Insurance news

• Financial education works as another angle on employee wellness

  29-09-2015 22:23
  ORLANDO, Fla. — Financial education should be folded into existing wellness programs to help employees alleviate stress from money matters, increase productivity and avoid stress-related health problems, benefits professionals say.
  
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• House committee moves to gut several health care law provisions

  29-09-2015 22:15
  The House Ways and Means Committee Tuesday approved legislation that would repeal key parts, including the employer and individual mandates, of the health care reform law.
  
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• Modeling platform update enhances global mapping, interactivity

  29-09-2015 22:10
  Karen Clark & Co. has released the R14 update to the RiskInsight open loss modeling platform.
  
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• Greenberg predicts continued industry consolidation

  29-09-2015 22:09
  QUEBEC CITY, Quebec — The insurance industry's challenges will inevitably force more consolidation, according to Maurice Greenberg, president and CEO of C.V. Starr & Co. Inc., who pledged his company would remain private for as long as possible.
  
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• Lockton executives take on bigger duties

  29-09-2015 21:32
  Three senior executives at Lockton Cos. have assumed expanded roles, the Kansas City, Missouri-based broker announced Tuesday.
  
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• Lloyd’s faults profit-hungry corporations over ‘trust deficit'

  29-09-2015 21:06
  
  Lloyd’s of London Chairman John Nelson criticized the business community, saying companies are too focused on profit and are at risk of eroding the trust of the public and regulators.
  
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• Federal employee health insurance premiums to rise 6.4%

  29-09-2015 20:54
  Health insurance premiums for the program that covers federal employees and retirees will increase an average of 6.4% next year, the U.S. Office of Personnel Management disclosed Tuesday.
  
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• Digital stats to give P&C, life insurers pause

  29-09-2015 20:15
  
  As much as $470 billion in life insurance and property & casualty insurance premiums are in play.
  
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• Product shields employers from wage and hour lawsuits

  29-09-2015 19:51
  Beazley P.L.C. said Tuesday that it has launched Beazley Workplace Protect, a policy that protects employers accused of denying employees appropriate compensation under U.S. labor laws.
  
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• Flat-fee health plans seen driving more workers comp cases

  29-09-2015 19:10
  
  As flat-fee, or capitated, health plans become more widespread, health care providers could begin classifying more soft tissue conditions as work-related injuries, according to the Workers Compensation Research Institute.
  
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• Accountable primary care model can boost employee health, reduce costs

  29-09-2015 19:02
  ORLANDO, Fla. — By implementing an employee health program centered on accountable primary care, self-funded employers can reduce spending on medical costs while improving outcomes in employee health care.
  
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• Driver-assist systems seen saving about 10,000 U.S. lives a year

  29-09-2015 19:01
  
  New auto safety technologies such as automatic braking and sensors that keep a car in its lane could prevent almost 10,000 U.S. road deaths a year and save $251 billion if they were more widely available.
  
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• NAS Introduces CyberNET Support for Cyber Liability Policyholders

  29-09-2015 19:00
  
  NAS Insurance has launched “NAS CyberNET Support,” a customer support product which includes 24/7 phone support and a range of cyber risk management resources. NAS CyberNET Support is a full suite of policyholder support services, including legal consultation, email alerts, …
  
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• United Dealer Services Launches Admitted Franchised Auto Dealership Program

  29-09-2015 18:53
  
  Program Administrator United Dealer Services, LLC has launched an admitted and fully comprehensive Franchised Auto Dealership Insurance Program available on a wholesale basis to all qualified agents in New Jersey, New York, Pennsylvania and Michigan. In addition to standard package …
  
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• Do the homework when selecting cyber insurance

  29-09-2015 18:44
  SAN FRANCISCO — Do your due diligence first before seeking cyber insurance coverage, advises the corporate insurance manager for Southwest Airlines Co.
  
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• Rhode Island Attorney General Urges Teens to Not Text While Driving

  29-09-2015 18:40
  
  Rhode Island Attorney General Peter Kilmartin is urging teenage drivers to not use their cell phones while driving as part of the fourth annual “It Can Wait” campaign in the state. Kilmartin kicked off this year’s effort on Sept. 25 …
  
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• Preferred Mutual Hires Butler-Andersen as Field Sales Manager in New York

  29-09-2015 18:36
  
  Preferred Mutual Insurance Company in New Berlin, New York, hired Kindra Butler-Andersen as field sales manager. Butler-Andersen brings more than 22 years of industry experience to Preferred, having most recently worked as regional sales director at a national carrier. Preferred …
  
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• Forecasters Watching Tropical Storm Joaquin as It Churns in Atlantic

  29-09-2015 18:32
  
  Forecasters are watching Tropical Storm Joaquin as it churns in the Atlantic near the Bahamas to see if it will become a threat to the U.S. East Coast later this week. Joaquin was about 385 miles (620 kilometers) northeast of …
  
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• Florida Man Charged with Fraud, Theft of 4M Pounds of Citrus

  29-09-2015 18:21
  
  State agriculture officials say a Florida man is accused of illegally obtaining more than 4 million pounds of citrus, valued at over half a million dollars, from five different individuals and companies. Agriculture Commissioner Adam Putnam said in a news …
  
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• Trial Set to Start for Former Energy CEO in Deadly West Virginia Mine Blast

  29-09-2015 18:17
  
  Former Massey Energy CEO Don Blankenship hits the courtroom for a criminal trial Thursday, facing charges that he conspired to break safety laws and lied to financial regulators about safety practices at the site of the deadliest U.S. mine explosion …
  
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• Burns & Wilcox Brokerage Opens Office in North Carolina

  29-09-2015 18:10
  
  Burns & Wilcox Brokerage has opened a new full service brokerage office in Charlotte, North Carolina. This latest location is the third the company has opened in just nine months. According to Denis Brady, president of Burns & Wilcox Brokerage, …
  
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• Ex-hacker: Act on assumption nothing is safe

  29-09-2015 18:09
  SAN FRANCISCO — During the Industrial Age, there was a simplicity to the repetition of small tasks, but in today's Information Age, complexity drives progress, an ex-hacker told attendees at Business Insurance's 2015 Cyber Risk Summit in...
  
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• State cyber laws

  29-09-2015 17:57
  According to the National Conference of State Legislatures, 47 states, the District of Columbia and two U.S. territories have laws governing data breaches.
  
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• Study Alleges SEC Inflates Enforcement Statistics

  29-09-2015 17:55
  
  The U.S. Securities and Exchange Commission’s metrics for computing annual enforcement statistics are “deeply flawed,” making the agency falsely appear as though it is getting tougher every year, a new academic study concluded. The draft study by Emory University law …
  
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• Warren Buffett cuts Munich Re stake to below 10%

  29-09-2015 17:54
  (Reuters) — Warren Buffett has cut his stake in German reinsurer Munich Re after warning earlier this year that prospects for the reinsurance industry had turned gloomier.
  
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• Lockton Appoints Hammond, Spencer, Nimmo to Leadership Positions

  29-09-2015 17:40
  
  Privately-held insurance broker Lockton announced expanded leadership roles for Mike Hammond, Glenn Spencer and Neil Nimmo. Spencer has been named chief operating officer of Lockton Inc. and president of Lockton Companies in the US. Spencer had previously been U.S. chief …
  
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• Arkansas Mutual Insurance Co. Rated ‘A’ by A.M. Best

  29-09-2015 17:30
  
  A.M. Best has assigned a financial strength rating of “A” (Excellent) and an issuer credit rating of “a” to Arkansas Mutual Insurance Company (AMIC) in Little Rock, Ark. The outlook assigned to both ratings is stable. The ratings are reflective …
  
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• Retiring chairman took BB&T Insurance to new heights

  29-09-2015 17:28
  H. Wade Reece will retire as chairman and CEO of BB&T Insurance Holdings Inc. on Dec. 31 after taking the business from the millions to the billions during his tenure.
  
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• Moradi Joins Hub in Chicago as Technology Leader

  29-09-2015 17:26
  
  Chicago-based Hub International Limited (HUB), a global insurance brokerage, has added Carla Moradi  as executive vice president of Operations and Technology. Moradi will lead the implementation of strategic enterprise-wide customer technologies and operations, supporting all HUB regional locations throughout the …
  
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• Volkswagen to Recall 11 Million Vehicles for Diesel Fix

  29-09-2015 17:16
  
  Volkswagen announced plans on Tuesday to refit up to 11 million vehicles and overhaul its namesake brand to try to move on from the scandal over its cheating on diesel emissions tests. New Chief Executive Matthias Mueller said the German …
  
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• California insurance commissioner warns residents can lose fire coverage

  29-09-2015 17:08
  
  After a series of devastating wildfires in Northern California, many homeowners are learning they may face changes to their insurance.
  
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• Spring European windstorm damage estimate lowered to $925 million

  29-09-2015 16:34
  
  Windstorm Mike-Niklas caused about €826 million ($925.0 million) in insured property losses, catastrophe insurance data firm Perils A.G. said Tuesday.
  
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• Warren Buffett Reduces Shareholding in Munich Re

  29-09-2015 16:24
  
  Berkshire Hathaway Inc. and National Indemnity Company stated their shareholdings in Munich Re have fallen below the threshold of 10 percent of voting rights — and now are at 9.7 percent. In an announcement, Munich Re said information about the …
  
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• Update: Buffett Cuts Munich Re Shareholding, Responds to Reinsurance Slump

  29-09-2015 16:24
  
  Warren Buffett’s Berkshire Hathaway Inc. has cut its stake in Munich Re after lamenting a slump in the reinsurance business. Berkshire’s holding was lowered to 9.7 percent from about 12 percent, Munich Re said in a statement Tuesday, citing a notification …
  
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• Update: Buffett Cuts Munich Re Shareholding, Responds to Reinsurance Downturn

  29-09-2015 16:24
  
  Warren Buffett’s Berkshire Hathaway Inc. has cut its stake in Munich Re after lamenting a slump in the reinsurance business. Berkshire’s holding was lowered to 9.7 percent from about 12 percent, Munich Re said in a statement Tuesday, citing a notification …
  
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• Update: Buffett Cuts Munich Re Shareholding, Responding to Reinsurance Downturn

  29-09-2015 16:24
  
  Warren Buffett’s Berkshire Hathaway Inc. has cut its stake in Munich Re after lamenting a slump in the reinsurance business. Berkshire’s holding was lowered to 9.7 percent from about 12 percent, Munich Re said in a statement Tuesday, citing a notification …
  
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• China blast contamination likely to boost costs to insurers

  29-09-2015 16:12
  
  (Reuters) — Contamination from chemicals is likely to increase the cost to insurers of last month's blasts in the Chinese port of Tianjin, costs which are already expected to exceed $3 billion, insurance specialists say.
  
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• Airbus and Atos to Create Cyber Security Products for Insurers, Other Industries

  29-09-2015 15:46
  
  Airbus Group SE’s Defence and Space will team with digital services provider Atos SE to develop products designed to counteract cyber attacks on companies and their supply chains. The partnership will address industries including banking and insurance as well as the public sector …
  
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• Willis GB CEO Tells Insurance Industry It Must Embrace Diversity

  29-09-2015 15:14
  
  To mark the start of the “Inclusion@Lloyd’s Dive In” festival, Willis Great Britain CEO Nicolas Aubert, issued a call to the re/insurance industry to embrace diversity. Challenging to the status-quo, he said the industry needs to employ a truly meritocratic …
  
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• Florida’s Heritage Insurance to Acquire Hawaii’s Zephyr

  29-09-2015 15:07
  
  Clearwtaer, Florida-based Heritage Insurance Holdings Inc. has agreed to acquire Zephyr Acquisition Co. and its wholly-owned subsidiary, Zephyr Insurance Co., a specialty insurance provider in Hawaii. The acquisition will provide Heritage with an immediate presence in Hawaii as Zephyr holds …
  
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• Case analysis: Agent's duty of care is limited

  29-09-2015 15:00
  
  In a New York case, unless there are 'exceptional situations,' agents are not obligated to recommend additional coverages.
  
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• Medical Professional Insurer Market Prepped for Consolidation: Fitch

  29-09-2015 14:51
  
  The medical professional liability insurance market continued its years-long decline in 2014 in terms of net written premium volume, hammered by forces including worsening accident-year results and a rapidly evolving healthcare market, Fitch Ratings found. Despite its challenges, the MPLI …
  
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• Surgical Funding Firm Accused of Inflating Claims

  29-09-2015 14:13
  
  A unit of Johnson & Johnson that makes artificial hips has accused a surgical funding company of seeking excessive profits from financing surgery for patients suing over the devices. The claim by DePuy Orthopaedics marks the first time that a …
  
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• Carriers: It's time to rethink UBI approach

  29-09-2015 13:50
  
  LexisNexis Risk Solutions' study says that more drivers would be willing to participate in usage-based insurance programs if they were offered deductible discounts, rewards or safety-based feedback.
  
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• 13 occupations with worse aging problems than insurance agents

  29-09-2015 12:50
  
  The insurance world is not the only one facing a graying workforce.
  
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• Inflow of reinsurance capacity weighs on MENA reinsurers: Report

  29-09-2015 12:49
  A.M. Best Co. Inc.
  
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• Only 60% of nonlife quake claims in Nepal settled so far

  29-09-2015 12:47
  Nonlife insurers in Nepal have settled only 60% of the claims relating to the earthquake that hit the nation in April, reported The Himalayan Times.
  
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• Randall & Quilter completes acquisition of legacy captive

  29-09-2015 12:46
  Bermuda-based Randall & Quilter Investment Holdings Ltd., a nonlife run-off insurance specialist, has completed the acquisition of IC Insurance from its U.K.-based indirect owners AstraZeneca U.K. Ltd. and Imperial Chemical Industries Ltd.
  
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• Scor expects reinsurance demand as Solvency II nears

  29-09-2015 12:44
  Analysts at Canada-based RBC Capital Markets said that French reinsurer Scor S.E. expects increased and new demand for reinsurance from some of its large global clients as the implementation of Solvency II nears, reported Artemis.bm.
  
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• Regulator outlines vision for insurance intermediary market in China

  29-09-2015 12:43
  The China Insurance Regulatory Commission has outlined its vision for the insurance intermediary market in a recent statement, reported Asia Insurance Review.
  
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