Insurance news

• Geico Agrees To $6M Settlement over Business Practices in California

  24-08-2015 23:03
  
  Geico has agreed to pay $6 million dollars and implement several changes to their business practices as part of a settlement with the California Department of Insurance, CDI announced on Monday. The settlement stems from a petition in which Consumer Federation …
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• Distinguished to Acquire Fulcrum Insurance Programs in Washington

  24-08-2015 21:57
  
  Distinguished Programs Holdings LLC announced the pending acquisition of Bellevue, Wash.‐based Fulcrum Insurance Programs. The businesses will be combined and rebranded as Distinguished Specialty. Fulcrum principals Dusty Rowland and Eric Arthur will be joining Distinguished Specialty as senior executives and …
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• Uber Deploys Lobbyists to Reshape Driver Rules in California

  24-08-2015 21:42
  
  Uber has spent more on lobbyists in California than Facebook and Apple combined to fend off regulations aimed at the heart of its worldwide business model. The San Francisco company’s lobbyists are pushing lawmakers to exempt its drivers from obtaining …
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• Chubb’s Stephenson Joins CNA Commercial as Chief Underwriting Officer

  24-08-2015 20:10
  
  CNA has appointed Julie Stephenson as senior vice president and chief underwriting officer for CNA Commercial. In this role, Stephenson will be responsible for underwriting oversight and governance for all business written within Commercial. She will report to Kevin Leidwinger, …
  The article Chubb’s Stephenson Joins CNA Commercial as Chief Underwriting Officer appeared first on Insurance Journal.
  
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• ProSight Specialty, Allied Insurance Brokers Launch Scaffold Insurance Program

  24-08-2015 18:59
  
  ProSight Specialty Insurance has partnered with Allied Insurance Brokers to offer coverage for the scaffolding industry. According to The Occupational Safety and Health Administration (OSHA) it is estimated that 65 percent of construction workers spend some time working on scaffolds, …
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• Feds Urged to Establish Crop Insurance for Central N.Y. Malt Barley Farmers

  24-08-2015 18:59
  
  U.S. Sen. Charles Schumer, D–N.Y., is calling on the U.S. Department of Agriculture (USDA) to establish a crop insurance program for Central New York farmers who grow malt barley. Speaking at the Empire Farmstead Brewery in Madison County, New York, …
  The article Feds Urged to Establish Crop Insurance for Central N.Y. Malt Barley Farmers appeared first on Insurance Journal.
  
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• Hurricane Danny Dies, but Peak Hurricane Season Looms

  24-08-2015 18:55
  
  Although what was once Hurricane Danny has degenerated into a “trough of low pressure” in the eastern Caribbean, according to the Nation Hurricane Center, a new disturbance in the middle of the Atlantic has a 90 percent probability of becoming …
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• Louisiana Jobless Rate Dips but Job Totals Shrink

  24-08-2015 18:47
  
  Fewer people had jobs in Louisiana in July as employer payrolls shrank, but the unemployment rate fell again as even more people left the labor force. The state’s unemployment rate fell to 6.2 percent in July from 6.4 percent in …
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• New FEMA Maps for Central Texas Expand Flood Plains

  24-08-2015 18:36
  
  Hundreds of Central Texas residents could be forced to buy flood insurance or face stricter building regulations for new structures nearly three months after deadly flooding. The Federal Emergency Management Agency has begun releasing advisory maps. The Austin American-Statesman reports …
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• 4 Years After Irene, Long-Term Rebuilding Projects Nearing End in Vermont

  24-08-2015 18:27
  
  The first new building at the still under-reconstruction Vermont State office complex in Waterbury is now occupied by state employees and more are due back before the end of the year. Down Main Street, a new town office building is …
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• Maine’s Clark Insurance Announces Election and Succession of Officers

  24-08-2015 18:25
  
  Clark Insurance, an employee-owned independent insurance agency based in Portland, Maine, announced that its board of directors has elected new officers as part of its long-planned internal leadership succession. Kenneth Ross was elected chairman of the Board of Directors. Ross …
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• Geologist: Kansas Earthquakes Linked to Injection Wells

  24-08-2015 18:23
  
  Kansas Geological Survey believes an increase in earthquakes in two southern Kansas counties is linked to saltwater injection after oil and natural gas drilling, according to an agency scientist. The agency had said in the past that there was a …
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• New Texas-Developed Guardrails to Be Installed in State, Nation

  24-08-2015 18:21
  
  Some roadways in Texas and around the country will get new guardrails after Texas A&M University found that a specially made reinforced concrete barrier works better to protect drivers. Engineers from Texas A&M’s Transportation Institute and the Texas Department of …
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• Ohio Chiropractor to Plead Guilty to $696K Insurance Fraud

  24-08-2015 18:18
  
  A suburban Columbus, Ohio, chiropractor has agreed to plead guilty in federal court to defrauding health insurance companies for nearly $700,000. The Columbus Dispatch reports 44-year-old Jeffrey Shope is charged with overbilling health insurance companies by $696,373 from 2009 through …
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• Jury Sides with Jordan in Name Value Case, Awards $8.9M

  24-08-2015 18:17
  
  Jurors at a civil trial focused on the market value of Michael Jordan’s identity have handed him a major win, ordering a grocery-store chain to pay him $8.9 million for invoking his name in a steak ad without his permission. …
  The article Jury Sides with Jordan in Name Value Case, Awards $8.9M appeared first on Insurance Journal.
  
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• Jury Sides with Jordan in Name Value Case, Award $8.9M

  24-08-2015 18:17
  
  Jurors at a civil trial focused on the market value of Michael Jordan’s identity have handed him a major win, ordering a grocery-store chain to pay him $8.9 million for invoking his name in a steak ad without his permission. …
  The article Jury Sides with Jordan in Name Value Case, Award $8.9M appeared first on Insurance Journal.
  
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• New Jersey Transit Receives $71M Federal Sandy Relief Funding

  24-08-2015 18:10
  
  New Jersey Transit is getting $71 million from the federal government to pay for rebuilding and replacing equipment damaged by Superstorm Sandy. The agency and New Jersey’s Congressional delegation announced the award Aug. 21. The money comes from the Federal …
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• Small Quake Strikes Near Mammoth Lakes in California

  24-08-2015 17:45
  
  A minor earthquake has hit a rural area near Mammoth Lakes, Calif., but authorities say there have been no reports of damage. The United States Geological Survey reported Saturday that the preliminary magnitude 3.7 earthquake occurred about 7 a.m. Saturday, …
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• Federal Government Suing Southern California Edison over 2009 Fire

  24-08-2015 17:43
  
  Just days before the federal statute of limitations would have run out, the government has filed a lawsuit against Southern California Edison in connection to a 2009 fire that primarily burned the San Bernardino National Forest east of Hemet. The …
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• Cause of Deadly New Mexico Scaffold Collapse Sought

  24-08-2015 17:41
  
  Six of the remaining seven construction workers injured in the collapse of a six-story scaffold outside a New Mexico medical center were released from hospitals last week as investigators began work on trying to determine the cause of the accident. One …
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• Study: Ventura, Oxnard in California Could be at Greater Tsunami Risk

  24-08-2015 17:38
  
  A study says two California coastal cities are at greater risk from tsunamis than previously thought. The study released last week by the American Geophysical Union examined the flooding risk if earthquake faults in the Santa Barbara Channel area ruptured. Coastal …
  The article Study: Ventura, Oxnard in California Could be at Greater Tsunami Risk appeared first on Insurance Journal.
  
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• Smoke Lifts over Washington fires, but Potential for Fire Growth Remains

  24-08-2015 17:34
  
  The massive cloud of smoke began to lift over Washington wildfires over the weekend, but as air quality improves the fire’s behavior could become more erratic and intense, fire officials said. “It’s like a flue opening in a fireplace,” said …
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• Court Says Jury Should Decide If FedEx Drivers are Employees in Missouri

  24-08-2015 16:43
  
  FedEx Corp. drivers will have to start over in a fight over their employee status in Missouri. A federal appeals court said Friday that a trial judge should have let a jury decide whether the drivers were independent contractors rather …
  The article Court Says Jury Should Decide If FedEx Drivers are Employees in Missouri appeared first on Insurance Journal.
  
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• QBE North America Names Griffith Executive VP for Distribution

  24-08-2015 15:57
  
  QBE North America announced that Brian Griffith will join the organization on August 31 as executive vice president, Field Management and Distribution. The insurer said Griffith will lead the strategy for all distribution channels across QBE, as well agency management …
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• Researchers Find Link Between Atlantic Hurricanes and Amazon Wildfires

  24-08-2015 15:48
  
  Researchers  have uncovered a “remarkably strong link” between high wildfire risk in the Amazon basin and the hurricanes that ravage North Atlantic shorelines. The wildfire-hurricane association is a result of ocean-atmosphere interactions, according to the researchers who say this north-south …
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• Hurricane Danny Weakens to Tropical Depression

  24-08-2015 15:15
  
  As of 8 a.m East Coast time, Danny, which became a Category 3 hurricane last Friday, had weakened substantially to a tropical depression with maximum sustained winds of 35 mph, according to the National Hurricane Center (NHC). The storm center …
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• Crawford CEO Bowman Steps Down

  24-08-2015 14:40
  
  Independent claims adjustment firm Crawford & Co. announced that Jeffrey T. Bowman is stepping down after nearly eight years as president and CEO and 24 years of service with the company. Bowman said he agreed to step aside the request …
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• Taser Not Liable in Death of Teenager, Court Rules

  24-08-2015 14:21
  
  Taser International Inc. is not liable for the death of a 16-year-old Michigan boy soon after he was struck in the chest by two taser darts shot by a police officer, resulting in cardiac arrest, a federal appeals court ruled …
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• Reuters Special Report: U.S. Banks Book Trades Abroad to Bypass U.S. Regulation

  24-08-2015 14:11
  
  This spring, traders and analysts working deep in the global swaps markets began picking up peculiar readings: Hundreds of billions of dollars of trades by U.S. banks had seemingly vanished. “We saw strange things in the data,” said Chris Barnes, …
  The article Reuters Special Report: U.S. Banks Book Trades Abroad to Bypass U.S. Regulation appeared first on Insurance Journal.
  
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• MetLife Cites Foreign Operations to Claim It’s Not a U.S. Financial Firm

  24-08-2015 13:44
  
  MetLife Inc.’s fight to free itself from a costly government label is increasingly focusing on a bold argument: The giant insurer isn’t actually a U.S. financial company. In court papers filed in Washington on Friday, MetLife said it doesn’t meet …
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• Amlin’s CEO Philipps Dampens Market Rumors That Insurer Is for Sale

  24-08-2015 11:56
  
  Amlin plc Chief Executive Officer Charles Philipps damped speculation that the Lloyd’s of London insurer is looking for a buyer, saying the firm is strong enough to remain independent. “We are not for sale, we are not running a sale …
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• Survey of Global Executives Reveals Business Threat of Poor Risk Oversight

  24-08-2015 11:18
  
  Businesses are putting themselves in danger by neglecting or avoiding formal risk management processes, according to a new study by the Enterprise Risk Management Initiative at North Carolina State University on behalf of the London-based Chartered Institute of Management Accountants …
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• Ireland’s FBD Reports H1 Loss of $97.7M, Versus Profit of $6.8M in 2014

  24-08-2015 10:58
  
  FBD Holdings plc fell to a five-year low after Ireland’s only publicly traded insurer posted one of its biggest first-half losses on record and said it’s unlikely to be profitable until the end of 2016. The company will sell as …
  The article Ireland’s FBD Reports H1 Loss of $97.7M, Versus Profit of $6.8M in 2014 appeared first on Insurance Journal.
  
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• Revised Kentucky Accident Victim Solicitation Law Under Fire, Again

  24-08-2015 10:00
  
  A Kentucky law revision limiting the solicitation of accident victims within 30 days of a crash has gone into effect but is already being challenged in the state by multiple chiropractic groups that say the law is unconstitutional. The Kentucky …
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• Ping An to Boost Overseas Investments as China’s Economy Slows

  24-08-2015 09:43
  
  Ping An Insurance (Group) Co., China’s second-largest insurer, is boosting overseas assets as the nation’s slowing economy and falling interest rates make it difficult to find investments with attractive returns at home. The company has about 16 billion yuan ($2.5 billion) of …
  The article Ping An to Boost Overseas Investments as China’s Economy Slows appeared first on Insurance Journal.
  
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• Ping An to Boost Overseas Investments as China’s Economy Falters

  24-08-2015 09:43
  
  Ping An Insurance (Group) Co., China’s second-largest insurer, is boosting overseas assets as the nation’s slowing economy and falling interest rates make it difficult to find investments with attractive returns at home. The company has about 16 billion yuan ($2.5 billion) of …
  The article Ping An to Boost Overseas Investments as China’s Economy Falters appeared first on Insurance Journal.
  
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• Insurance Policy Led by Catlin, XL Gives Cash Boost to German Soccer Team

  24-08-2015 09:25
  
  A rare insurance deal gave Borussia Dortmund, Germany’s only publicly traded soccer club, a financial boost even as the team had its worst performance in the Bundesliga championship in seven years. Dortmund finished seventh in the league, failing to qualify for Europe’s …
  The article Insurance Policy Led by Catlin, XL Gives Cash Boost to German Soccer Team appeared first on Insurance Journal.
  
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• Insurance Policy Led by Catlin & XL Gives German Soccer Team Cash Boost

  24-08-2015 09:25
  
  A rare insurance deal gave Borussia Dortmund, Germany’s only publicly traded soccer club, a financial boost even as the team had its worst performance in the Bundesliga championship in seven years. Dortmund finished seventh in the league, failing to qualify for Europe’s …
  The article Insurance Policy Led by Catlin & XL Gives German Soccer Team Cash Boost appeared first on Insurance Journal.
  
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• Shareholders in UK’s RSA Bracing for Lowball Bid from Suitor Zurich Insurance

  24-08-2015 09:03
  
  Shareholders in British insurer RSA are bracing for a lowball bid from prospective suitor Zurich Insurance, putting one of Europe’s largest ever insurance deals in doubt. After flagging its interest to the market on July 28, Zurich has until Tuesday …
  The article Shareholders in UK’s RSA Bracing for Lowball Bid from Suitor Zurich Insurance appeared first on Insurance Journal.
  
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