Insurance news

• Cyber security's 2 fronts: The tech and the people

  28-09-2015 23:28
  
  SAN FRANCISCO — Risk managers face a complex job in handling cyber security in that it is “extremely process oriented” while its effectiveness involves changing people's behavior.
  
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• Industrial operating systems hold hidden cyber risks

  28-09-2015 22:34
  
  SAN FRANCISCO — Cyber risk is seen as largely information technology specific, but an industry expert says that shortchanges cyber attacks on industrial control systems.
  
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• AmTrust Financial to Buy Texas-Based Insurer, Republic

  28-09-2015 22:25
  
  AmTrust Financial Services Inc. announced that it has agreed to acquire Republic Companies Inc. and its affiliates (Republic) from Delek Group Ltd. and Republic Insurance Holdings LLC. Republic is based in Dallas. The purchase price is approximately $233 million, subject to …
  
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• House panel to weigh repeal of automatic group health plan enrollment

  28-09-2015 22:04
  A U.S. House committee is expected to consider a proposal that would repeal the requirement that companies with 200 or more employees automatically enroll workers in the employer’s health plan if the worker does not respond to the offer of coverage.
  
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• Construction foreman, owner charged with manslaughter in worker's death

  28-09-2015 22:00
  
  The California Division of Occupational Safety and Health's investigation of a carpenter's fatal fall has resulted in manslaughter charges against his employer and foreman, the California Department of Industrial Relations said.
  
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• Construction foreman, owner charged with manslaughter in worker’s death

  28-09-2015 22:00
  The California Division of Occupational Safety and Health’s investigation of a carpenter’s fatal fall has resulted in manslaughter charges against his employer and foreman, the California Department of Industrial Relations said.
  
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• Pension deficits improving, but PBGC outlook poor for multiemployer plans

  28-09-2015 21:55
  The Pension Benefit Guaranty Corp.
  
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• Fed governor walks tightrope on insurer capital reserve rules

  28-09-2015 21:54
  Fashioning capital requirements for large insurers with a mix of traditional, nontraditional and noninsurance activities presents regulators with challenges, according to a governor of the Federal Reserve.
  
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• Heffernan Taps Todd Davis in Employee Benefits in California

  28-09-2015 21:43
  
  Heffernan Insurance Brokers has named Todd Davis assistant vice president of employee benefits in its Walnut Creek, Calif. office. Davis will be working with Jani De La Rosa, director of employee benefits, to grow the division. Davis has a sales …
  
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• Partner with federal authorities to fight cyber risks: FBI official

  28-09-2015 21:36
  SAN FRANCISCO — Perhaps the most effective step corporations can take to address cyber risks is warning their employees against clicking on unfamiliar links, an FBI official said Monday.
  
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• Comp premium rate hike requested for Indiana, but Tenn. rate to decrease

  28-09-2015 20:15
  The National Council on Compensation Insurance Inc. has filed for a workers compensation rate increase in Indiana and a decrease in Tennessee.
  
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• Federal agency sees need for $1 billion cyber coverage

  28-09-2015 19:42
  
  The Federal Insurance Office will continue to monitor the growth of the cyber insurance marketplace, according to a report issued Monday by FIO.
  
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• 6 reasons prospects won't make a decision, and how to overcome it

  28-09-2015 19:40
  
  How to get around the endless 'Let me think about it' loop.
  
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• Endorsement rewards self-insured policyholders for reducing stop loss ratio

  28-09-2015 19:38
  New York-based QBE North America said Monday that it has launched QBE Rewards, a medical stop loss experience refund product through its accident & health division.
  
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• Companies taking different approaches to wellness

  28-09-2015 19:38
  ORLANDO, Fla. — A benefits professional says “money talks” when it comes to encouraging participation in workplace wellness and chronic disease management programs.
  
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• Catholic Mutual, Church Mutual to Offer Workers’ Comp Coverage

  28-09-2015 18:57
  
  Catholic Mutual Group, a coverage provider for the Catholic Church in North America, and Church Mutual Insurance Company (CMIC), a nationwide insurer of religious organizations, have formed a strategic alliance under which CMIC will underwrite auto and workers’ compensation insurance …
  
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• Mass. AG: Encompass to Pay for Repair of Vehicles Brought to Unregistered Shops

  28-09-2015 18:38
  
  A subsidiary of Allstate has agreed to pay for the correction of faulty repair work performed on motor vehicles brought to unregistered body shops in Massachusetts, Attorney General Maura Healey announced on Sept. 24. The assurance of discontinuance with Encompass …
  
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• Governments Make Pledges on Climate to Curb Temperature Rise – Study

  28-09-2015 17:46
  
  National promises to curb greenhouse gas emissions will help avert the worst levels of global warming by 2100, but more action is needed to keep temperature rises within the 2 degrees Celsius [3.6°F] limit set by governments, a study showed …
  
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• Armstrong Settles with Dallas Insurer Over Tour de France Bonuses

  28-09-2015 17:40
  
  Lance Armstrong settled a cycling promotion court fight on confidential terms but still has a lawsuit over a U.S. Postal Service sponsorship to contend with. Armstrong settled two related lawsuits with SCA Promotions Inc. over claims the former champion cyclist’s …
  
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• Zurich Canada Issues ‘White Paper’ on Drones & Risk Management

  28-09-2015 17:36
  
  Zurich Canada has released a new white paper on unmanned aircraft systems (UAS), commonly referred to as drones at the Risk and Insurance Management Society (RIMS) Canada Conference in Québec City. Entitled, “Hovering Over Opportunities: Managing risk with drones, and …
  
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• Feds: Axle From Duck Boat in Deadly Washington Crash Sheared Off

  28-09-2015 17:09
  
  Federal investigators say the left front axle of a duck boat involved in a deadly Seattle, Wash. accident was sheared off, but they don’t know if it was damaged before the collision with a charter bus that killed four international …
  
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• California Gas and Electric Company Seeks to Split Costs on Uninsured Fire

  28-09-2015 17:07
  
  San Diego Gas and Electric is seeking authority to bill its customers $379 million for legal settlement costs left over from 2007 wildfires that destroyed 1,300 homes and killed two people. In filings with state regulators Friday, SDG&E said customers …
  
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• Oregon Homes Demolished Without Proper Asbestos Removal

  28-09-2015 17:02
  
  Contractors have been tearing down hundreds of Portland homes without properly removing the asbestos inside, a practice that ignores state regulations and could put workers at risk. An investigation by The Oregonian found that weak regulatory oversight from the Department …
  
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• Deadline extended: Apply today for NU’s Excellence in Cyber Security Risk Management Award

  28-09-2015 16:00
  
  Cyber security risk management sets elite companies apart from their competitors. If your company is one of the elite, nominate your cyber risk management program today!
  
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• Swiss Re Corporate Solutions Names Andrzejewski, Combes to Sales Posts

  28-09-2015 15:11
  
  Swiss Re Corporate Solutions North America has named two members to its sales leadership team. Steve Andrzejewski joins the North America regional sales team as senior vice president, head of sales, Accident and Health. Daniel Combes has been appointed senior …
  
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• U.S. Investors Sue Volkswagen Over Diesel Emissions Scandal

  28-09-2015 14:34
  
  Volkswagen AG was accused in a lawsuit of scheming to defraud U.S. investors who paid artificially inflated prices for the company’s foreign shares while it cheated on vehicle emissions tests. In what may be the first investor suit over Volkswagen’s …
  
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• Takata Air Bag Recall Could Be Expanded to Other Car Makers

  28-09-2015 14:26
  
  The U.S. regulator overseeing the replacement of Takata Corp. air bags is considering an order that would expand the recalls and has contacted seven manufacturers who could be affected, including Volkswagen AG and Tesla Motors Inc. Takata identified the seven …
  
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• Insurance technology: The advantages of a well-designed software application suite

  28-09-2015 14:03
  
  Most large software vendors have acquired various systems and applications and have simply put their label or brand on them. These repackaged application clusters never were designed to operate together, and it takes a lot of effort and cost to make them work as a single system.
  
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• Freeze frame: 3-D laser scanning captures the picture

  28-09-2015 14:03
  
  Three-dimensional (3-D) laser scanning allows adjusters and investigators to document the scope of damage digitally and in real time down to the millimeter.
  
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• Sommerrock Joins Geneva Ass’n. as Deputy Secretary Gen’l. – Insight Head

  28-09-2015 13:31
  
  The Geneva Association announced the appointment of Dr. Fabian Sommerrock as Deputy Secretary General and Head of Insight. He joins the Association from Roland Berger Strategy Consultants where he was a principal at the Roland Berger Financial Services Competence Center …
  
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• How Hurricane Sandy created “the perfect storm”

  28-09-2015 13:05
  
  Multiple failures led to underpaid claims, under-insured losses and enough blame for everyone.
  
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• Best insurance companies for working mothers in 2015

  28-09-2015 13:00
  
  These insurance companies have been recognized for making strides attracting and keeping employees by providing family-friendly work environments.
  
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• Court Now Likely for Joint Employer, Franchise Company Liability Case

  28-09-2015 12:44
  
  A sanitation company at the center of a major U.S. labor board ruling that could force companies like McDonald’s Corp. to negotiate directly with franchise and contract workers has refused to bargain with workers hired by a staffing agency. The …
  
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• Effect of U.S., China Cyber Pledge Unclear

  28-09-2015 12:38
  
  The U.S. and China announced agreement on broad anti-hacking principles aimed at stopping the theft of corporate trade secrets though President Barack Obama pointedly said he has not ruled out invoking sanctions for violators. After a morning of meetings with …
  
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• 4 time management strategies to turbocharge your agency

  28-09-2015 12:36
  
  Successful time management strategies can boost efficiency and create new growth potential for your practice.
  
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• Volkswagen loses $10 billion in brand value over scandal

  28-09-2015 12:24
  U.K.-based research firm Brand Finance P.L.C. said that Germany's Volkswagen A.G. has lost nearly $10 billion in brand value due to the automaker's recent emissions test scandal, reported Nikkei Asian Review.
  
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• Increased reinsurance M&As an opportunity for ILS

  28-09-2015 12:20
  The increased merger and acquisition activity, deal value and deal size in the reinsurance space during the first six months of 2015 highlights a return of the "mega deal" and presents some opportunities for the insurance-linked securities and...
  
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• International Group of P&I Clubs names reinsurance chair, ups retention

  28-09-2015 12:19
  Paul Jennings, joint managing director of U.K.-based marine mutual liability insurer The North of England P&I Association Ltd.
  
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• New India Assurance plans expansion in Africa, North America and Asia

  28-09-2015 12:18
  New India Assurance Co. Ltd. is planning to expand its business in Asia, Africa and North America, reported Business Standard citing the Press Trust of India.
  
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• Tropical storm Marty moves closer to Mexico

  28-09-2015 12:16
  Tropical storm Marty is slowly moving towards Mexico's Pacific coast off the country's Acapulco city, reported Fox News Latino citing The Associated Press.
  
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• China's FAW recalls nearly 280,000 Mazda 6 cars

  28-09-2015 12:15
  Chinese automaker FAW Car Co. Ltd., a partner of Japanese automaker Mazda Motor Corp., is recalling almost 280,000 Mazda 6 cars in the country owing to faulty air bags, reported Reuters.
  
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• Massive Tokyo quake would damage 20% of medical institutions: Study

  28-09-2015 12:13
  A study team of Japan's health ministry has found that a huge earthquake predicted in the country's Tokyo metropolitan area would cause damage to about 20% of medical institutions, reported The Japan Times citing Jiji Press.
  
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• Slovenian insurance market's gross written premium totals $1.18 bn in H1

  28-09-2015 12:12
  The Slovenian insurance market's gross written premium volume totaled €1.06 billion ($1.18 billion) in the first half of 2015, reported Xprimm.com.
  
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• Asia-Pacific business urged to consider responsive disaster risk transfer

  28-09-2015 12:11
  The Asia-Pacific Economic Cooperation Business Advisory Council has urged micro, small, and medium enterprises in the Asia-Pacific region to consider responsive forms of disaster risk transfer instruments, reported Artemis.bm.
  
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• ACE to Appoint Andrade to Head Future Int’l. Non-Life Insurance Operations

  28-09-2015 12:04
  
  ACE Limited announced that it intends to appoint Juan C. Andrade, as executive VP of the new Chubb Group and President of the International Non-life Insurance division, which encompasses operations with both retail broker and wholesale market distribution. The bulletin …
  
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• Best Affirms ‘A+’ Ratings of Hannover Re and Subs; Outlook Stable

  28-09-2015 11:59
  
  A.M. Best has affirmed the financial strength rating (FSR) of ‘A+’ (Superior) and the issuer credit ratings (ICR) of “aa-” of Germany’s Hannover Rueck SE (Hannover Re) and its main subsidiaries. Best also affirmed the issuer ratings of the existing …
  
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• Typhoon Dujuan Nears Taiwan with Rain, Wind; Airlines Cancel Flights

  28-09-2015 11:29
  
  Typhoon Dujuan lashed Taiwan with rain and wind as it neared the island on Monday, forcing schools to shut and disrupting land and air traffic. Cathay Pacific Airways Ltd. canceled or delayed about 30 flights Monday and Tuesday, the airline …
  
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• Worldwide Facilities Hires Craane as New York Casualty Practice Leader

  28-09-2015 10:37
  
  Worldwide Facilities, a wholesale broker and managing general agent based in Los Angeles, hired Bill Craane as vice president and New York Casualty Practice leader. He’s based in Worldwide Facilities’ New York City office. Craane brings to his new role …
  
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• IFG Companies Hires Smith as Underwriting Manager in Connecticut

  28-09-2015 10:36
  
  IFG Companies has hired Geoffrey J. Smith as underwriting manager of its nationwide Commercial Underwriting Renewal Center in Hartford, Connecticut. While managing the efficiency and effectiveness of the Commercial Underwriting Renewal Center, Smith will also have a senior leadership role …
  
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• New York Regulators to Shut Obamacare Insurer Health Republic

  28-09-2015 10:35
  
  Health Republic Insurance of New York, the Affordable Care Act insurer that got $265 million in U.S. loans, will stop selling policies and eventually cease operations under orders from New York and federal regulators. The insurer will be wound down …
  
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