Insurance Journal » National News http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Fri, 22 May 2015 21:27:01 +0000 en-US hourly 1 http://wordpress.org/?v=4.2.2 Beazley Launches Risk Management Website for Breach Response Policyholders http://www.insurancejournal.com/news/national/2015/05/22/369171.htm Fri, 22 May 2015 16:47:43 +0000 http://www.insurancejournal.com/?p=369171 Beazley has launched of a new risk management website for Beazley Breach Response (BBR) policyholders. The site offers tools and resources to help insureds prepare for and respond to a data breach and minimize reputational risk. In 2012, Beazley formed …

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Willis Construction Adds Russo in New York, Johnson in Chicago http://www.insurancejournal.com/news/national/2015/05/22/369125.htm Fri, 22 May 2015 14:27:53 +0000 http://www.insurancejournal.com/?p=369125 Willis North America announced two appointments to its Construction Practice. Joseph Russo has been appointed East Region Broking Leader for the National Construction team based in New York. In this newly created role, Russo will serve as a senior construction …

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DEA ‘Operation Pilluted’ Nets 280 Drug Trafficking Arrests in 4 States http://www.insurancejournal.com/news/national/2015/05/22/369117.htm Fri, 22 May 2015 14:04:31 +0000 http://www.insurancejournal.com/?p=369117 The U.S. Drug Enforcement Administration (DEA) and federal prosecutors have made 280 arrests in what they call an “unprecedented enforcement action” against doctors, pharmacies and pill mills for alleged trafficking and abuse of prescription drugs. The 15-month operation, dubbed Operation …

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Senate Committee Passes Dodd-Frank Relief Bill Without Democrats http://www.insurancejournal.com/news/national/2015/05/22/369109.htm Fri, 22 May 2015 12:49:56 +0000 http://www.insurancejournal.com/?p=369109 A bill to ease regulations across the U.S. financial sector passed a Senate committee on Thursday with no support from Democrats, in a setback to the largest overhaul of 2010 banking reforms since the rules were put in place. The …

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The Scoop on Recall Insurance and Listeria-Linked Ice Cream http://www.insurancejournal.com/news/national/2015/05/22/368514.htm Fri, 22 May 2015 10:24:19 +0000 http://www.insurancejournal.com/?p=368514 While peanut butter and cantaloupe made big news in recent years, ice cream is now the latest item to be pulled off grocery store shelves due to foodborne-illness. Brenham, Texas-based Blue Bell Creameries’ listeria-tainted ice cream has been linked to …

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Insurance Pros: What Are Your Thoughts on Climate Change? http://www.insurancejournal.com/news/national/2015/05/21/369052.htm Thu, 21 May 2015 22:16:33 +0000 http://www.insurancejournal.com/?p=369052 President Barack Obama and potential presidential candidate Jeb Bush declared a war of words within the war on climate change this week. The two diametrically opposed politicians’ verbal clash in the media may be a portentous glimpse at one of …

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IronHealth Launches Provider Protection for Bundled Payment Contracts http://www.insurancejournal.com/news/national/2015/05/21/369032.htm Thu, 21 May 2015 16:51:21 +0000 http://www.insurancejournal.com/?p=369032 IronHealth, the specialty healthcare unit of Ironshore Inc., has introduced a program to protect healthcare providers from the financial risks associated with bundled payment contracts. The Centers for Medicare and Medicaid Services (CMS), as well as commercial payors and self-funded …

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Smartcars Could Cause Traffic Headaches http://www.insurancejournal.com/news/national/2015/05/21/368981.htm Thu, 21 May 2015 14:08:09 +0000 http://www.insurancejournal.com/?p=368981 Traffic jams in the future could cause potentially dangerous data snarl-ups as cars packed with entertainment, safety and navigation features vie for airwaves with smartphones, tablets and networked features in other vehicles, according to a study. By 2024, mobile networks …

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Top 5 Risks For Grocers That Are Often Uninsured http://www.insurancejournal.com/news/national/2015/05/21/367172.htm Thu, 21 May 2015 13:05:29 +0000 http://www.insurancejournal.com/?p=367172 Grocery retailers traditionally face a number of risks that are not covered by typical property, crime or cyber insurance programs. A new white paper report from global independent insurance broker Lockton — “Insuring the Operational Risks of Grocers with Intangible …

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BP Settles Gulf Oil Spill Cross Claims with Halliburton, Transocean http://www.insurancejournal.com/news/national/2015/05/21/368957.htm Thu, 21 May 2015 10:38:33 +0000 http://www.insurancejournal.com/?p=368957 BP Plc has settled with oilfield services provider Halliburton Co. and contract driller Transocean Ltd. cross claims related to the 2010 Gulf of Mexico oil spill, the worst offshore disaster in U.S. history. BP still faces a potential fine of …

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Car Owners Seeking Air Bag Recall Information Swamp NHTSA Website http://www.insurancejournal.com/news/national/2015/05/21/368955.htm Thu, 21 May 2015 10:31:04 +0000 http://www.insurancejournal.com/?p=368955 Hundreds of thousands of car owners who yesterday were urged to check a government website and see if their air bags are safe have overwhelmed the site and U.S. regulators say it might take several days before the database is …

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Here’s What’s Happening to Healthcare Costs for Typical Family http://www.insurancejournal.com/news/national/2015/05/20/368816.htm Wed, 20 May 2015 15:18:07 +0000 http://www.insurancejournal.com/?p=368816 The cost of healthcare for a typical American family of four will rise about 6.3 percent this year, or $1,456, driven in great measure by higher prescription drug prices. The latest study by the consulting and actuarial firm Milliman Inc. …

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Senate Bill Would Raise Amtrak Liability Limit http://www.insurancejournal.com/news/national/2015/05/20/368811.htm Wed, 20 May 2015 13:37:03 +0000 http://www.insurancejournal.com/?p=368811 U.S. Sen. Bill Nelson, D-Fla., has filed legislation aimed at helping victims of the deadly May 12 Amtrak derailment. Nelson’s bill would raise the current $200 million cap on the amount a passenger rail company is obligated to pay victims …

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Takata Agrees to Recall 34 Million Cars for Air Bag Replacement http://www.insurancejournal.com/news/national/2015/05/20/368706.htm Wed, 20 May 2015 10:39:36 +0000 http://www.insurancejournal.com/?p=368706 Japanese air bag manufacturer Takata Corp. is doubling a recall of potentially deadly air bags to nearly 34 million vehicles, making it the largest automotive recall in American history, U.S. safety regulators said on Tuesday. The recall involves passenger- and …

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Vertafore’s Answer to Google Compare for Agents http://www.insurancejournal.com/news/national/2015/05/20/368725.htm Wed, 20 May 2015 10:00:32 +0000 http://www.insurancejournal.com/?p=368725 Some consumers may be agog over Google Compare, but insurance industry vendors like software provider Vertafore have been working to deliver quotes and ratings more quickly and conveniently for years. That’s the message from Dave Bevan, director of product management …

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National Flood Services Launches Private Flood Product Suite http://www.insurancejournal.com/news/national/2015/05/20/368766.htm Wed, 20 May 2015 05:10:49 +0000 http://www.insurancejournal.com/?p=368766 National Flood Services, a division of Affinity Insurance Services, has introduced a line of private flood insurance products that will be delivered via the FloodChoice agent system. The new products offer options for consumers and insurance agents. According to John …

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Driverless, Shared Cars to Cut Vehicle Ownership by Half: Barclays http://www.insurancejournal.com/news/national/2015/05/19/368711.htm Tue, 19 May 2015 20:37:22 +0000 http://www.insurancejournal.com/?p=368711 U.S. auto sales may drop about 40 percent in the next 25 years because of shared driverless cars, forcing mass-market producers such as General Motors Co. and Ford Motor Co. to slash output, a Barclays Plc analyst said. Vehicle ownership …

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Berkley Crime Launches New Investment Company Policy http://www.insurancejournal.com/news/national/2015/05/19/368694.htm Tue, 19 May 2015 16:44:12 +0000 http://www.insurancejournal.com/?p=368694 Berkley Crime, a division of Berkley FinSecure, a W. R. Berkley company, has launched a new Investment Company Policy (ICP). The ICP is specifically designed to provide crime-related insurance coverage for registered management investment companies and mutual funds. Coverage under …

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Airlines Banning Bulk Shipments of Lithium Rechargeable Batteries http://www.insurancejournal.com/news/national/2015/05/19/368655.htm Tue, 19 May 2015 13:47:15 +0000 http://www.insurancejournal.com/?p=368655 Replacing smartphone batteries just got harder. Fearing cargo fires like one that caused a United Parcel Service Inc. freighter to crash into the desert near Dubai in 2010, at least 18 airlines have banned freight shipments of lithium-ion rechargeable batteries …

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Supreme Court Eyes Letting Businesses Pay to End Class Actions http://www.insurancejournal.com/news/national/2015/05/19/368653.htm Tue, 19 May 2015 13:18:00 +0000 http://www.insurancejournal.com/?p=368653 The U.S. Supreme Court will consider giving businesses a new tool to thwart class action lawsuits, agreeing to decide whether a defendant can end a case by offering full payment to the lead plaintiff. The case helps shape the next …

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IRS Scrutiny of Offshore Tax Avoidance Repels Bids for Bermuda Reinsurers http://www.insurancejournal.com/news/national/2015/05/19/368638.htm Tue, 19 May 2015 12:58:47 +0000 http://www.insurancejournal.com/?p=368638 The IRS’s scrutiny of tax avoidance in offshore locations has discouraged bidders from taking over reinsurers, potentially reducing the companies’ value. Montpelier Re Holdings Ltd. and Platinum Underwriters Holdings Ltd., both based in Bermuda, have each said in recent regulatory …

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Court Grants Google Copyright Win in Anti-Muslim Film Case http://www.insurancejournal.com/news/national/2015/05/19/368625.htm Tue, 19 May 2015 10:42:55 +0000 http://www.insurancejournal.com/?p=368625 Google Inc., joined by broadcasters and free speech advocates, beat back an actress’ bid to block her appearance in a controversial online video and avoided a ruling it warned would make “Swiss cheese” of copyright law. Cindy Lee Garcia was …

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Supreme Court Favors Employees in Retirement Plan Monitoring Claim http://www.insurancejournal.com/news/national/2015/05/19/368621.htm Tue, 19 May 2015 10:34:17 +0000 http://www.insurancejournal.com/?p=368621 The U.S. Supreme Court on Monday revived claims made by Edison International employees who accused the utility of favoring higher-cost mutual funds over lower-cost ones in its retirement plan. On a 9-0 vote, the court threw out an appeals court …

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Chubb Hires 3 from Fireman’s Fund High-Net-Worth Team http://www.insurancejournal.com/news/national/2015/05/18/368589.htm Mon, 18 May 2015 19:51:10 +0000 http://www.insurancejournal.com/?p=368589 Three insurance professionals with experience in the high-net-worth customer segment have joined Chubb Personal Insurance (CPI). Jennifer Celmer, Robert Haibi and Eric Shanks have been appointed to management roles at Chubb after having served in various capacities in the personal …

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Marsh Partners with FireEye on Cyber Risk Management Program http://www.insurancejournal.com/news/national/2015/05/18/368582.htm Mon, 18 May 2015 16:57:55 +0000 http://www.insurancejournal.com/?p=368582 Marsh and cybersecurity company FireEye, Inc., have collaborated to offer clients Marsh Cyber OASIS (Objective Assessment Scorecard of Information Security). This service is designed to assists clients by providing an objective evaluation of their organization’s ability to detect and respond …

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Asian-American Groups Target Harvard, UNC for Alleged Racial Bias in Admissions http://www.insurancejournal.com/news/national/2015/05/18/368570.htm Mon, 18 May 2015 16:30:41 +0000 http://www.insurancejournal.com/?p=368570 A coalition of more than 60 Asian-American groups filed a federal discrimination action against Harvard University, claiming racial bias in undergraduate admissions. The administrative complaint follows the filing of a lawsuit in federal court against Harvard in November. The administrative …

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Google Dupes Insurance Buyers: Insurance Agent Executive http://www.insurancejournal.com/news/national/2015/05/18/368527.htm Mon, 18 May 2015 16:03:37 +0000 http://www.insurancejournal.com/?p=368527 Independent insurance agents are accustomed to competition but many are watching with heightened interest the entry of one new competitor in particular, Google Compare. Bill Wilson, director of the Virtual University at the Big “I” (Independent Insurance Agents & Brokers …

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Environmental Groups Sue, Charge Oil Train Safety Rules Inadequate http://www.insurancejournal.com/news/national/2015/05/18/368496.htm Mon, 18 May 2015 10:29:34 +0000 http://www.insurancejournal.com/?p=368496 Seven environmental groups filed a lawsuit on Thursday challenging safety rules issued earlier this month for trains carrying oil, arguing the regulations are too weak to protect the public. The groups, including the Sierra Club and Center for Biological Diversity, …

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Etsy Sued by Investors Alleging Firm Hid Products’ Trademark Risks http://www.insurancejournal.com/news/national/2015/05/17/368456.htm Mon, 18 May 2015 01:51:17 +0000 http://www.insurancejournal.com/?p=368456 Etsy Inc. is facing fraud claims from investors after allegations that millions of items sold through its online crafts and specialty wares marketplace likely violate trademarks. Investors filed a proposed class action against the Brooklyn, New York-based company and its …

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Paulson’s Hedge Fund Bets $800M on AIG http://www.insurancejournal.com/news/national/2015/05/17/368453.htm Mon, 18 May 2015 01:33:58 +0000 http://www.insurancejournal.com/?p=368453 Billionaire John Paulson’s hedge fund firm bought a position in American International Group Inc. in the first quarter valued at $800 million at the end of March, in his latest bet on the insurance industry. The New York-based firm purchased …

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