Insurance news

• Roger Clemens’ Insurer AIG to Pay for Settlement Reached in Defamation Suit

  20-03-2015 21:53
  
  A long-running defamation lawsuit against former Boston Red Sox and New York Yankees pitcher Roger Clemens by his ex-trainer has been settled for an undisclosed amount of money to be paid by his insurer, attorneys said Wednesday after meeting with …
  The article Roger Clemens’ Insurer AIG to Pay for Settlement Reached in Defamation Suit appeared first on Insurance Journal.
  
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• Cyber risk models take cues from natural catastrophe tools

  20-03-2015 21:25
  
  CHICAGO — Slowly but surely, researchers are beginning to adapt the modeling tools that have helped insurers and policyholders quantify the risks arising from natural disasters for use on another vexing problem: cyber risk.
  
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• AIG investors' $970.5 million settlement wins court approval

  20-03-2015 21:19
  
  (Reuters) — AIG shareholders won approval Friday of a $970.5 million settlement resolving claims that they were misled about its subprime mortgage exposure, leading to a liquidity crisis and $182.3 billion in federal bailouts.
  
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• PIACT Elects New Officers for 2015-16 Administrative Year

  20-03-2015 20:53
  
  The Professional Insurance Agents of Connecticut Inc. (PIACT) elected officers during the association’s annual convention, held on March 12 at the Foxwoods Resort Casino in Mashantucket, Conn. Following are the new officers who will lead PIACT in 2015-16: • President: …
  The article PIACT Elects New Officers for 2015-16 Administrative Year appeared first on Insurance Journal.
  
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• Judge OKs Target's proposed $10 million consumer settlement

  20-03-2015 20:43
  
  A federal district judge has approved a proposed settlement agreement in the Target Corp.
  
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• Former Cigna VP Wade Selected to Lead Connecticut Insurance Department

  20-03-2015 20:32
  
  Connecticut Governor Dannel P. Malloy today announced that he is nominating Katharine L. Wade to serve as commissioner of the Connecticut Insurance Department. Wade succeeds Thomas B. Leonardi who stepped down from the post to join New York investment banking …
  The article Former Cigna VP Wade Selected to Lead Connecticut Insurance Department appeared first on Insurance Journal.
  
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• EEOC revising rules on financial incentives for wellness programs

  20-03-2015 20:10
  
  The EEOC on Friday signaled that it has completed a set of rule revisions to address practical conflicts in the regulations governing the use of financial incentives in workplace wellness programs.
  
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• Yellow Taxis Now Outnumbered by Uber Cars on NYC Streets

  20-03-2015 20:02
  
  New York City’s storied yellow cabs are taking a back seat to black cars. Uber cars, often black sedans that can be summoned with smartphone apps, now outnumber the yellow taxis that city riders have hailed with a whistle and …
  The article Yellow Taxis Now Outnumbered by Uber Cars on NYC Streets appeared first on Insurance Journal.
  
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• ACE, Blackrock Seek Up to $1.3 Billion for Bermuda Reinsurance Venture

  20-03-2015 20:00
  
  BlackRock Inc., the world’s largest money manager, and Evan Greenberg’s ACE Ltd. are forming a reinsurance venture that is seeking to raise $800 million to $1.3 billion. The business is named ABR Reinsurance Capital Holdings Ltd. and is based in …
  The article ACE, Blackrock Seek Up to $1.3 Billion for Bermuda Reinsurance Venture appeared first on Insurance Journal.
  
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• IICF Club100 in Hollywood Recognized Insurance Pros for Charity - Insurance Journal

  20-03-2015 19:57 via insurancejournal.com
  
  Insurance Journal
  IICF Club100 in Hollywood Recognized Insurance Pros for Charity
  Insurance Journal
  The Insurance Industry Charitable Foundation's Club100 event at the Avalon Hollywood in Hollywood, Calif. on Thursday night drew more than 200 industry professionals to help raise funds for charity. The annual IICF event recognized Frank Robitaille, ...
  
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• Comp insurer loses in blaming competitors for hurt business

  20-03-2015 19:54
  
  A Montana workers compensation insurer can’t sue its competitors for unfair trade practices after it claimed other insurers spread “falsehoods” about the company to potential workers comp insurance buyers, the Montana Supreme Court has...
  
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• IICF Club100 in Hollywood Recognized Insurance Pros for Charity

  20-03-2015 19:52
  
  The Insurance Industry Charitable Foundation’s Club100 event at the Avalon Hollywood in Hollywood, Calif. on Thursday night drew more than 100 industry professionals to help raise funds for charity. The annual IICF event recognized Frank Robitaille, executive vice president of …
  The article IICF Club100 in Hollywood Recognized Insurance Pros for Charity appeared first on Insurance Journal.
  
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• ABR Reinsurance to raise nearly $1.3 billion

  20-03-2015 19:47
  
  ABR Reinsurance Capital Holdings Ltd., the reinsurance venture between Ace Ltd. and investment bank Blackrock Inc. has filed documents with the Securities and Exchange Commission indicating the venture plans to raise as much as $1.3 billion.
  
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• Former Cigna VP Picked To Run State Insurance Department - Hartford Courant

  20-03-2015 19:36 via courant.com
  
  Hartford Courant
  Former Cigna VP Picked To Run State Insurance Department
  Hartford Courant
  Newly appointed insurance commissioner, Katie Wade hugs her son Sam, 11, as her daughter Abby, 16, looks on, following an afternoon press conference at the state Capitol. Newly appointed insurance commissioner, Katie Wade hugs her son Sam, 11, ...
  Former Cigna lobbyist to lead insurance departmentThe CT Mirror
  Former Cigna exec tapped for Connecticut insurance postNew Haven Register
  Former Cigna VP W
  
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• Private sector lags on cyber security

  20-03-2015 19:31
  
  Despite the recent spate of highly-publicized data breaches, companies and their insurers are still struggling to get their arms around the risks represented by cyber crime, speakers said at the 10th annual Symposium given by Minneapolis-based brokerage...
  
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• Paul Ryan Urges State Lawmakers Not to Set Up Health-Insurance Exchanges - Wall Street Journal

  20-03-2015 19:19 via wsj.com
  
  Wall Street Journal
  Paul Ryan Urges State Lawmakers Not to Set Up Health-Insurance Exchanges
  Wall Street Journal
  WASHINGTON—Rep. Paul Ryan urged state lawmakers to resist setting up state insurance exchanges if the Supreme Court rules that key parts of the Affordable Care Act can only continue if they do so. “Oh God, no…The last thing anybody in my opinion ...
  
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• 2015 Risk Management Summit

  20-03-2015 18:43
  
  Risk managers from the United States and Europe gathered at the Roosevelt Hotel in New York on March 4-5 for the Risk Management Summit, a Business Insurance annual networking and educational conference.
  
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• Fed still learning on regulating insurance industry oversight

  20-03-2015 18:16
  
  (Reuters) — The Federal Reserve is still coming to grips with how large insurance companies should be regulated to protect the financial system, Atlanta Fed President Dennis Lockhart said on Friday.
  
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• New York’s SterlingRisk Hires Krush as New CFO

  20-03-2015 17:59
  
  SterlingRisk, an insurance brokerage based in Woodbury, New York, has hired Joanne Krush as chief financial officer of the firm. Krush is based in SterlingRisk’s Woodbury headquarters. She succeeds Mark Landisman who recently left the post. Krush brings more than …
  The article New York’s SterlingRisk Hires Krush as New CFO appeared first on Insurance Journal.
  
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• New York DFS Opens Inquiry Into Price Optimization

  20-03-2015 17:57
  
  The New York Department of Financial Services (DFS) on March 18 sent out letters to hundreds of property/casualty insurers operating in the state, seeking information concerning price optimization. New York joins a growing of number of states around the country …
  The article New York DFS Opens Inquiry Into Price Optimization appeared first on Insurance Journal.
  
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• Wells Fargo Insurance Names Meuse to Lead National Cross-Sell Team

  20-03-2015 17:47
  
  Wells Fargo Insurance, part of Wells Fargo & Co. has appointed industry veteran Kristine Meuse to lead cross-sell efforts for its insurance brokerage and consulting (IBC) division. She is based in Dallas. Meuse will work closely with Wells Fargo’s corporate and commercial …
  The article Wells Fargo Insurance Names Meuse to Lead National Cross-Sell Team appeared first on Insurance Journal.
  
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• Martial arts fighting fireman charged with stealing disability pension

  20-03-2015 17:47
  
  A former New Jersey firefighter has been charged with fraudulently collecting more than $82,000 through a disability pension while teaching jiujitsu and participating in a mixed martial arts competition, the state Attorney General’s Office said.
  
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• Electronic Proof of Insurance Accepted in Ohio Beginning March 23

  20-03-2015 17:46
  
  Effective March 23, 2015, Ohio motorists will now be able to show proof of financial responsibility to traffic violations bureaus, courts, Bureau of Motor Vehicles (BMV) and/or law enforcement through use of an electronic wireless communications device, the insurance department …
  The article Electronic Proof of Insurance Accepted in Ohio Beginning March 23 appeared first on Insurance Journal.
  
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• FEMA to South Dakota County: Submit Flood Insurance Records

  20-03-2015 17:45
  
  More than 400 homeowners whose property lies along the Missouri River in southeast South Dakota could end up paying a $50 surcharge on their flood insurance if officials in Union County do not meet a federal deadline to submit flood …
  The article FEMA to South Dakota County: Submit Flood Insurance Records appeared first on Insurance Journal.
  
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• Top Donors to Iowa Governor Complained About Gay Ex-Workers’ Comp Official

  20-03-2015 17:43
  
  The founders of a beef company who were major donors to Iowa Gov. Terry Branstad’s campaign were among the business leaders who raised concerns about a gay state official the governor later tried to force out, according to court documents …
  The article Top Donors to Iowa Governor Complained About Gay Ex-Workers’ Comp Official appeared first on Insurance Journal.
  
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• Evan Greenberg's Ace seeking $1.3B for reinsurance venture

  20-03-2015 17:43
  BlackRock, the world’s largest money manager, and Evan Greenberg’s Ace, are forming a reinsurance venture that is seeking to raise $800 million to $1.3 billion.
  
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• What you need to know about travel insurance - USA TODAY

  20-03-2015 17:42 via usatoday.com
  What you need to know about travel insurance
  USA TODAY
  Do you really need travel insurance? What's usually covered? And how much should you pay? Consumer columnist Christopher Elliott answers these questions and more in the video above. Still not sure? Check out the links below. USA TODAY. Five myths ...
  
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• Prosecutor Accused of Misconduct in Texas Arson-Related Execution Case

  20-03-2015 17:41
  
  A prosecutor who handled the case of a Texas man executed for the fire deaths of his three daughters has been formally accused of misconduct over allegations that he concealed evidence during the 1992 murder trial. The State Bar of …
  The article Prosecutor Accused of Misconduct in Texas Arson-Related Execution Case appeared first on Insurance Journal.
  
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• Dozens of Drivers Ticketed after Michigan Freeway Pileup

  20-03-2015 17:39
  
  Dozens of drivers are being ticketed following January’s massive pileup on snowy Interstate 94 in southwestern Michigan that killed a 57-year-old trucker and closed a stretch of the roadway for two days, police announced. Traffic citations for 63 drivers, mostly …
  The article Dozens of Drivers Ticketed after Michigan Freeway Pileup appeared first on Insurance Journal.
  
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• A.M. Best Affirms Ratings of Louisiana-Based AMERISAFE, Subsidiaries

  20-03-2015 17:38
  
  A.M. Best has affirmed the financial strength rating of A (Excellent) and the issuer credit ratings (ICR) of “a” of DeRidder, La.-based AMERISAFE Inc. and its property/casualty subsidiaries: American Interstate Insurance Co.; Silver Oak Casualty Inc.; and American Interstate Insurance Co. in Austin, Texas. Concurrently, …
  The article A.M. Best Affirms Ratings of Louisiana-Based AMERISAFE, Subsidiaries appeared first on Insurance Journal.
  
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• Cincinnati-Based American Financial Group Promotes Weiss to VP

  20-03-2015 17:35
  
  Insurance holding company American Financial Group Inc., headquartered in Cincinnati, Ohio, has promoted Mark A. Weiss to vice president. Weiss joined AFG in 2010 and most recently served as assistant vice president and assistant general counsel. In addition, he serves …
  The article Cincinnati-Based American Financial Group Promotes Weiss to VP appeared first on Insurance Journal.
  
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• U.S. sets first fracking rules since process fueled gas boom

  20-03-2015 17:16
  The oil and gas industry said the rules aren't necessary because state regulations already govern hydraulic fracturing.
  
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• Around the Industry: March 20, 2015

  20-03-2015 17:12
  State Farm gets cleared for drone testing, Palomar offers windstorm insurance in Hawaii, hires and promotions at Aon Benfield, J.M. Wilson, Lockton and more.
  
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• Google Compare: The threat is real

  20-03-2015 17:05
  If you think Google’s move into the business of selling insurance doesn’t constitute a fight, you’re wrong.
  
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• U.S. needs offensive strategy to deter cyber attacks, NSA chief says

  20-03-2015 16:40
  
  (Reuters) — The U.S.
  
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• Montana Supreme Court Upholds $4M Work Injury Verdict

  20-03-2015 16:37
  
  The Montana Supreme Court has upheld a default judgment that led to a nearly $4 million award for a man who was seriously injured while unloading logs at a Frenchtown pulp mill in 2008. As part of Smurfit-Stone Container Corp.’s …
  The article Montana Supreme Court Upholds $4M Work Injury Verdict appeared first on Insurance Journal.
  
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• Colorado Senate Passes Condo Builder Liability Measure

  20-03-2015 16:35
  
  A bill to make it harder to sue condominium builders has cleared its first hurdle in the Colorado Legislature. The measure would make it harder to sue builders of single and multifamily homes for defective construction. It would require that …
  The article Colorado Senate Passes Condo Builder Liability Measure appeared first on Insurance Journal.
  
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• New Mexico Jury Awards $12M Against Condo Association For Shooting Death

  20-03-2015 16:32
  
  The family of a man killed in an Albuquerque, N.M.-area housing complex by a stray bullet that went through his door has won a $12 million judgment against a condominium association and a property management firm. KRQE-TV reported that a …
  The article New Mexico Jury Awards $12M Against Condo Association For Shooting Death appeared first on Insurance Journal.
  
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• Sugar Bowl in California Suspends Skiing as Drought Takes Toll

  20-03-2015 16:30
  
  Yet another Northern California ski resort is closing early due to a lack of snow amid the state’s historic drought. Sugar Bowl resort near Truckee in the Sierra Nevada says Sunday will be the last day of the season. Officials …
  The article Sugar Bowl in California Suspends Skiing as Drought Takes Toll appeared first on Insurance Journal.
  
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• Do I need flood insurance?

  20-03-2015 16:30
  You don’t have to be living in a coastal area to be affected by flooding. NFIP can provide coverage available to any homeowner, regardless of their location.
  
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• California Judge Tosses Pyramid-Scheme Suit Against Herbalife

  20-03-2015 16:27
  
  A California judge dismissed a lawsuit by Herbalife shareholders who claimed that the business structure and marketing practices of the weight loss and nutritional supplements company violated the law and that they lost money because it amounts to a pyramid …
  The article California Judge Tosses Pyramid-Scheme Suit Against Herbalife appeared first on Insurance Journal.
  
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• Cyber insurance in the spotlight: Senate mulling federal data breach protections - PropertyCasualty360

  20-03-2015 15:48 via propertycasualty360.com
  PropertyCasualty360
  Cyber insurance in the spotlight: Senate mulling federal data breach protections
  PropertyCasualty360
  The market for cyber insurance is growing, but there are no standard terms and conditions for coverage. U.S. Sen. Jerry Moran (R-Kan.), chair of the Subcommittee on Consumer Protection, Product Safety, Insurance, and Data Security, held a hearing March ...
  
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• 7 tips for getting the best property insurance rates at renewal time

  20-03-2015 15:45
  Here are some ways to get the underwriters’ attention so they focus on your information and risk instead of someone else’s.
  
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• 10 factors that affect your car insurance rates

  20-03-2015 15:07
  When you do decide to shop for a new auto insurance policy, know what factors insurers use to set your rates.
  
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• Bank of England says will apply Solvency II insurance rules 'proportionately'

  20-03-2015 15:00
  
  (Reuters) — The Bank of England on Friday said it would apply new European Union insurance regulations "proportionately" following industry fears that the central bank might seek to add extra rules for companies based in Britain.
  
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• Amazon cleared to conduct drone delivery test flights

  20-03-2015 14:44
  Amazon.com’s effort to expand its research into the viability of delivery drones got a boost from U.S. regulators who granted the company permission to conduct test flights.
  
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• The technology to prevent drunk driving exists, but are automakers convinced?

  20-03-2015 14:32
  Putting technology that prevents drunk drivers from starting a vehicle into every car and truck in the U.S. could save 59,000 lives and $343 million over 15 years.
  
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• Cyber insurance in the spotlight: Senate mulling federal data breach protections

  20-03-2015 14:29
  Worried about increasing cyber risks, the Subcommittee on Consumer Protection, Product Safety, Insurance, and Data Security is on the job.
  
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• Supreme Court Asked to Decide Standard for Vaccine Injury Compensation

  20-03-2015 14:00
  
  The U.S. Supreme Court is being asked to decide whether people who suffer harmful vaccine side effects should have an easier time winning compensation from the government. Congress created what’s known as the vaccine court in 1986, setting up a …
  The article Supreme Court Asked to Decide Standard for Vaccine Injury Compensation appeared first on Insurance Journal.
  
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• Brokers respond to boom in cyber security demand

  20-03-2015 13:14
  After the Anthem breach hit the news, the phones started ringing at the offices of security providers and the brokers who market their services.
  
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