Insurance Journal » National News http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Fri, 30 Jan 2015 20:51:19 +0000 en-US hourly 1 http://wordpress.org/?v=3.9.2 Lexington Product Recall Insurance Covers Celebrity Endorsement Risks http://www.insurancejournal.com/news/national/2015/01/30/355970.htm Fri, 30 Jan 2015 15:40:11 +0000 http://www.insurancejournal.com/?p=355970 American International Group Inc.’s (AIG) Lexington Insurance has introduced Celebrity Product RecallResponse, a new insurance product designed to help customers respond to risks from a celebrity endorser’s public fall from grace, scandal or unexpected death. Celebrity Product RecallResponse covers certain …

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Top Vehicle Claims Trends from 2014 http://www.insurancejournal.com/news/national/2015/01/30/355960.htm Fri, 30 Jan 2015 14:33:41 +0000 http://www.insurancejournal.com/?p=355960 The top five states in which a person was most likely to file an auto claim last year were all on the East Coast. December had the lowest volume of all vehicle claims of any month. Those facts are just …

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Democrats File Bill to Create U.S. Food Safety Agency http://www.insurancejournal.com/news/national/2015/01/30/355952.htm Fri, 30 Jan 2015 12:25:03 +0000 http://www.insurancejournal.com/?p=355952 U.S. lawmakers proposed a bill this week that would create a single food safety agency by bringing together the oversight functions of the Food and Drug Administration, U.S. Department of Agriculture and other agencies. Democratic Senator Richard Durbin from Illinois …

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Deloitte Insurance Report Keys in on Climate Change http://www.insurancejournal.com/news/national/2015/01/29/355914.htm Thu, 29 Jan 2015 21:10:06 +0000 http://www.insurancejournal.com/?p=355914 The potential impact of climate change on the insurance industry was important enough for consulting giant Deloitte Touche Tohmatsu Ltd. to include the topic as a significant part of its recent 2015 Property and Casualty Insurance Outlook. The bulk of …

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U.S. to Update Sex Discrimination Guidelines for Federal Contractors http://www.insurancejournal.com/news/national/2015/01/29/355820.htm Thu, 29 Jan 2015 21:00:23 +0000 http://www.insurancejournal.com/?p=355820 The U.S. Department of Labor is proposing to clarify federal contractors’ requirements to prohibit sex discrimination. The recommended changes would revise the Office of Federal Contract Compliance Programs’ guidelines to align with laws, court decisions and societal changes since they …

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Proposition Wagers Boost Super Bowl Betting http://www.insurancejournal.com/news/national/2015/01/29/355531.htm Thu, 29 Jan 2015 18:30:18 +0000 http://www.insurancejournal.com/?p=355531 Fullback James Develin has 20-1 odds of becoming the first Ivy League player to score a touchdown in Super Bowl history. Television announcers talking about whether the New England Patriots used deflated footballs also could win money for bettors. Develin …

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Canopius Expands U.S. Business, Adds Ironshore’s Winfield http://www.insurancejournal.com/news/national/2015/01/29/355796.htm Thu, 29 Jan 2015 13:04:08 +0000 http://www.insurancejournal.com/?p=355796 Canopius Group Limited, the global specialty insurance and reinsurance platform of Sompo Holdings, is expanding its its U.S. operations with the appointment of Bradley Winfield as head of U.S. Direct Property. Bradley joins Canopius from Ironshore, where he was most …

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Lawmakers Revive Export-Import Bank Legislation http://www.insurancejournal.com/news/national/2015/01/29/355792.htm Thu, 29 Jan 2015 12:50:59 +0000 http://www.insurancejournal.com/?p=355792 A group of U.S. Republican lawmakers introduced a bill on Wednesday to extend the term of the U.S. export credit agency for five years past its current June deadline. The Export-Import Bank, which provides support to U.S. exporters and the …

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P/C Insurers’ Surplus Rose, Profitability Fell in 2014′s First 9 Months http://www.insurancejournal.com/news/national/2015/01/28/355661.htm Thu, 29 Jan 2015 01:00:16 +0000 http://www.insurancejournal.com/?p=355661 The first nine months of 2014 saw policyholders’ surplus for the U.S. property/casualty insurance industry reach record levels. At the same time, net income after taxes declined substantially and overall profitability took a noticeable dip. As well the annualized rate …

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Court Says Directors Liable for Poorly Managed Companies http://www.insurancejournal.com/news/national/2015/01/28/355648.htm Wed, 28 Jan 2015 19:00:16 +0000 http://www.insurancejournal.com/?p=355648 A decision this week from U.S Court of Appeals in Philadelphia provides good reason for directors to resign from poorly managed companies to avoid personal liability, even if someone else is making the mistakes. The case indirectly stands for the …

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P/C Insurance Pros Under Pressure to Predict Super Bowl Scenarios http://www.insurancejournal.com/news/national/2015/01/28/355730.htm Wed, 28 Jan 2015 18:53:39 +0000 http://www.insurancejournal.com/?p=355730 Property/casualty insurance professionals are being asked to predict not only the winner of the 2015 Super Bowl this Sunday but also whether certain scenarios are likely to occur. Such as whether Seattle Seahawks running back Marshawn Lynch’s total yardage in …

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XL Group Introduces New Excess Executive Liability Form http://www.insurancejournal.com/news/national/2015/01/28/355725.htm Wed, 28 Jan 2015 17:58:37 +0000 http://www.insurancejournal.com/?p=355725 XL Group has developed a new excess “follow form” insurance policy to provide the option of buying an additional layer of professional liability insurance protection. According to Kelly Lyles, chief executive of XL Group’s Global Professional team, potential defense costs …

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Willis North America Appoints Peiser Head of Casualty Broking http://www.insurancejournal.com/news/national/2015/01/28/355719.htm Wed, 28 Jan 2015 17:49:46 +0000 http://www.insurancejournal.com/?p=355719 Willis North America announced the appointment of Joe Peiser as head of Casualty Broking. In this newly created role, Peiser will be responsible for the strategic direction of Willis North America’s casualty insurance offerings including workers’ compensation, primary and excess …

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How ‘Crying Wolf’ in Bad Weather Warnings Erodes Public Compliance http://www.insurancejournal.com/news/national/2015/01/28/355667.htm Wed, 28 Jan 2015 15:21:55 +0000 http://www.insurancejournal.com/?p=355667 The public is more likely to trust and comply with bad weather warnings—such as for winter snowstorms and icy roads—if authorities give their warnings as a probability estimate, according to risk researchers. The researchers were seeking to understand why the …

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Wells Media Announces C-Suite, Managerial Promotions http://www.insurancejournal.com/news/national/2015/01/28/355653.htm Wed, 28 Jan 2015 12:57:54 +0000 http://www.insurancejournal.com/?p=355653 Property/casualty insurance media company Wells Media Group announced four C-suite and managerial staff promotions this week.  Julie Tinney now serves as chief marketing officer, Josh Carlson has been promoted to chief technology officer/chief innovation officer, Andrew Simpson became chief content …

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U.S. Says Affordable Care Act Enrollment Hits 9.5 Million http://www.insurancejournal.com/news/national/2015/01/27/355623.htm Wed, 28 Jan 2015 02:04:32 +0000 http://www.insurancejournal.com/?p=355623 More than 9.5 million people have signed up for 2015 individual health insurance on the new exchanges created under the national healthcare reform law, the U.S. government said on Tuesday, a number that surpasses its enrollment target for the year. …

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U.S. Trade Rep Sees Progress on Pacific Trade Pact http://www.insurancejournal.com/news/national/2015/01/27/355620.htm Wed, 28 Jan 2015 01:40:36 +0000 http://www.insurancejournal.com/?p=355620 The final form of an ambitious Pacific trade pact is coming into focus, U.S. Trade Representative Michael Froman said on Tuesday as he urged Congress get behind the U.S. trade agenda. In remarks prepared for delivery to key congressional committees, …

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Securities Class Action Lawsuits, Settlements Get Smaller http://www.insurancejournal.com/news/national/2015/01/27/355527.htm Wed, 28 Jan 2015 01:00:37 +0000 http://www.insurancejournal.com/?p=355527 The size of federal class action lawsuits accusing companies of securities fraud has dropped significantly, new studies show, as the bull market in stocks approaches its sixth birthday. Losses claimed by shareholders, measured by how much stock prices fell when …

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Cooper Gay Swett & Crawford Launch MGA for Lumber, Building Materials Market http://www.insurancejournal.com/news/national/2015/01/27/355550.htm Tue, 27 Jan 2015 17:16:36 +0000 http://www.insurancejournal.com/?p=355550 Cooper Gay Swett & Crawford (CGSC) Group North America has launched The Insurance Center for Building Materials (ICBM), a new managing general agency addressing the risks associated with lumber and secondary forest products companies, as well as building materials manufacturers …

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Supreme Court Backs Employer on Retirees’ Pay for Health Benefits http://www.insurancejournal.com/news/national/2015/01/27/355525.htm Tue, 27 Jan 2015 12:57:00 +0000 http://www.insurancejournal.com/?p=355525 The U.S. Supreme Court on Monday sided with a company that amended a collective bargaining agreement to force retirees to pay toward healthcare costs, throwing out a lower-court ruling that favored the former employees who objected to the change. On …

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BP Witness Praises Oil Spill Response at Fines Trial http://www.insurancejournal.com/news/national/2015/01/27/355523.htm Tue, 27 Jan 2015 12:44:56 +0000 http://www.insurancejournal.com/?p=355523 BP Plc “conducted an extraordinarily effective response” to the 2010 Gulf of Mexico spill, the company’s first witness testified Monday as the oil producer sought to minimize potential pollution fines. BP immediately mobilized people and equipment and recovered spilled oil …

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5 Risk Management Tips for the NFL Just in Time for Super Bowl http://www.insurancejournal.com/news/national/2015/01/27/355426.htm Tue, 27 Jan 2015 12:25:32 +0000 http://www.insurancejournal.com/?p=355426 It’s been a rough year for American football. The National Football League has been plagued with a series of scandals. Commissioner Roger Goodell frequently seems befuddled, and it’s hard to discern any “plan” by the NFL other than to lawyer-up …

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CNA Names Orlando Senior VP of Sales, Distribution http://www.insurancejournal.com/news/national/2015/01/27/355518.htm Tue, 27 Jan 2015 12:10:29 +0000 http://www.insurancejournal.com/?p=355518 CNA Financial Corp. has appointed Rocco Orlando as senior vice president of sales and distribution for the United States, Canada and Europe. He will focus on improving the company’s market position with its producers. Orlando joined CNA in November 2012 …

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Reported Crimes Fell in First Half of 2014: FBI http://www.insurancejournal.com/news/national/2015/01/26/355471.htm Tue, 27 Jan 2015 02:21:26 +0000 http://www.insurancejournal.com/?p=355471 The number of property crimes and violent crimes reported for the first six months of 2014 was down from the first six months of 2013, according to statistics from the FBI. The report, based on information from 11,009 law enforcement …

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Affordable Care Act Subsidy Cost Estimate Lowered http://www.insurancejournal.com/news/national/2015/01/26/355453.htm Mon, 26 Jan 2015 23:58:28 +0000 http://www.insurancejournal.com/?p=355453 Obamacare will cost 7 percent less than expected over the next decade for federal subsidies to help lower-income people pay for private health insurance, congressional researchers said on Monday. A report by the nonpartisan Congressional Budget Office (CBO) said insurance …

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White House Drone Landing Complicates Regulation Debate http://www.insurancejournal.com/news/national/2015/01/26/355451.htm Mon, 26 Jan 2015 23:53:49 +0000 http://www.insurancejournal.com/?p=355451 The discovery of a radio-controlled copter on the White House lawn injects a new complication into the debate over the growing popularity of drones used by civilians. The unintentional security breach Monday at the U.S. presidential mansion in Washington gives …

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Starr Cos. Add Umbrella Product to Small Business Policies http://www.insurancejournal.com/news/national/2015/01/26/355403.htm Mon, 26 Jan 2015 17:51:53 +0000 http://www.insurancejournal.com/?p=355403 Starr Cos. has launched a new commercial insurance umbrella liability policy, designed specifically for small-sized businesses. This product marks the next phase in Starr’s growing suite of insurance options for small businesses. The commercial insurance umbrella policy complements the company’s …

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Green Bonds Boom Stirs Calls for Clearer Standards http://www.insurancejournal.com/news/national/2015/01/26/355332.htm Mon, 26 Jan 2015 13:31:26 +0000 http://www.insurancejournal.com/?p=355332 Issuance of green bonds for companies working on battling climate change are booming, but investors say the label needs safeguards against bogus proposals that could sour retail buyers and wealth advisers just starting to tune into the securities. Right now, …

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HealthCare.gov Adds Consumer Data Protections After Criticisms http://www.insurancejournal.com/news/national/2015/01/26/355328.htm Mon, 26 Jan 2015 13:17:29 +0000 http://www.insurancejournal.com/?p=355328 The Obama administration appears to be making broader changes to protect consumer information on the government’s health insurance website, after objections from lawmakers and privacy advocates. The Associated Press reported last week that details such as consumers’ income and tobacco …

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Not All Program Market Competition Is Good http://www.insurancejournal.com/news/national/2015/01/26/355323.htm Mon, 26 Jan 2015 12:56:07 +0000 http://www.insurancejournal.com/?p=355323 The program insurance business market has enjoyed years of growth and appears on track to continue its expansion. However, while program business is attracting new interest, some participants are cautioning that not all competition is good. Program business premiums grew …

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