Insurance news

• Intuit awarded RIMS 2015 ERM Award of Distinction

  28-10-2015 21:11
  
  RIMS presented Intuit with its enterprise risk management award at its conference in Chicago.
  
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• Concklin Named Field Rep for Berkshire Hathaway GUARD in Colorado, Utah

  28-10-2015 21:03
  
  Berkshire Hathaway GUARD Insurance Cos. recently added Mark Concklin as a senior field representative to promote targeted growth in Colorado and Utah. Concklin is responsible for identifying prospects for appointments while providing information about available resources and new developments to …
  
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• Activist Paulson Joins Icahn’s Call to Break Up AIG

  28-10-2015 20:36
  
  Activist investor Carl Icahn said he owns a “large stake” in American International Group Inc. and urged the insurer to spin off its life and mortgage units into public companies to avoid being tagged as a systemically important financial institution. …
  
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• Top Insurance Lobbyists on Capitol Hill

  28-10-2015 19:00
  
  The Hill, a popular Capitol Hill insider publication with political news and opinions, has placed five insurance groups and their lobbyists on its 2015 list of the top lobbyists in Washington for associations. The insurance trade groups making The Hill’s …
  
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• Icahn urges AIG to split into three, says it’s 'time to act'

  28-10-2015 18:11
  
  Carl Icahn, the billionaire investor, disclosed an investment in American International Group Inc. and said it should split into three companies.
  
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• Premiums on New Jersey Health Exchange Rising 5%

  28-10-2015 17:59
  
  The premium for a mid-level plan offered on the federal government’s health insurance exchange will be up by 5 percent in New Jersey in 2016. But premiums will be lower, as expected, for people choosing a new plan that is …
  
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• New Hampshire Approves Workers’ Comp Loss Cost Decrease of 5.9%

  28-10-2015 17:54
  
  The New Hampshire Insurance Department announced that it has approved the National Council on Compensation Insurance’s advisory loss cost and rating values filling to be effective Jan. 1, 2016. The approved voluntary loss cost change is a decrease of 5.9 …
  
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• N.Y. Sen. Gillibrand Calls for More Transparency in NFIP Claims Process

  28-10-2015 17:44
  
  U.S. Sen. Kirsten Gillibrand, D-New York, is announcing legislation to require the Federal Emergency Management Agency to be more accountable to property owners who file claims. Gillibrand says many New Yorkers whose homes were damaged or destroyed during Superstorm Sandy …
  
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• EPA: Missouri Landfill Fire Fix to Come by Year’s End

  28-10-2015 17:44
  
  A plan to make sure an underground St. Louis-area landfill fire doesn’t reach a cache of Cold War-era nuclear waste buried nearby will come before the end of 2015, an Environmental Protection Agency administrator said. Mark Hague, acting chief of …
  
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• Indiana Judge OKs Facebook Messages in Marina Fire Trial

  28-10-2015 17:41
  
  A judge has declined to prevent private Facebook messages from being considered during a trial of two people charged in an Evansville, Ind., marina fire. The Evansville Courier & Press reports the judge denied the motion to suppress the messages …
  
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• Are Florida insurers prepared for the next big storm?

  28-10-2015 17:40
  
  If the next 'big storm' were to hit this season, the answer would be yes.
  
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• Illinois Trucking Company Must Pay $240K in Religious Discrimination Suit

  28-10-2015 17:38
  
  A federal jury in Peoria, Ill., has awarded $240,000 to two Somalian-American Muslims who were fired from their jobs as truck drivers at Star Transport, an over-the-road trucking company, when they refused to transport alcohol because it violated their religious …
  
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• Texas Insurance Agent, Another Man Sentenced for Ponzi Scheme

  28-10-2015 17:33
  
  Two North Texas men, one of whom is a licensed insurance agent, have been sentenced to five-year prison terms and must repay nearly $2.4 million solicited in a Ponzi scheme, according to U.S. Attorney John Parker of the Northern District …
  
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• Heritage Taps Hutchinson to Lead Sales & Marketing in Mass., R.I.

  28-10-2015 17:29
  
  Clearwater, Florida-based Heritage Property & Casualty Insurance Company has hired Peter J. Hutchinson as director of sales and marketing for Massachusetts and Rhode Island, a new position. He is based in Westfield, Massachusetts. In this new role, Hutchinson will spearhead …
  
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• Target Markets Study: Program Business Revenue Doubled in 5 Years

  28-10-2015 17:27
  
  The financial performance of commercial property casualty insurance program administrators continues to outpace the performance of the overall property casualty insurance markets, according to the most recent study by the Target Markets Program Administrators Association (TMPAA). Program business premium revenues …
  
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• It's National Chocolate Day! Which country consumes the most chocolate?

  28-10-2015 17:15
  
  Thankfully, there are few safety concerns or product recalls when it comes to chocolate—which should provide some comfort to insurance carriers whose clients produce candy, chocolate syrup and other delectable items.
  
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• Lyft Becomes First to Offer Ridesharing at Las Vegas Airport

  28-10-2015 16:49
  
  Lyft is the first ridesharing company to offer trips to travelers at McCarran International Airport in Las Vegas. Lyft said it began offering airport rides Monday morning. The company’s smartphone app connects individuals in need of a ride with drivers …
  
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• West Coast Towns Vulnerable to Tsunamis Consider Ways to Save Lives

  28-10-2015 16:46
  
  Bracing for a tsunami like the one that devastated Japanese communities during a 2011 mega-earthquake, coastal communities from British Columbia to California have been grappling with how to protect people from a similar catastrophe. One of those towns is constructing …
  
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• Earthquake Swarm Around San Francisco Persists

  28-10-2015 16:27
  
  The U.S. Geological Survey reports that in the last two weeks more than 400 small earthquakes have hit a city east of San Francisco. KNTV reported that the city of San Ramon appears to have broken an earthquake record with …
  
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• Cybersecurity bill one step closer to law after Senate vote

  28-10-2015 16:07
  
  CISA gets through chamber with a 74-21 victory.
  
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• Cyber security bill one step closer to law after Senate vote

  28-10-2015 16:07
  
  CISA gets through chamber with a 74-21 victory.
  
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• Argo Group Reports Q3 Net Income of $35.3M vs. $44.7M for Q3 2014

  28-10-2015 16:00
  
  Bermuda-headquartered Argo Group International Holdings Ltd. reported net income of $35.3 million, or $1.24 per diluted share, compared to $44.7 million, or $1.54 per diluted share, for the third quarter of 2014. Net income for the nine month period ended Sept. …
  
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• California DMV Agreement Changes How Motor Vehicle Records Are Handled

  28-10-2015 15:57
  
  California agents and brokers are being notified of a new change to how they can handle motor vehicle records. An agreement between representatives from the insurance industry and the California Department of Motor Vehicles eventually enabled the DMV to revise …
  
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• IBM to Buy Weather Co.’s Business, Web Properties to Expand Watson

  28-10-2015 15:39
  
  IBM said today it has agreed to acquire The Weather Co.’s business-to-business mobile and cloud-based web properties, including WSI, weather.com, Weather Underground and The Weather Co. brand. IBM will not acquire the TV segment – The Weather Channel –but the …
  
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• Investor Icahn to AIG: Break-Up P/C, Life, Mortgage Units Now

  28-10-2015 15:12
  
  Carl Icahn, the billionaire investor known for picking fights with corporate boards, said American International Group Inc. should split into three companies, one selling property/casualty coverage, another selling life insurance and a third backing mortgages. The stock rallied in early …
  
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• Marsh Says It’s ‘On Track’ After Q3 Results

  28-10-2015 14:52
  
  Marsh & McLennan Cos. Inc. reported $3.12 billion in consolidated revenue for the third quarter, a decline of about one percent compared to the same quarter last year, along with an 8.7 percent jump in net income to $323 million. …
  
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• House Votes to Extend Transportation Funding, Railway Safety Deadline

  28-10-2015 14:01
  
  The U.S. House of Representatives on Tuesday approved a bill to keep federal funds flowing to road and bridge construction projects into late November, while also extending a key rail safety deadline to the end of 2018. In a voice …
  
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• Balancing transactional engagement and portfolio management

  28-10-2015 14:00
  
  Carriers should treat the monitoring of account performance, process usage, and underwriting decisions as an interlocked system of checks and balances.
  
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• 2 easy ways to keep in touch without harassing people

  28-10-2015 13:15
  
  Don't be like this lady when you don't hear back from people after following up.
  
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• Sen. Warren Criticizes Legal ‘Kickbacks’ to Annuity Sales Agents

  28-10-2015 13:09
  
  U.S. Senator Elizabeth Warren wants to restrict brokers from winning vacations, luxury cars and golf outings at the expense of retirees. Warren, a Massachusetts Democrat and prominent Wall Street critic, released a report Tuesday criticizing the largest annuity providers for …
  
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• Validus Group Appoints Zhou as China Representative

  28-10-2015 12:54
  
  Validus Holdings Ltd. has appointed Ellie Zhou as underwriting manager for Greater China to support the Validus Groups’ existing Chinese customers and expand the firm’s business in the region. China is one of the world’s largest and fastest-growing insurance markets …
  
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• Validus Group Appoints China Representative

  28-10-2015 12:54
  
  Validus Holdings Ltd. has appointed Ellie Zhou as underwriting manager for Greater China to support the Validus Groups’ existing Chinese customers and expand the firm’s business in the region. China is one of the world’s largest and fastest-growing insurance markets …
  
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• Argentina Regulator Says Insurers’ Dollar Assets Cannot Exceed Liabilities

  28-10-2015 12:34
  
  Argentina’s insurance regulator changed the rules governing the amount of foreign currency holdings the companies can keep, which could prompt the firms to sell assets to meet a year-end deadline. Insurance companies must adjust their foreign-currency security holdings to match …
  
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• 7 tips for keeping your pets safe on Halloween

  28-10-2015 12:15
  
  Help keep your pet safe on Halloween, and avoid insurance claims for Homeowners or Auto damage.
  
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• Best’s Italian Insurance Sector Report Sees Growth despite Weak Economy

  28-10-2015 12:03
  
  A special report from A.M. Best concludes that “Italy’s insurance market remained buoyant in 2014 and is well-placed to continue to grow in 2015, driven by demand for life products.” Best foresees a “second consecutive year of double-digit expansion in …
  
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• Hurricane Sandy engineering reports explained

  28-10-2015 12:01
  
  Interviews with engineers from multiple firms confirmed that no reputable engineer would be willing to jeopardize his or her reputation and credentials by filing a false engineering report.
  
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• Around the P&C insurance industry: Oct. 28, 2015

  28-10-2015 12:00
  
  Mertz, Intuit, ACE and more.
  
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• AXIS Q3, 9 Month Earnings Hit by Investments, Loss Events

  28-10-2015 11:58
  
  AXIS Capital Holdings Limited has reported net income available to common shareholders for the third quarter of 2015 of $248 million, or $2.50 per diluted common share, compared with $279 million, or $2.68 per diluted common share, for the third …
  
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• Ace Sells $5.3 Billion of Bonds for Chubb Deal

  28-10-2015 11:40
  
  Ace Ltd. sold $5.3 billion of bonds to finance its acquisition of Chubb Corp. The debt sale, which will help close a deal valued at about $30 billion, was issued in four parts, with the longest portion, a 30-year bond, …
  
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• Ping An Profit Rises 32% as Higher Premiums Offset Stock Market Slump

  28-10-2015 10:53
  
  Ping An Insurance (Group) Co., China’s second-largest insurer, said third-quarter profit rose 32 percent as higher premium income and banking revenue helped offset the impact of a stock market rout on investment returns. Net income climbed to 13.6 billion yuan, …
  
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• Insurers Unprepared for Costs of Climate Change, Warns UN Climate Diplomat

  28-10-2015 10:48
  
  Insurers are unprepared for the costs of climate change, the top United Nations climate diplomat said as world leaders make final preparations for a deal on global warming. The agreement, which the UN expects to seal in Paris in December, …
  
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• What Are Chances a U.S Business Will Face an Employee Lawsuit?

  28-10-2015 08:00
  
  U.S.-based small and medium sized businesses face an almost 12 percent chance that they it will be hit with an employment claim, with their chances much higher in certain states. A new study of employee charge trends by specialty insurer …
  
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• CoreLogic: $18B in Potential Losses from South Carolina’s ‘Record-Breaking’ Storm

  28-10-2015 05:38
  
  The potential exposure home insurers in South Carolina face from the early October storm that flooded the state is estimated to be over $18 billion, according to catastrophe modeling firm CoreLogic. Richland County had the most exposure with 8,185 damaged …
  
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• Florida’s Orchid Underwriters Enters Commercial E&S Business, Hires 2 to Lead

  28-10-2015 05:18
  
  Florida-Based Orchid Underwriters Insurance Agency, LLC, a specialty underwriter of property insurance focusing on coastal properties, has named Robert J. Rose senior vice president of Underwriting and Programs and Bryan Schofield vice president of Commercial Lines. Both are newly created …
  
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• Testing Shows Chemicals in Well Water Near Tennessee Power Plant

  28-10-2015 05:03
  
  Albert Hudson worries about the water coming from the well on his property near the Tennessee Valley Authority’s coal-fired power plant in Gallatin, Tenn. Hudson received a letter recently from the Tennessee Department of Environment and Conservation notifying him that …
  
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• Distinguished LLC Acquires Fulcrum Programs in Washington

  28-10-2015 01:56
  
  Distinguished LLC finalized its acquisition of Bellevue, Wash.-based Fulcrum Insurance Programs. Terms of the deal were not disclosed. Fulcrum will combine with Distinguished’s own real-estate and hospitality program administrator, Bellevue-based National Specialty Underwriters. The combined businesses will be rebranded as …
  
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