Insurance news

• New York Approves Average 5.9% Increase in Workers’ Comp Loss Costs

  16-07-2015 22:36
  
  The New York State Department of Financial Services (NYDFS) has approved an average 5.9 percent increase in workers’ compensation loss costs for new and renewal business to become effective on Oct. 1, 2015, the New York Compensation Insurance Rating Board …
  The article New York Approves Average 5.9% Increase in Workers’ Comp Loss Costs appeared first on Insurance Journal.
  
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• AIG Launches Risk Management Service for Builders of Luxury Homes

  16-07-2015 18:56
  
  AIG Private Client Group, a division of American International Group, Inc., has introduced a risk management and mitigation service for residential construction projects with budgets of $5 million or more. As part of its Smart Build offering, AIG risk experts …
  The article AIG Launches Risk Management Service for Builders of Luxury Homes appeared first on Insurance Journal.
  
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• NYPD to Track Potential Problem Officers With New Database

  16-07-2015 18:53
  
  The New York Police Department is trying to root out its problem officers and monitor patterns of potential misbehavior by creating a database that combines information from several city agencies on lawsuits, misconduct complaints, internal probes and such seemingly mundane …
  The article NYPD to Track Potential Problem Officers With New Database appeared first on Insurance Journal.
  
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• Louisiana to Withdraw from Multi-State Surplus Lines Clearinghouse

  16-07-2015 18:49
  
  Effective Oct. 1, Louisiana will withdraw from the Nonadmitted Insurance Multi-state Agreement (NIMA) and the NIMA-sponsored surplus lines clearinghouse, state insurance regulators announced. The state’s withdrawal from NIMA means it will no longer share surplus lines tax revenue with NIMA …
  The article Louisiana to Withdraw from Multi-State Surplus Lines Clearinghouse appeared first on Insurance Journal.
  
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• Amtrak Settles With Primary Insurers in Sandy Lawsuit

  16-07-2015 18:40
  
  Amtrak recently reached a settlement with its primary insurers in a lawsuit in which the railroad operator sought to recoup additional proceeds for Superstorm Sandy losses from its insurers, according to court documents. Terms of the settlement were not disclosed …
  The article Amtrak Settles With Primary Insurers in Sandy Lawsuit appeared first on Insurance Journal.
  
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• Storms Shutter Resorts in Minnesota, Displace Vacationers

  16-07-2015 18:20
  
  Storms that tore through the Brainerd, Minn.-area closed resorts, displaced more than 900 vacationers around Gull Lake and left thousands without power during the height of the summer vacation season. Two popular resorts, Madden’s and Cragun’s, lost power and were …
  The article Storms Shutter Resorts in Minnesota, Displace Vacationers appeared first on Insurance Journal.
  
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• New N.H. Law Removes $1,000 Annual Cap on Raffles for Producers

  16-07-2015 18:18
  
  New Hampshire Gov. Maggie Hassan recently signed into law H.B.171 (“An Act relative to rebating”) that would remove the annual $1,000 monetary cap on contests, sweepstakes, raffles or drawings conducted by insurance producers in connection with the marketing or promotion …
  The article New N.H. Law Removes $1,000 Annual Cap on Raffles for Producers appeared first on Insurance Journal.
  
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• Labor Department’s 6-Part Test for Classifying Employees, Independent Contractors

  16-07-2015 18:18
  
  The U.S. Department of Labor has issued a blog post with new guidance on classifying workers as employees or independent contractors under the federal Fair Labor Standards Act (FSLA), an issue that has attracted renewed attention in the on-demand economy. …
  The article Labor Department’s 6-Part Test forClassifying Employees, Independent Contractors appeared first on Insurance Journal.
  
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• Missouri School District Settles Bullying Lawsuit for $300K

  16-07-2015 18:15
  
  A federal lawsuit filed by the parents of a 14-year-old southwest Missouri boy who killed himself after being bullied at school has been settled for $300,000. The Joplin Globe reports the Carl Junction School District and its insurance company settled …
  The article Missouri School District Settles Bullying Lawsuit for $300K appeared first on Insurance Journal.
  
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• Berkley FinSecure Names Verretto Northwest Territory Director

  16-07-2015 17:30
  
  Berkley FinSecure, a W. R. Berkley Company, has named Peter D. Verretto Northwest territory director. Verretto will focus on underwriting and sales to financial institutions through the company’s network of agents and brokers in the newly expanded Northwest territory. Working …
  The article Berkley FinSecure Names Verretto Northwest Territory Director appeared first on Insurance Journal.
  
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• California BOE to Accept Cash From Medical Marijuana Operators

  16-07-2015 17:26
  
  Medical cannabis business owners may pay their tax liability to the California State Board of Equalization in cash. The payers need to secure a seller’s permit from the BOE and submit a written request. BOE district offices will work with cannabis …
  The article California BOE to Accept Cash From Medical Marijuana Operators appeared first on Insurance Journal.
  
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• Google Can Toss California Lawsuit Claiming Privacy Violations

  16-07-2015 17:11
  
  Google Inc. users were blocked from suing over alleged privacy violations by a judge who said they failed to show any of their information had been disclosed. It was the fourth time U.S. Magistrate Judge Paul Grewal rejected the case. …
  The article Google Can Toss California Lawsuit Claiming Privacy Violations appeared first on Insurance Journal.
  
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• California Judge Rejects Lawsuit Claiming Google Privacy Violations

  16-07-2015 17:11
  
  Google Inc. users were blocked from suing over alleged privacy violations by a judge who said they failed to show any of their information had been disclosed. It was the fourth time U.S. Magistrate Judge Paul Grewal rejected the case. …
  The article California Judge Rejects Lawsuit Claiming Google Privacy Violations appeared first on Insurance Journal.
  
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• Uber to Settle Lawsuit Over California Girl’s Crosswalk Death

  16-07-2015 17:06
  
  Uber is settling lawsuit with the family of a 6-year-old girl who died when a company driver hit her with his SUV. The San Francisco Chronicle reports the company is paying the family an undisclosed settlement for the 2013 crash …
  The article Uber to Settle Lawsuit Over California Girl’s Crosswalk Death appeared first on Insurance Journal.
  
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• California Judge Fines Uber $7.3 M, and Suspends Service

  16-07-2015 16:59
  
  Uber has been fined $7.3 million for refusing to give California regulators information about the ride-hailing company’s business practices, including accident details and how accessible vehicles are to disabled riders. The decision, handed down by chief administrative law judge Karen …
  The article California Judge Fines Uber $7.3 M, and Suspends Service appeared first on Insurance Journal.
  
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• Former Top Execs at Dewey Manipulated Income Statements, Witness Testifies

  16-07-2015 16:35
  
  Former top executives at defunct law firm Dewey & LeBoeuf, including chairman Steven Davis, conspired to falsify income statements in an attempt to forestall its collapse in 2012, the firm’s former finance director testified Monday. Francis Canellas, a key prosecutorial …
  The article Former Top Execs at Dewey Manipulated Income Statements, Witness Testifies appeared first on Insurance Journal.
  
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• EEOC Charges UPS No-Beard Policy Violates Muslim Workers’ Religious Rights

  16-07-2015 15:58
  
  United Parcel Service, Inc., the nation’s largest package delivery company, violated federal law by discriminating against workers and job applicants whose religious practices conflicted with its uniform and appearance policy, the U.S. Equal Employment Opportunity Commission (EEOC) has charged in …
  The article EEOC Charges UPS No-Beard Policy Violates Muslim Workers’ Religious Rights appeared first on Insurance Journal.
  
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• ACE Promotes Former Fireman’s Fund Exec Fults in High Net Worth Unit

  16-07-2015 15:36
  
  ACE Group said that Jim Fults has been named senior vice president and head of Product Management and Analytics at ACE Private Risk Services, its high net worth personal insurance business. In this role, he will be responsible for the …
  The article ACE Promotes Former Fireman’s Fund Exec Fults in High Net Worth Unit appeared first on Insurance Journal.
  
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• Ambiguity Over Spousal Benefit Rules Could Test Gay Marriage Ruling

  16-07-2015 15:24
  
  The Supreme Court was definitive in its decision to legalize gay marriage nationwide, but what is far from clear is whether U.S. companies must offer corporate benefits to same-sex spouses. Many large and mid-sized employers are self-insured, which means their …
  The article Ambiguity Over Spousal Benefit Rules Could Test Gay Marriage Ruling appeared first on Insurance Journal.
  
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• Carriers See Growth Ahead in Specialty Insurance Program Market: Survey

  16-07-2015 15:08
  
  The outlook is good for the specialty insurance program market, with carriers looking more favorably on smaller accounts, single state programs and startups, according to a new survey. Carriers see the program administrator and managing general agency (PA/MGA) market continuing …
  The article Carriers See Growth Ahead in Specialty Insurance Program Market: Survey appeared first on Insurance Journal.
  
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• Senate Panel Makes U-Turn on Rentals of Recalled Vehicles

  16-07-2015 14:50
  
  A Senate panel killed a proposal to permit companies to continue renting vehicles that have been recalled, a measure criticized by consumer groups, automakers and even some rental-car companies. The Commerce, Science and Transportation Committee instead voted Wednesday to require …
  The article Senate Panel Makes U-Turn on Rentals of Recalled Vehicles appeared first on Insurance Journal.
  
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• QBE Selling Lender-Placed Insurance Business for $90M - Insurance Journal - Insurance Journal

  16-07-2015 14:46 via insurancejournal.com
  
  HousingWire
  QBE Selling Lender-Placed Insurance Business for $90M - Insurance Journal
  Insurance Journal
  QBE Insurance Group Ltd., Australia's second-largest insurer by market value, agreed to sell its North American mortgage and lender services business to National General Holdings Corp. for $90 million. The transaction will result in a pretax loss of ...
  QBE selling lender-placed insurance business to National General | 2015-07-16 ...HousingWireall 39 news articles »
  
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• QBE Selling Lender-Placed Insurance Business for $90M

  16-07-2015 14:38
  
  QBE Insurance Group Ltd., Australia’s second-largest insurer by market value, agreed to sell its North American mortgage and lender services business to National General Holdings Corp. for $90 million. The transaction will result in a pretax loss of about $120 …
  The article QBE Selling Lender-Placed Insurance Business for $90M appeared first on Insurance Journal.
  
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• Update: AXIS Capital, PartnerRe Sweeten Deal with Higher Special Dividend

  16-07-2015 14:32
  
    Specialty insurer and reinsurer AXIS Capital Holdings Ltd and PartnerRe Ltd agreed to sweeten the terms of their merger agreement to fend off a rival bid from Italy’s EXOR SpA. The companies agreed on Thursday to raise the special dividend component to $17.50 …
  The article Update: AXIS Capital, PartnerRe Sweeten Deal with Higher Special Dividend appeared first on Insurance Journal.
  
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• Axis Capital Raises Special Dividend in PartnerRe Offer

  16-07-2015 14:32
  
  Reinsurer Axis Capital Holdings Ltd said it was raising the special dividend component of its offer for PartnerRe Ltd as it looks to fend off a rival offer from EXOR SpA. Axis said it would raise the special dividend to …
  The article Axis Capital Raises Special Dividend in PartnerRe Offer appeared first on Insurance Journal.
  
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• Ex-Oppenheimer Exec Gets Jail Time for Role in Oklahoma Insurer Fraud

  16-07-2015 14:23
  
  A former Oppenheimer & Co. Inc. executive was sentenced to almost two years in prison for his role in a fraud that prosecutors say led to the collapse of an Oklahoma insurance company. Allen Reichman, 54, and three others scammed …
  The article Ex-Oppenheimer Exec Gets Jail Time for Role in Oklahoma Insurer Fraud appeared first on Insurance Journal.
  
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• Because She's Worth It? Kirstie Alley Bought $68 Million In Life Insurance ... - RadarOnline

  16-07-2015 13:19 via radaronline.com
  
  RadarOnline
  Because She's Worth It? Kirstie Alley Bought $68 Million In Life Insurance ...
  RadarOnline
  Kirstie Alley's net worth is reportedly only $30 million, but the actress once bought two life insurance policies totaling $68 million, RadarOnline.com has learned. Now, those policies are at the center of a Ponzi scheme lawsuit, over claims that Alley ...
  
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• Cobalt Secures Major Property Portfolio for 90 North through Lockton

  16-07-2015 12:02
  
  Cobalt Underwriting, the London insurance market’s first Shariah compliant underwriting agency, announced that it has secured a major property portfolio placed by Lockton’s Real Estate and Construction practice (REAC). Lockton’s client, 90 North Real Estate Advisors LLP’s portfolio “includes high …
  The article Cobalt Secures Major Property Portfolio for 90 North through Lockton appeared first on Insurance Journal.
  
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• Aerospace Underwriters Analyze Potential Liability from Growing Use of 3-D Printers

  16-07-2015 11:13
  
  The International Union of Aerospace Insurers (IUAI) held its annual general meeting (AGM) in Bengaluru, India, which included a session on the potential impact of 3-D printing in aerospace manufacturing in the future. A bulletin from the IUAI, following the …
  The article Aerospace Underwriters Analyze Potential Liability from Growing Use of 3-D Printers appeared first on Insurance Journal.
  
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• Q2 Cat Bonds Issuance Nearly $3 Billion: Aon Securities Report

  16-07-2015 11:08
  
  Aon Securities, the investment banking division of global reinsurance intermediary and capital advisor Aon Benfield, has released its latest report –“Insurance-Linked Securities Second Quarter 2015 Update” – on the insurance-linked securities (ILS) sector, which analyses the key trends witnessed in …
  The article Q2 Cat Bonds Issuance Nearly $3 Billion: Aon Securities Report appeared first on Insurance Journal.
  
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• AIR Estimates Typhoon Chan-hom Insured Losses Less than $354 Million

  16-07-2015 11:03
  
  According to catastrophe modeling firm AIR Worldwide, insured losses in China from Typhoon Chan-hom are unlikely to exceed CNY 2.2 billion [$354.3 million]. “Typhoon Chan-hom made landfall in the coastal city of Zhoushan, China, on July 11, 2015, at 4:40 …
  The article AIR Estimates Typhoon Chan-hom Insured Losses Less than $354 Million appeared first on Insurance Journal.
  
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• Willis to Acquire PMI Health Group, UK-Based Healthcare Adviser & Broker

  16-07-2015 09:21
  
  Willis Group Holdings plc announced an agreement to acquire PMI Health Group (PMIHG), an independent healthcare adviser and broker in the UK. Willis said the deal will significantly raise the company’s presence in the UK employee benefits and healthcare market, …
  The article Willis to Acquire PMI Health Group, UK-Based Healthcare Adviser & Broker appeared first on Insurance Journal.
  
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• Allianz: Hedge Funds Are Opportunity for Insurance Industry, Not Threat - Insurance Journal

  16-07-2015 07:28 via insurancejournal.com
  
  Allianz: Hedge Funds Are Opportunity for Insurance Industry, Not Threat
  Insurance Journal
  Chris Fischer Hirs, the head of Allianz SE's specialty insurance business, said he welcomes the growing participation of Wall Street in the insurance industry as an opportunity, not a threat. “Hedge funds bring capacity to the market,” Fischer Hirs ...
  
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• Allianz: Hedge Funds Are Opportunity for Insurance Industry, Not Threat

  16-07-2015 07:28
  
  Chris Fischer Hirs, the head of Allianz SE’s specialty insurance business, said he welcomes the growing participation of Wall Street in the insurance industry as an opportunity, not a threat. “Hedge funds bring capacity to the market,” Fischer Hirs said in an interview in …
  The article Allianz: Hedge Funds Are Opportunity for Insurance Industry, Not Threat appeared first on Insurance Journal.
  
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• Kentucky Governor Declares State of Emergency From Severe Flooding

  16-07-2015 07:27
  
  Floodwaters that rushed through eastern Kentucky left one dead and seven unaccounted for as search teams combed the hilly Appalachian terrain Tuesday, with the threat of more floods bearing down on rescue efforts. Emergency personnel in the hardest-hit neighborhoods in …
  The article Kentucky Governor Declares State of Emergency From Severe Flooding appeared first on Insurance Journal.
  
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• Missouri sues USDA over crop insurance - Springfield News-Leader

  16-07-2015 06:54 via news-leader.com
  
  Springfield News-Leader
  Missouri sues USDA over crop insurance
  Springfield News-Leader
  Missouri filed a lawsuit Wednesday aimed at forcing the federal government to push back a key agricultural deadline, a measure necessary to keep many of the state's farmers eligible for crop insurance. Attorney General Chris Koster filed the federal ...
  Missouri AG sues USDA over crop insurance deadlinesKY3
  Nixon asks for lawsuit over crop insurance deadlineNews-Press Nowall 35 news articles »
  
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• Regions Insurance Enters Agreement with Florida's Ronald F. Holehouse Agency - Insurance Journal

  16-07-2015 06:50 via insurancejournal.com
  
  Regions Insurance Enters Agreement with Florida's Ronald F. Holehouse Agency
  Insurance Journal
  Regions Insurance, Inc., an affiliate of Regions Bank, has entered into an agreement with the Ronald F. Holehouse Agency to obtain the firm's personnel and accounts. Financial terms of the agreement are not disclosed. Agency founder Ron Holehouse, ...
  
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• Companies offer tools to reduce insurance costs for young drivers - Pittsburgh Post-Gazette

  16-07-2015 06:00 via post-gazette.com
  
  Pittsburgh Post-Gazette
  Companies offer tools to reduce insurance costs for young drivers
  Pittsburgh Post-Gazette
  Teens also can lower their car insurance rates by participating in a driver safety course. Share with others: 0 inShare. By Tim Grant / Pittsburgh Post-Gazette. Although young drivers almost always have higher automobile insurance rates than older ...and more »
  
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• Cohocton Public Library: Ontario Insurance rejected us too - WROC-TV

  16-07-2015 05:45 via rochesterhomepage.net
  
  WROC-TV
  Cohocton Public Library: Ontario Insurance rejected us too
  WROC-TV
  The Director of the Cohocton Public Library wanted to offer Janice Burkhart a glimmer of hope after her story aired on News 8 Tuesday night. Hope Decker contacted News 8 Wednesday to share her similar experience with Ontario Insurance Company.and more »
  
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• Insurance companies jump into action - Brainerd Daily Dispatch

  16-07-2015 05:08 via brainerddispatch.com
  
  Brainerd Daily Dispatch
  Insurance companies jump into action
  Brainerd Daily Dispatch
  Ron Lauer, American Family Insurance claims adjuster, gets a closer look at roof damage caused by a fallen tree Wednesday morning. (Brainerd Dispatch/Spenser Bickett). Insurance companies jump into action. By Spenser Bickett on Jul 15, 2015 at 10:08 ...
  
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• Insurance reform commission considers steps to deter drug abuse - Roanoke Times

  16-07-2015 03:47 via roanoke.com
  Insurance reform commission considers steps to deter drug abuse
  Roanoke Times
  RICHMOND — Everyone who spoke before the Health Insurance Reform Commission on Wednesday agreed that opioid abuse is a problem in the United States. They disagreed about whether requiring insurance companies to cover “abuse-deterrent” ...and more »
  
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• Irvington man jailed for $30M insurance fraud - The Journal News | LoHud.com

  16-07-2015 03:10 via lohud.com
  
  Irvington man jailed for $30M insurance fraud
  The Journal News | LoHud.com
  An Irvington man has been sentenced to 21 months in prison for his role in a $30 million insurance fraud scheme, officials said. Allen Reichman, 54, was also ordered to pay $10 million in restitution and serve two years of supervised release for ...and more »
  
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• Insurance agents warn against hail repair scams - Tucson News Now

  16-07-2015 03:09 via tucsonnewsnow.com
  
  Insurance agents warn against hail repair scams
  Tucson News Now
  TUCSON, AZ (Tucson News Now) -. Monsoon can be the perfect season for auto body scammers to strike. Specifically, these scammers are looking for victims of hail damage. “It is a problem everywhere in Arizona and it happens to everyone people you don't ...
  
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• Elgin Fire Department insurance rating improves - Chicago Tribune

  16-07-2015 02:35 via chicagotribune.com
  
  Chicago Tribune
  Elgin Fire Department insurance rating improves
  Chicago Tribune
  Elgin Fire Chief John Fahy looks toward downtown Elgin last fall from the top of the Buena Vista Tower Apartments on the near west side. Elgin Fire Chief John Fahy looks toward downtown Elgin last fall from the top of the Buena Vista Tower Apartments ...
  
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• Is Your Small Business Underinsured?

  16-07-2015 02:00
  
  Any of these arguments sound familiar?“I run my business from my home. My homeowners insurance policy will cover any claims.”
  “The nature of my business doesn’t really expose me to law suits.”
  “I don&rsquo...
  
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• National General to Buy QBE's Lender-Placed Insurance Business - Bloomberg

  16-07-2015 01:16 via bloomberg.com
  Brisbane Times
  National General to Buy QBE's Lender-Placed Insurance Business
  Bloomberg
  QBE Insurance Group Ltd., Australia's second-largest insurer by market value, agreed to sell a North American business to National General Holdings Corp. for $90 million. The transaction will result in a pretax loss of about $120 million this year on ...
  QBE Insurance Sells North American Mortage, Lender Services UnitNasdaq
  National General Holdings Corp. Announces Acquisition of Lender-Placed ...Glo
  
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