Insurance Journal » National News http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Fri, 17 Apr 2015 20:01:18 +0000 en-US hourly 1 http://wordpress.org/?v=4.1.1 Independent Agents Identify Business Opportunities for Carriers: Survey http://www.insurancejournal.com/news/national/2015/04/17/364837.htm Fri, 17 Apr 2015 14:18:16 +0000 http://www.insurancejournal.com/?p=364837 Most independent insurance agents are impressed by the carriers they place business with – but most also are interested in adding new company partners. This is one of the preliminary findings of a recent national survey of independent agents conducted …

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Obama, Insurers Welcome Bipartisan Trade Authority Measure http://www.insurancejournal.com/news/national/2015/04/17/364812.htm Fri, 17 Apr 2015 09:11:40 +0000 http://www.insurancejournal.com/?p=364812 The White House would get its desired clarity of authority to negotiate a Pacific trade agreement while lawmakers would get the right to set negotiating parameters and to have a yes-or-no-vote on such pacts under a bipartisan proposal unveiled Thursday. …

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WikiLeaks Publishes Stolen Sony Emails, Documents http://www.insurancejournal.com/news/national/2015/04/16/364784.htm Fri, 17 Apr 2015 01:24:35 +0000 http://www.insurancejournal.com/?p=364784 WikiLeaks published more than 200,000 internal Sony Pictures Entertainment documents and e-mails, opening a new chapter in the hacking saga that enveloped Sony Corp.’s Hollywood studio late last year. The release includes 30,287 documents and 173,132 e-mails, sent from or …

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EEOC Issues Rules for Employee Wellness Program Incentives http://www.insurancejournal.com/news/national/2015/04/16/364776.htm Fri, 17 Apr 2015 00:48:22 +0000 http://www.insurancejournal.com/?p=364776 U.S. employers can reward workers with as much 30 percent of the cost of their health insurance benefits in return for participation in programs to monitor weight, cholesterol and other “wellness” measures, the Obama administration said Thursday. Honeywell International Inc., …

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Former Northwest Airlines CEO Steenland Named AIG Chairman http://www.insurancejournal.com/news/national/2015/04/16/364712.htm Thu, 16 Apr 2015 19:00:21 +0000 http://www.insurancejournal.com/?p=364712 American International Group Inc. named Douglas M. Steenland as the insurer’s seventh chairman since 2005, replacing Steve Miller who oversaw the promotion of Peter Hancock to chief executive officer last year. Steenland, the former CEO of Northwest Airlines Corp., will …

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Greenberg Denied Bid to Dismiss New York AG Fraud Suit http://www.insurancejournal.com/news/national/2015/04/16/364705.htm Thu, 16 Apr 2015 16:31:23 +0000 http://www.insurancejournal.com/?p=364705 A New York state appeals court rejected former American International Group Inc. Chairman Maurice “Hank” Greenberg’s bid to dismiss a decade-old lawsuit accusing him of orchestrating an accounting fraud at the insurer. The court found that the New York attorney …

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Target to Pay MasterCard Banks $19M to Settle Data Breach Claim http://www.insurancejournal.com/news/national/2015/04/16/364696.htm Thu, 16 Apr 2015 16:24:43 +0000 http://www.insurancejournal.com/?p=364696 Target Corp. said it had agreed to reimburse about $19 million to financial institutions that had issued MasterCard-branded cards that were a part of the massive data breach at the retailer in 2013. The amount under the settlement with MasterCard …

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It’s Insurance Buyers’ Market Now But Risk Challenges Ahead: Willis http://www.insurancejournal.com/news/national/2015/04/16/364670.htm Thu, 16 Apr 2015 14:40:17 +0000 http://www.insurancejournal.com/?p=364670 Due in part to reduced catastrophe losses and the increased supply of capital, property/casualty insurance buyers can expect to face friendly market conditions on most lines of business for the remainder of 2015. But evolving threats generated from a range …

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AIG Invests in Cybersecurity, Investigations Firm, K2 Intelligence http://www.insurancejournal.com/uncategorized/2015/04/16/364661.htm Thu, 16 Apr 2015 13:06:54 +0000 http://www.insurancejournal.com/?p=364661 American International Group Inc. as acquired a minority stake in K2 Intelligence, an corporate investigations firm. The companies said they have agreed to co-develop products and services to help AIG’s customers mitigate cyber risk and to explore opportunities in other …

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Judge Upholds GM Liability Shield from Some Ignition Claims http://www.insurancejournal.com/news/national/2015/04/16/364646.htm Thu, 16 Apr 2015 10:35:41 +0000 http://www.insurancejournal.com/?p=364646 General Motors Co. will not have to face dozens of lawsuits accusing it of concealing an ignition-switch defect that led to the recall of 2.6 million vehicles, a U.S. bankruptcy judge ruled on Wednesday. GM had argued it was protected …

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K&K Insurance Launches Off-Track Coverage for Motorsports http://www.insurancejournal.com/news/national/2015/04/16/364582.htm Thu, 16 Apr 2015 04:18:01 +0000 http://www.insurancejournal.com/?p=364582 K&K Insurance Group, Inc., a subsidiary of Aon plc has launched a new program offering off-track physical damage coverage for competition vehicles via the web. The program, accessible through K&K’s newest insurance website, www.motorsportsinsurance-kk.com, provides agents with the ability to …

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Obama Labor Rule Would Shift Legal Duty of Retirement Plan Brokers http://www.insurancejournal.com/news/national/2015/04/15/364445.htm Wed, 15 Apr 2015 19:00:57 +0000 http://www.insurancejournal.com/?p=364445 Brokers and insurance agents providing retirement-savings advice would have to put clients’ interests ahead of their own under an Obama administration plan that will face stiff opposition from Wall Street and Republican lawmakers. The Labor Department proposal announced Tuesday is …

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What Insurance Agents Want from Carriers http://www.insurancejournal.com/news/national/2015/04/15/364513.htm Wed, 15 Apr 2015 18:18:59 +0000 http://www.insurancejournal.com/?p=364513 Agents like what they get already but see room for improvement in field operations, agent education and marketing support provided by carriers, according to a 2014 national survey of more than 1,400 agents conducted by Channel Harvest Research. In this …

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Liberty Mutual Inks Deal as U.S. Soccer Federation Sponsor http://www.insurancejournal.com/news/national/2015/04/15/364474.htm Wed, 15 Apr 2015 16:27:12 +0000 http://www.insurancejournal.com/?p=364474 Liberty Mutual Insurance has signed a multi-year sponsorship with the U.S. Soccer Federation, the national governing body for soccer in the U.S. The sponsorship, which extends through 2018, designates Liberty Mutual as the Official Insurance Partner of the U.S. Men’s …

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IRS Names Microcaptives as Top Abusive Tax Scheme http://www.insurancejournal.com/news/national/2015/04/15/364434.htm Wed, 15 Apr 2015 15:18:33 +0000 http://www.insurancejournal.com/?p=364434 The IRS is growing increasingly uncomfortable that an increasing number of smaller companies and professional firms have been doing what larger companies do — creating their own or joining a captive insurer. The IRS believes some of these smaller companies …

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Obama Likely to Veto Republicans’ Estate Tax Repeal Bill http://www.insurancejournal.com/news/national/2015/04/15/364378.htm Wed, 15 Apr 2015 12:19:56 +0000 http://www.insurancejournal.com/?p=364378 The White House on Tuesday said Democratic President Barack Obama’s advisers would recommend that he veto a pending Republican-authored bill to repeal the estate tax. A vote on the bill in the House of Representatives could come as soon as …

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Hackers, Spies Hired to Fight Cyber Attacks http://www.insurancejournal.com/news/national/2015/04/15/364368.htm Wed, 15 Apr 2015 10:38:51 +0000 http://www.insurancejournal.com/?p=364368 It’s a seller’s market for the cyber war’s special forces. Just ask Scott Davies, 30, who left a career snooping on Australia’s enemies in December for a similar gig at FireEye Inc. Or Brian Varner, 35, who swapped a job with the U.S. …

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How 10% of S&P Firms ‘Reform’ Taxes on Their Own http://www.insurancejournal.com/news/national/2015/04/15/364366.htm Wed, 15 Apr 2015 10:33:05 +0000 http://www.insurancejournal.com/?p=364366 When it comes to taxes, corporate America is getting a bit less corporate. And a bit less American. Fueled by a wave of inversions, a record 54 companies in the Standard & Poor’s 500 Index of leading U.S. firms are …

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Video Ads Next Big Thing in Ridesharing? http://www.insurancejournal.com/news/national/2015/04/14/364303.htm Tue, 14 Apr 2015 23:22:31 +0000 http://www.insurancejournal.com/?p=364303 James Bellefeuille is an Uber driver for a living, though he admits that what he earns is not much to live on. Yet in the new sharing economy, there’s hope for people like Bellefeuille who can bring some innovation and …

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Hot Insurance Markets for 2015 http://www.insurancejournal.com/news/national/2015/04/14/364257.htm Tue, 14 Apr 2015 16:33:35 +0000 http://www.insurancejournal.com/?p=364257 This year’s “Hot Markets” report for property/casualty insurance agents and brokers includes some not-so-usual suspects along with tried-and-true markets enjoying growth. Insurance Journal examined industries experiencing recent change and expansion. Here are the top market sectors that promise opportunities for …

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Schinnerer Unveils New Architects & Engineers Professional Liability Form http://www.insurancejournal.com/news/national/2015/04/14/364258.htm Tue, 14 Apr 2015 16:23:11 +0000 http://www.insurancejournal.com/?p=364258 Victor O. Schinnerer & Company, an underwriting manager, has launched a new professional liability policy form for design professionals. The new form includes a variety of policy enhancements for large, mid-size, and small architecture, engineering, surveying, and design consultant clients. …

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Departure of MetLife’s Wheeler Surprises Analysts http://www.insurancejournal.com/news/national/2015/04/14/364241.htm Tue, 14 Apr 2015 16:11:41 +0000 http://www.insurancejournal.com/?p=364241 MetLife Inc. posted the biggest decline in the 21-company Standard & Poor’s 500 Insurance Index after announcing the departure of William Wheeler, president of the Americas, disappointing those who thought he would be the next chief executive officer. Wheeler, 53, …

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Study Reveals Extent, Nature of Health Data Breaches http://www.insurancejournal.com/news/national/2015/04/14/364163.htm Tue, 14 Apr 2015 15:15:47 +0000 http://www.insurancejournal.com/?p=364163 Between 2010 and 2013, there were more than 900 data breaches of protected health information affecting at least 500 individuals, with most of them resulting from overt criminal activity, according to a study in the April 14 issue of the …

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Marsh Rebrands STARS Unit as ClearSight, Integrates Real-Time Analytics http://www.insurancejournal.com/news/national/2015/04/14/364216.htm Tue, 14 Apr 2015 14:46:12 +0000 http://www.insurancejournal.com/?p=364216 Citing the growing importance of analytics, collaboration and data-driven workflow applications in risk management, Marsh is rebranding its STARS software unit as Marsh ClearSight and broadening its business intelligence capabilities. ClearSight will further integrate its risk, safety and claims management …

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AmWINS Announces HPR/Engineered Risk Practice http://www.insurancejournal.com/news/national/2015/04/14/364214.htm Tue, 14 Apr 2015 14:25:05 +0000 http://www.insurancejournal.com/?p=364214 Specialty broker AmWINS Group Inc. has launched an Engineered Risk Practice within its brokerage division. The Highly Protected Risk (HPR)/Engineered Risk practice handles property placements for insureds with generally $250 million in total insurable value (TIV) and up, including risks …

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How Media Portrayals Influence Workers’ Compensation Fraud http://www.insurancejournal.com/news/national/2015/04/14/364209.htm Tue, 14 Apr 2015 13:34:19 +0000 http://www.insurancejournal.com/?p=364209 The depiction of workers’ compensation fraud by the media has affected the public’s perception of the crime, according to claims experts. While workers’ comp fraud is often depicted in a comedic way, that isn’t the case when it comes to …

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Pearce Joins Trade Group AIA as Tax Policy Director http://www.insurancejournal.com/news/national/2015/04/14/364206.htm Tue, 14 Apr 2015 12:52:14 +0000 http://www.insurancejournal.com/?p=364206 The American Insurance Association (AIA) announced that David F. Pearce Jr. has been named vice president, director of tax policy for the association. Pearce previously served as a partner at American Continental Group. Before joining American Continental Group, Pearce previously …

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Most Cyber Attacks Due to Trick Emails, Errors, Not Sophisticated Hacking http://www.insurancejournal.com/news/national/2015/04/14/364191.htm Tue, 14 Apr 2015 10:44:47 +0000 http://www.insurancejournal.com/?p=364191 When a cyber security breach hits the news, those most closely involved often have incentive to play up the sophistication of the attack. If hackers are portrayed as well-funded geniuses, victims look less vulnerable, security firms can flog their products …

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Nonstandard Auto Insurance Market Is Not For Everybody http://www.insurancejournal.com/news/national/2015/04/13/364065.htm Mon, 13 Apr 2015 16:41:29 +0000 http://www.insurancejournal.com/?p=364065 The nonstandard auto market is not for every carrier or agency. Since 2007, carriers writing nonstandard auto policies have reported deteriorating operating performance and many have struggled to maintain market share. But while some have been hurt by or lost …

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Great American Expands Capacity for Pollution Products http://www.insurancejournal.com/news/national/2015/04/13/364140.htm Mon, 13 Apr 2015 16:21:25 +0000 http://www.insurancejournal.com/?p=364140 Great American Insurance Group has expanded its complete pollution product line policy aggregate limits of liability to $50 million per loss/$100 million. This expanded capacity can be offered on both a primary layer or on an excess of loss basis. …

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