Insurance Journal » News http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Fri, 31 Oct 2014 15:41:21 +0000 en-US hourly 1 http://wordpress.org/?v=3.9.2 Oregon Lawmakers Told By Oracle Lawsuit is a Waste Of Money http://www.insurancejournal.com/news/west/2014/10/31/345604.htm Fri, 31 Oct 2014 15:41:21 +0000 http://www.insurancejournal.com/?p=345604 Oracle Corp. is appealing to Oregon legislative leaders in the legal fight over the failed Cover Oregon health insurance website. In a letter sent last week to Senate President Peter Courtney and House Speaker Tina Kotek, Oracle CEO Safra Catz …

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Oregon City Threatens to Fine Uber http://www.insurancejournal.com/news/west/2014/10/31/345602.htm Fri, 31 Oct 2014 15:38:31 +0000 http://www.insurancejournal.com/?p=345602 The city of Eugene, Ore. has ordered the Uber ridesharing company to cease operations or be fined. The Register-Guard reported Uber has refused to apply for a taxi license since its drivers began operating in Eugene last summer. The city …

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Deputy in Washington Acquitted Of Insurance Fraud http://www.insurancejournal.com/news/west/2014/10/31/345600.htm Fri, 31 Oct 2014 15:36:58 +0000 http://www.insurancejournal.com/?p=345600 A Spokane, Wash. sheriff’s deputy accused of filing false claims for snow damage has been acquitted of insurance fraud charges. A jury in Spokane returned the acquittal this week for Deputy Jeremey B. Jeske after a two-day trial. His lawyer, Rob …

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Mississippi’s Leflore County Adopts New Statewide Building Code http://www.insurancejournal.com/news/southeast/2014/10/31/345598.htm Fri, 31 Oct 2014 15:30:51 +0000 http://www.insurancejournal.com/?p=345598 The Leflore County Board of Supervisors has adopted the 2012 International Building Code, which means new construction will have to adhere to a set of uniform standards. Under a new state law, Mississippi counties have a Nov. 30 deadline to …

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Florida Tourist Spots Toughen Safety Rules for Rental Scooters http://www.insurancejournal.com/news/southeast/2014/10/31/345596.htm Fri, 31 Oct 2014 15:24:33 +0000 http://www.insurancejournal.com/?p=345596 Some tourist cities in Florida and elsewhere are concerned about the safety of rented motor scooters. Panama City Beach recently enacted new regulations requiring rental companies to carry insurance, provide renters with neon safety vests and pamphlets with safety information. …

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A Guide to Homeowners’ Liability for Injury to Trick or Treaters http://www.insurancejournal.com/news/national/2014/10/31/345590.htm Fri, 31 Oct 2014 14:47:32 +0000 http://www.insurancejournal.com/?p=345590 Halloween pranks. Google this phrase and more than 5 million results link you to a myriad of ways to “mess with peoples’ minds” on Halloween. Some of the recommended pranks require a higher education to understand; some ideas are, well, …

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Top 25 D&O Insurers Show Healthy Growth: SNL http://www.insurancejournal.com/news/national/2014/10/31/345587.htm Fri, 31 Oct 2014 14:14:52 +0000 http://www.insurancejournal.com/?p=345587 Direct premiums written for the directors’ and officers’ liability insurance industry grew 7.35 percent year over year in the first half of 2014, rising to $2.91 billion, according to an SNL Financial analysis of monoline D&O policies. Growth in written …

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Trends Support Positive Outlook for Homeowners Insurance: Aon Benfield http://www.insurancejournal.com/news/national/2014/10/31/345585.htm Fri, 31 Oct 2014 13:33:27 +0000 http://www.insurancejournal.com/?p=345585 Emerging trends support a positive profit outlook for homeowners insurers, a leading broker believes.. Reinsurance broker Aon Benfield’s 2014 Homeowners ROE Outlook concludes that insurers’ prospective after-tax return-on-equity (ROE) for homeowners insurance is 7.9 percent on a countrywide average, up …

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Uber Ridesharing Serving Kids and Their Busy Parents http://www.insurancejournal.com/news/national/2014/10/31/345583.htm Fri, 31 Oct 2014 12:46:22 +0000 http://www.insurancejournal.com/?p=345583 As the oldest of three kids, Baily Deeter was often the last to be picked up from school by his mother. Then Uber Technologies Inc. came along. When Baily started ninth grade in August, his parents gave him an account …

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Zombie Storms Cause Damage After Hurricanes http://www.insurancejournal.com/news/national/2014/10/31/345581.htm Fri, 31 Oct 2014 12:29:00 +0000 http://www.insurancejournal.com/?p=345581 A hurricane may lose its name, its structure and even its place on National Hurricane Center tracking maps. None of that is a guarantee the storm’s meteorological energy won’t keep making mischief. While still dangerous storm remnants—let’s call them zombie …

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Florida Arrests 5 in Alleged Insurance Fraud Scheme http://www.insurancejournal.com/news/southeast/2014/10/31/345531.htm Fri, 31 Oct 2014 12:00:53 +0000 http://www.insurancejournal.com/?p=345531 Florida Chief Financial Officer Jeff Atwater announced the arrests of attorneys, chiropractors and clinic employees involved in an organized personal injury protection (PIP) fraud scheme. Atwater said the five arrests were made in Martin, Miami-Dade and Palm Beach counties, following …

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The Hartford Offers Safety Rewards, Discounts for Commercial Auto http://www.insurancejournal.com/news/national/2014/10/31/344344.htm Fri, 31 Oct 2014 11:00:01 +0000 http://www.insurancejournal.com/?p=344344 The Hartford is offering small and midsize businesses the opportunity to receive commercial auto insurance premium discounts and rewards for safety. The company has also expanded its quoting system for agents and brokers to include small commercial auto coverage. The …

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Best Revises Outlook for Union Insurance in United Arab Emirates http://www.insurancejournal.com/news/international/2014/10/31/345578.htm Fri, 31 Oct 2014 10:52:27 +0000 http://www.insurancejournal.com/?p=345578 A.M. Best has revised the outlook to positive from stable for the issuer credit rating (ICR) of Union Insurance Company P.S.C. (Union) (United Arab Emirates). At the same time, A.M. Best has affirmed the financial strength rating (FSR) of B++ (Good) and the …

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A.M. Best Upgrades Rating of Greenlight Reinsurance Ireland http://www.insurancejournal.com/news/international/2014/10/31/345576.htm Fri, 31 Oct 2014 10:29:51 +0000 http://www.insurancejournal.com/?p=345576 A.M. Best has upgraded the financial strength rating (FSR) to A (Excellent) from A- (Excellent) and the issuer credit rating (ICR) to “a” from “a-” of Greenlight Reinsurance Ireland Limited. Concurrently, A.M. Best has affirmed the FSR of A (Excellent) and the ICR …

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Tropical Storm Heads to Mexico’s Western Coast http://www.insurancejournal.com/news/international/2014/10/31/345572.htm Fri, 31 Oct 2014 09:39:33 +0000 http://www.insurancejournal.com/?p=345572 With just about a month left in the eastern Pacific’s hurricane season, Mexico is once again the target of a tropical system on its western coast. The latest system, Tropical Storm Vance, was drifting west in the Pacific Ocean with …

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Africa Provides Insurers With New Business Opportunities http://www.insurancejournal.com/news/international/2014/10/31/345569.htm Fri, 31 Oct 2014 08:54:42 +0000 http://www.insurancejournal.com/?p=345569 Global insurance companies are flocking to Africa, where millions of people have started earning enough to afford business cover and protection for their families, said private equity firm LeapFrog Investments. “We’re at an immense inflection point in history where millions of people …

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Connecticut Family Sues Over School’s Ebola Fears http://www.insurancejournal.com/news/east/2014/10/30/345552.htm Fri, 31 Oct 2014 02:43:03 +0000 http://www.insurancejournal.com/?p=345552 The father of a Connecticut third-grader filed a federal lawsuit Tuesday saying his daughter has been unfairly barred from school amid fears she may have been exposed to the Ebola virus while in Africa. Ikeoluwa Opayemi and her family, who …

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Regulator Takes Focus on Climate Change Preparedness http://www.insurancejournal.com/news/national/2014/10/30/345558.htm Thu, 30 Oct 2014 23:59:34 +0000 http://www.insurancejournal.com/?p=345558 With a calm demeanor and in a somewhat scientific tone he doesn’t mind using while explaining his stance on something, Mike Kreidler stood by his decision to call out the insurance industry and the rest of the nation’s insurance commissioners …

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Boston Mayor: City Made Significant Strides in Preparing for Climate Change http://www.insurancejournal.com/news/east/2014/10/30/345543.htm Thu, 30 Oct 2014 21:51:43 +0000 http://www.insurancejournal.com/?p=345543 Boston has made significant strides in preparing for major natural disasters, rising sea levels and other impacts to the ever-changing climate, Mayor Martin Walsh said on the two-year anniversary of Superstorm Sandy. Speaking at the Architecture Boston Expo at the …

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Integro Hires Stearns as Global Marine Practice Principal in New York http://www.insurancejournal.com/news/east/2014/10/30/345538.htm Thu, 30 Oct 2014 19:49:28 +0000 http://www.insurancejournal.com/?p=345538 Insurance brokerage and risk management firm Integro hired Robert Stearns as a principal for the firm’s Global Marine practice in New York. He is responsible for the design, structure, placement and servicing of marine liability and marine hull insurance programs. …

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Selective Insurance’s Q3 Profit Rises 63% to $53M http://www.insurancejournal.com/news/east/2014/10/30/345532.htm Thu, 30 Oct 2014 19:46:37 +0000 http://www.insurancejournal.com/?p=345532 Selective Insurance Group reported $53.2 million net income for its 2014 third quarter, a 62.7 percent increase from $32.7 million net income during the third quarter of 2013. The Branchville, New Jersey-based insurer’s operating income for the third quarter was …

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D.C. Council Passes Bill Regulating Rideshare Firms http://www.insurancejournal.com/news/east/2014/10/30/345527.htm Thu, 30 Oct 2014 17:29:01 +0000 http://www.insurancejournal.com/?p=345527 The D.C. Council has approved a bill that regulates popular ridesharing companies such as Uber and Lyft. The bill gained initial approval on Tuesday by a 12-1 vote. Among other things, it would require that drivers for smartphone-based vehicle-for-hire services …

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Hanover Insurance’s Q3 Net Income Falls 10% to $55M http://www.insurancejournal.com/news/east/2014/10/30/345488.htm Thu, 30 Oct 2014 16:59:59 +0000 http://www.insurancejournal.com/?p=345488 The Hanover Insurance Group Inc. reported $54.9 million net income for its 2014 third quarter, a 10.4 percent decline compared with $61.3 million net income during the third quarter of 2013. The Worcester, Massachusetts-based insurer’s earnings were dampened by what …

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Anchor P&C Is Newest Florida Homeowners Insurance Carrier http://www.insurancejournal.com/news/southeast/2014/10/30/345497.htm Thu, 30 Oct 2014 16:54:55 +0000 http://www.insurancejournal.com/?p=345497 Anchor Property and Casualty Insurance Co. became licensed by the Florida Office of Insurance Regulation (OIR) on Oct. 28 to write homeowners insurance business in the state. At the same time, the company has been approved to assume approximately 50,000 …

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Jordan Wins FIWT Leadership Award from Litchfield Special Risks http://www.insurancejournal.com/news/southcentral/2014/10/30/345494.htm Thu, 30 Oct 2014 16:47:44 +0000 http://www.insurancejournal.com/?p=345494 Cindy Jordan, of Barnard Insurance Group in Wichita Falls, Texas, won the FIWT Leadership Award sponsored by Litchfield Special Risks Inc., the company announced. This is the second year the award has been presented to a member of the Federation …

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A.M. Best Assigns ‘A’ Rating to Missouri’s American Shield Insurance http://www.insurancejournal.com/news/midwest/2014/10/30/345491.htm Thu, 30 Oct 2014 16:37:44 +0000 http://www.insurancejournal.com/?p=345491 A.M. Best announced it assigned a financial strength rating of A (Excellent) and an issuer credit rating of “a+” to American Shield Insurance Co. (American Shield) in Columbia, Mo. The outlook assigned to both ratings is stable. The ratings reflect the implementation …

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Houston Bus Company Owner Gets Probation for Fatal Crash in 2008 http://www.insurancejournal.com/news/southcentral/2014/10/30/345486.htm Thu, 30 Oct 2014 16:35:19 +0000 http://www.insurancejournal.com/?p=345486 The owner of a Houston bus company who was charged after a 2008 crash that killed 17 passengers on their way to a religious retreat has avoided prison after a federal judge sentenced him to three years of probation in …

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2 Years After Sandy: Sea Bright, N.J., Prepares for Next Big Storm http://www.insurancejournal.com/news/east/2014/10/30/345478.htm Thu, 30 Oct 2014 16:34:15 +0000 http://www.insurancejournal.com/?p=345478 Sea Bright, New Jersey, is a great example of how difficult it is to truly prepare a Jersey shore community for the next big storm. The low-lying community on a narrow strip of sand between the ocean and the Shrewsbury …

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Mediation Ordered in Suit Against Texas Guardrail Maker http://www.insurancejournal.com/news/southcentral/2014/10/30/345480.htm Thu, 30 Oct 2014 16:28:32 +0000 http://www.insurancejournal.com/?p=345480 A federal judge has ordered mediation between a Texas company and a whistleblower who won a $175 million verdict over a design change in the company’s highway guardrails. Critics say the change made it more likely that cars could be …

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Florida Approves Up to 183K Takeouts from Citizens for 2015 http://www.insurancejournal.com/news/southeast/2014/10/30/345474.htm Thu, 30 Oct 2014 16:28:24 +0000 http://www.insurancejournal.com/?p=345474 The Florida Office of Insurance Regulation (OIR) has approved the removal of up to 180,040 personal residential policies and 2,527 commercial residential polices from Citizens Property Insurance Corp. The OIR said these are the first take-outs approved for 2015. The …

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