Insurance news

• Mercury Agrees to $1M Settlement With California Department of Insurance - Insurance Journal

  10-03-2015 21:30 via insurancejournal.com
  
  Mercury Agrees to $1M Settlement With California Department of Insurance
  Insurance Journal
  California Insurance Commissioner Dave Jones announced a $1 million settlement with Mercury Insurance Co., Mercury Casualty Co. and California Automobile Insurance Co. over findings that Mercury violated California laws on rating and underwriting ...
  
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• Captive insurers can mitigate political, trade credit risks

  10-03-2015 21:26
  
  ORLANDO, Fla.
  
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• Mercury Agrees to $1M Settlement With California Department of Insurance

  10-03-2015 21:22
  
  California Insurance Commissioner Dave Jones announced a $1 million settlement with Mercury Insurance Co., Mercury Casualty Co. and California Automobile Insurance Co. over findings that Mercury violated California laws on rating and underwriting practices. The settlement stems from a market …
  The article Mercury Agrees to $1M Settlement With California Department of Insurance appeared first on Insurance Journal.
  
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• Average truck cargo theft worth $232,924 in 2014

  10-03-2015 20:42
  
  The average value of cargo stolen during 2014 increased by 36%, to $232,924, with cargo thieves becoming more professional, says FreightWatch International (USA) Inc. in its 2014 report issued Tuesday.
  
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• U.S. rail industry pushes White House to ease oil train safety rules

  10-03-2015 20:20
  (Reuters) — The U.S. rail industry is pushing the White House to drop a requirement that oil trains adopt an advanced braking system, a cornerstone of a national safety plan that will soon govern shipments of crude oil across the country.
  
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• QBE names North American president of field operations

  10-03-2015 20:11
  Mark Cantin has joined QBE North America as president of field operations, the New York-based unit of QBE Insurance Group Ltd. announced Tuesday.
  
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• Networked in California Promotes Carrington, Duong to Vice President

  10-03-2015 19:18
  
  Grass Valley, Calif.-based Networked Insurance Agents has promoted Michael Carrington to vice president of service and Tam Duong to vice president of commercial lines account management. Carrington leads a team of 30 customer service representatives and business processors. Duong leads …
  The article Networked in California Promotes Carrington, Duong to Vice President appeared first on Insurance Journal.
  
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• U.S. prescription spending increase in 2014 highest in over a decade

  10-03-2015 18:54
  Prescription drug spending increased 13.1% in the United States last year, attributed partly to an increase in spending for specialty drugs, according to Express Scripts Inc.
  
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• Specialty drugs helped boost U.S. prescription spending 13.1% in 2014

  10-03-2015 18:54
  
  Prescription drug spending increased 13.1% in the United States last year, attributed partly to an increase in spending for specialty drugs, according to Express Scripts Inc.
  
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• Hack: Department of Justice charges 3 with 'largest-ever data breach'

  10-03-2015 18:40
  Cyber attack on e-mail marketing provider Epsilon exposed confidential information on Citi, Chase, Verizon, Visa and Walgreens customers.
  
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• Towers Watson promotes exec to lead risk and financial services business

  10-03-2015 18:38
  Towers Watson & Co. has appointed Eric Speer to lead its risk and financial services business, effective July 1.
  
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• Compare.com Confirms Partnership with Google Insurance Comparison Site

  10-03-2015 18:18
  
  Online auto insurance comparison site Compare.com is now working with Google on its auto insurance compare and buy platform, Google Compare, in California. Andrew Rose, Virginia-based Compare.com, said the search engine giant approached the company because it was having trouble …
  The article Compare.com Confirms Partnership with Google Insurance Comparison Site appeared first on Insurance Journal.
  
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• Lawmakers unveil property insurance reform plan - WRAL.com

  10-03-2015 18:09 via wral.com
  
  WRAL.com
  Lawmakers unveil property insurance reform plan
  WRAL.com
  Raleigh, N.C. — State lawmakers are aiming to lower property insurance rates by restructuring the state's plan to cover catastrophic loss. A bill unveiled Tuesday in both the House and the Senate would create a public bonding authority within the ...
  
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• Pension agency requires employers to disclose risk-transfer details

  10-03-2015 18:07
  Employers that reduce the risks associated with offering pension plans now face a new reporting requirement: disclosing basic information about the transactions to the PBGC as part of paying their annual premium to the federal agency.
  
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• PBGC requires employers to disclose risk-transfer details

  10-03-2015 18:07
  
  Employers that reduce the risks associated with offering pension plans now face a new reporting requirement: disclosing basic information about the transactions to the PBGC as part of paying their annual premium to the federal agency.
  
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• Norman-Spencer Marine Launches TradeWinds Yacht Insurance Program

  10-03-2015 18:05
  
  The Norman-Spencer Agency, Inc.’s marine insurance services division has launched the TradeWinds Yacht Insurance Program. According to Paul Sexton, vice president of Norman-Spencer’s marine insurance services division, the addition of the new TradeWinds yacht program will drive Norman-Spencer’s growth in …
  The article Norman-Spencer Marine Launches TradeWinds Yacht Insurance Program appeared first on Insurance Journal.
  
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• North Carolina Judge Grants Class-Action Status to Magistrates’ Pay Lawsuit

  10-03-2015 17:56
  
  A judge is approving class-action status to a lawsuit saying North Carolina has broken its promise to give magistrates pay raises. Forty magistrates filed the lawsuit last year. But with Superior Court Judge Michael O’Foghludha’s ruling, the number could jump …
  The article North Carolina Judge Grants Class-Action Status to Magistrates’ Pay Lawsuit appeared first on Insurance Journal.
  
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• Report: Florida Officials Banned From Saying ‘Climate Change’, ‘Global Warming’

  10-03-2015 17:44
  
  Florida’s government may have figured out a way to beat climate change: ignore it. A report by the Florida Center for Investigative Reporting (FCIR) published Sunday details the claims by employees of the Florida Department of Environmental Protection, who say that they …
  The article Report: Florida Officials Banned From Saying ‘Climate Change’, ‘Global Warming’ appeared first on Insurance Journal.
  
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• 4 Health Insurers Fined $280K in Md. for Selling Unapproved Student Plans

  10-03-2015 17:40
  
  Four health insurance companies paid a combined $280,000 in fines to the Maryland Insurance Administration (MIA) for selling unapproved health insurance plans to college students in Maryland, regulators announced last week. Student health benefit plans are only available to be …
  The article 4 Health Insurers Fined $280K in Md. for Selling Unapproved Student Plans appeared first on Insurance Journal.
  
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• Consumer Advocate to Florida Lawmakers: Ridesharing Proposal ‘Hell-on-Wheels’

  10-03-2015 17:38
  
  The Consumer Federation of the Southeast (CFSE) has warned that consumers will be at significant risk if Florida legislators allow transportation network companies like Uber and Lyft to follow different consumer protection standards than other transportation services in cities and …
  The article Consumer Advocate to Florida Lawmakers: Ridesharing Proposal ‘Hell-on-Wheels’ appeared first on Insurance Journal.
  
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• Consumer Advocate to Florida Lawmakers: Ridesharing Proposal a ‘Hell-on-Wheels’ Idea

  10-03-2015 17:38
  
  The Consumer Federation of the Southeast (CFSE) has warned that consumers will be at significant risk if Florida legislators allow transportation network companies like Uber and Lyft to follow different consumer protection standards than other transportation services in cities and …
  The article Consumer Advocate to Florida Lawmakers: Ridesharing Proposal a ‘Hell-on-Wheels’ Idea appeared first on Insurance Journal.
  
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• 9 P&C firms named to Fortune's 'Most Admired' list

  10-03-2015 17:37
  More than 4,000 executives, directors and analysts rated companies in their own industries on nine criteria that affect reputation. Here's how the P&C industry did.
  
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• U.S. Consumer Bureau Moves to Restrict Mandatory Arbitration Clauses

  10-03-2015 17:31
  
  Financial companies routinely use mandatory arbitration to block class-action lawsuits, making it difficult for consumers to win big payouts in disputes over credit cards and other products, a U.S. regulator found. When credit card issuers have faced suits seeking class- …
  The article U.S. Consumer Bureau Moves to Restrict Mandatory Arbitration Clauses appeared first on Insurance Journal.
  
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• CIA sought to hack Apple iPhones from earliest days

  10-03-2015 17:29
  (Reuters) — CIA researchers have worked for nearly a decade to break the security protecting Apple phones and tablets, investigative news site The Intercept reported on Tuesday, citing documents obtained from NSA whistleblower Edward Snowden.
  
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• Florida Ends Citizens Assessment Two Years Ahead of Schedule

  10-03-2015 17:29
  
  Florida’s insurance regulators are two years ahead of schedule in ending an assessment used to retire a bond issued by the state-backed property insurer Citizens following the eight-storm 2004-2005 hurricane season. The move codifies a decision made by Citizens Property …
  The article Florida Ends Citizens Assessment Two Years Ahead of Schedule appeared first on Insurance Journal.
  
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• Blasingame to Retire as Arkansas Chief Deputy Commissioner

  10-03-2015 17:21
  
  Arkansas Insurance Commissioner Allen Kerr announced that long-time insurance employee, Chief Deputy Commissioner Lenita Blasingame, has decided to retire at the end of June after nearly 50 years with the Arkansas Insurance Department. Kerr named Russ Galbraith as her replacement. Blasingame served …
  The article Blasingame to Retire as Arkansas Chief Deputy Commissioner appeared first on Insurance Journal.
  
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• Integro Acquires Design Insurance Agency in New York

  10-03-2015 17:17
  
  Insurance brokerage and risk management firm Integro announced its acquisition of Design Insurance Agency Inc., a specialist brokerage providing professional liability coverage and risk management services to architects, engineers and other design consultants in private practice. Financial details of the …
  The article Integro Acquires Design Insurance Agency in New York appeared first on Insurance Journal.
  
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• Bilot, Knutzen to Lead New Advocate Reinsurance Partners’ Minneapolis/St. Paul Office

  10-03-2015 17:12
  
  Advocate Reinsurance Partners LLC, a privately owned reinsurance intermediary firm based in Dallas, announced the appointments of Daniel Bilot and Jon Knutzen as partners in the firm’s new Minneapolis/St. Paul, Minn., office. The appointments further extend the firm’s capabilities and …
  The article Bilot, Knutzen to Lead New Advocate Reinsurance Partners’ Minneapolis/St. Paul Office appeared first on Insurance Journal.
  
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• Bilot, Knutzen Lead Advocate Reinsurance Partners’ Minneapolis/St. Paul Office

  10-03-2015 17:12
  
  Advocate Reinsurance Partners LLC, a privately owned reinsurance intermediary firm based in Dallas, announced the appointments of Daniel Bilot and Jon Knutzen as partners in the firm’s new Minneapolis/St. Paul, Minn., office. The appointments further extend the firm’s capabilities and …
  The article Bilot, Knutzen Lead Advocate Reinsurance Partners’ Minneapolis/St. Paul Office appeared first on Insurance Journal.
  
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• Insurance merger deals expected to accelerate

  10-03-2015 17:10
  Insurance merger and acquisition activity should continue to speed up this year, according to a report issued Tuesday by Deloitte L.L.P.
  
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• Illinois Lawmaker Wants Prison Time for Distracted Drivers in Fatal Crashes

  10-03-2015 17:08
  
  Fatal crashes caused by illegal cellphone use should carry penalties similar to those imposed on drunk drivers who kill, a suburban lawmaker says. The (Arlington Heights) Daily Herald reports that Rep. Robert Marwick wants aggravated use of an electronic communication …
  The article Illinois Lawmaker Wants Prison Time for Distracted Drivers in Fatal Crashes appeared first on Insurance Journal.
  
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• Texas Commissioner Files Revised Farmers Insurance Refunds Settlement

  10-03-2015 17:04
  
  On the heels of a recent multi-million dollar refund agreement with the state’s largest homeowners insurer, Texas Department of Insurance Commissioner David Mattax announced a revised settlement with the second largest homeowners insurer, Farmers Insurance, stemming from a 2002 lawsuit by …
  The article Texas Commissioner Files Revised Farmers Insurance Refunds Settlement appeared first on Insurance Journal.
  
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• Texas Commissioner Files Revised Farmers Insurance Refund Settlement

  10-03-2015 17:04
  
  On the heels of a recent multi-million dollar refund agreement with the state’s largest homeowners insurer, Texas Department of Insurance Commissioner David Mattax announced a revised settlement with the second largest homeowners insurer, Farmers Insurance, stemming from a 2002 lawsuit by …
  The article Texas Commissioner Files Revised Farmers Insurance Refund Settlement appeared first on Insurance Journal.
  
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• Jewel-Osco gets stiff fine in unique EEOC case

  10-03-2015 16:59
  A federal court-imposed fine of $400,000 against the Jewel-Osco supermarket chain to compensate the Equal Employment Opportunity Commission for attorneys’ fees in connection with the chain’s alleged failure to comply with a consent decree is...
  
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• New England Insurance Group Network Launched in Massachusetts

  10-03-2015 16:59
  
  Executives from a Massachusetts-based independent insurance agency recently announced the launch of a new agency network. The New England Insurance Group Network, which began operation in January, is based in Newton, Massachusetts. It was founded by Edward Lukatsky and Steven …
  The article New England Insurance Group Network Launched in Massachusetts appeared first on Insurance Journal.
  
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• Evolve or perish: How CIOs can meet challenges due to digital transformation

  10-03-2015 16:55
  Insurers should prioritize these four competencies and experiences when recruiting and assessing a transformational CIO.
  
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• Ohio considers loosening PTSD-related comp rules for first responders

  10-03-2015 16:44
  Ohio lawmakers are considering legislation that would provide workers compensation to first responders in the state for post-traumatic stress disorder claims without requiring an accompanying physical injury to receive benefits.
  
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• Drones: Proposed new FAA regs and property insurance implications

  10-03-2015 16:34
  The ups and downs of using drone technology.
  
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• Arthur J. Gallagher, Hartford among most ethical firms worldwide

  10-03-2015 16:22
  
  Brokerage Arthur J. Gallagher & Co. and Hartford Financial Services Group Inc. were among the 132 companies recognized as a “World’s Most Ethical Company” by the Ethisphere Institute , a New York-based think tank.
  
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• More States Eye Use of Drug Formularies in Workers’ Compensation

  10-03-2015 16:16
  
  While workers’ compensation pharmacy benefit managers have been utilizing drug formularies to control prescription drugs costs and monitor medical treatments for a long time, states are now catching on. Drug formularies are lists of prescription drugs that are considered appropriate …
  The article More States Eye Use of Drug Formularies in Workers’ Compensation appeared first on Insurance Journal.
  
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• XL and Catlin choose reinsurance leaders for combined company

  10-03-2015 16:13
  The reinsurance operations of the combined XL Catlin will be led by Charles Cooper in Bermuda, Jonathan Gale in London and John Welch in North America once the companies merge later this year, Business Insurance has learned.
  
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• Washington Officials Seek $9M in Case of Drought

  10-03-2015 16:09
  
  The state of Washington has not yet declared a drought this year, but they’re asking the Legislature for $9 million for drought relief in case it’s needed. The Department of Ecology says snowpack level statewide is about 28 percent of …
  The article Washington Officials Seek $9M in Case of Drought appeared first on Insurance Journal.
  
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• Life, health reinsurance profits help boost Hannover Re to record year

  10-03-2015 16:06
  Hannover Re S.E. posted record net income of €985.6 million ($1.07 billion) for 2014, a 10.1% increase over 2013, the German reinsurer said Tuesday.
  
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• Commercial truckers object to proposed increase in mandatory insurance minimum

  10-03-2015 15:57
  By the close of the comment period on Feb. 26, more than 2,100 comments had been submitted to the FMCSA on a government proposal to raise the minimum amount of insurance commercial truck drivers must carry
  
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• Village People lead singer wins bump in royalties share

  10-03-2015 15:52
  The lead singer of the 1970s costumed pop act Village People has won another round in his ongoing effort to receive a higher royalty rate from the group's catalog.
  
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• Prudential CEO Tidjane Thiam to join Credit Suisse

  10-03-2015 15:35
  
  Prudential P.L.C. announced Tuesday that group CEO Tidjane Thiam will step down from his post this year and join Swiss bank Credit Suisse A.G. as CEO.
  
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• The 8 insurance coverages that are triggered by a catastrophic fire

  10-03-2015 15:35
  Catastrophes involve multiples lines of business and coverages. Did we miss any?
  
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• Recent rail spills shift focus to cutting oil's volatility

  10-03-2015 15:34
  Is oil too explosive to be carried by train?
  
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• Hannover Re fourth-quarter profit beats analyst estimates

  10-03-2015 15:25
  Hannover Re rose the most in more than two years after saying it will pay a special dividend and fourth-quarter profit climbed more than analysts estimated.
  
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• Former Hylant Executive in Ohio Denies Trade Secret, Recruiting Charges

  10-03-2015 15:18
  
  A former Hylant Group Inc. official denied that he misappropriated trade secrets and tried to recruit Hylant employees to Chicago-based Wells Fargo Insurance Services Inc. Todd J. Belden, in a March 4 court filing, opposed Hylant’s request for a court …
  The article Former Hylant Executive in Ohio Denies Trade Secret, Recruiting Charges appeared first on Insurance Journal.
  
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