Insurance Journal » National News http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Mon, 22 Dec 2014 14:40:27 +0000 en-US hourly 1 http://wordpress.org/?v=3.9.2 Co-Developer of Saffir-Simpson Scale Dies http://www.insurancejournal.com/news/national/2014/12/22/350789.htm Mon, 22 Dec 2014 13:12:39 +0000 http://www.insurancejournal.com/?p=350789 Bob Simpson, a meteorologist who co-developed the Saffir-Simpson Hurricane Wind Scale which estimates potential property damage, has died. Peg Simpson, his daughter, said Bob Simpson died early Friday at his home in Washington. He was 102. Bob Simpson began his …

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U.S. Seeks Up to $18B in Fines From BP Over Gulf Oil Spill http://www.insurancejournal.com/news/national/2014/12/22/350760.htm Mon, 22 Dec 2014 13:00:05 +0000 http://www.insurancejournal.com/?p=350760 The government wants BP Plc to pay $16 billion to $18 billion in water-pollution fines for the worst offshore oil spill in U.S. history while seeking more than $1 billion from the co-owner of the blown-out well that caused the …

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Sony Hack Reveals Need for Business, Government to Collaborate on Cyber Issues http://www.insurancejournal.com/news/national/2014/12/21/350758.htm Mon, 22 Dec 2014 00:38:09 +0000 http://www.insurancejournal.com/?p=350758 Back-channel talks between Sony Pictures Entertainment and the White House to coordinate a response to a debilitating cyber-attack didn’t prevent a public disagreement over the studio’s decision to pull its film, “The Interview.” President Barack Obama’s rare rebuke Dec. 19 …

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McDonald’s Is Joint Employer with Franchisees, National Labor Board Rules http://www.insurancejournal.com/news/national/2014/12/21/350753.htm Mon, 22 Dec 2014 00:17:51 +0000 http://www.insurancejournal.com/?p=350753 McDonald’s Corp. wields enough control over its franchisees that it should be jointly responsible for the working conditions of their employees, according to charges by the U.S. labor board critics say threatens to upend the fast- food industry. The National …

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U.S. Auto Recalls Set Record at 60 Million for Year http://www.insurancejournal.com/news/national/2014/12/21/350745.htm Sun, 21 Dec 2014 23:53:12 +0000 http://www.insurancejournal.com/?p=350745 U.S. automobile recalls surpassed the 60 million mark for the first time in a single year, largely because of the rush to prevent more deaths from defective General Motors Co. ignition switches and Takata Corp. air bags. The tally of …

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Private Auto Premiums See Largest Q3 Growth in 10 Years: SNL http://www.insurancejournal.com/news/national/2014/12/19/350680.htm Fri, 19 Dec 2014 16:48:31 +0000 http://www.insurancejournal.com/?p=350680 Private auto insurance industry direct premiums written rose 5.13 percent in the third quarter of 2014, the largest third-quarter year-over-year growth in the past 10 years, according to an analysis by SNL Financial. The 30 largest auto writers by market …

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President Obama Signs Bill Easing Insurer Capital Standards http://www.insurancejournal.com/news/national/2014/12/19/350676.htm Fri, 19 Dec 2014 14:20:45 +0000 http://www.insurancejournal.com/?p=350676 President Barack Obama has signed legislation intended to relax capital and liquidity standards for insurers under the Dodd-Frank Act. The law gives the Federal Reserve flexibility in setting the standard for insurers. The legislation (S.2270) was approved by the Senate …

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Fireman’s Fund Timeline: Through Earthquake, Amex and More http://www.insurancejournal.com/news/national/2014/12/19/350668.htm Fri, 19 Dec 2014 13:16:42 +0000 http://www.insurancejournal.com/?p=350668 The sale of a Fireman’s Fund unit from Allianz SE to Ace Ltd. stands to further diminish an iconic U.S. insurance brand that dates to the 1800s. The buyer said Thursday that it will integrate the operation, which caters to …

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MetLife Considers Appeal of Systemic Risk Label http://www.insurancejournal.com/news/national/2014/12/19/350660.htm Fri, 19 Dec 2014 11:49:08 +0000 http://www.insurancejournal.com/?p=350660 MetLife Inc., the biggest U.S. life insurer by assets, was labeled a systemically important financial institution by a council of regulators and said it will consider whether to sue the government over the decision. The Financial Stability Oversight Council voted …

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Insurer Philadelphia Cos. Counts Carbon Footprint http://www.insurancejournal.com/news/national/2014/12/18/350644.htm Fri, 19 Dec 2014 00:56:28 +0000 http://www.insurancejournal.com/?p=350644 It’s no secret that many property/casualty insurers are tackling climate change on the back end through more sophisticated catastrophe modeling, calls for more resilient communities and pricing. But it seems to be a common misconception that the industry – like …

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Price Optimization Allegations Challenged, NAIC Investigating Practice http://www.insurancejournal.com/news/national/2014/12/18/350630.htm Thu, 18 Dec 2014 20:59:59 +0000 http://www.insurancejournal.com/?p=350630 Reaction to industry-wide price optimization allegations from a consumer group known to call out insurers has been somewhat critical yet guarded – however it appears regulators may already be starting to look into the practice. Consumer Federation of America this week …

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With TRIA Renewal Efforts Killed, Some Predict Market Chaos http://www.insurancejournal.com/news/national/2014/12/18/350561.htm Thu, 18 Dec 2014 17:57:10 +0000 http://www.insurancejournal.com/?p=350561 Property/casualty insurance industry groups, business associations and observers alike were quick to condemn the death of TRIA renewal for 2014. Without federal terrorism reinsurance in place for 2015, they predicted canceled coverage, market chaos and more unless the measure can …

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Bennett Awarded Matt Wells Scholarship to National Alliance Producer School http://www.insurancejournal.com/news/national/2014/12/18/350353.htm Thu, 18 Dec 2014 15:41:27 +0000 http://www.insurancejournal.com/?p=350353 A former college and professional basketball player and coach is the most recent recipient of Insurance Journal’s Matt Wells Scholarship to the National Alliance Producer School. The scholarship honors Matt Wells, son of Wells Media Group Chairman Mark Wells. Wells …

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ACE to Buy Fireman’s Fund Personal Lines; Famous Brand Fading Away http://www.insurancejournal.com/news/national/2014/12/18/350508.htm Thu, 18 Dec 2014 13:41:24 +0000 http://www.insurancejournal.com/?p=350508 Allianz Group has agreed to sell the U.S. personal lines business of its Fireman’s Fund unit to ACE for $365 million by means of renewal rights arrangement. The merger of the personal lines business with ACE and the planned integration …

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Uber Faces Challenge with Driver Screening Internationally http://www.insurancejournal.com/news/national/2014/12/18/350506.htm Thu, 18 Dec 2014 13:18:33 +0000 http://www.insurancejournal.com/?p=350506 Online taxi service Uber Technologies Inc., which had a driver was accused of rape in New Delhi, said it is exploring adding new methods to verify drivers’ credentials and make its service safer. Uber has started research and development on …

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Sony’s Unprecedented Cyber Attack: Deep, Costly, Controversial http://www.insurancejournal.com/news/national/2014/12/18/350502.htm Thu, 18 Dec 2014 11:35:16 +0000 http://www.insurancejournal.com/?p=350502 Sony Pictures’ decision to let Seth Rogen make a comedy about a plot to kill a head of state will potentially cost the studio hundreds of millions of dollars after a devastating cyber-attack linked to North Korea. The Sony Corp. …

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OneBeacon Launches Environmental Website for Producers, Clients http://www.insurancejournal.com/news/national/2014/12/18/349380.htm Thu, 18 Dec 2014 11:00:48 +0000 http://www.insurancejournal.com/?p=349380 OneBeacon Environmental, a member of Hamilton, Bermuda-based OneBeacon Insurance Group Ltd., has launched a new website, www.onebeaconenvironmental.com, featuring overviews of product lines, classes of business, and industry products for specific types of businesses with environmental risks. Through the site, customers and …

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XL Group Expands Executive Liability Protection in U.S. http://www.insurancejournal.com/news/national/2014/12/18/350201.htm Thu, 18 Dec 2014 11:00:10 +0000 http://www.insurancejournal.com/?p=350201 XL Group’s Professional Liability arm has released a new Executive and Corporate Securities Liability policy form to protect companies and their directors and officers from what it terms “an increasingly complex litigation and regulatory environment in the U.S. and around …

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Allstate Realigns Customer Units; Promotes Winter, Other Executives http://www.insurancejournal.com/news/national/2014/12/17/350408.htm Wed, 17 Dec 2014 15:23:49 +0000 http://www.insurancejournal.com/?p=350408 The Allstate Corp. announced organizational and leadership changes in its personal lines management, agency distribution, multiple-customer operations and technology that CEO Thomas J. Wilson says prepare the company to serve the next generation. “These changes will help us build the …

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Top 10 Casualty Insurance Trends for 2015: Marsh http://www.insurancejournal.com/news/national/2014/12/17/350398.htm Wed, 17 Dec 2014 14:09:35 +0000 http://www.insurancejournal.com/?p=350398 While casualty insurance rates remain stable overall and new capacity continues to enter the market, certain classes of business continue to be difficult to place, according to Marsh’s U.S. Casualty Practice. The following report outlines 10 key trends that Marsh …

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U.S. Safety Agency Readies for Legal Battle with Takata http://www.insurancejournal.com/news/national/2014/12/17/350396.htm Wed, 17 Dec 2014 14:07:04 +0000 http://www.insurancejournal.com/?p=350396 U.S. regulators investigating failures of Takata Corp. air bags are preparing for a legal fight in case the Japanese parts maker doesn’t comply with a request to expand a recall. The National Highway Traffic Safety Administration is working as quickly …

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Senate Confirms Rosekind As U.S. Highway Safety Chief http://www.insurancejournal.com/news/national/2014/12/17/350394.htm Wed, 17 Dec 2014 14:03:49 +0000 http://www.insurancejournal.com/?p=350394 The Senate confirmed Mark Rosekind to lead the U.S. National Highway Traffic Safety Administration, which has come under criticism this year for not responding more quickly to evidence of potentially deadly vehicle defects. Rosekind, an expert on human fatigue, has …

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Antitrust Concerns End Verisk Bid for Rival EagleView Technology http://www.insurancejournal.com/news/national/2014/12/17/350388.htm Wed, 17 Dec 2014 13:10:44 +0000 http://www.insurancejournal.com/?p=350388 Verisk Analytics Inc. scrapped a planned $650 million takeover of EagleView Technology Corp. after antitrust regulators said the deal would give the company too large a share in the market for aerial images used by insurers. The data provider instead …

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OneBeacon Sells Lawyers Professional Liability Business to Argo http://www.insurancejournal.com/news/national/2014/12/17/350379.htm Wed, 17 Dec 2014 12:52:31 +0000 http://www.insurancejournal.com/?p=350379 OneBeacon Insurance Group Ltd. has sold the renewal rights to its lawyers professional liability business to Argo Group US, Inc., a member of Argo Group International Holdings Ltd. The transaction includes renewal rights to policies renewing on or after January …

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Senate Fails to Renew Terrorism Insurance http://www.insurancejournal.com/news/national/2014/12/17/350368.htm Wed, 17 Dec 2014 11:38:13 +0000 http://www.insurancejournal.com/?p=350368 A U.S. program that backstops insurance companies’ losses from acts of terrorism is set to end after the Senate didn’t extend it. Efforts to reauthorize the Terrorism Risk Insurance Act for six years fell apart after Senator Tom Coburn, an …

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Online Dovetail Offers MetLife Business Owners Policy in 5 States http://www.insurancejournal.com/news/national/2014/12/17/349373.htm Wed, 17 Dec 2014 11:00:58 +0000 http://www.insurancejournal.com/?p=349373 Columbia, S.C.-based Dovetail Insurance, a supplier of cloud-based insurance products for agents and brokers, is offering a MetLife Business Owners Policy (BOP) through its NetBOP Insurance Portal in five states: California, Illinois, Indiana, North Carolina and Ohio. The company said …

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AssureStart Adds 5 States http://www.insurancejournal.com/news/national/2014/12/16/349384.htm Tue, 16 Dec 2014 16:17:02 +0000 http://www.insurancejournal.com/?p=349384 Online small business insurer AssureStart of Seattle is now open for business in five additional states: Montana, Utah, Mississippi, Iowa and Arkansas. The move is part of a company initiative to have a nationwide presence by early 2015. AssureStart currently sells …

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NAIC Names 15 Consumer Representatives http://www.insurancejournal.com/news/national/2014/12/16/350242.htm Tue, 16 Dec 2014 15:44:29 +0000 http://www.insurancejournal.com/?p=350242 The National Association of Insurance Commissioners (NAIC) recently named 30 consumer liaison representatives for 2015. The 20 funded and 10 unfunded consumer representatives begin their terms Jan. 1, 2015. Eighteen of the funded consumer representatives participated in the program in …

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Progressive Insurance Acquiring Homeowners Group ASI for $875M http://www.insurancejournal.com/news/national/2014/12/16/350221.htm Tue, 16 Dec 2014 14:29:59 +0000 http://www.insurancejournal.com/?p=350221 Auto insurance giant Progressive Insurance is enhancing its homeowners insurance offerings by acquiring controlling interest in a Florida-based group of insurers now selling homeowners, renters, condo, umbrella, flood  and other property/casualty coverages in about half the states nationwide. The Progressive …

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Insurance Tech Firms Majesco, Cover-All to Merge http://www.insurancejournal.com/news/national/2014/12/16/350217.htm Tue, 16 Dec 2014 13:30:36 +0000 http://www.insurancejournal.com/?p=350217 Insurance tech-company Cover-All Technologies plans to merge with rival Majesco, a deal that will create an operation with $100 million in annual revenue and a global reach. Majesco (formerly MajescoMastek) founder and CEO Ketan Mehta will become president and CEO …

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