Insurance Journal » National News http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Fri, 03 Jul 2015 15:21:50 +0000 en-US hourly 1 http://wordpress.org/?v=4.2.2 Spate of Climate Change Reports Ahead of Global Summit http://www.insurancejournal.com/news/national/2015/07/02/374073.htm Thu, 02 Jul 2015 22:50:42 +0000 http://www.insurancejournal.com/?p=374073 Ahead of December’s big and much-talked about United Nations Climate Change Conference, COP21 or CMP11, it seems there’s been an information ramp up of sorts. I’m not just talking about Pope Francis’ crusade to call attention to climate change – he most recently said …

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SkiSafe Expands Sailboat Coverage to Live Aboard Vessels http://www.insurancejournal.com/news/national/2015/07/02/374042.htm Thu, 02 Jul 2015 16:54:17 +0000 http://www.insurancejournal.com/?p=374042 SkiSafe insurance has broadened its underwriting guidelines for its Sailboat Insurance program to provide coverage for sailboat risks with live aboard exposures.  In addition to the clientele of sailors already utilizing the SkiSafe program for protection against vessel damage, liability …

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BP to Pay $18.7B Over 18 Years to Settle Spill Claims with 5 States, U.S. http://www.insurancejournal.com/news/national/2015/07/02/373966.htm Thu, 02 Jul 2015 12:32:57 +0000 http://www.insurancejournal.com/?p=373966 BP Plc has agreed to a preliminary deal in which it will pay a record $18.7 billion to settle claims by five Gulf states and the U.S. government for the 2010 Deepwater Horizon oil spill, the worst oil spill in …

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DuPont Transfers Pollution Liabilities for 171 Sites to New Company Chemours http://www.insurancejournal.com/news/national/2015/07/02/373961.htm Thu, 02 Jul 2015 10:37:50 +0000 http://www.insurancejournal.com/?p=373961 When DuPont Co. announced plans to spin off its major chemical operations in October 2013, it said the move would create a cash-generating dynamo with the leading market share in most of its businesses. The spinoff would let DuPont focus …

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If Terminated After ACE Takeover, Chubb CEO Finnegan Due $93M http://www.insurancejournal.com/news/national/2015/07/01/373930.htm Wed, 01 Jul 2015 23:14:55 +0000 http://www.insurancejournal.com/?p=373930 Chubb Corp. Chief Executive Officer John Finnegan could walk away with at least $92.7 million if he’s terminated after ACE Ltd. acquires the company. Finnegan, who’s run the insurer since late 2002, would be eligible to receive $20.5 million in …

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Big ACE-Chubb Deal Triggers ‘Feverish’ Merger Speculation http://www.insurancejournal.com/news/national/2015/07/01/373928.htm Wed, 01 Jul 2015 23:02:44 +0000 http://www.insurancejournal.com/?p=373928 Evan Greenberg just took dealmaking to the next level. The chief executive officer of property/casualty insurer ACE Ltd. on Wednesday announced a $28 billion deal for rival Chubb Corp. It’s the biggest acquisition in the industry since the 2008 government …

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New Empire Group Expands Program for Property Managers http://www.insurancejournal.com/news/national/2015/07/01/373718.htm Wed, 01 Jul 2015 16:58:05 +0000 http://www.insurancejournal.com/?p=373718 New Empire Group has expanded its property managers’ portfolio to include coverage for real estate agents & brokers, real estate consulting, construction management, asset management, property preservation, escrow agents, bookkeepers and more. New Empire Group’s professional liability program for property …

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Congress Could Get Pacific Trade Pact by Year-End http://www.insurancejournal.com/news/national/2015/07/01/373683.htm Wed, 01 Jul 2015 15:52:42 +0000 http://www.insurancejournal.com/?p=373683 U.S. Trade Representative Michael Froman said he hopes to wrap up a trade deal with 11 other Pacific Rim nations soon and send it to the U.S. Congress for approval before the end of the year. Lawmakers last week granted …

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Affordable Care Act Attracting Younger, Healthier Insureds http://www.insurancejournal.com/news/national/2015/07/01/373672.htm Wed, 01 Jul 2015 15:25:50 +0000 http://www.insurancejournal.com/?p=373672 Obamacare is attracting younger and healthier people to its coverage plans this year, according to research by Express Scripts Holding Co., a trend that could help balance and sustain the law’s insurance markets. According to the report, which looked at …

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Many Ignition Switch Claimants Excluded from GM Compensation Fund http://www.insurancejournal.com/news/national/2015/07/01/373668.htm Wed, 01 Jul 2015 15:14:55 +0000 http://www.insurancejournal.com/?p=373668 Ben Pillars always wondered why his wife crashed her Pontiac Grand Am in 2005, sending her into a coma from which she never recovered. Then last year, General Motors Co. recalled the car for a faulty ignition switch and Pillars …

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ACE to Acquire Chubb in $28.3 Billion Deal http://www.insurancejournal.com/news/national/2015/07/01/373637.htm Wed, 01 Jul 2015 12:16:54 +0000 http://www.insurancejournal.com/?p=373637 In a major transaction, ACE Limited has agreed to acquire The Chubb Corp. for $28.3 billion in cash and stock. The two firms said the combined company will have complementary businesses, skills and distribution and greater growth and earnings than …

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Dovetail Insurance Expands MetLife BOP Product to Five More States http://www.insurancejournal.com/news/national/2015/06/30/373512.htm Tue, 30 Jun 2015 16:48:49 +0000 http://www.insurancejournal.com/?p=373512 Dovetail Insurance has expanded its MetLife Auto & Home Business Owners Policy (BOP) offering to five additional states through its NetBOP Insurance Portal. The MetLife Auto & Home BOP coverage was recently launched in Colorado, Nebraska and New Mexico, and …

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ACE Introduces Online System for Quoting Boats http://www.insurancejournal.com/news/national/2015/06/30/373503.htm Tue, 30 Jun 2015 16:36:07 +0000 http://www.insurancejournal.com/?p=373503 ACE Group has launched a new online tool, ACE EZQuote, that allows independent agents and brokers to generate a bindable quote for boats in less than four minutes. Available through its ACE Recreational Marine Insurance business, ACE EZQuote works for …

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Loyalty to Insurer Doesn’t Always Pay Off for Drivers http://www.insurancejournal.com/news/national/2015/06/30/373444.htm Tue, 30 Jun 2015 13:41:16 +0000 http://www.insurancejournal.com/?p=373444 When Jonathan G. Stein became unhappy with his long-time car insurance carrier earlier this year, the 41-year-old lawyer from Elk Grove, California switched to a new company. How was he rewarded for his disloyalty after nine years? With savings of …

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MetLife Seeks Documents from Systemic Risk Panel http://www.insurancejournal.com/news/national/2015/06/30/373440.htm Tue, 30 Jun 2015 13:00:49 +0000 http://www.insurancejournal.com/?p=373440 MetLife asked a federal judge on Monday to force the U.S. government to hand over 500 pages of confidential records that relate to financial regulators’ decision to designate the insurance giant as systemically important. In a filing in U.S. District …

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GM Directors Off the Hook; Court Nixes Investors’ Lawsuit Over Ignition Switch http://www.insurancejournal.com/news/national/2015/06/30/373438.htm Tue, 30 Jun 2015 12:49:58 +0000 http://www.insurancejournal.com/?p=373438 General Motors Co. directors don’t have to face investors’ allegations that lax supervision allowed the company to make cars with faulty ignition systems blamed for more than 100 people their lives. GM’s board had adequate risk-assessment systems in place even …

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SpaceX Cargo Loss is Government’s, but Rocket Costs and Backlog Uncertain http://www.insurancejournal.com/news/national/2015/06/29/373387.htm Mon, 29 Jun 2015 23:58:36 +0000 http://www.insurancejournal.com/?p=373387 SpaceX’s Falcon 9 rocket en route to the International Space Station erupted in flames on Sunday moments after its launch, delivering a potential business interruption blow to the so-far highly successful private space company. The craft was about 21 miles …

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Supreme Court Rejects BP, Anadarko Appeal of Gulf Spill Fines http://www.insurancejournal.com/news/national/2015/06/29/373294.htm Mon, 29 Jun 2015 14:09:18 +0000 http://www.insurancejournal.com/?p=373294 The U.S. Supreme Court on Monday rejected bids by BP Plc and Anadarko Petroleum Corp. to avoid penalties under federal pollution law in connection with the 2010 Gulf of Mexico oil spill. The high court left in place a June …

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Updated AIR Hurricane Model for U.S. Features Storm Surge Module http://www.insurancejournal.com/news/national/2015/06/29/373284.htm Mon, 29 Jun 2015 13:07:15 +0000 http://www.insurancejournal.com/?p=373284 Catastrophe risk modeling firm AIR Worldwide has updated its hurricane model for the U.S. to help insurers and reinsurers better understand and quantify the risk from hurricanes. The update features a hydrodynamic storm surge module that integrates storm parameters with …

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How Terrorism Reinsurance Law Uncertainty Affected Market http://www.insurancejournal.com/news/national/2015/06/29/373282.htm Mon, 29 Jun 2015 12:23:16 +0000 http://www.insurancejournal.com/?p=373282 After a slight dip in the wake of the brief lapse of the U.S. federal terrorism reinsurance program in early 2015, terrorism insurance market conditions are steady again, although there have been some noteworthy changes in behavior, insurance broker Marsh …

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Google Offering Railroad Crossings Alerts for Drivers http://www.insurancejournal.com/news/national/2015/06/29/373280.htm Mon, 29 Jun 2015 11:50:50 +0000 http://www.insurancejournal.com/?p=373280 Google will add audio and visual alerts to warn drivers about upcoming railroad crossings on Google’s navigation system, the U.S. Federal Railroad Administration announced on Monday. The agency also asked four other companies – Apple, Garmin, Tom Tom and AOL’s …

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Congress Leaves Export-Import Bank Facing Lending, Insurance Lapse http://www.insurancejournal.com/news/national/2015/06/29/373278.htm Mon, 29 Jun 2015 11:44:26 +0000 http://www.insurancejournal.com/?p=373278 The U.S. Export-Import Bank faced an imminent shutdown of its new lending and insurance activities as lawmakers left Washington on Thursday for an 11-day break without renewing the trade lender’s charter. Ex-Im’s authority to make new loans or write new …

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XL Catlin Expands Data Breach Response Specialists Network http://www.insurancejournal.com/news/national/2015/06/29/373267.htm Mon, 29 Jun 2015 05:41:59 +0000 http://www.insurancejournal.com/?p=373267 XL Catlin’s Cyber & Technology insurance business in North America is adding additional computer forensic and legal resources to its network of breach response specialists to help clients respond to breach incidents. XL Catlin’s newest breach response partners include Mandiant, …

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Study: Social Posts Provide Clues to Millennials’ Attitudes http://www.insurancejournal.com/news/national/2015/06/26/373251.htm Fri, 26 Jun 2015 23:32:55 +0000 http://www.insurancejournal.com/?p=373251 A study of social media posts of millennials — those aged 20 to 35 — found that when this group shares financial concerns online their anxiety decreases significantly even when a purchase or transaction is a completely new experience. To conduct the …

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Marriage Right Doesn’t Protect Gays in Employment, Commerce or Housing http://www.insurancejournal.com/news/national/2015/06/26/373217.htm Fri, 26 Jun 2015 16:16:54 +0000 http://www.insurancejournal.com/?p=373217 The U.S. Supreme Court may have written the most consequential words in the history of gay rights with its recognition of same-sex marriage. But those words won’t be the last. While same-sex marriage was already legal in most of the …

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Ironshore Launches Security Endorsement for High Net Worth Insureds http://www.insurancejournal.com/news/national/2015/06/26/373211.htm Fri, 26 Jun 2015 15:59:00 +0000 http://www.insurancejournal.com/?p=373211 Ironshore Personal Lines is introducing a Home and Family Security Endorsement to its High Value Homeowner Program to broaden coverage for losses arising from random attacks or situations impacting high net worth families.  Designed to meet the needs of high …

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How Supreme Court Gay Marriage Ruling Affects Employee Benefit Plans http://www.insurancejournal.com/news/national/2015/06/26/373192.htm Fri, 26 Jun 2015 15:52:34 +0000 http://www.insurancejournal.com/?p=373192 Following the historic Supreme Court decision that same-sex couples have a national right to marry, employers offering domestic partner benefits to unmarried couples may pull back on that offering since employees in all states will be able to marry. Meanwhile, …

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How Supreme Court Marriage Ruling Affects Gay Couples’ Finances http://www.insurancejournal.com/news/national/2015/06/26/373186.htm Fri, 26 Jun 2015 15:24:10 +0000 http://www.insurancejournal.com/?p=373186 The Supreme Court’s decision to allow same- sex marriage nationwide will remove tax and personal finance headaches that have bedeviled gay couples. The 5-4 decision by the court (Obergefell v. Hodges) is a particularly significant victory for many residents of …

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Lawmakers Vow to Review Abandoned Mine Insurance Program http://www.insurancejournal.com/news/national/2015/06/26/373182.htm Fri, 26 Jun 2015 13:50:52 +0000 http://www.insurancejournal.com/?p=373182 Lawmakers will examine whether a program that allows coal companies to forgo mine cleanup insurance could leave taxpayers with billion dollar costs, leading members of the U.S. House Committee on Natural Resources said on Wednesday. The coal sector is responsible …

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Hiscox’s Cruz Joins Starr as National Branch Officer, Field Operations Director http://www.insurancejournal.com/news/national/2015/06/26/373180.htm Fri, 26 Jun 2015 13:39:10 +0000 http://www.insurancejournal.com/?p=373180 Starr Companies reported that Robert Cruz has joined the firm as national branch officer, director of field operations. In his new role, he will lead the growth and distribution strategy of Starr’s field organization. He will report directly to Chuck …

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