Insurance news

• Insurance Industry Outlook, part 3 - Zacks.com

  09-01-2015 23:30 via zacks.com
  
  Insurance Industry Outlook, part 3
  Zacks.com
  Moreover, insurance volume is expected to expand going forward on speedier economic recovery. With improved employment in the private sector and recovery, though uneven, in the housing markets, a number of carriers have seen growth in insurance ...
  
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• You Can Save Hundreds On Car Insurance. But Is It A Good Idea? - Forbes

  09-01-2015 22:59 via forbes.com
  
  Forbes
  You Can Save Hundreds On Car Insurance. But Is It A Good Idea?
  Forbes
  Tracking devices are beginning to come along for the ride, sending insurers information about every turn and brake of your drive. A startup called Metromile offers pay-as-you-drive car insurance (available so far in four states) to those who drive less ...
  
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• Citizens Insurance Continues Shedding Policies - CBS Local

  09-01-2015 22:44 via miami.cbslocal.com
  
  Citizens Insurance Continues Shedding Policies
  CBS Local
  TALLAHASSEE (CBSMiami/NSF) – As regulators approved another round of policy “takeouts” from Citizens Property Insurance Corp. on Friday, the state-backed insurer says it can get smaller than previously thought. The Florida Office of Insurance ...
  Citizens Property Insurance sees upside to little-used clearinghouseTampabay.com
  Fla. State-Backed Citizens Insurance Removes 93K PoliciesLaw360 (subscription)
  
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• Insurance adjuster sentenced for role in $900000 N.J. Turnpike scam - NJ.com

  09-01-2015 22:07 via nj.com
  
  NJ.com
  Insurance adjuster sentenced for role in $900000 N.J. Turnpike scam
  NJ.com
  NEWARK — A Little Falls insurance adjuster was sentenced to nearly three years in prison Thursday for conspiring with a New Jersey Turnpike manager to dupe the authority and insurance companies out of $900,000. Robert Napolitano, 55, of Clifton, ...
  NJ Insurance Adjuster Receives 32-Month Prison Term for Defrauding NJTAInsurance Journal
  
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• Cook & Co. Promotes Shillue to President in Massachusetts

  09-01-2015 21:37
  
  Cook & Company Insurance Services Inc., an insurance and risk management services firm in Marshfield, Massachusetts, has promoted Sue Shillue to president. She succeeds Peter A. Cook who was named managing director of business development at Cook & Company’s parent …
  The article Cook & Co. Promotes Shillue to President in Massachusetts appeared first on Insurance Journal.
  
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• Hoosiers stung by rising health insurance premiums - Indianapolis Star

  09-01-2015 21:35 via indystar.com
  
  Indianapolis Star
  Hoosiers stung by rising health insurance premiums
  Indianapolis Star
  WASHINGTON — Hoosiers have not enjoyed the slowdown in health insurance premiums seen in most states in recent years, concludes a new report examining the cost of employer-provided coverage. While premiums grew more slowly in 30 states between ...
  
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• The Walker Group Rebrands to AmWINS Brokerage of New York

  09-01-2015 21:30
  
  Effective Jan. 1, 2015, The Walker Group, an AmWINS Group company, has changed its name to AmWINS Brokerage of New York to expand AmWINS Group’s brand in New York state. Located in Syracuse and Amherst, New York, The Walker Group …
  The article The Walker Group Rebrands to AmWINS Brokerage of New York appeared first on Insurance Journal.
  
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• 93k policies removed from Florida Citizens, transferred to private market

  09-01-2015 21:06
  2015 is off to a good start for the state-created insurer,as this increases the number of policies approved for take-outs to more than 400,000 for the year
  
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• Garmin corporate wellness website tracks participants’ activity data

  09-01-2015 21:04
  Tracking technology company Garmin Ltd. has created the Garmin Connect wellness portal, a website designed for corporate wellness programs that allows employers to track the activity data of participating employees.
  
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• F1's $100 Million Insurance Policy - Forbes

  09-01-2015 21:01 via forbes.com
  
  F1's $100 Million Insurance Policy
  Forbes
  Formula One race organisers have been asked to arrange insurance policies up to as much as $100 million per Grand Prix according to new research. This year's F1 season gets under-way in Australia in March and comprises 20 races in 20 countries.
  
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• XL CEO: Catlin buyout will create a top 10 global reinsurer

  09-01-2015 20:33
  
  XL Group P.L.C.'s pending acquisition of Catlin Group Ltd. for about $4.3 billion will give the combined entity the size to operate profitably in a difficult reinsurance market, XL CEO Mike McGavick said Friday.
  
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• XL to Write Nearly 10th of Lloyd’s Business After Catlin Deal

  09-01-2015 19:52
  
  XL Group Plc said it would buy underwriter Catlin Group Ltd. for about 2.79 billion pounds ($4.22 billion), increasing the Dublin-based insurer’s share of business written in the Lloyd’s of London market to nearly 10 percent. The deal is the …
  The article XL to Write Nearly 10th of Lloyd’s Business After Catlin Deal appeared first on Insurance Journal.
  
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• New mobile app for adjusters promises better claims management, faster appraisals

  09-01-2015 19:43
  Finally, adjusters are getting technology to help them manage claims.
  
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• XL’s McGavick: Hedge Funds Grow in Sophistication in Insurance Arena

  09-01-2015 19:41
  
  Investors such as hedge funds and pensions are becoming more sophisticated as they partner with insurers, XL Group Plc Chief Executive Officer Mike McGavick said. In the past, capital-markets partners would “pat you on the head and they’d say, ‘You …
  The article XL’s McGavick: Hedge Funds Grow in Sophistication in Insurance Arena appeared first on Insurance Journal.
  
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• N.J. Insurance Adjuster Receives 32-Month Prison Term for Defrauding NJTA

  09-01-2015 19:41
  
  The owner of a New Jersey-based insurance adjusting company was sentenced on Thursday to 32 months in prison for his role in a scheme to defraud the N.J. Turnpike Authority (NJTA) and various insurance companies of at least $900,000. Robert …
  The article N.J. Insurance Adjuster Receives 32-Month Prison Term for Defrauding NJTA appeared first on Insurance Journal.
  
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• PartnerRe Asia licensed as reinsurer by Singapore Monetary Authority

  09-01-2015 19:36
  The Monetary Authority of Singapore has licensed PartnerRe Ltd.'s Partner Reinsurance Asia Pte. Ltd. to operate as a non-life and life reinsurer, Pembroke, Bermuda-based PartnerRe announced Thursday.
  
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• Partner Re Asia licensed as reinsurer by Singapore Monetary Authority

  09-01-2015 19:36
  The Monetary Authority of Singapore has licensed PartnerRe Ltd.’s Partner Reinsurance Asia Pte. Ltd. to operate as a non-life and life reinsurer, Pembroke, Bermuda-based PartnerRe announced Thursday.
  
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• UPDATE: Paris terror suspects killed

  09-01-2015 19:29
  Suspects of the two terror attacks in Paris were killed in twin police raids today, ending three days of intense drama in what was the deadliest such assault in the country in half a century.
  
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• Google set to turn key on insurance comparison site in Illinois - Chicago Tribune

  09-01-2015 19:24 via chicagotribune.com
  
  CNET
  Google set to turn key on insurance comparison site in Illinois
  Chicago Tribune
  The California-based Internet search giant is piloting an online insurance comparison shopping site expected to launch in Illinois and three other states during the first quarter, according to an industry analyst. The launch of Google Compare Auto ...
  New Clues on Google's Plans for InsuranceNew York Times (blog)
  Google may bring auto insurance shopping service to USCNET
  Get your auto insurance from Google?
  
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• 5 Arrested in N.Y. for Alleged Accident Staging, Insurance Fraud

  09-01-2015 18:59
  
  New York Attorney General Eric T. Schneiderman announced the arrests of five individuals for their alleged roles staging auto accidents in New York’s Nassau and Suffolk counties to fraudulently receive insurance payouts. The defendant are charged with participating in a …
  The article 5 Arrested in N.Y. for Alleged Accident Staging, Insurance Fraud appeared first on Insurance Journal.
  
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• Navigating the complexity of a long-term care insurance policy - PBS NewsHour

  09-01-2015 18:55 via pbs.org
  
  PBS NewsHour
  Navigating the complexity of a long-term care insurance policy
  PBS NewsHour
  When they were thinking about retirement, the Lucases prepared for their old age by each purchasing a long-term care insurance policy from a private company. The two hoped it would cover the cost they thought they would incur if one of them needed to ...
  
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• Metal finishing plant to pay $40K to settle racial bias case

  09-01-2015 18:53
  A South Carolina metal finishing plant has agreed to pay $40,000 to settle an Equal Employment Opportunity Commission lawsuit in which, it was charged, a black worker was subjected to racial discrimination, then fired after he complained.
  
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• Texas Officials Want Drug Database Moved from DPS

  09-01-2015 18:52
  Some Texas lawmakers say prescription drugs can be bettered monitored by moving the state’s database out of the Department of Public Safety. House and Senate committees that studied the issue recommend that the State Board of Pharmacy take over the …
  The article Texas Officials Want Drug Database Moved from DPS appeared first on Insurance Journal.
  
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• Court shields workers comp settlement, Medicare set-aside in bankruptcy

  09-01-2015 18:48
  A worker who used his workers compensation settlement and Medicare set-aside account funds to buy real estate and a new truck will not have to include those items as assets under his Chapter 7 bankruptcy proceedings, a federal bankruptcy judge ruled this...
  
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• Hub International Acquires Fidelity Associates in Spokane, Washington

  09-01-2015 18:45
  
  Hub International Limited (Hub), a global insurance brokerage, announced that it has acquired the assets of Fidelity Associates Inc. and Fidelity Associates Financial Services Inc.(collectively, Fidelity), servicing Spokane and the greater Pacific Northwest region. Terms of the acquisition were not disclosed. Fidelity …
  The article Hub International Acquires Fidelity Associates in Spokane, Washington appeared first on Insurance Journal.
  
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• Kansas Judge Tosses Boeing, Spirit AeroSystems Discrimination Lawsuit

  09-01-2015 18:38
  
  The remaining age-discrimination claims against Boeing Co. and Spirit AeroSystems were tossed out by a federal judge in Kansas on Jan. 7, a major blow to a lawsuit that’s spanned nine years. When Boeing sold its commercial aircraft operations in …
  The article Kansas Judge Tosses Boeing, Spirit AeroSystems Discrimination Lawsuit appeared first on Insurance Journal.
  
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• High Infection Rates Lead to Penalties for 11 Kansas Hospitals

  09-01-2015 18:35
  
  Eleven Kansas hospitals are among more than 700 nationwide that have been penalized for having high rates of infections or patient injuries, leading to a 1 percent reduction in Medicare reimbursements since the current fiscal year began in October. Medicare …
  The article High Infection Rates Lead to Penalties for 11 Kansas Hospitals appeared first on Insurance Journal.
  
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• USAA to test ridesharing insurance coverage in Colorado

  09-01-2015 18:34
  USAA says it will test auto insurance for ridesharing drivers in Colorado.
  
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• December Was Ohio’s Deadliest Month for Fires in 2014

  09-01-2015 18:33
  
  A string of multiple-fatality home blazes made December Ohio’s deadliest fire month of 2014 and pushed the year’s death toll to 115. Statistics requested by The Associated Press from the state fire marshal’s office show 16 people were killed by …
  The article December Was Ohio’s Deadliest Month for Fires in 2014 appeared first on Insurance Journal.
  
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• Gunman Sentenced to 35 Years for Dallas Insurance Robberies

  09-01-2015 18:30
  
  A gunman blamed for robbing some North Texas insurance businesses and their employees has been sentenced to 35 years in prison. Michael Dewayne Cleveland was sentenced in Dallas. Cleveland last June pleaded guilty to two counts of interference with commerce …
  The article Gunman Sentenced to 35 Years for Dallas Insurance Robberies appeared first on Insurance Journal.
  
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• Connecticut Gov. Malloy Lauds Congressional Passage of TRIA

  09-01-2015 18:30
  
  Connecticut Governor Dannel P. Malloy issued a statement praising the Congressional approval for a six-year extension of the federal government’s Terrorism Risk Insurance Act (TRIA). “This reauthorization was essential and restores much-needed certainty to the insurance industry here in the …
  The article Connecticut Gov. Malloy Lauds Congressional Passage of TRIA appeared first on Insurance Journal.
  
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• Texas Lowers Workers’ Comp Maintenance Tax Rate

  09-01-2015 18:28
  The maintenance tax rate is being reduced to 1.533 percent of gross premiums collected by Texas workers’ compensation insurance carriers from Jan. 1, 2014, through Dec. 31, 2014, Texas Workers’ Compensation Commissioner Ryan Brannan has determined. The tax rate has been lowered …
  The article Texas Lowers Workers’ Comp Maintenance Tax Rate appeared first on Insurance Journal.
  
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• BTIS Expands Workers’ Compensation Program Nationwide

  09-01-2015 18:26
  
  Builders & Tradesmen’s Insurance Services, Inc. (BTIS) has expanded its Victory Workers’ Comp program into all U.S. states except for Alaska, North Dakota, Ohio, Washington, and Wyoming. The program offers 10 percent commission, has no membership or broker fees, and …
  The article BTIS Expands Workers’ Compensation Program Nationwide appeared first on Insurance Journal.
  
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• Canopius division to focus on renewable energy

  09-01-2015 18:24
  Canopius Group Ltd., the London-based insurance and reinsurance platform of Sompo Japan Nipponkoa Insurance Inc., has launched an Amsterdam-based renewable energy division.
  
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• Professional Underwriting Group Launches Admitted Insurance Agents E&O Program

  09-01-2015 18:10
  
  Professional Underwriting Group, Inc. is now offering an admitted program for insurance agent’s errors and omission insurance to qualifying insurance agents in Alabama, Arizona, California, Colorado, Florida, Georgia, Minnesota, Nevada, New Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, and Wisconsin. …
  The article Professional Underwriting Group Launches Admitted Insurance Agents E&O Program appeared first on Insurance Journal.
  
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• Reynolds Named President and CEO of Gulfstream P/C

  09-01-2015 18:02
  
  Gulfstream Property and Casualty Insurance Co., a regional property carrier providing homeowners, renters, condominium and fire coverage in five states, has appointed industry veteran Douglas W. Reynolds as president and chief executive officer. Reynolds takes the helm from Kerry Ford, …
  The article Reynolds Named President and CEO of Gulfstream P/C appeared first on Insurance Journal.
  
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• Florida PIP Report Shows Reduction in Rates and Fraud

  09-01-2015 17:50
  
  Florida’s attempt to lower the cost of personal injury protection (PIP) automobile coverage is making progress as insurers’ rates have declined due in part to lower losses and fewer fraudulent claims. The Florida Office of Insurance Regulation released an annual …
  The article Florida PIP Report Shows Reduction in Rates and Fraud appeared first on Insurance Journal.
  
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• GM’s Barra looks forward after recalls consumed 2014

  09-01-2015 17:49
  No one could blame General Motors CEO Mary Barra if she wanted a do-over in the new year after spending much of 2014 dealing with the automaker’s ignition-switch recall.
  
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• Google's new target: Car insurance sales

  09-01-2015 17:48
  Heads up, agents. Google may soon be a direct competitor.
  
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• Pharmaceutical firm to pay $39M to settle U.S. kickback claims

  09-01-2015 17:27
  (Reuters) — The U.S. subsidiary of global pharmaceutical company Daiichi Sankyo Co Ltd. has agreed to pay $39 million to the U.S.
  
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• Hacker demands money from Swiss bank BCGE

  09-01-2015 17:05
  (Reuters) — A hacker claiming to be behind a cyber attack on Banque Cantonale de Geneve, or BCGE, used social media on Friday to threaten to leak confidential data on the Swiss bank’s clients if its demands for payment weren’t met.
  
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• Keefe, Bruyette & Woods acquires insurance research firm

  09-01-2015 16:54
  Investment bank Keefe, Bruyette & Woods Inc., a subsidiary of Stifel Financial Corp., has acquired Wilmette, Illinois-based insurance research firm Cagney Research Group Inc.
  
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• Hostages taken in Paris grocery store as police close in on 'Charlie Hebdo' attackers

  09-01-2015 16:52
  The terror crisis gripping France deepened after a gunman took hostages at a kosher grocery in Paris, even as police encircled suspects in the massacre at magazine 'Charlie Hebdo' in a town near Charles de Gaulle airport.
  
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• Officials Confirm Weekend Tornado in Alabama

  09-01-2015 16:38
  
  The National Weather Service is checking the damage from a weekend of rough weather in Alabama. Officials confirmed Monday that a weak tornado touched down in west Alabama in Hamilton on Saturday evening. A twister with 85 mph winds damaged …
  The article Officials Confirm Weekend Tornado in Alabama appeared first on Insurance Journal.
  
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• XL to buy Catlin for $4.2B

  09-01-2015 16:36
  XL agreed to purchase Catlin, a Lloyd’s of London company, for about 2.8 billion pounds ($4.2 billion) as the buyer expands in specialized commercial insurance.
  
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• Insurance buyers to benefit from decline in reinsurance rates: Analyst

  09-01-2015 16:29
  Lower reinsurance rates could ultimately prove to be good news for insurance buyers, according to a new report from Cliff Gallant, San Francisco-based analyst with Nomura Securities.
  
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• Insurance Wholesaler Russell Bond Adds Finkelstein in Chicago

  09-01-2015 16:26
  
  David R. Finkelstein has joined insurance wholesaler, Russell Bond & Co., as vice president of distribution and programs. Based in the Chicago area, Finkelstein will be responsible for management and expansion the existing business development efforts, as well as several …
  The article Insurance Wholesaler Russell Bond Adds Finkelstein in Chicago appeared first on Insurance Journal.
  
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• Kluting Joins Arthur J. Gallagher Risk Management Services in Michigan

  09-01-2015 16:18
  
  Arthur J. Gallagher Risk Management Services Inc., the U.S. retail property/casualty brokerage division of Arthur J. Gallagher & Co. has hired Steve Kluting in its Grand Rapids, Mich., office. In his new role as area vice president for Gallagher’s food …
  The article Kluting Joins Arthur J. Gallagher Risk Management Services in Michigan appeared first on Insurance Journal.
  
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• Around the Industry: January 9, 2015

  09-01-2015 16:10
  News from American Modern Insurance Group, Aspen U.S. Insurance, the Coalition Against Insurance Fraud and more
  
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• Calif. firm recalls beef, pork products for possible metal contamination

  09-01-2015 15:59
  (Reuters) — A California meat company is recalling 48,139 pounds of frozen, ready-to-eat beef and pork products that may be contaminated with extraneous metal materials, the U.S.
  
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