Insurance news

• South Carolina Insurance Director: Insurers Ready for Claims from ‘Devastating’ Storm

  05-10-2015 22:52
  
  The insurance industry is bracing itself for an expected onslaught of claims in the wake of what South Carolina officials are calling a 1 in 1,000 year storm. “This is an extremely devastating event,” said South Carolina Director of Insurance …
  
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• Former Southern California Insurance Agent Sentenced for Felony Fraud

  05-10-2015 22:01
  
  Hesham Saleh Ibrahim, 57, of Palmdale, Calif., pleaded no contest to felony insurance fraud and was sentenced to three years felony probation, 30 days community labor and ordered to pay nearly $1,000 in restitution and fines. Ibrahim was charged in …
  
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• Hub Acquires Assets of California-based Johnson & Wood

  05-10-2015 21:56
  
  Hub International Ltd. has acquired the assets of Carlsbad, Calif.-based Johnson & Wood Insurance Services Inc. Terms of the deal were not disclosed. Johnson & Wood President Ed Johnson, and Stuart Wood, vice president, will join Hub California and report …
  
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• Arthur J. Gallagher acquires benefits consultant

  05-10-2015 21:44
  Arthur J. Gallagher & Co. has acquired Pewaukee, Wisconsin-based employee benefits consulting firm Burkwald & Associates Inc.
  
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• Get to know your customers in 2015

  05-10-2015 21:20
  
  Social Media Today compiled data on everything agents need to know about customers in 2015.
  
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• Hub International Creates Specialty Program Subsidiary; Hires Treanor to Run

  05-10-2015 21:03
  
  Insurance broker Hub International Limited (HUB) said it has established a wholly owned subsidiary – Specialty Program Group – to grow its program underwriting and specialty business. Chris Treanor has joined the company as president of programs and specialty products …
  
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• QBE snags senior vice president from Allianz

  05-10-2015 20:26
  QBE North America, a division of QBE Insurance Group Ltd., has named former Allianz Global Corporate & Specialty executive Walter Grote senior vice president. The appointment was effective Oct. 2.
  
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• U.S. says BP to pay $20 billion in fines for 2010 oil spill

  05-10-2015 20:20
  (Reuters) — BP P.L.C. will pay more than $20 billion in fines to resolve nearly all claims from its deadly Gulf of Mexico oil spill five years ago, marking the largest corporate settlement of its kind in U.S.
  
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• Worm farm exempted from paying overtime

  05-10-2015 19:15
  No one in the real world is ever likely to think of raising worms as agriculture, but a court decision last week illustrates that there is sometimes a clear divide between the real and legal worlds.
  
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• South Carolina Slammed by Weekend Storm

  05-10-2015 18:56
  
  A dangerous rainstorm drenching the East Coast brought more misery Sunday to South Carolina – cutting power to thousands, forcing hundreds of water rescues and closing “too many roads to name” because of floodwaters. Early Sunday, emergency management officials sent …
  
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• 10 top apps for business

  05-10-2015 18:50
  
  You might be surprised how these apps can improve your productivity. Some of them are free.
  
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• QBE Names Grote SVP, Commercial Lines P/C

  05-10-2015 18:49
  
  QBE North America has welcomed another well established industry executive to its leadership team, with Walter Grote has joined QBE North America as senior vice president, commercial P/C, and will be based in the Chicago office. In this national role, Grote is …
  
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• QBE Names Allianz’s Grote SVP, P/C Commercial Lines

  05-10-2015 18:49
  
  QBE North America has welcomed a veteran industry executive to its leadership team. Walter Grote has joined QBE North America as senior vice president, commercial property/casualty, and will be based in the Chicago office. Prior to QBE, Grote served as senior vice …
  
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• N.M. sets maximum for medical pot reimbursement

  05-10-2015 18:48
  The New Mexico Workers’ Compensation Administration has proposed a maximum reimbursable amount for medical marijuana.
  
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• European risk management group names new executive director

  05-10-2015 18:46
  VENICE, Italy – Typhaine Beauperin-Holvoet will replace Florence Bindelle as executive director of the Federation of European Risk Management Associations.
  
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• South Dakota Agent Wins National Alliance 2015 Matt Wells Scholarship

  05-10-2015 18:45
  
  Michael K. Tveidt is the recipient of The Matt Wells Scholarship for The National Alliance Producer School on October 4-16 in Grapevine, Texas. Tveidt is with Fischer Rounds & Associates, in Sioux Falls, S.D. Selected for his high potential for …
  
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• Former Knicks, Hawks NBA player eligible for California comp

  05-10-2015 18:45
  California’s workers compensation system has jurisdiction over a cumulative injury claim filed by a former National Basketball Association player because he was once employed by a team in the state, according to a state appeals court ruling last...
  
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• 2 Kansas Counties Record 11 Quakes in a Week

  05-10-2015 18:41
  
  Geologists are reporting a spate of earthquakes in south-central Kansas. The Hutchinson News reports that in the past week, there have been 11 quakes within the neighboring Kansas counties of Sumner and Harper. U.S. Geological Survey data shows the most …
  
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• Texas Department of Insurance Actuary Wins National Award

  05-10-2015 18:39
  
  Mike Boerner, director of the actuarial office for the Texas Department of Insurance (TDI), is the 2015 recipient of the Robert J. Myers Public Service Award from the American Academy of Actuaries. The award will be presented at the Academy’s …
  
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• Texas Sets Work Comp Discount, Interest Rate at 3.96%

  05-10-2015 18:37
  
  The Texas Department of Insurance, Division of Workers’ Compensation has set the workers’ comp interest/discount rate for the fourth quarter of 2015 at 3.96 percent. This rate is computed by using the treasury constant maturity rate for one-year treasury bills …
  
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• Using data wisely key to unlocking future risks

  05-10-2015 18:34
  VENICE, Italy — Risk managers and their insurers can learn from each other to address the growing complexities of a riskier world, according to Mario Greco, group CEO of Assicurazioni Generali S.p.A.
  
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• NAMIC Legislators of the Year from Indiana, Missouri

  05-10-2015 18:32
  
  Missouri Rep. Don Gosen and Indiana Rep. Matt Lehman were named Legislators of the Year for the 2015 legislative session by the National Association of Mutual Insurance Companies. Gosen is chairman of the Missouri House Select Committee on Insurance, which …
  
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• A.M. Best: Republic Underwriters Insurance Co. Ratings Under Review

  05-10-2015 18:31
  
  A.M. Best has placed under review with positive implications the financial strength rating (FSR) of A- (Excellent) and the issuer credit rating (ICR) of “a-” of Dallas-based Republic Underwriters Insurance Co. and its subsidiaries, collectively known as the Republic Group. …
  
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• Global regulators finalize new capital rules for big insurers

  05-10-2015 18:27
  (Reuters) — The world's nine biggest insurance companies will have to hold more capital under new rules finalized by global regulators that aim to prevent taxpayer bailouts of the industry in a crisis.
  
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• Montana Governor’s Chief of Staff among Plaintiffs Suing Volkswagen

  05-10-2015 17:31
  
  Gov. Steve Bullock’s chief of staff is among the plaintiffs in a Montana lawsuit against Volkswagen over the automaker’s emissions-rigging scandal. Tracy Stone-Manning, her husband Richard Manning and Missoula resident Kristine Akland are the three Volkswagen car owners named as …
  
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• EU financial watchdogs zoom in on 'big data' use

  05-10-2015 17:29
  (Reuters) — European banks and insurers could face new rules to control their use of “big data” to target customers with products after EU watchdogs said they would investigate the area.
  
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• Newtown Families’ Wrongful Death Suit Against Gun Maker Sent to State Court

  05-10-2015 17:26
  
  A wrongful death lawsuit filed against gun maker Remington by families of some Newtown school, Connecticut, massacre victims has been sent from federal court back to state court, where it may have a better chance of succeeding. U.S. District Judge …
  
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• Massachusetts cuts health services surcharge that funds care for uninsured

  05-10-2015 17:24
  Massachusetts regulators have slightly reduced the annual surcharge on services received at hospitals and ambulatory surgical centers in the state.
  
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• JLT Specialty Names O’Sullivan Senior Vice President in California

  05-10-2015 17:24
  
  JLT Specialty USA has named Charity O’Sullivan senior vice president in its Los Angeles, Calif. office. O’Sullivan’s primary focus will be on client development and leading JLT teams. O’Sullivan has more than 18 years of experience in the insurance industry. …
  
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• Independent brokers install new chairman, board members

  05-10-2015 17:18
  Randy Lanoix has been installed as the new chairman of the Independent Insurance Agents & Brokers of America, IIABA has announced.
  
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• N.Y.’s Schumer: Storms Like Joaquin Show Need to Upgrade Weather Satellites

  05-10-2015 17:08
  
  U.S. Sen. Charles Schumer, D-New York, is warning that a lack of funding to the National Oceanic and Atmospheric Administration’s budget could lead to big problems with the nation’s weather satellites when the next big storm hits. The New York …
  
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• Risk management's profile grows along with its challenges

  05-10-2015 16:51
  
  VENICE, Italy — As the global economy changes, risk management is becoming an increasingly important discipline for European companies, a panel of experts said.
  
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• Pennsylvania Holds Hearing on Issue of Surprise Medical Bills

  05-10-2015 16:41
  
  Advocates for consumers, insurers, hospitals and doctors clashed on Oct. 1 at a Pennsylvania hearing on surprise bills for expensive out-of-network health care services sent to patients who thought their treatments were covered by their insurance networks. Pennsylvania Insurance Commissioner …
  
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• Central States Teamsters pension fund seeks permission to cut benefits

  05-10-2015 16:38
  
  The Teamsters Central States, Southeast & Southwest Areas Pension Fund, Rosemont, Illinois, is seeking permission to cut benefits for participants, including retirees, as part of a proposed rescue plan awaiting approval from the Treasury Department.
  
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• Insurers Say Trans-Pacific Pact Important for Industry Growth, Jobs

  05-10-2015 16:35
  
  U.S. property/casualty insurers are welcoming the news that the Trans-Pacific Partnership (TPP) parties have reached an agreement. Although details of the pact are unknown, the U.S. insurers say they believe the agreement will level the playing field for them in …
  
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• Connecticut Insurance Dept. to Play Key Role in Proposed Anthem/Cigna Merger

  05-10-2015 16:27
  
  Connecticut’s Department of Insurance is playing a major role in a deal that could create the nation’s largest health insurer, leading a 26-state review of Anthem Inc.’s proposed merger with Bloomfield, Connecticut-based Cigna. Since Cigna is based in Connecticut, state …
  
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• Supreme Court to Hear Eurail Case on Foreign Entity Liability

  05-10-2015 16:09
  
  The new Supreme Court term will include high-level discussions of affirmative action, free association and religious liberty. But the first Monday in October is starting with a suit about a Eurail pass. Specifically, the court will consider whether selling a …
  
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• Selling smarter, not harder

  05-10-2015 16:00
  
  Meet new NU columnist Barry Seigerman. He has some things to teach you.
  
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• Sales development: What works and what never works

  05-10-2015 16:00
  
  Here are the best tips for producer development and sales management.
  
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• Crisis Services Top Insurers’ Cyber Claims Payouts; Average Claim at $674K

  05-10-2015 15:15
  
  New claims costs data reveal a wide discrepancy on costs associated with cyber losses. More than $75.5 million has been spent on cyber claims losses as reported in the latest cyber claims study published by NetDiligence, a cyber risk assessment …
  
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• General Star to Combine Contract P&C, E&O Divisions Into Program Unit

  05-10-2015 15:00
  
  Surplus lines insurer General Star announced it is combining its contract Property/Casualty and Errors & Omissions divisions into a new delegated business division under the leadership of Matt Brown. The new division will be comprised of the existing contract P&C …
  
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• FERMA Launches 1st Professional Certification for European Risk Managers

  05-10-2015 14:34
  
  The Federation of European Risk Management Associations (FERMA) has formally launched its program of European Certification for professional risk managers. It is the first such designation and is designed to reinforce the standing of the profession in Europe, FERMA said. …
  
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• Who's using what in the insurance industry: October 5, 2015

  05-10-2015 14:30
  
  News from KCC, QQSolutions, VUE Software and more.
  
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• Insurers Respond Slowly to Growing Demand for Cyber Insurance: Timetric Report

  05-10-2015 14:15
  
  The cyber risk insurance market is experiencing rapid development, with the size of global gross written premiums growing from US$850 million in 2012 to an estimated US$2.5 billion in 2014, according to a new report by London-based business intelligence company, …
  
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• Big ‘I’ Agents Install Louisiana’s Lanoix as Chairman

  05-10-2015 14:14
  
  The Independent Insurance Agents and Brokers of America (Big “I”) installed a new leadership team over the weekend with Randy Lanoix of Louisiana as chairman. The agents’ group also installed Spencer Houldin of Connecticut as chairman-elect, Vaughn Graham of Oklahoma …
  
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• 15 of the worst office pet peeves

  05-10-2015 13:50
  
  Maintaining a happy work family is important. Don't screw things up with these common inconsiderations.
  
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• A.M. Best Affirms Zurich Insurance Ratings; Outlook Negative on Expected Losses

  05-10-2015 12:55
  
  A.M. Best has affirmed the financial strength rating of A+ (Superior) and the issuer credit rating of “aa-” while at the same time revising the outlook to negative from stable for Zurich Insurance Company Limited (ZIC) and some of its rated affiliates. ZIC …
  
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• Insured losses from typhoon Dujuan nearly $80 million

  05-10-2015 12:25
  
  Insured losses from the recent typhoon Dujuan that hit China's Ningbo city in Zhejiang province are more than 500 million Chinese yuan ($78.7 million), reported Asia Insurance Review citing the China Daily.
  
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• Global reinsurance market may be heading for "new reality": A.M. Best

  05-10-2015 12:23
  
  A.M. Best Co. Inc. foresees a "new reality" for the global reinsurance market, reports Artemis.bm.
  
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• Catastrophe bond issuance likely to remain strong in 2016: Fitch

  05-10-2015 12:22
  Fitch Ratings Ltd. has said that catastrophe bond issuance is likely to remain strong in 2016, reported Artemis.bm.
  
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