Insurance Journal » National News http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Tue, 30 Sep 2014 15:41:25 +0000 en-US hourly 1 http://wordpress.org/?v=3.9.2 ProAssurance, Pro-Praxis Introduce Excess Package for Complex Healthcare Risks http://www.insurancejournal.com/news/national/2014/09/30/341713.htm Tue, 30 Sep 2014 13:00:03 +0000 http://www.insurancejournal.com/?p=341713 ProAssurance Corp. of Birmingham, Ala., has launched a new suite of excess insurance coverages, ProAssurance Complex Medicine, or ProCxM, for large healthcare facilities and organizations. This new package of coverages and related services will allow the company to respond more …

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Specialty Insurance Group, Britton Gallagher Offer Pyrotechnics Program http://www.insurancejournal.com/news/national/2014/09/30/341708.htm Tue, 30 Sep 2014 09:00:46 +0000 http://www.insurancejournal.com/?p=341708 Specialty Insurance Group (SIG), a member of the Everest Re Group Ltd., and independently operated insurance brokerage firm Britton Gallagher have together launched a new insurance, loss control and safety program for the pyrotechnics market. The strategic partnership with Britton …

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Securities Brokerages Free to Be Uninsured for Legal Awards http://www.insurancejournal.com/news/national/2014/09/29/341935.htm Tue, 30 Sep 2014 02:49:33 +0000 http://www.insurancejournal.com/?p=341935 The industry group that regulates securities brokerages has decided it cannot force firms to carry insurance for payment of awards granted by arbitration panels or courts to customers who have lost money, a spokeswoman said on Monday. After agreeing a …

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Antitrust Review Delays Verisk’s Purchase of EagleView http://www.insurancejournal.com/news/national/2014/09/29/341933.htm Tue, 30 Sep 2014 02:30:20 +0000 http://www.insurancejournal.com/?p=341933 Verisk Analytics Inc., the supplier of data to insurers and banks, said its planned $650 million takeover of EagleView Technology Corp. has been delayed amid a review by antitrust regulators. The purchase agreement has been extended to Dec. 31, after …

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Greenberg’s Lawyer Says U.S. Demonized, Extorted AIG Shareholders in Bailout http://www.insurancejournal.com/news/national/2014/09/29/341927.htm Tue, 30 Sep 2014 02:26:16 +0000 http://www.insurancejournal.com/?p=341927 The U.S. extorted American International Group Inc. shareholders when it extended a $182 billion taxpayer bailout at the height of the 2008 financial crisis, a lawyer for Maurice “Hank” Greenberg said. Greenberg’s Starr International Co., AIG’s largest shareholder when the …

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U.S. Hospitals Face Risks in Ebola Virus Waste Disposal http://www.insurancejournal.com/news/national/2014/09/29/341846.htm Mon, 29 Sep 2014 12:43:27 +0000 http://www.insurancejournal.com/?p=341846 U.S. hospitals may be unprepared to safely dispose of the infectious waste generated by any Ebola virus disease patient to arrive unannounced in the country, potentially putting the wider community at risk, biosafety experts said. Waste management companies are refusing …

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Colleges Look to Control Fraternities, Hazing As Tragic Incidents Multiply http://www.insurancejournal.com/news/national/2014/09/29/341842.htm Mon, 29 Sep 2014 12:35:56 +0000 http://www.insurancejournal.com/?p=341842 The death of a Clemson University sophomore is the latest incident to raise alarms about safety at fraternities on U.S. campuses, with more colleges cracking down on dangerous behavior. Clemson, in South Carolina, said Sept. 23 that it suspended new-member …

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Trial Over Greenberg’s Challenge to AIG Bailout to Get Underway http://www.insurancejournal.com/news/national/2014/09/29/341822.htm Mon, 29 Sep 2014 10:46:34 +0000 http://www.insurancejournal.com/?p=341822 One of the more unusual trials to come out of the 2008 financial crisis is set to begin on Monday, when a federal judge will consider whether the U.S. government’s rescue of American International Group Inc was, in fact, legal. …

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Allied World North America Enhances Its ForceField Line with Primary D&O http://www.insurancejournal.com/news/national/2014/09/29/341721.htm Mon, 29 Sep 2014 09:00:35 +0000 http://www.insurancejournal.com/?p=341721 Allied World North America, a company of Allied World Assurance Company Holdings, AG has added a new directors & officers (D&O) product to its ForceField suite of professional liability products. The ForceField Public Company Directors & Officers and Corporate Liability …

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Healthcare Firms at Risk; Hackers Value Medical Records Over Credit Data http://www.insurancejournal.com/news/national/2014/09/26/341691.htm Fri, 26 Sep 2014 13:30:47 +0000 http://www.insurancejournal.com/?p=341691 Your medical information is worth 10 times more than your credit card number on the black market. Last month, the FBI warned healthcare providers to guard against cyber attacks after one of the largest U.S. hospital operators, Community Health Systems …

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Top 30 Private Auto Insurers: SNL http://www.insurancejournal.com/news/national/2014/09/26/341685.htm Fri, 26 Sep 2014 13:09:46 +0000 http://www.insurancejournal.com/?p=341685 CSAA Insurance Exchange, which sells private auto insurance to AAA members in about 25 states, experienced double-digit year-over-year growth in personal auto business, far outpacing other top writers in the second quarter, a new analysis by SNL Financial shows. SNL …

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Alibaba’s Ma vs. Berkshire’s Buffett; Lottery vs. Insurance: Saft http://www.insurancejournal.com/news/national/2014/09/26/341678.htm Fri, 26 Sep 2014 12:25:48 +0000 http://www.insurancejournal.com/?p=341678 Jack Ma and Warren Buffett embody two great and contrasting businesses in finance. One sells lottery tickets and the other sells insurance. Ma pulled off the largest-ever IPO last week when he floated Alibaba in what might be called the …

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Lawyer Says 2 Families to Accept GM Ignition Switch Offer http://www.insurancejournal.com/news/national/2014/09/26/341674.htm Fri, 26 Sep 2014 10:43:04 +0000 http://www.insurancejournal.com/?p=341674 The families of two victims killed in a General Motors Co. vehicle with a faulty ignition switch will accept offers from a program set up to provide compensation for crash injuries and deaths, a lawyer for the family said on …

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Complex Energy Industry Requires ‘Power’ Underwriters http://www.insurancejournal.com/news/national/2014/09/25/341598.htm Thu, 25 Sep 2014 16:21:29 +0000 http://www.insurancejournal.com/?p=341598 The energy industry is not a risk for every underwriter; it requires considerable underwriting expertise due to its complexity and rapid growth. “Power is one of the fastest growing segments in the U.S,” according to Tom Fitzgerald, CEO of Aon …

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Aon’s Evans Joins Wells Fargo Insurance for National, International Sales http://www.insurancejournal.com/news/national/2014/09/25/341586.htm Thu, 25 Sep 2014 15:26:52 +0000 http://www.insurancejournal.com/?p=341586 Wells Fargo Insurance has named Alejandra (Alex) Evans as senior vice president for its Risk Management and International business. Evans is responsible for collaborating with national and regional sales leadership and partners within Wells Fargo’s Corporate Banking group to develop …

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GNY Insurance Cos.’ Heck to Retire; Daughter to Succeed Him As CEO http://www.insurancejournal.com/news/national/2014/09/25/341580.htm Thu, 25 Sep 2014 15:20:12 +0000 http://www.insurancejournal.com/?p=341580 Warren Heck, the long-time leader of GNY Insurance Companies, plans to retire at the end of 2014. He’ll remain at the insurer as non-executive chairman. His daughter, Elizabeth Heck, currently president and chief operating officer, will replace him as CEO. …

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SEC’s $30 Million Award Could Encourage More Whistleblowers, Lawyers http://www.insurancejournal.com/news/national/2014/09/25/341484.htm Thu, 25 Sep 2014 10:30:56 +0000 http://www.insurancejournal.com/?p=341484 The U.S. Securities and Exchange Commission’s record $30 million whistleblower award announced this week may prompt more firms to develop practices in this area. The SEC program, enacted as part of the Dodd-Frank legislation, is intended to encourage people to …

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Civil Engineers Hit Lack of National Plan on Flood Mitigation http://www.insurancejournal.com/news/national/2014/09/25/341378.htm Thu, 25 Sep 2014 10:30:51 +0000 http://www.insurancejournal.com/?p=341378 An organization of civil engineers is calling for a national strategy for mitigating flood risks, saying the U.S. has not fully heeded lessons from Hurricane Katrina and Superstorm Sandy. The American Society of Civil Engineers released its recommendations this week …

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Turtles, ’60s Band, Wins Classic Song Copyright Case Against Sirius Radio http://www.insurancejournal.com/news/national/2014/09/24/341489.htm Wed, 24 Sep 2014 19:00:28 +0000 http://www.insurancejournal.com/?p=341489 A U.S. judge has sided with members of the 1960s band the Turtles in their dispute with Sirius XM Holdings Inc., ruling the satellite radio provider infringed on copyrights by airing their pre-1972 songs without paying royalties. U.S. District Court …

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BP Loses Bid to Recover Oil Spill Overpayments http://www.insurancejournal.com/news/national/2014/09/24/341560.htm Wed, 24 Sep 2014 18:41:20 +0000 http://www.insurancejournal.com/?p=341560 BPlc can’t recover hundreds of millions of dollars it claims to have overpaid some victims for economic losses from the 2010 Gulf of Mexico oil spill, a U.S. judge said.   After the court revised the method for calculating such …

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Deere Mulls Sale of Crop Insurance Business http://www.insurancejournal.com/news/national/2014/09/24/341451.htm Wed, 24 Sep 2014 17:00:40 +0000 http://www.insurancejournal.com/?p=341451 Deere & Co., the world’s largest maker of agricultural equipment, hired Citigroup Inc. to look at strategic options for its crop insurance unit as it sells assets to focus on core businesses such as manufacturing. No formal decision has been …

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Western National’s Henderson Assumes NAMIC Chairmanship http://www.insurancejournal.com/news/national/2014/09/24/341524.htm Wed, 24 Sep 2014 16:47:26 +0000 http://www.insurancejournal.com/?p=341524 Stuart Henderson, president and CEO of Western National Insurance Group in Edina, Minn., assumed the chairmanship of the National Association of Mutual Insurance Companies (NAMIC) at its annual meeting of members today with a message about why he thinks insurers …

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NAMIC Honors 5 P/C Executives with Service Awards http://www.insurancejournal.com/news/national/2014/09/24/341502.htm Wed, 24 Sep 2014 15:44:37 +0000 http://www.insurancejournal.com/?p=341502 The National Association of Mutual Insurance Companies recognized five individuals today for their service to the property/casualty insurance industry. Receiving the NAMIC Service Award at the association’s 119th Annual Convention in National Harbor, Md., were Jack Armstrong, Liberty Mutual Insurance …

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Execs Hired by Berkshire Specialty Balked at AIG Philosophy: Benmosche http://www.insurancejournal.com/news/national/2014/09/24/341481.htm Wed, 24 Sep 2014 14:05:18 +0000 http://www.insurancejournal.com/?p=341481 Robert Benmosche, who led American International Group Inc. for half a decade, said an emerging challenge from Warren Buffett’s Berkshire Hathaway Inc. hasn’t amounted to much so far. Buffett’s firm recruited AIG executives beginning last year to expand commercial coverage …

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Administration Relaxes Food Safety Rules for Farmers http://www.insurancejournal.com/news/national/2014/09/24/341353.htm Wed, 24 Sep 2014 09:30:54 +0000 http://www.insurancejournal.com/?p=341353 The Food and Drug Administration has revised sweeping food safety rules proposed last year after farmers complained that the regulations could hurt business. The new proposals would relax water quality standards and allow farmers to harvest crops sooner after using …

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Player’s Widow Sues NFL, Claims Husband’s Suicide Due to Concussions http://www.insurancejournal.com/news/national/2014/09/23/341459.htm Wed, 24 Sep 2014 02:51:42 +0000 http://www.insurancejournal.com/?p=341459 The National Football League was sued by the widow of former San Diego Chargers defensive back Paul Oliver, claiming his suicide last year was the result of head trauma and concussions he sustained. The NFL ignored, minimized and disputed the …

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Home Depot Breach Tied to Bank Account Fraud, Reports WSJ http://www.insurancejournal.com/news/national/2014/09/23/341457.htm Wed, 24 Sep 2014 02:46:51 +0000 http://www.insurancejournal.com/?p=341457 Home Depot Inc.’s data breach, which put about 56 million payment cards at risk, has fed fraudulent transactions that in some cases have drained money from customer bank accounts, the Wall Street Journal reported. Stolen information on credit and debit …

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Berkshire Hathaway Specialty Enters Fidelity & Crime Market; Names AIG’s O’Neill http://www.insurancejournal.com/news/national/2014/09/23/341412.htm Tue, 23 Sep 2014 16:26:07 +0000 http://www.insurancejournal.com/?p=341412 Berkshire Hathaway Specialty Insurance (BHSI) said it is entering the fidelity and crime insurance market, and has named Brian O’Neill to lead the effort. O’Neill joins BHSI with 30 years of fidelity and crime underwriting and underwriting management experience, most …

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ACE Names 2 to High Net Worth Personal Lines Group http://www.insurancejournal.com/news/national/2014/09/23/341403.htm Tue, 23 Sep 2014 15:58:20 +0000 http://www.insurancejournal.com/?p=341403 ACE Group announced executive appointments in its high net worth personal lines insurance business, ACE Private Risk Services, naming Clyde Douglas as senior vice president, Claims, and Eileen Castolene as vice president of Operations. Based in Salem, Virginia, Douglas will …

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U.S. Jury Finds Arab Bank Liable Under Terrorist Financing Law http://www.insurancejournal.com/news/national/2014/09/23/341361.htm Tue, 23 Sep 2014 13:11:19 +0000 http://www.insurancejournal.com/?p=341361 A U.S. jury on Monday found Arab Bank Plc liable for providing material support to Hamas and said it must compensate victims of two dozen attacks attributed to the Islamic militant group in Israel and the Palestinian territories. Jurors needed …

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