Insurance Journal » National News http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Mon, 20 Oct 2014 20:50:57 +0000 en-US hourly 1 http://wordpress.org/?v=3.9.2 P/C Insurers’ Reserves Redundancy to Continue: Moody’s http://www.insurancejournal.com/news/national/2014/10/20/344076.htm Mon, 20 Oct 2014 16:44:55 +0000 http://www.insurancejournal.com/?p=344076 U.S. property/casualty insurers’ reserves will remain moderately redundant through the end of the year, Moody’s Investors Service has reported. “We expect moderately redundant reserves based on ongoing rate-firming, benign loss costs and enhanced underwriting standards,” said Moody’s Jasper Cooper, an …

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‘More Stringent’ Ebola Safety Guidelines In the Works; Travel Ban Debated http://www.insurancejournal.com/news/national/2014/10/20/344072.htm Mon, 20 Oct 2014 14:31:51 +0000 http://www.insurancejournal.com/?p=344072 The safety protocol used by healthcare workers to treat Ebola patients in Dallas wasn’t adequate because it didn’t require that all skin be covered, said Anthony Fauci, director of the U.S. National Institute of Allergy and Infectious Diseases. A Dallas …

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Marsh to Acquire Flood Insurance Technology Firm Torrent http://www.insurancejournal.com/news/national/2014/10/20/344070.htm Mon, 20 Oct 2014 14:25:48 +0000 http://www.insurancejournal.com/?p=344070 Insurance broker Marsh has agreed to acquire Torrent Technologies Inc., which serves Write Your Own (WYO) insurers participating in the National Flood Insurance Program (NFIP). Torrent’s approximately 100 employees will combine with Marsh’s existing flood insurance specialists and remain headquartered …

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Berkley FinSecure Forms Berkley Crime Unit http://www.insurancejournal.com/news/national/2014/10/20/343776.htm Mon, 20 Oct 2014 12:00:52 +0000 http://www.insurancejournal.com/?p=343776 Berkley FinSecure, a W .R. Berkley company based in Towson, Md., has launched Berkley Crime, an operating unit focused solely on offering  crime-related insurance products. The crime underwriting team of Berkley FinSecure, which was originally established in 2008 as part …

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AIG Ex-CEO Liddy Defends Closeness with Government During Bailout http://www.insurancejournal.com/news/national/2014/10/19/344050.htm Sun, 19 Oct 2014 23:20:35 +0000 http://www.insurancejournal.com/?p=344050 Former American International Group Inc. Chief Executive Officer Edward Liddy defended his decision to work closely with the government at the time of the company’s 2008 bailout, saying he hoped to win concessions on the harsh terms of an $85 …

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Large Agencies More Optimistic About Future Growth: Vertafore Study http://www.insurancejournal.com/news/national/2014/10/17/344021.htm Fri, 17 Oct 2014 17:09:41 +0000 http://www.insurancejournal.com/?p=344021 Optimism over the future growth potential of independent agencies ties closely to the size of the independent agency, with larger agencies feeling more optimistic about future growth than their smaller counterparts, according to a new industry study. Some 70 percent …

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Willis Launches Disease Response Center Hub for Ebola Preparedness http://www.insurancejournal.com/news/national/2014/10/17/343744.htm Fri, 17 Oct 2014 15:06:25 +0000 http://www.insurancejournal.com/?p=343744 Willis Group Holdings has launched a Disease Response Center microsite on its web page to help business clients prepare their workplaces against the threat of Ebola. The portal features content from a variety of official resources, including the Centers for …

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William Gallagher, Miller Insurance Offer Ebola Business Interruption Cover http://www.insurancejournal.com/news/national/2014/10/17/343864.htm Fri, 17 Oct 2014 14:47:02 +0000 http://www.insurancejournal.com/?p=343864 Retail insurance broker William Gallagher Associates of Boston and Miller Insurance Services, a London-based independent specialist insurance broker, have partnered to launch Pandemic Disease Business Interruption Insurance to respond to loss of income arising directly out of shutdowns of healthcare …

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Marsh Appoints Leimkuhler to Be Next CFO, Succeeding Malvasio http://www.insurancejournal.com/news/national/2014/10/17/343874.htm Fri, 17 Oct 2014 13:18:45 +0000 http://www.insurancejournal.com/?p=343874 Global insurance broker Marsh has appointed Courtney Leimkuhler to the role of chief financial officer, effective March 1, 2015. Leimkuhler will succeed CFO Paul Malvasio, who is retiring in March after a career in the insurance industry that spans more …

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Global Indemnity to Acquire American Reliable from Assurant Specialty http://www.insurancejournal.com/news/national/2014/10/17/343944.htm Fri, 17 Oct 2014 12:56:29 +0000 http://www.insurancejournal.com/?p=343944 Assurant Specialty Property, a business segment of Assurant Inc., has agreed to sell its general agency business and associated insurance carrier, American Reliable Insurance Co., to Global Indemnity Group Inc., the U.S. subsidiary of Dublin-based Global Indemnity, for approximately $114 …

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AIG Ex-CEO Liddy Testifies on Role in Bailout http://www.insurancejournal.com/news/national/2014/10/17/343924.htm Fri, 17 Oct 2014 10:37:09 +0000 http://www.insurancejournal.com/?p=343924 Former American International Group Inc. Chief Executive Officer Edward Liddy testified he chose not to buck government overseers who selected him to run the bailed- out insurer. Developing trust with regulators was for the “benefit of AIG,” he told the …

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States’ Efforts on Climate Change Adaptation: Half Full or Half Empty? http://www.insurancejournal.com/news/national/2014/10/16/343904.htm Fri, 17 Oct 2014 00:15:38 +0000 http://www.insurancejournal.com/?p=343904 Who hates that glass-half-full analogy? I’m guessing more than half of you, but let’s not let that stand in the way of using the clichéd-to-death philosophical quandary to illustrate a point being made by a new online tool that shows …

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Computer Model Predicts 2 Dozen Ebola Cases in U.S. This Month http://www.insurancejournal.com/news/national/2014/10/16/343800.htm Thu, 16 Oct 2014 11:26:38 +0000 http://www.insurancejournal.com/?p=343800 There could be as many as two dozen people in the U.S. infected with Ebola by the end of the month, according to researchers tracking the virus with a computer model. The actual number will probably be far smaller and …

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AIG Bailout Trial Probes Role of Ex-CEO Liddy http://www.insurancejournal.com/news/national/2014/10/16/343795.htm Thu, 16 Oct 2014 11:06:55 +0000 http://www.insurancejournal.com/?p=343795 Former American International Group Inc. Chief Executive Officer Edward Liddy will face a key question on the witness stand in a trial over claims shareholders were cheated of at least $25 billion in the insurer’s bailout: was he or the …

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Obamacare Mitigates Costs for Big Employers, Refuting Lobbyists’ Predictions http://www.insurancejournal.com/news/national/2014/10/16/343793.htm Thu, 16 Oct 2014 10:55:08 +0000 http://www.insurancejournal.com/?p=343793 Business groups said soon after Obamacare became law in 2010 that the sweeping healthcare overhaul would impose huge new costs on U.S. employers, leading to job losses. Three years later, with the Patient Protection and Affordable Care Act in effect, …

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AIG’s Barone Joins Beazley’s Fidelity and Crime Insurance Unit http://www.insurancejournal.com/news/national/2014/10/15/343647.htm Wed, 15 Oct 2014 14:50:12 +0000 http://www.insurancejournal.com/?p=343647 Beazley Plc hired Matt Barone from American International Group Inc., becoming the second insurer in a month to recruit from AIG to build groups that sell coverage protecting corporate clients against crimes. Barone joins the fidelity bond and crime team …

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XL Group Adds Kidnap, Ransom & Extortion to Yacht Insurance http://www.insurancejournal.com/news/national/2014/10/15/342809.htm Wed, 15 Oct 2014 13:00:54 +0000 http://www.insurancejournal.com/?p=342809 XL Group is adding a Kidnap, Ransom & Extortion Crisis (KRE) endorsement to its existing ShipShape and ShipShape Plus recreational marine insurance coverages, with limits up to $50 million. Under the new endorsement, yachts insured by ShipShape can choose liability …

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Weather Tracking Firm Receives Patent on Storm Warning Technology http://www.insurancejournal.com/news/national/2014/10/15/343555.htm Wed, 15 Oct 2014 12:57:26 +0000 http://www.insurancejournal.com/?p=343555 Earth Networks Inc., a Maryland company that provides weather-tracking services, has received a patent on a technology that can be used to track storm cells. Patent 8,836,518 covers a method that uses lightning-flash rates to track the cells. According to …

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Tropical Storm Ana Eyes Hawaii; Hurricane Gonzalo Threatens Bermuda http://www.insurancejournal.com/news/national/2014/10/15/343511.htm Wed, 15 Oct 2014 12:04:59 +0000 http://www.insurancejournal.com/?p=343511 Hurricane Gonzalo grew into a major storm that threatens Bermuda later this week, while half a world away Tropical Storm Ana may become the second system this year to sweep Hawaii’s Big Island. Gonzalo, with top winds of 115 miles …

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CDC Steps Up Ebola Risk Management, Names Expert Team for Hospitals http://www.insurancejournal.com/news/national/2014/10/15/343508.htm Wed, 15 Oct 2014 11:46:31 +0000 http://www.insurancejournal.com/?p=343508 A team of infection experts will be sent to any U.S. hospital with a confirmed Ebola case, according to the nation’s top disease control official, who said such a group could have prevented the infection of a Dallas nurse who …

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Progressive Profit Jumps 27% in Q3 on Improved Sales http://www.insurancejournal.com/news/national/2014/10/15/343419.htm Wed, 15 Oct 2014 11:00:59 +0000 http://www.insurancejournal.com/?p=343419 Progressive Corp., the fourth- largest U.S. car insurer, said profit rose 27 percent as margins improved for a second straight period. Third-quarter net income climbed to $296.1 million, or 50 cents a share, from $232.4 million, or 39 cents, a …

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White Mountains Buys Majority Stake in Internet Insurance Broker Tranzact http://www.insurancejournal.com/news/national/2014/10/14/343413.htm Tue, 14 Oct 2014 12:00:10 +0000 http://www.insurancejournal.com/?p=343413 White Mountains Insurance Group Ltd. purchased a majority stake in Tranzact for $178 million as the insurer renews its bet on policy sales through the Internet. White Mountains acquired 63 percent of Tranzact, which operates DirectHealth.com, the online insurance comparison …

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AIG Bailout Trial Shifts to Former AIG Executives, Other Regulators http://www.insurancejournal.com/news/national/2014/10/14/343411.htm Tue, 14 Oct 2014 11:47:12 +0000 http://www.insurancejournal.com/?p=343411 The trial over the American International Group Inc. bailout shifts this week from the architects of the 2008 rescue, who spent days testifying as to why they imposed the terms they did on the ailing insurer, to the executives who …

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Trinity Industries Facing Another Liability Trial Over Guardrails http://www.insurancejournal.com/news/national/2014/10/14/343332.htm Tue, 14 Oct 2014 11:30:43 +0000 http://www.insurancejournal.com/?p=343332 Trinity Industries Inc. is set to defend itself a second time at trial against $1 billion in claims that its highway guardrail systems lock up and puncture cars on impact — sometimes with fatal consequences. Joshua Harman, a self-described safety …

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Fed’s Lacker Calls for U.S. to Let Failed Financial Firms Unwind http://www.insurancejournal.com/news/national/2014/10/14/343340.htm Tue, 14 Oct 2014 10:00:48 +0000 http://www.insurancejournal.com/?p=343340 U.S. regulators need to complete a comprehensive bankruptcy program implementation to allow large financial institutions to unwind in the event they fail, rather than depend on government interventions, a top Fed official said on Oct. 10. Richmond Federal Reserve Bank …

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All Trans Risk, Fireman’s Fund Target Para-Transit Industry http://www.insurancejournal.com/news/national/2014/10/14/343135.htm Tue, 14 Oct 2014 10:00:04 +0000 http://www.insurancejournal.com/?p=343135 All Trans Risk Solutions and Fireman’s Fund Insurance Co. have launched AllParaPro, a specialty insurance product targeting the underserved non-emergency medical transportation company sector. In a statement, CEO Robert G. Lull for the Mahwah, N.J.-based All Trans noted that operators …

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Atlantic Hurricane Season Could Still Surprise http://www.insurancejournal.com/news/national/2014/10/12/343318.htm Mon, 13 Oct 2014 02:36:24 +0000 http://www.insurancejournal.com/?p=343318 The Atlantic hurricane season isn’t dead yet. As weather-watchers focus on Typhoon Vongfong in the Pacific and Cyclone Hudhud in the Bay of Bengal, a subtropical depression has formed south of Bermuda late last week, prompting a tropical storm watch …

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Keogh Named Advisen CEO, Succeeding Ruggieri http://www.insurancejournal.com/news/national/2014/10/12/343308.htm Mon, 13 Oct 2014 01:08:03 +0000 http://www.insurancejournal.com/?p=343308 Former Eqecat, Tiger Risk and RMS executive William Keogh has been named CEO of data and analytics company Advisen Ltd. The company said Keogh will start at Advisen on October 20, following the departure of former CEO and Advisen co-founder, …

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Bernanke Denies Bailout Terms Were Meant to Punish AIG http://www.insurancejournal.com/news/national/2014/10/12/343301.htm Mon, 13 Oct 2014 00:18:26 +0000 http://www.insurancejournal.com/?p=343301 Former Federal Reserve Chairman Ben Bernanke said he wasn’t looking to punish American International Group Inc. for mismanagement when the board of governors authorized an emergency loan to the distressed insurer at a steep interest rate and with a demand …

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Are States, Cities Equipped to Handle Ebola Emergencies? http://www.insurancejournal.com/news/national/2014/10/12/343299.htm Sun, 12 Oct 2014 23:49:57 +0000 http://www.insurancejournal.com/?p=343299 The missteps in Dallas’s handling of the first Ebola case diagnosed in the United States have revealed an uncomfortable reality: state and city plans for handling the deadly virus are based on generic recommendations for everything from measles to floods, …

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