Insurance Journal » National News http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Fri, 01 Aug 2014 10:59:50 +0000 en-US hourly 1 http://wordpress.org/?v=3.9.1 Cat Modeler’s Sharknado Model Follows Campy SyFy Sequel http://www.insurancejournal.com/news/national/2014/07/31/336363.htm Thu, 31 Jul 2014 18:38:17 +0000 http://www.insurancejournal.com/?p=336363 Editor’s note: Wednesday night’s premier of “Sharknado 2: The Second One” on the SyFy Channel followed last year’s corny flick, which lit up Twitter with praise and insults for its camp and B-grade acting. The product placement-laden, cameo-heavy sequel pitted …

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Shrout Joins IFG Cos. as Managing Director — Bind http://www.insurancejournal.com/news/national/2014/07/31/336338.htm Thu, 31 Jul 2014 16:48:57 +0000 http://www.insurancejournal.com/?p=336338 IFG Cos. has added Andrew M. Shrout as managing director for its bind insurance business. Shrout will be based in Chicago and Atlanta, and will be a member of the bind leadership team that establishes and implements the new strategy …

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Hartford’s Q2 Core Earnings Decline 38% to $144M; Net Loss Widens http://www.insurancejournal.com/news/national/2014/07/31/336302.htm Thu, 31 Jul 2014 15:33:09 +0000 http://www.insurancejournal.com/?p=336302 The Hartford Financial Services Group said Wednesday its 2014 second quarter net loss widened to $467 million, compared to a net loss of $190 million during last year’s second quarter. The results were hit by $617 million of loss on …

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SCI Underwriting Management Launches Four New Products for Aging Service Industry http://www.insurancejournal.com/news/national/2014/07/31/336307.htm Thu, 31 Jul 2014 15:01:36 +0000 http://www.insurancejournal.com/?p=336307 SCI Underwriting Management, LLC, a managing insurance agency with a focus on the aging service industry, has launched four new products for the segment: property (ultimate cover); nursing home auto coverage; crime coverage form PI-ULT-009; and nursing home cyber security …

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Chemcial Plants with Terrroism Risk ‘Effectively Unregulated,’ Says Senate Report http://www.insurancejournal.com/news/national/2014/07/31/336303.htm Thu, 31 Jul 2014 14:52:22 +0000 http://www.insurancejournal.com/?p=336303 The government has failed to inspect virtually all of the chemical facilities that it considers to be at a higher risk for a terror attack and has underestimated the threat to densely populated cities, congressional investigators say. The year-long investigation …

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Allstate Q2 Profit Up 49% http://www.insurancejournal.com/news/national/2014/07/31/336237.htm Thu, 31 Jul 2014 13:30:02 +0000 http://www.insurancejournal.com/?p=336237 Allstate Corp. reported its second quarter profit rose 49 percent due to higher premiums and despite higher catastrophe losses. Net income rose to $645 million, up from $434 million for the same quarter last year. Property/casualty premiums were up for …

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NLRB’s McDonald’s Ruling Raising Liability Concerns for Franchise Operators http://www.insurancejournal.com/news/national/2014/07/31/336235.htm Thu, 31 Jul 2014 12:48:09 +0000 http://www.insurancejournal.com/?p=336235 Under Democratic President Barack Obama, the U.S. National Labor Relations Board has been taking a stance on workplace relations that has employers, industry groups and Republican lawmakers voicing alarm. NLRB General Counsel Richard Griffin announced on Tuesday that McDonald’s, not …

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The Hartford Fires Executive After Comment on Herbalife http://www.insurancejournal.com/news/national/2014/07/31/336230.htm Thu, 31 Jul 2014 10:43:40 +0000 http://www.insurancejournal.com/?p=336230 Hartford Financial Services Group Inc. fired an executive after he made comments critical of Herbalife Ltd. to the media. William Kelly, who was a vice president in the directors and officers division at the Hartford, Connecticut-based insurer, was terminated last …

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House Votes to Proceed with Lawsuit Against Obama http://www.insurancejournal.com/news/national/2014/07/31/336228.htm Thu, 31 Jul 2014 10:37:10 +0000 http://www.insurancejournal.com/?p=336228 The Republican-led U.S. House of Representatives voted to sue President Barack Obama’s administration over implementation of his 2010 health-care law. With a near-party-line vote of 225-201, lawmakers endorsed Speaker John Boehner’s plan to file a lawsuit contending the president couldn’t …

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Insurers, Hospitals Enjoying Benefits of Obamacare http://www.insurancejournal.com/news/national/2014/07/31/336134.htm Thu, 31 Jul 2014 09:30:13 +0000 http://www.insurancejournal.com/?p=336134 Even as Obamacare continues to be attacked by foes and challenged in court, hospital chains and insurers are making more money, more patients using emergency rooms are paying for their care, and the country as a whole is enjoying slower …

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Combined Group Launches Admitted Drycleaner Insurance Program http://www.insurancejournal.com/news/national/2014/07/30/336191.htm Wed, 30 Jul 2014 16:41:26 +0000 http://www.insurancejournal.com/?p=336191 Combined Group, a wholesaler of commercial insurance based in Dallas, has released a new exclusive insurance program available for drycleaners, drycleaner plants, drycleaner receiving stations, commercial launderers, linen suppliers, uniform rental firms, coin-operated laundromats, self-service laundromats & washaterias. Combined Group’s …

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Last Chance to Participate: Take the Market & Financial Survey Now http://www.insurancejournal.com/news/national/2014/07/30/336187.htm Wed, 30 Jul 2014 16:37:11 +0000 http://www.insurancejournal.com/?p=336187 How are agencies targeting new business today? Will historical growth rates be sustainable? And just how much do agencies need to reinvest to achieve desired growth and enable perpetuation? These are some of the questions that a new industry survey …

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Inaction on Climate Change Costs Economy: White House http://www.insurancejournal.com/news/national/2014/07/30/336130.htm Wed, 30 Jul 2014 13:13:26 +0000 http://www.insurancejournal.com/?p=336130 As the Obama administration defends its efforts to curb carbon emissions this week, it’s taking a new tack: arguing that it is smart economic planning. A new White House report says the cost of fighting climate change will increase 40 …

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Most Electric and Small Cars Come Up Short in IIHS Safety Ratings http://www.insurancejournal.com/news/national/2014/07/30/336126.htm Wed, 30 Jul 2014 12:38:01 +0000 http://www.insurancejournal.com/?p=336126 The Mini Cooper Countryman is the only small car to earn a good rating among the latest group of 12 cars subjected to the insurance industry’s small overlap front crash test. Two electric models and a hybrid also are in …

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AIG Ex-CEO Greenberg Faces January Trial in Loss Reserving Lawsuit http://www.insurancejournal.com/news/national/2014/07/30/336124.htm Wed, 30 Jul 2014 12:15:07 +0000 http://www.insurancejournal.com/?p=336124 Maurice “Hank” Greenberg, the former chairman of American International Group Inc., will go on trial in January after more than nine years of legal jousting over former New York Attorney General Eliot Spitzer’s lawsuit accusing him of fraud. The state …

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Fireman’s Fund Names Low National Practice Leader for Admitted Excess http://www.insurancejournal.com/news/national/2014/07/29/336044.htm Tue, 29 Jul 2014 16:20:18 +0000 http://www.insurancejournal.com/?p=336044 Fireman’s Fund Insurance Co. has named Mike Low as national practice leader in field underwriting for admitted excess for commercial lines. Low will direct agency relationships and ensure customer service in the admitted excess space. Low comes to Fireman’s Fund …

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Energi, HDI-Gerling America Extend Partnership for the U.S. Energy Industry http://www.insurancejournal.com/news/national/2014/07/29/336033.htm Tue, 29 Jul 2014 15:11:35 +0000 http://www.insurancejournal.com/?p=336033 Energi and HDI-Gerling America have entered into a multi-year agreement to extend their risk management and insurance programs to certain segments of the United States downstream, midstream and upstream energy markets. Energi provides distribution management, underwriting, policyholder services and loss control/engineering, while HDI-Gerling …

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Marsh Revenue Grew 7% in Q2 http://www.insurancejournal.com/news/national/2014/07/29/336030.htm Tue, 29 Jul 2014 14:58:12 +0000 http://www.insurancejournal.com/?p=336030 Marsh & McLennan Companies Inc., the global insurance and professional services provider, reported revenue growth of 7 percent in the second quarter. “This was our strongest quarterly revenue performance in two years, with all operating companies contributing,” said President and …

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NCAA Offers $70 Million to Settle Sports Concussion Suits http://www.insurancejournal.com/news/national/2014/07/29/336024.htm Tue, 29 Jul 2014 14:36:06 +0000 http://www.insurancejournal.com/?p=336024 The National Collegiate Athletic Association would provide $70 million for concussion testing and diagnosis of current and former NCAA athletes as a part of an agreement to settle claims in several head-injury-related lawsuits. The settlement, which also includes educational initiatives …

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Viewpoint: Systemically Risky Insurers Merit More Oversight But Not Bank Rules http://www.insurancejournal.com/news/national/2014/07/29/335797.htm Tue, 29 Jul 2014 13:47:02 +0000 http://www.insurancejournal.com/?p=335797 Could Warren Buffett’s Berkshire Hathaway Inc. threaten the stability of the financial system? The U.S.’s top regulators are asking themselves this question as they consider whether Berkshire and other large insurers should come under Federal Reserve oversight. The answer is …

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Total Cost of Risk for Businesses Rose 2% in 2013: RIMS http://www.insurancejournal.com/news/national/2014/07/29/336007.htm Tue, 29 Jul 2014 13:38:41 +0000 http://www.insurancejournal.com/?p=336007 The average total cost of risk (TCOR) for businesses rose two percent from $10.70 per $1,000 of revenue in 2012 to $10.90 per $1,000 of revenue in 2013. It is the third year in a row the cost trend has …

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Obesity Linked to Increased Fatigue in the Workplace http://www.insurancejournal.com/news/national/2014/07/29/335998.htm Tue, 29 Jul 2014 12:20:50 +0000 http://www.insurancejournal.com/?p=335998 U.S. workplaces may need to consider innovative methods to prevent fatigue from developing in employees who are obese. Based on results from a study published in the Journal of Occupational and Environmental Hygiene (JOEH), workers who are obese may have …

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Independent Agents Drawn to Tablet Applications: Channel Harvest http://www.insurancejournal.com/news/national/2014/07/29/335957.htm Tue, 29 Jul 2014 10:30:21 +0000 http://www.insurancejournal.com/?p=335957 Many independent insurance agents say that tablet devices are going to be more important in the next couple of years — particularly for sales presentations and accessing carrier-based training. This is among the many findings in a new national survey …

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Berkshire Specialty Enters Fiduciary Liability Segment, Hires Prussack as VP http://www.insurancejournal.com/news/national/2014/07/28/335964.htm Mon, 28 Jul 2014 16:49:06 +0000 http://www.insurancejournal.com/?p=335964 Berkshire Hathaway Specialty Insurance (BHSI) has entered the fiduciary liability market and named Rhonda Prussack as vice president, Fiduciary Liability, to lead the effort. According to Dan Fortin, senior vice president, Executive and Professional Lines, BHSI, Prussack will work with …

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PIA National Names Webb to Counsel, Regulatory Affairs Post http://www.insurancejournal.com/news/national/2014/07/28/335907.htm Mon, 28 Jul 2014 15:40:45 +0000 http://www.insurancejournal.com/?p=335907 The National Association of Professional Insurance Agents (PIA) has named attorney Jennifer M. Webb as counsel  and director of regulatory affairs. Webb is the former director of legislative affairs for Nolan Associates, where she managed legislative relations for the National …

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Primary-Enforced Texting Laws Save Drivers’ Lives: University Research http://www.insurancejournal.com/news/national/2014/07/28/335909.htm Mon, 28 Jul 2014 14:52:18 +0000 http://www.insurancejournal.com/?p=335909 New research appears to confirm that laws against texting while driving do reduce traffic fatalities if they are primary enforcement laws. Primary texting bans are associated with a three percent reduction in traffic fatalities among all age groups, which is …

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Arthur J. Gallagher Names Jain Chief Service Officer http://www.insurancejournal.com/news/national/2014/07/28/335905.htm Mon, 28 Jul 2014 13:36:13 +0000 http://www.insurancejournal.com/?p=335905 Illinois-based global insurance broker Arthur J. Gallagher & Co. reported that Vishal Jain, who currently oversees the company’s service center operations, has been appointed chief service officer. In this new role, Jain will lead Gallagher’s will lead customer service efforts while improving operational …

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Wal-Mart Must Share Documents on Mexico Bribery Probe: Court http://www.insurancejournal.com/news/national/2014/07/28/335903.htm Mon, 28 Jul 2014 13:31:29 +0000 http://www.insurancejournal.com/?p=335903 The Delaware Supreme Court affirmed last Wednesday a lower court ruling that ordered Wal-Mart Stores Inc. to provide a shareholder with documents related to the company’s internal probe of allegations the retailer had paid bribes in Mexico. Wal-Mart had appealed …

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Hackers Pose High Terror Threat to U.S., Says 9/11 Panel http://www.insurancejournal.com/news/national/2014/07/28/335900.htm Mon, 28 Jul 2014 13:24:19 +0000 http://www.insurancejournal.com/?p=335900 The terrorist threat against the U.S. remains dangerous 10 years after the 9/11 Commission issued its first report — only now the risk is greater online. In a report issued last week, panel members who studied the 2001 attacks urged …

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With Premium Refunds in Process, Washington Criticism of Flood Insurance Ebbs http://www.insurancejournal.com/news/national/2014/07/28/335810.htm Mon, 28 Jul 2014 09:15:47 +0000 http://www.insurancejournal.com/?p=335810 Insurance agent, insurance carrier and real estate lobbyists praised federal regulators in charge of the National Flood Insurance Program (NFIP) last week on Capitol Hill, agreeing that the process of issuing flood insurance premium refunds and restoring premium subsidies is …

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