Insurance news

• Allstate Names Green as President of Encompass Insurance

  29-10-2015 22:42
  
  The Allstate Corp. has announced that Mark Green named president of the Encompass insurance companies, which sells through independent agents. Green has 25 years of experience in the insurance industry. Last year he was named president of Allstate Dealer Services …
  
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• Call for Splitting AIG a Challenge to CEO Hancock

  29-10-2015 22:32
  
  Peter Hancock may have met his hardest challenge yet. Since Hancock took over as chief executive officer of American International Group Inc. last year, Warren Buffett’s Berkshire Hathaway Inc.’s new commercial insurer raided AIG for talent. The integration of two …
  
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• Smith Brothers Acquires Bayberry Insurance in Connecticut

  29-10-2015 19:15
  
  Smith Brothers Insurance, an independent agency based in Glastonbury, Connecticut, announced that it has acquired the assets of Bayberry Insurance in Groton, Connecticut. Terms of the transaction were not disclosed. Founded in 1989, Bayberry Insurance is an independent agency providing …
  
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• Pentagon creates cyber security exchange program with industry

  29-10-2015 18:27
  The U.S. Defense Department is sendingpersonnel on tours with private cyber security companies and bringing in specialists from those companies to gain the skills necessary to defend military networks from hackers.
  
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• What homeowners and insurance agents need to understand about El Niño

  29-10-2015 18:22
  
  Insurance agents can use El Niño and other weather events to speak with clients about coverage.
  
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• Arch Capital Reports Q3 Net Income of $74.5M, vs. $223.2M in Q3 2014

  29-10-2015 18:04
  
  Bermuda-headquartered Arch Capital Group Ltd. reported net income available to common shareholders for the third quarter ending 2015 was $74.5 million, or $0.60 per share, compared to $223.2 million, or $1.64 per share, for the same period last year. For …
  
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• Surplus Lines Stamping Office of Texas Phone Numbers Changing

  29-10-2015 18:01
  
  The Surplus Lines Stamping Office of Texas (SLSOT) announced it is simplifying communications with new business phone number listings and an upgraded telecommunication system. The new system will be in place Oct. 30, but to prevent any loss of contact, …
  
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• Cost of Oklahoma Health Plans Skyrocketing

  29-10-2015 17:55
  
  Thousands of Oklahoma residents who are expected to participate in the open enrollment period under the federal Affordable Care Act that begins this weekend can expect some dramatic increases in the cost of health insurance. A U.S. Department of Health …
  
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• New Jersey Sandy Protesters Blast Gov. Christie

  29-10-2015 17:53
  
  Some victims of Superstorm Sandy in New Jersey said they feel New Jersey Gov. Chris Christie has forgotten about them in his pursuit of the presidency. About a dozen protesters intended to pitch tents and camp out across from the …
  
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• Hurricane Sandy: 3 years later in pictures

  29-10-2015 17:50
  Many people are still dealing with the effects of Hurricane Sandy. Here are some pictures of the East Coast today.
  
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• Florida Regulators ‘Encouraged‘ by Insurers’ Stress Test Results

  29-10-2015 17:50
  
  Florida property insurers are well-capitalized and able to handle a 1-in-100 year storm event if and when it occurs in the state, according to the Florida Office of Insurance’s 2015 Data Call and subsequent stress test report. The annual Reinsurance …
  
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• Shortchanged Sandy Victims Get More Flood Insurance Cash After Claims Review

  29-10-2015 17:48
  
  Many people who complained a federal insurance program shortchanged them after Superstorm Sandy swamped their homes are getting some validation three years later in the form of cash. A Federal Emergency Management Agency review launched in the spring has been …
  
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• A.M. Best: Outlook Stable for Midwest Builders’ Casualty Mutual, Subs

  29-10-2015 17:48
  
  A.M. Best has revised the outlook to stable from negative and affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of “a-” for Midwest Builders’ Casualty Mutual Insurance Co. (MWBC) and its subsidiaries, Horizon Midwest Casualty Co. (Horizon) and Bearing …
  
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• Nebraska Man Gets Jail Time in Auto Insurance Fraud Case

  29-10-2015 17:46
  
  A North Platte, Neb., man accused of driving his car into a canal so he could collect on his insurance has been sent to prison. Court records say 32-year-old Josh Salisbury was sentenced to 18 to 36 months for insurance …
  
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• Texas’ Population Spread, Wildfires Bring New Era of Firefighting

  29-10-2015 17:42
  
  A top state fire official says the changing landscape of Texas, driven by millions of new residents and the spread of exurbia, has coincided with an unprecedented wave of large wildfires that are occurring more regularly. Texas A&M Forest Service …
  
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• Hanover Q3 Profit Increases 42% to $78M

  29-10-2015 17:42
  
  The Hanover Insurance Group Inc. reported $78.3 million net income for its 2015 third quarter, a 42.6 percent increase from $54.9 million net income reported a year earlier. The Worcester, Massachusetts-based insurer said the latest quarterly results were helped by …
  
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• Arnold Joins Underwriting Team at Ashley General Agency

  29-10-2015 17:36
  
  Conroe, Texas-based independent insurance wholesaler, Ashley General Agency, has added Adam Arnold to its underwriting team. Arnold has extensive experience in the insurance industry that includes a background with a well-respected managing general agency and a national insurance carrier specializing in …
  
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• Insurance Agents & Brokers in Penn. Announces Newly Elected Directors

  29-10-2015 17:34
  
  The fall marks a new administrative year for Insurance Agents & Brokers Service Group in Mechanicsburg, Pennsylvania, and its partnership of agents’ associations in Delaware, Maryland and Pennsylvania. The organization held elections for directors at its annual meeting on Oct. …
  
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• Swiss Re books $250 million in losses from Tianjin disaster

  29-10-2015 17:30
  
  Swiss Re AG booked $250 million in losses from the August chemical warehouse explosions in the Chinese city of Tianjin, its biggest payout in a quarter that saw profit rise 13 percent.
  
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• National Tire and Battery to Pay $22.5K to Settle Employee Harassment Suit

  29-10-2015 17:28
  
  National Tire and Battery (NTB) will pay $22,500 to a former employee to resolve a national origin and religious harassment lawsuit brought by the U.S. Equal Employment Opportunity Commission (EEOC), the agency announced. According to EEOC’s suit, an Arab and …
  
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• North Dakota Lawmakers Criticize Proposed $3B Crop Insurance Cut

  29-10-2015 17:24
  
  North Dakota’s congressional delegation and others from the state say a proposed $3 billion cut to crop insurance is unacceptable. A two-year budget deal in Congress would reduce federal subsidies to companies that sell crop insurance to farmers, saving $3 …
  
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• Einhorn says 'beaten down' Greenlight Re portfolio set to rebound

  29-10-2015 16:45
  
  David Einhorn, chairman of Greenlight Capital Re Ltd., the Cayman Islands-based reinsurer, affirmed his confidence in stocks that dragged his portfolio to its worst performance since the financial crisis.
  
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• Judge Orders Wyoming Restaurant to Pay $11.4M in Salmonella Case

  29-10-2015 16:30
  
  A judge has ordered a Cheyenne, Wyo. restaurant to pay a Nebraska couple nearly $11.4 million after the husband contracted salmonella poisoning. The Casper Star-Tribune reported Christopher Gage and his wife, Heather, sued the Old Country Buffet and its operator …
  
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• 188 People Sickened by Infection Tied to California Restaurant

  29-10-2015 16:27
  
  Public health officials in California say at least 188 people in six counties have contracted a bacterial infection after eating at a San Francisco Bay Area restaurant. The Santa Clara County Public Health Department issued a warning to people who …
  
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• Lovitt & Touché in Arizona Names Osborn Vice President

  29-10-2015 16:04
  
  Arizona-based Lovitt & Touché has named Magdalena Osborn vice president and general counsel. Osborn will oversee the firm’s strategic and tactical legal activities, and assist with operational strategies and initiatives. Osborn was formerly with Rusing, Lopez & Lizardi. Lovitt & …
  
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• 6 Best practices for case managers

  29-10-2015 15:42
  
  There's a troubling misperception in the Workers' Compensation industry that must be addressed. Case managers, adjusters and those involved in settling injury claims have one mandate: To cut costs no matter what.
  
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• Commercial Insurance Rates, Except Auto and Flood, Still Falling: CIAB

  29-10-2015 14:37
  
  Commercial property/casualty insurance prices continued to decline moderately — an average of 3.1 percent— during the third quarter, according to a survey by The Council of Insurance Agents & Brokers. The CIAB survey showed a continued decline in commercial P/C …
  
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• Budget Deal Called ‘Devastating’ to Crop Insurance

  29-10-2015 13:43
  
  The two-year budget deal produces savings from one of the most popular programs in farm country — federally subsidized crop insurance — and farm state lawmakers are furious. Senators and House members said Tuesday they weren’t notified of the cut …
  
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• Atlantic Hurricane Season Enters Final Stretch with No-Hit Record Intact

  29-10-2015 13:21
  
  It has been 10 years since a major hurricane hit the U.S., and as the Atlantic season staggers into its last month, every day that passes seems certain to extend that record streak. Wilma was the last major system, striking …
  
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• Claims adjuster software contributed to Hurricane Sandy underpayments

  29-10-2015 13:00
  
  The pricing system is only as good as the person who is inputting the information.
  
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• Arthur J. Gallagher Creates Technical Advisory Board; Appoints Jack as Head

  29-10-2015 12:57
  
  Arthur J. Gallagher — the international division of Arthur J. Gallagher & Co. – has appointed David Jack to lead its newly created Technical Advisory Board. The board will oversee a review of the business’ existing systems to identify ways …
  
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• 10 P&C lines likely to see rate decreases in 2016

  29-10-2015 12:30
  
  Aerospace, energy and casualty among the categories to have declines.
  
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• Swiss Re’s 1st 9 Months 2015 Consolidated Net Income up 12% at $3.659 Billion

  29-10-2015 11:36
  
  Swiss Re reported consolidated net income of $3.659 billion, a 12 percent increase, for the first nine months of 2015, compared to $3.255 billion for the first 9 months of 2014. $1.399 billion was earned in the third quarter. Swiss …
  
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• Talbot Australia Appoints Crisis Management Underwriting Team

  29-10-2015 10:15
  
  Talbot Underwriting Australia, the Sydney-based branch of Talbot Risk Services Pte Ltd., has established a crisis management practice with the appointment of two leading underwriters to drive growth in specialty lines in the Australasian region. Steve Ward and Hamish McKay …
  
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• Hiscox Appoints Waddell to Lead General Liability Team with Focus on U.S. Risks

  29-10-2015 09:56
  
  Hiscox London Market has appointed Nick Waddell as general liability line underwriter; establishing Hiscox’s first ever stand-alone general liability team as the business seeks to take advantage of a London market resurgence in U.S. general liability risks. Reporting to Neil …
  
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• Swiss Re Estimates Tianjin Port Explosion Losses Will Hit $250 Million

  29-10-2015 09:34
  
  Swiss Re AG, the world’s second-largest reinsurer, posted a 13 percent increase in third-quarter profit after allowing for $250 million in losses from the chemical warehouse explosions in the Chinese city of Tianjin in mid- August. Net income climbed $1.4 …
  
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• Swiss Re Estimates Its Tianjin Port Explosion Losses Will Hit $250 Million

  29-10-2015 09:34
  
  Swiss Re AG, the world’s second-largest reinsurer, posted a 13 percent increase in third-quarter profit after allowing for $250 million in losses from the chemical warehouse explosions in the Chinese city of Tianjin in mid- August. Net income climbed $1.4 …
  
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• High-Tech Weather Forecasters Still Rely on Old-Fashioned Balloons

  29-10-2015 09:00
  
  When the latest computer forecast models couldn’t figure out where major Hurricane Joaquin was headed earlier this month, the National Weather Service ordered extra launches of one of its oldest tools — the weather balloon. Twice a day, in what …
  
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• Judge Rules Lawyer’s Traffic School in Louisville Unconstitutional

  29-10-2015 05:21
  
  A judge in Louisville has ruled that a local traffic school program run by the Jefferson County Attorney’s office is unconstitutional. Judge Sean Delahanty ruled the state law allowing such programs “is a poorly written statute that was rushed into …
  
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• New Study Aims to Help Georgia Motorists Avoid Deer Collisions

  29-10-2015 05:15
  
  University of Georgia researchers have a new study out that could tell motorists the most likely times for collisions with deer in different parts of the state. The research assessed available deer breeding information with reported accidents to calculate peak …
  
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• Berkshire Hathaway GUARD Appoints Henderson as Florida Field Executive

  29-10-2015 05:03
  
  Berkshire Hathaway GUARD Insurance Companies added Chris Henderson as a senior field representative to promote targeted growth in Florida. The growth in the state includes the addition of the company’s multiline commercial insurance product – BizGUARD Plus – that encompasses …
  
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