Insurance Journal » National News http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Sat, 20 Sep 2014 00:26:08 +0000 en-US hourly 1 http://wordpress.org/?v=3.9.2 Ryan to Head Research for Marsh’s Workers’ Compensation Center http://www.insurancejournal.com/news/national/2014/09/19/341150.htm Fri, 19 Sep 2014 15:25:41 +0000 http://www.insurancejournal.com/?p=341150 Tom Ryan has been named market research leader at Marsh’s Workers’ Compensation Center of Excellence. Ryan been with  Marsh Risk Consulting for the past 20 years. Most recently, he was the Northeast leader of MRC’s casualty claims consulting practice. He …

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Insurance Will Absorb Some Costs in Home Depot’s Giant Privacy Breach http://www.insurancejournal.com/news/national/2014/09/19/341105.htm Fri, 19 Sep 2014 12:06:27 +0000 http://www.insurancejournal.com/?p=341105 Home Depot Inc. Thursday said some 56 million payment cards were likely compromised in a cyberattack at its stores, suggesting the hacking attack at the home improvement chain was larger than last year’s unprecedented breach at Target Corp. Home Depot, …

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New CEO Hancock Puts Stamp on AIG Management in Shake-Up http://www.insurancejournal.com/news/national/2014/09/19/341100.htm Fri, 19 Sep 2014 11:57:07 +0000 http://www.insurancejournal.com/?p=341100 American International Group Inc. named Kevin Hogan to lead its main life insurance business, putting him in charge of offerings for individuals, as new Chief Executive Officer Peter Hancock shakes up management. Hogan takes on the duties from life-unit CEO …

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Insurers Bonding with Climate Change Battle http://www.insurancejournal.com/news/national/2014/09/18/341065.htm Thu, 18 Sep 2014 22:02:54 +0000 http://www.insurancejournal.com/?p=341065 Nearly one-in-five major investors in green bonds issued by one of the world’s largest players in that market is coming from the insurance industry. If you haven’t heard much about green bonds and insurance investments up to now, you probably …

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North Dakota Commissioner to Serve on Financial Stability Oversight Council http://www.insurancejournal.com/news/national/2014/09/18/341059.htm Thu, 18 Sep 2014 19:53:42 +0000 http://www.insurancejournal.com/?p=341059 The National Association of Insurance Commissioners (NAIC) appointed NAIC President and North Dakota Insurance Commissioner Adam Hamm to serve a two-year term as the state insurance commissioner representative on the Financial Stability Oversight Council (FSOC). The 15-member FSOC was created …

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Administration Says 7.3 Milion People Paid for Obamacare Coverage http://www.insurancejournal.com/news/national/2014/09/18/341016.htm Thu, 18 Sep 2014 16:06:44 +0000 http://www.insurancejournal.com/?p=341016 About 7.3 million people have paid for their Obamacare coverage and remain enrolled in health insurance plans sold through new government-run markets, a top U.S. official said today. That’s a 9 percent reduction from the government’s 8 million May estimate, …

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NOAA Hopes Drones Get Data from Hurricane Edouard http://www.insurancejournal.com/news/national/2014/09/18/340991.htm Thu, 18 Sep 2014 14:57:06 +0000 http://www.insurancejournal.com/?p=340991 U.S. government scientists are launching winged drones into Hurricane Edouard, hoping to collect data that could help forecasters understand what makes some storms strengthen into monsters while others fade away. This week’s launches mark the first time that unmanned aircraft …

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Congress Hits Auto Safety Agency’s Role in GM Recalls http://www.insurancejournal.com/news/national/2014/09/18/340966.htm Thu, 18 Sep 2014 13:30:47 +0000 http://www.insurancejournal.com/?p=340966 Both houses of Congress scolded the U.S. highway safety agency Tuesday over its tardy handling of a deadly problem with General Motors cars, questioning whether it is competent to guarantee the safety of increasingly complex vehicles. David Friedman, acting chief …

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Republicans Question Labor Board on McDonald’s Franchise Liability Case http://www.insurancejournal.com/news/national/2014/09/18/340963.htm Thu, 18 Sep 2014 12:58:40 +0000 http://www.insurancejournal.com/?p=340963 Two Republican lawmakers on Wednesday asked a U.S. labor agency for more information about a recent finding that fast-food chain McDonald’s Corp. could be held liable for the labor practices of franchisees, a view that has alarmed many businesses. The …

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Allianz to Assume Fireman’s Fund Commercial Lines; Future of Personal Lines Uncertain http://www.insurancejournal.com/news/national/2014/09/17/340861.htm Wed, 17 Sep 2014 16:53:00 +0000 http://www.insurancejournal.com/?p=340861 German insurance giant Allianz said it will absorb the commercial lines business of its U.S. subsidiary Fireman’s Fund Insurance Co. into one of its own global divisions. Meanwhile, after days of declining to comment, Allianz has acknowledged it is considering …

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Assurant Names Colberg as President, CEO http://www.insurancejournal.com/news/national/2014/09/17/340823.htm Wed, 17 Sep 2014 15:57:00 +0000 http://www.insurancejournal.com/?p=340823 Specialty insurance provider Assurant Inc. has named Alan B. Colberg, as president, effective immediately, and as chief executive officer and director of the company’s board, effective Jan. 1, 2015. He succeeds Robert B. Pollock who announced his plan to retire …

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Sedgwick to Acquire VeriClaim, Other T&H Units http://www.insurancejournal.com/news/national/2014/09/17/340793.htm Wed, 17 Sep 2014 15:16:20 +0000 http://www.insurancejournal.com/?p=340793 Sedgwick Claims Management Services Inc. has agreed to acquire T&H Global Holdings, LLC and its subsidiaries that provide insurance claims services to insurance carriers, insurance brokers, corporations and public entities. The deal includes T&H subsidiaries VeriClaim Inc., VRS VeriClaim U.K. …

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Export-Import Bank Short-Term Extension Looking Likely http://www.insurancejournal.com/news/national/2014/09/17/340777.htm Wed, 17 Sep 2014 14:53:07 +0000 http://www.insurancejournal.com/?p=340777 The U.S. Export-Import Bank is likely to have its charter renewed through mid-2015 this week, even though lawmakers in both parties said on Tuesday they see the extension as a second-best solution. Most Republicans said they would support an extension …

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HealthCare.gov Website Warned of Security, Privacy Risks http://www.insurancejournal.com/news/national/2014/09/17/340773.htm Wed, 17 Sep 2014 14:50:58 +0000 http://www.insurancejournal.com/?p=340773 HealthCare.gov, President Barack Obama’s health insurance exchange, has security and privacy protection vulnerabilities, a U.S. government watchdog reported on Tuesday, nearly a year after the website’s troubled rollout. The General Accounting Office (GAO) said that despite steps taken by the …

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House Passes Measure to Ease Insurance Capital Standards Under Dodd-Frank http://www.insurancejournal.com/news/national/2014/09/17/340723.htm Wed, 17 Sep 2014 10:31:50 +0000 http://www.insurancejournal.com/?p=340723 The Federal Reserve would get more flexibility to set separate capital standards for systemically important insurance companies under legislation passed by the U.S. House of Representatives. The measure, adopted yesterday as part of a package of changes to the Dodd-Frank …

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Hull to Head Surety for Willis http://www.insurancejournal.com/news/national/2014/09/16/340598.htm Tue, 16 Sep 2014 16:12:46 +0000 http://www.insurancejournal.com/?p=340598 Global insurance and reinsurance broker Willis Group Holdings has appointed Scott Hull as executive vice president and head of Surety. Hull will be responsible for directing surety operations across Willis’ platform, with a focus on expanding surety capabilities globally. Hull …

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ACP Re Completes Tower Group Merger; Personal Lines Sold to National General http://www.insurancejournal.com/news/national/2014/09/16/340563.htm Tue, 16 Sep 2014 14:21:50 +0000 http://www.insurancejournal.com/?p=340563 After months of uncertainty, the merger of ACP Re Ltd. and struggling reinsurer Tower Group International has finally closed. Bermuda-based ACP Re and Tower announced on Sept. 12 that all regulatory approvals were in place relating to ACP Re’s acquisition …

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BP Hopes Missing Comma Triggers $750 Million Transocean Spill Insurance http://www.insurancejournal.com/news/national/2014/09/16/340540.htm Tue, 16 Sep 2014 12:52:02 +0000 http://www.insurancejournal.com/?p=340540 BP Plc, which already has paid more than $28 billion for the 2010 Gulf of Mexico oil spill, seeks to get a $750 million chunk of that back by convincing a Texas court that a missing comma may give the …

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Fireman’s Fund Enhances Prestige Home Premier Product http://www.insurancejournal.com/news/national/2014/09/16/340529.htm Tue, 16 Sep 2014 10:00:37 +0000 http://www.insurancejournal.com/?p=340529 Fireman’s Fund has unveiled new coverages and enhancements to its Prestige Home Premier product, now available in six states and filing nationwide through 2016. Homeowners in Arizona, Colorado, Connecticut, Illinois, Missouri, and Oregon are now eligible for the new product, …

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The Problem with Domestic Excess & Surplus Lines Insurers http://www.insurancejournal.com/news/national/2014/09/16/340523.htm Tue, 16 Sep 2014 09:00:50 +0000 http://www.insurancejournal.com/?p=340523 It has been more than five years since states, beginning with Illinois, began to enact laws permitting the formation and licensing of domestic excess and surplus lines insurers. To date, these initiatives have gotten very little traction in the insurance …

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AIG Names Fasano to New Chief Information Officer Post http://www.insurancejournal.com/news/national/2014/09/15/340510.htm Mon, 15 Sep 2014 18:14:04 +0000 http://www.insurancejournal.com/?p=340510 American International Group Inc. has named Philip Fasano to the newly-created role of executive vice president and chief information officer. Fasano will be responsible for oversight of the company’s global information technology, including reviewing and updating technology systems and platforms, …

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Advisen’s Ruggieri Replaces Hooper as North America CEO for Cooper Gay Swett Crawford http://www.insurancejournal.com/news/national/2014/09/15/340492.htm Mon, 15 Sep 2014 16:55:25 +0000 http://www.insurancejournal.com/?p=340492 Global wholesale and reinsurance broker Cooper, Gay, Swett & Crawford said that Thomas P. Ruggieri will join the company as chief executive officer and president of the North American operations effective Oct. 10. Ruggieri, CEO at Advisen Ltd., replaces Shaun …

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ASCnet Changes Name to Applied Client Network http://www.insurancejournal.com/news/national/2014/09/15/340442.htm Mon, 15 Sep 2014 12:50:54 +0000 http://www.insurancejournal.com/?p=340442 ASCnet (Applied Systems Client Network) has changed its name to Applied Client Network. Based in Des Plaines, Ill., the association represents insurance agencies and brokerages that use Applied software worldwide. In conjunction with the name change, the association introduced a …

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NFL’s Concussion Claims Could Reach $950 Million http://www.insurancejournal.com/news/national/2014/09/15/340434.htm Mon, 15 Sep 2014 12:40:09 +0000 http://www.insurancejournal.com/?p=340434 The National Football League will have to pay about $950 million to resolve players’ head-injury claims, based on estimates that fewer than one in five will seek compensation for injuries eligible for cash awards, according to a newly released report. …

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Demand for Liability Insurance to Rise Again: Swiss Re http://www.insurancejournal.com/news/national/2014/09/15/340428.htm Mon, 15 Sep 2014 12:36:04 +0000 http://www.insurancejournal.com/?p=340428 Claims severity and demand for liability insurance will increase as economic growth accelerates and because of technological, social and regulatory changes, according to a new report from Swiss Re. Cyber risk, hydrofracking and autonomous cars will likely be among the …

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How Cybercriminals Attack Small Businesses — and 10 Ways to Stop Them http://www.insurancejournal.com/news/national/2014/09/15/340352.htm Mon, 15 Sep 2014 10:00:00 +0000 http://www.insurancejournal.com/?p=340352 At a recent “Hacker Lab” event, “white hat” hackers revealed how cybercriminals work — and what businesses can do to protect themselves. The multimedia presentation used a simulated small business system to demonstrate how hackers choose their targets, how they …

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XL Group, Munich Re, New Energy Risk Provide Insurance for Fuel Cell Project http://www.insurancejournal.com/news/national/2014/09/12/340376.htm Fri, 12 Sep 2014 17:02:29 +0000 http://www.insurancejournal.com/?p=340376 XL Group’s Complex Accounts unit, Munich Re’s Green Tech Solutions team, and consultants New Energy Risk (NER), have teamed up to deliver a performance insurance policy for a portfolio of fuel cell servers installed across the U.S. The insurance cover …

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Guy Carpenter’s Bufkin Joins Hamilton USA http://www.insurancejournal.com/news/national/2014/09/12/340331.htm Fri, 12 Sep 2014 14:20:32 +0000 http://www.insurancejournal.com/?p=340331 Hamilton Insurance Group today announced that Barbara C. Bufkin will be joining its U.S. operations, Hamilton USA, as executive vice president, Business Development. Reporting to Hamilton USA CEO Conan Ward, Bufkin will be responsible for distribution, marketing and sales strategies, …

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Solar Storm Headed for Earth But Only Slight Effects Expected http://www.insurancejournal.com/news/national/2014/09/12/340325.htm Fri, 12 Sep 2014 13:58:03 +0000 http://www.insurancejournal.com/?p=340325 A strong solar flare is blasting its way to Earth, but the worst of its power looks like it will barely skim above the planet and not cause many problems. It has been several years since Earth has had a …

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OSHA Revises Reporting Rule for Worker Injuries http://www.insurancejournal.com/news/national/2014/09/12/340315.htm Fri, 12 Sep 2014 13:04:52 +0000 http://www.insurancejournal.com/?p=340315 The U.S. Occupational Safety and Health Administration (OSHA) has issued a final rule requiring employers to notify OSHA when an employee is killed on the job or suffers a work-related hospitalization, amputation or loss of an eye. Under the revised …

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