancejournal.com/?p=358847 Nearly every Californian sees the drought as a big problem and more now say they favor mandatory rationing, according to a survey released Thursday. The Field Poll found 94 percent of registered California voters consider the shortage serious, and 68 …

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Lawsuit Filed in California Against Scope Maker in Superbug Infection http://www.insurancejournal.com/news/west/2015/02/27/358845.htm Fri, 27 Feb 2015 16:41:16 +0000 http://www.insurancejournal.com/?p=358845 A patient has sued the maker of a medical scope linked to the outbreak of a superbug at Ronald Reagan UCLA Medical Center. Attorney Pete Kaufman filed suit this week on behalf of 18-year-old Aaron Young, who remains hospitalized after …

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Insurance Carriers Plan Increased Hiring in 2015: Survey http://www.insurancejournal.com/news/national/2015/02/27/358833.htm Fri, 27 Feb 2015 15:44:26 +0000 http://www.insurancejournal.com/?p=358833 About two-thirds of insurance carriers expect to hire more employees this year, a new survey finds, According to the semi-annual U.S. Insurance Labor Outlook Study conducted by The Jacobson Group and Ward Group, 66 percent of all insurance companies intend …

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Fairfax Financial to Benefit From its Acquisition of Brit plc: Moody’s Report http://www.insurancejournal.com/news/international/2015/02/27/358824.htm Fri, 27 Feb 2015 14:23:28 +0000 http://www.insurancejournal.com/?p=358824 The proposed acquisition of Brit plc by Fairfax Financial Holdings is “credit positive” for Fairfax, according to Moody’s, which noted that the deal will significantly boost Fairfax’s underwriting capacity at Lloyd’s in a recently published report. Also citing the benefits …

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China’s Draft Counter-Terrorism Law Alarms Foreign Technology Firms http://www.insurancejournal.com/news/international/2015/02/27/358809.htm Fri, 27 Feb 2015 13:19:24 +0000 http://www.insurancejournal.com/?p=358809 China is weighing a far-reaching counter-terrorism law that would require technology firms to hand over encryption keys and install security “backdoors,” a potential escalation of what some firms view as the increasingly onerous terms of doing business in the world’s …

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States Have No Plans If Health Insurance Subsidies End http://www.insurancejournal.com/news/national/2015/02/27/358811.htm Fri, 27 Feb 2015 13:17:45 +0000 http://www.insurancejournal.com/?p=358811 Millions of people could lose health insurance subsidies in the coming months if the Supreme Court sides with opponents of President Barack Obama’s health care overhaul. And one thing was clear last weekend as the nation’s governors gathered in Washington: …

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Activist Goldstein Urges Title Insurer Stewart to Sell http://www.insurancejournal.com/news/national/2015/02/27/358808.htm Fri, 27 Feb 2015 13:12:11 +0000 http://www.insurancejournal.com/?p=358808 Stewart Information Services Corp. is being targeted by activist Phil Goldstein, who is urging a sale of the property title insurer and seeking control of its board. Goldstein’s Bulldog Investors has amassed more than 5 percent of Stewart Information and …

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Old Mutual’s Full-Year Profit Falls 8% on Currency Fluctuations http://www.insurancejournal.com/news/international/2015/02/27/358804.htm Fri, 27 Feb 2015 11:42:36 +0000 http://www.insurancejournal.com/?p=358804 Old Mutual plc, Africa’s biggest insurer, said 2014 profit fell after the average rate of the South African rand weakened 18 percent against the pound. Net income from continuing operations declined to 902 million pounds ($1.39 billion) from 980 million pounds …

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Study Finds Cooler Pacific Slowing Global Warming – Temporarily http://www.insurancejournal.com/news/international/2015/02/27/358802.htm Fri, 27 Feb 2015 11:12:11 +0000 http://www.insurancejournal.com/?p=358802 A natural cooling of the Pacific Ocean has contributed to slow global warming in the past decade but the pause is unlikely to last much longer, U.S. scientists said on Thursday. The slowdown in the rate of rising temperatures, from …

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A.M. Best: New UAE Regulations Should Improve Risk Profile of Insurers http://www.insurancejournal.com/news/international/2015/02/27/358799.htm Fri, 27 Feb 2015 10:27:36 +0000 http://www.insurancejournal.com/?p=358799 The Insurance Authority (IA) of the United Arab Emirates recently issued new financial regulations, which are well placed to improve the risk profile and policyholder security of UAE insurers, according to A.M. Best in a special report titled “A.M. Best …

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All Risks Adds Aimini as Brokerage Underwriter in Miami http://www.insurancejournal.com/news/southeast/2015/02/27/358795.htm Fri, 27 Feb 2015 06:32:31 +0000 http://www.insurancejournal.com/?p=358795 Jorge Aimini has joined the Miami office of All Risks as a brokerage underwriter. Aimini’s responsibilities will comprise of underwriting accounts within the parameters of All Risks’ contract binding agreements and accessing brokerage markets for a variety of risks in …

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Kentucky Ignition Interlock Bill for Drunken Drivers Heads to Senate http://www.insurancejournal.com/news/southeast/2015/02/27/358791.htm Fri, 27 Feb 2015 06:12:52 +0000 http://www.insurancejournal.com/?p=358791 The Kentucky House has passed a bill aimed at toughening Kentucky’s DUI laws by requiring convicted drunken drivers to install ignition interlock devices in their vehicles. The bill cleared the House on a 96-0 vote Wednesday and now goes to …

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Nashville to Put $100M Flood Protection Plan in Place http://www.insurancejournal.com/news/southeast/2015/02/27/358788.htm Fri, 27 Feb 2015 05:57:10 +0000 http://www.insurancejournal.com/?p=358788 Nashville Mayor Karl Dean has unveiled a $100 million flood protection plan for Music City that includes a 2,100-foot-long flood wall located on the city’s downtown riverfront. “I look at this downtown flood protection system as an insurance policy,” Dean …

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Administrative Strategies Partners with Aon Cornerstone http://www.insurancejournal.com/news/midwest/2015/02/26/358784.htm Fri, 27 Feb 2015 03:47:58 +0000 http://www.insurancejournal.com/?p=358784 Fishers, Ind.-based Administrative Strategies announced a partnership with Aon Cornerstone, a business unit of Aon plc that focuses on fostering strategic alliances with minority business enterprises. Administrative Strategies is a woman-owned firm that provides claims services to property/casualty companies. Additionally, …

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Texas Bill Would Create Roofing Contractor Registration Program http://www.insurancejournal.com/news/southcentral/2015/02/26/358782.htm Fri, 27 Feb 2015 03:34:40 +0000 http://www.insurancejournal.com/?p=358782 Texas state Representative Kenneth Sheets filed legislation that would establishes a voluntary roofing contractor registration program with the Texas Department of Insurance (TDI). Sheets said House Bill 1488, known as the Roofing Contractor Consumer Protection Act, would help protect consumers …

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Report: Errors Increase in Minnesota Hospitals but Deaths Decrease http://www.insurancejournal.com/news/midwest/2015/02/26/358780.htm Fri, 27 Feb 2015 03:32:10 +0000 http://www.insurancejournal.com/?p=358780 An annual report on patient safety shows more errors but fewer deaths in Minnesota hospitals in the past year. The Department of Health found 277 so-called “adverse events” in categories long been tracked, such as wrong-site surgery or foreign objects …

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Insurers Targeted in Proposed N.Y. Corporate Whistleblower Protection Law http://www.insurancejournal.com/news/east/2015/02/26/358770.htm Thu, 26 Feb 2015 23:18:37 +0000 http://www.insurancejournal.com/?p=358770 Employees who report illegal activity in insurance, banking and financial services would be protected and compensated for their trouble under new legislation proposed by New York State Attorney General Eric Schneiderman. The new bill comes as the issue is getting …

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Climate Change Modeling on Cusp of Paradigm Shift http://www.insurancejournal.com/news/national/2015/02/26/358760.htm Thu, 26 Feb 2015 20:58:27 +0000 http://www.insurancejournal.com/?p=358760 In the face of growing interest in climate change impacts, several big catastrophe modelers said they’ve heard from more clients interested in receiving climate-related data and they believe the field is on the cusp of a change in the way …

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N.Y.’s Lawsky: Cybersecurity Likely Most Important Issue DFS Will Face in 2015 http://www.insurancejournal.com/news/east/2015/02/26/358751.htm Thu, 26 Feb 2015 20:45:12 +0000 http://www.insurancejournal.com/?p=358751 Cybersecurity is likely the most important issue that the New York Department of Financial Services (DFS) will face in 2015, and perhaps for many years to come after that, New York Financial Services Superintendent Benjamin Lawsky said in a speech …

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XL Expects Increased Oversight From Global Regulators After Catlin Deal http://www.insurancejournal.com/news/international/2015/02/26/358755.htm Thu, 26 Feb 2015 19:45:07 +0000 http://www.insurancejournal.com/?p=358755 XL Group plc, the insurer that agreed to buy Catlin Group Ltd. for about $4 billion, said it faces a risk label after the deal that could lead to increased oversight from global regulators. “Following the completion of the proposed acquisition …

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