Insurance Journal » National News http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Fri, 31 Oct 2014 03:50:53 +0000 en-US hourly 1 http://wordpress.org/?v=3.9.2 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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EEOC Challenges Employee Wellness Penalties in Suit Against Honeywell http://www.insurancejournal.com/news/national/2014/10/30/345438.htm Thu, 30 Oct 2014 14:19:44 +0000 http://www.insurancejournal.com/?p=345438 The U.S. Equal Employment Opportunity Commission has sued Honeywell International Inc. to stop the company from imposing penalties on employees who refuse to undergo testing under its corporate wellness program. The lawsuit is the third case since August filed by …

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Commercial Rocket Explosion Draws Attention to Space Industry Risk, Oversight http://www.insurancejournal.com/news/national/2014/10/30/345427.htm Thu, 30 Oct 2014 13:00:05 +0000 http://www.insurancejournal.com/?p=345427 A NASA advisory panel said earlier this year that inadequate funding jeopardized the safety of commercial space cargo shipments, such as the unmanned Orbital Sciences Corp. mission that exploded this week over Virginia. In its annual report released in January, …

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Supreme Court Considers Taking Obamacare Tax Credit Case http://www.insurancejournal.com/news/national/2014/10/30/345423.htm Thu, 30 Oct 2014 12:45:07 +0000 http://www.insurancejournal.com/?p=345423 The fate of President Barack Obama’s healthcare law is again in the hands of the U.S. Supreme Court. Two years after upholding the law by a single vote, the justices are weighing whether to hear a Republican-backed appeal that would …

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Chubb: No Operations or Employees in U.S. Blacklisted Countries http://www.insurancejournal.com/news/national/2014/10/30/345421.htm Thu, 30 Oct 2014 12:38:32 +0000 http://www.insurancejournal.com/?p=345421 Chubb Corp. has distanced itself from insurance adjusters in Sudan and Syria after a U.S. Securities and Exchange Commission inquiry into business in nations blacklisted by the U.S. because of terrorism ties. The third-party adjusters who examine marine claims are …

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MetLife to Continue Fight Against Systemic Risk Designation Next Week http://www.insurancejournal.com/news/national/2014/10/30/345418.htm Thu, 30 Oct 2014 12:24:18 +0000 http://www.insurancejournal.com/?p=345418 MetLife will plead against being branded a super-risky financial firm at a meeting next week with regulators, a company spokesman said, as the U.S. insurer tries to escape oversight by the Federal Reserve. The Financial Stability Oversight Council, a group …

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AIG Offers Loss Control for Corporate Aerospace Customers http://www.insurancejournal.com/news/national/2014/10/30/344127.htm Thu, 30 Oct 2014 12:15:24 +0000 http://www.insurancejournal.com/?p=344127 American International Group Inc. (AIG) has partnered with Wyvern Consulting, an aviation risk management and safety auditing firm, to launch AirGuard safety and loss control services designed to address safety and regulatory risks faced by corporate flight departments, commercial air …

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PCI Elects Erie’s Cavanaugh As Chair http://www.insurancejournal.com/news/national/2014/10/29/345374.htm Wed, 29 Oct 2014 19:06:13 +0000 http://www.insurancejournal.com/?p=345374 The Property Casualty Insurers Association of America (PCI) elected new officers to its board of governors during its annual meeting this week in Scottsdale. Terrence W. Cavanaugh, president and CEO of Erie Insurance Group, was elected as PCI’s chair; Jim …

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Space Station Supply Rocket That Exploded Insured for $50 Million http://www.insurancejournal.com/news/national/2014/10/29/345363.htm Wed, 29 Oct 2014 18:17:40 +0000 http://www.insurancejournal.com/?p=345363 Authorities on Wednesday started investigating what made an unmanned U.S. supply rocket explode in a fireball moments after lifting off from a launch pad in Virginia, destroying supplies and equipment bound for the International Space Station. The 14-story Antares rocket, …

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The Hartford Profit Up 32% in Q3 http://www.insurancejournal.com/news/national/2014/10/29/345193.htm Wed, 29 Oct 2014 13:44:22 +0000 http://www.insurancejournal.com/?p=345193 The Hartford reported third quarter 2014 net income totaled $388 million, up 32 percent from $293 million in third quarter 2013. The insurer said core earnings were $477 million for the three months ended Sept. 30, 2014, up 15 percent …

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Lloyd’s, Specialty Insurance Advisors Offer Ebola Coverage for First Responders http://www.insurancejournal.com/news/national/2014/10/29/344921.htm Wed, 29 Oct 2014 10:30:56 +0000 http://www.insurancejournal.com/?p=344921 Lloyd’s of London is offering Ebola coverage for first responders through its U.S. distributor, Specialty Insurance Advisors, as an added benefit to its pre-existing Needle Stick and Workplace Violence coverage. The cover will protect healthcare and law enforcement workers in …

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Marsh Previews Risk Management-Analytics Software http://www.insurancejournal.com/news/national/2014/10/29/344139.htm Wed, 29 Oct 2014 10:15:39 +0000 http://www.insurancejournal.com/?p=344139 STARS, a business unit of Marsh that provides risk, safety, and claims management software, analytics and services, previewed STARS | ONE, an alpha version of its next-generation risk management platform to 350 global customers and partners at its recent annual …

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Aon: Planning, Communications Will Keep Real Risk of Ebola in Perspective http://www.insurancejournal.com/news/national/2014/10/29/344788.htm Wed, 29 Oct 2014 10:00:33 +0000 http://www.insurancejournal.com/?p=344788 With concerns growing in the U.S. over Ebola exposure — New York City confirmed its first case of Ebola Thursday, Oct. 23 — an executive from Aon plc advised it’s important for businesses to engage in thoughtful planning and careful …

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Ex-CEO Benmosche Writing Book on Turnaround at AIG http://www.insurancejournal.com/news/national/2014/10/28/345058.htm Wed, 29 Oct 2014 02:58:21 +0000 http://www.insurancejournal.com/?p=345058 Robert Benmosche is working on a book about turning around American International Group Inc. Benmosche’s memoir focuses on the five years he led AIG and is slated to be published in late 2015 or early 2016 by St. Martin’s Press, …

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Obama Reportedly Searching for New Auto Safety Chief http://www.insurancejournal.com/news/national/2014/10/28/345056.htm Wed, 29 Oct 2014 02:37:39 +0000 http://www.insurancejournal.com/?p=345056 The acting chief of the NHTSA, the top U.S. automotive safety regulator, is unlikely to be nominated for the job and an active search is under way to fill the position, a source familiar with the matter said on Monday. …

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Biggest Obstacle to Cyber Insurance Sales Is Customer Education http://www.insurancejournal.com/news/national/2014/10/28/345044.htm Tue, 28 Oct 2014 21:31:03 +0000 http://www.insurancejournal.com/?p=345044 The biggest challenge in selling cyber insurance is educating businesses about the need for cyber coverage, according to a new survey. The survey of insurance professionals found that among carriers offering cyber insurance, 40 percent say businesses don’t think they …

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Judge Slashes $9 Billion Damages Award Against Drugmakers by 99% http://www.insurancejournal.com/news/national/2014/10/28/344955.htm Tue, 28 Oct 2014 13:23:38 +0000 http://www.insurancejournal.com/?p=344955 Takeda Pharmaceutical Co. and Eli Lilly & Co. won a more than a 99 percent cut in a $9 billion punitive damages award over claims the drugmakers hid the cancer risks of their Actos diabetes medicine. Jurors properly found officials …

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Lawsuits Commence Against Takata, Auto Makers Over Air Bags http://www.insurancejournal.com/news/national/2014/10/28/344951.htm Tue, 28 Oct 2014 13:18:05 +0000 http://www.insurancejournal.com/?p=344951 Takata Corp. and carmakers that install the company’s air bags were sued by U.S. drivers over claims they were duped into buying unsafe vehicles following the recall of almost 8 million cars from 10 automakers. Buyers or leasers of Honda …

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XL Expands Recreational Marine Business with 3 Programs http://www.insurancejournal.com/news/national/2014/10/28/344618.htm Tue, 28 Oct 2014 12:50:51 +0000 http://www.insurancejournal.com/?p=344618 XL Group has launched three tailored marine insurance programs to protect boaters, marinas and vessels, adding to its recreational marine insurance portfolio. The new recreational marine liability insurance coverages include: Boat Dealers Coverage Solutions: To provide property insurance coverage for …

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Assurant to Buy French Mobile Device Insurance Broker CWI http://www.insurancejournal.com/news/national/2014/10/28/344945.htm Tue, 28 Oct 2014 12:43:30 +0000 http://www.insurancejournal.com/?p=344945 Consumer electronic and household device insurer Assurant Inc. has made a binding offer to acquire CWI Group, a mobile insurance brokerage in France, for approximately €56 million ($71 million). The acquisition by Assurant Solutions would strengthen Assurant’s capabilities in mobile …

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Top 10 Market Conduct Issues for P/C Insurers http://www.insurancejournal.com/news/national/2014/10/28/344849.htm Tue, 28 Oct 2014 12:30:28 +0000 http://www.insurancejournal.com/?p=344849 A review of state insurance regulators’ examinations of U.S. property/casualty insurers shows that claims-handling, underwriting and producer requirements continue to be the top criticisms. According to compliance and risk management firm Wolters Kluwer Financial Services, the data compiled for its …

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Private Insurers Weigh Backing Veterans’ Mortgages http://www.insurancejournal.com/news/national/2014/10/28/344943.htm Tue, 28 Oct 2014 12:25:13 +0000 http://www.insurancejournal.com/?p=344943 Private insurers are considering a request by U.S. officials to guarantee mortgages for veterans — the fastest growing part of the market. The Department of Housing and Urban Development is urging mortgage insurers that rely on Fannie Mae and Freddie …

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Rule Addresses Lenders’ Flood Insurance Escrowing, Mandate Exemptions http://www.insurancejournal.com/news/national/2014/10/27/344831.htm Mon, 27 Oct 2014 13:45:13 +0000 http://www.insurancejournal.com/?p=344831 Five federal regulatory agencies are seeking comment on a proposed rule pertaining to loans secured by property located in special flood hazard areas. The rule, part of a broader proposal first offeerd last October, would implement provisions of the Homeowner …

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Government Prepares Defense in AIG Bailout Trial http://www.insurancejournal.com/news/national/2014/10/27/344807.htm Mon, 27 Oct 2014 12:02:51 +0000 http://www.insurancejournal.com/?p=344807 David Boies spent much of the past month interrogating the architects of the 2008 Wall Street bailout, making the case that the U.S. cheated American International Group Inc. shareholders of at least $25 billion partly for the benefit of an …

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Tougher State Malpractice Laws May Not Reduce Defensive Medicine http://www.insurancejournal.com/news/national/2014/10/27/344797.htm Mon, 27 Oct 2014 10:22:24 +0000 http://www.insurancejournal.com/?p=344797 Changing laws to make it more difficult to sue physicians for medical malpractice may not reduce the amount of “defensive medicine” practiced by physicians, according to a new study. Studying the behavior of emergency physicians in three states that raised …

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Technology Firms Having Success Against ‘Patent Trolls’ http://www.insurancejournal.com/news/national/2014/10/27/344795.htm Mon, 27 Oct 2014 10:20:33 +0000 http://www.insurancejournal.com/?p=344795 For two decades, companies that buy software patents to sue technology giants have been the scourge of Silicon Valley. Reviled as patent trolls, they have attacked everything from Google’s online ads to Apple’s iPhone features, sometimes winning hundreds of millions …

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12 Articles on Ebola Risk and Insurance http://www.insurancejournal.com/news/national/2014/10/24/344767.htm Fri, 24 Oct 2014 18:55:13 +0000 http://www.insurancejournal.com/?p=344767 1. Ebola ‘Tipping Point’ Could Come By Late January, Reports RMS Until the number of new daily cases declines rather than increases, the severity of the outbreak will continue to multiply. RMS said it does not expect this outbreak of …

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Various Insurance Lines Could Potentially Be Affected by Ebola http://www.insurancejournal.com/news/national/2014/10/24/344759.htm Fri, 24 Oct 2014 18:30:06 +0000 http://www.insurancejournal.com/?p=344759 As fears of an Ebola pandemic spread, many U.S. businesses are wondering if insurance will cover any complications that may arise. According to experts, the outbreak could potentially impact several insurance lines. According to Randy Nornes, executive vice president at …

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W.R. Berkley’s Q3 Net Income Rises 37% to $189M http://www.insurancejournal.com/news/national/2014/10/24/344739.htm Fri, 24 Oct 2014 16:59:07 +0000 http://www.insurancejournal.com/?p=344739 W.R. Berkley Corp. posted $188.54 million net income for its 2014 third quarter, a 37.7 percent increase from $136.97 million net income reported a year ago. The Greenwich, Connecticut-based insurer’s net premiums written for the third quarter were $1.525 billion, …

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XL North America P/C Names Nadeau As Chief Operating Officer http://www.insurancejournal.com/news/national/2014/10/24/344704.htm Fri, 24 Oct 2014 14:19:23 +0000 http://www.insurancejournal.com/?p=344704 XL Group’s North America Property & Casualty (NAPC) insurance business has promoted Donna Nadeau to the position of chief operating office, reporting to Joe Tocco, NAPC chief executive.  Nadeau previously served as NAPC’s chief actuary. Nadeau assumes the COO role …

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