Insurance Journal » National News http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Thu, 23 Oct 2014 10:50:32 +0000 en-US hourly 1 http://wordpress.org/?v=3.9.2 Chairman of Key House Committee for Insurers Could Face Challenge http://www.insurancejournal.com/news/national/2014/10/23/344526.htm Thu, 23 Oct 2014 10:50:32 +0000 http://www.insurancejournal.com/?p=344526 House Financial Services Committee Chairman Jeb Hensarling is facing a long-shot challenge to his chairmanship from an Oklahoma Republican. Representative Frank Lucas announced he is considering opposing Hensarling for the panel’s gavel. Hensarling, a Texas Republican, under his party’s rules …

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Climate Change Report Slams Insurers for ‘Profound Lack of Preparedness’ http://www.insurancejournal.com/news/national/2014/10/22/344497.htm Thu, 23 Oct 2014 00:06:16 +0000 http://www.insurancejournal.com/?p=344497 A report on the insurance industry released Wednesday shows “a profound lack of preparedness in addressing climate-related risks and opportunities.” Insurance industry representatives immediately criticized the report as a negative take on the industry’s ability to adapt and not reflective of …

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ACE’s Greenberg Says TRIA Inaction ‘Shameful’; Defends Ebola Underwriting http://www.insurancejournal.com/news/national/2014/10/22/344403.htm Wed, 22 Oct 2014 14:18:58 +0000 http://www.insurancejournal.com/?p=344403 The failure of Congress to renew federal terrorism reinsurance legislation is “shameful” because both political parties know it needs to be done and their differences are minor, an insurance executive said today. Evan G. Greenberg, chairman and CEO of ACE …

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Average Claims Experience Not Enough to Retain Customers: Accenture http://www.insurancejournal.com/news/national/2014/10/22/344388.htm Wed, 22 Oct 2014 13:29:36 +0000 http://www.insurancejournal.com/?p=344388 Although a large majority (86 percent) of home and auto insurance customers who have submitted a claim in the past two years are satisfied with how it was handled, 41 percent of those who have submitted a claim are still …

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Kentucky OxyContin Case Against Purdue Pharma Leads Fight Over Opioid Abuse http://www.insurancejournal.com/news/national/2014/10/22/344370.htm Wed, 22 Oct 2014 13:01:31 +0000 http://www.insurancejournal.com/?p=344370 No one rises as Circuit Judge Steven Combs enters his courtroom in Pikeville, Kentucky. Combs wears a white shirt and yellow tie, no robe. Lawyers approach the bench as their cases are called, shake the judge’s hand and exchange small …

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Western World CEO Mulligan to Retire; COO Livingston to Succeed http://www.insurancejournal.com/news/national/2014/10/22/344378.htm Wed, 22 Oct 2014 12:37:31 +0000 http://www.insurancejournal.com/?p=344378 Thomas F. Mulligan, president and chief executive officer, of Western World Insurance Group announced that he is retiring effective Jan. 1, 2015, after 33 years of continuous service. While Mulligan will continue to participate on the Western World board of …

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Guardrail Maker Trinity Faces Oct. 31 Deadline for Safety Plan http://www.insurancejournal.com/news/national/2014/10/22/344372.htm Wed, 22 Oct 2014 11:54:59 +0000 http://www.insurancejournal.com/?p=344372 The U.S. said Trinity Industries Inc. must provide a crash-test plan by Oct. 31 following a verdict yesterday that the guardrail system maker duped the government by hiding changes to its product. A Texas jury found yesterday that Trinity had …

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Starr Launches Cyber Security & Privacy Risk Response on a Primary Basis http://www.insurancejournal.com/news/national/2014/10/22/344312.htm Wed, 22 Oct 2014 10:05:44 +0000 http://www.insurancejournal.com/?p=344312 Starr Companies has launched Security & Privacy Risk Response, a cyber insurance offering that contains coverage for both first- and third-party costs. It is available on a primary basis and supplements Starr’s existing excess cyber insurance capabilities. The product covers …

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IICF’s Early Literacy Campaign with Sesame Workshop Inspires Parents, Industry http://www.insurancejournal.com/news/national/2014/10/22/344126.htm Wed, 22 Oct 2014 10:00:38 +0000 http://www.insurancejournal.com/?p=344126 It’s been about a year since Elmo and Cookie Monster became part of an industry-wide effort by the Insurance Industry Charitable Foundation (IICF) to promote early literacy, and it isn’t just the kids who have shown their love for the …

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Travelers’ Profit Up 6% for Q3 on Investment Income, Lower Cat Losses http://www.insurancejournal.com/news/national/2014/10/21/344257.htm Tue, 21 Oct 2014 16:16:46 +0000 http://www.insurancejournal.com/?p=344257 The Travelers Companies Inc. today reported net income of $919 million for the quarter ended Sept. 30, 2014, up more than six percent compared to net income of $864 million in the prior year quarter. Operating income in the current …

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CPCU Society Elects Leadership Council Members http://www.insurancejournal.com/news/national/2014/10/21/344247.htm Tue, 21 Oct 2014 15:26:34 +0000 http://www.insurancejournal.com/?p=344247 The CPCU Society elected Leadership Council members for 2014–15 at its annual meeting recently in Anaheim, California. The CPCU (Chartered Property Casualty Underwriter) Society provides resources, educational programs and leadership opportunities for its 23,000 members in the property/casualty insurance industry. …

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Update on Ebola in U.S.: New CDC Protocols, Rapid Response Team, Czar http://www.insurancejournal.com/news/national/2014/10/21/344233.htm Tue, 21 Oct 2014 14:47:13 +0000 http://www.insurancejournal.com/?p=344233 The United States issued stringent new protocols on Monday for health workers treating Ebola victims, directing medical teams to wear protective gear that leaves no skin or hair exposed to prevent medical workers from becoming infected. The new guidelines from …

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SterlingRisk Insurance Launches Aircraft Business Income Cover http://www.insurancejournal.com/news/national/2014/10/21/343753.htm Tue, 21 Oct 2014 13:00:02 +0000 http://www.insurancejournal.com/?p=343753 SterlingRisk Insurance, a privately-owned brokerage based in Woodbury, N.Y., has launched aircraft business income coverage designed for both the aircraft owner and operator to protect their expected charter revenue from loss due to unscheduled maintenance and cancelled flights. The product …

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Jury Finds Guardrail Maker Trinity Cheated Government; Liability Could Top $1 Billion http://www.insurancejournal.com/news/national/2014/10/21/344213.htm Tue, 21 Oct 2014 12:56:29 +0000 http://www.insurancejournal.com/?p=344213 Trinity Industries Inc. faces a potential liability of $1 billion after a jury found the company defrauded the U.S. by deliberately withholding information about cost-saving changes to its highway guardrail system that potentially made it more dangerous. Jurors in Marshall, …

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Air Bag Recalls Renew Doubts About Carmakers’ Responses to Defects http://www.insurancejournal.com/news/national/2014/10/21/344202.htm Tue, 21 Oct 2014 12:25:59 +0000 http://www.insurancejournal.com/?p=344202 A deepening crisis involving deadly air bags is shaking confidence in the ability of automakers including Toyota Motor Corp. and Honda Motor Co. to ensure the safety of millions of U.S. drivers. Toyota is advising U.S. owners to keep passengers …

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EEOC Investigating Mandatory Retirement Age for Law Firm Partners http://www.insurancejournal.com/news/national/2014/10/21/344200.htm Tue, 21 Oct 2014 12:17:00 +0000 http://www.insurancejournal.com/?p=344200 The Equal Employment Opportunity Commission is investigating whether mandatory retirement provisions at Deloitte LLP violate federal employment law. The American Institute of Certified Public Accountants, the trade association for the profession, entered the fray yesterday, essentially urging the EEOC to …

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Aon Activates Ebola Response Task Force, Launches Ebola Response Room http://www.insurancejournal.com/news/national/2014/10/21/344150.htm Tue, 21 Oct 2014 12:07:14 +0000 http://www.insurancejournal.com/?p=344150 Aon plc has activated the Aon Ebola Response Task Force, a team comprised of risk and health professionals worldwide, to monitor the current Ebola outbreak and provide guidance to clients directly and through its newly created Aon Ebola Response Room. …

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10 Insurance Myths (Men Are More Likely Than Women to Believe 8 of Them) http://www.insurancejournal.com/news/national/2014/10/21/344167.htm Tue, 21 Oct 2014 10:40:59 +0000 http://www.insurancejournal.com/?p=344167 Men may be more gullible when it comes to insurance myths than women but even women think a number of popular myths about insurance are true, according to a survey by online insurance seller insure.com. Insure.com said it recently surveyed …

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Vlocity Debuts Salesforce Cloud App for Insurance Industry http://www.insurancejournal.com/news/national/2014/10/21/343773.htm Tue, 21 Oct 2014 09:00:50 +0000 http://www.insurancejournal.com/?p=343773 San Francisco-based cloud software firm Vlocity has launched an app designed for the  insurance industry. The new Vlocity industry app allows large enterprise and medium-size businesses to connect with their customers, partners and employees in a manner consistent with the …

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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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