It Figures
$1.6 Billion London-based BP told Reuters the oil spill in the Gulf of Mexico has already cost it $1.6 billion and that it would begin operating an additional mechanism to capture more crude from the leaking well in the coming …
Hawaii Insurance Commissioner Schmidt Resigns
Resignation is One of Many in West The latest in a series of resignations among western insurance regulators, J.P. Schmidt, Insurance Commissioner of the State of Hawaii, will be leaving his position to join the Honolulu law firm of Bays …
New Markets
The following markets were selected from the MyNewMarkets database of 25,000 coverages and programs. To find additional markets, or to submit markets, go to www.MyNewMarkets.com. Background Screeners Market Detail: Brownyard Programs Ltd., provides specialty insurance (GL + E&O) programs for: …
Former Vice President at Rhode Island Insurer Acquitted
A former executive at Rhode Island’s dominant workers’ compensation insurer was acquitted last month on a charge that he deceived state regulators about companies that were receiving discounted premiums. Superior Court Judge Edwin Gale acquitted David Clark, a former vice …
Business Moves
Fremont Michigan, Northern Mutual Fremont Michigan InsuraCorp Inc., a Michigan-exclusive property and casualty insurance company headquartered in Fremont, Mich., and Northern Mutual Insurance Co. (Northern), a Michigan mutual insurer, have agreed to a strategic alliance between the two insurers. Northern …
People
Craig A. Payan has been elected to serve as chairman of the board of directors for Itasca, Ill.-based Associated Risk Managers International Inc. Payan is president of PA&T Insurance and Financial Services, an independent insurance agency located in Orland Park, …
It Figures
$14.5 Million The amount in damages that a federal jury in South Carolina awarded to a South Carolina printing company against The Hartford insurance company in a case where the insurer believed a claim for a major fire loss in …
Oklahoma Lawmakers Pass Workers’ Comp Legislation
The Oklahoma Legislature passed four measures that alter the state workers’ compensation system, including one that requires Senate confirmation of Workers’ Compensation Court judges – a proposal that Gov. Brad Henry vetoed last year. The House and Senate sent the …
Price Scare
Seven years and running, the soft market shows few signs of loosening its grip on commercial insurance pricing, according to a new industry study. Average premiums in every line tracked by the Risk and Insurance Management Society (RIMS) Benchmark Survey …
Nevada Insurance Commissioner Resigns; State Seeks Replacement
Nevada’s Business & Industry Director Dianne Cornwall announced that Nevada Insurance Commissioner Scott J. Kipper has resigned. Kipper has been insurance commissioner since December 2008, when he replaced Acting Commissioner Betty Baker who served after longtime Commissioner Alice Molasky-Arman retired …