Insurance news

• Feds hit Takata with fine of up to $200M in air bag recall case

  03-11-2015 21:56
  
  Air bag manufacturer agrees to get faulty units out of vehicles in a more orderly process.
  
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• Moody’s warns of 'negative' impact in proposed AIG breakup

  03-11-2015 19:36
  
  Carrier is being pressured to separate into pieces, but the ratings agency offers its own perspective.
  
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• VW challenges EPA’s allegations of Porsche diesel cheating

  03-11-2015 19:20
  
  Volkswagen rejected U.S. EPA allegations that its cheating on diesel-emissions tests included Porsche and other high-end vehicles.
  
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• Workers’ Compensation rates expected to fall 2.7% in Louisiana in 2016

  03-11-2015 19:19
  
  Drop would save state’s businesses $23.5 million in premiums.
  
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• New York Officials Propose Regulations for Projecting Rises in Sea Level

  03-11-2015 18:58
  
  New York conservation officials are proposing regulations for establishing official state projections of rising sea levels. The Department of Environmental Conservation says the projections will reflect the best science available and will help coastal communities better prepare for extreme weather. …
  
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• ACE Launches Small Business Online Service Portal

  03-11-2015 18:55
  
  ACE Commercial Risk Services (ACE CRS), the small commercial specialty lines business of ACE Group, has launched its small business ACE CRS Producer Portal. It provides client access through the new online portal, which gives ACE CRS’ small business clients …
  
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• Florida City Officials Deny Allegations over Spring Break Ordinance

  03-11-2015 18:49
  
  Officials in Florida’s Panhandle are disputing allegations in a lawsuit claiming that racial bias was behind new ordinances designed to curb spring break mayhem. Panama City Beach Mayor Gayle Oberst told The News Herald that she’s comfortable that the city …
  
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• NSM Insurance Group Hires Mogelnicki as Northeast Region Director

  03-11-2015 18:48
  
  NSM Insurance Group, a program administrator based in Conshohocken, Pennsylvania, has hired Dan Mogelnicki as director of the Northeast region. In his role, Mogelnicki will be responsible for expanding NSM’s territorial reach in the Northeast region of the country. Most …
  
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• Insurers Deny Coverage to Illinois School District in Sex Abuse Case

  03-11-2015 18:46
  
  A southwestern Illinois school district that paid $5.6 million to settle four lawsuits alleging sexual abuse of students by a former superintendent says its insurers are denying coverage for a fifth complaint. The Freeburg district in St. Clair County settled …
  
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• Marsh Launches Excess Casualty Coverage for Product Liability Risks

  03-11-2015 18:42
  
  Marsh has launched Marsh IO+, an enhanced excess casualty product designed for companies with significant product and other mass tort exposures. Organizations like retailers, food and beverage companies, construction firms, and manufacturers that produce and sell a high volume of …
  
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• West Virginia Official Says Miner Drug Abuse Rising

  03-11-2015 18:40
  
  The director of West Virginia’s mine safety office says there is a growing substance abuse problem among miners. Director Eugene White of the Office of Mine Health, Safety and Training told legislators last month that more than 800 miners have …
  
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• Survey Shows Signs of Midwest Economic Slowdown

  03-11-2015 18:40
  
  Figures plunged in an October survey of supply managers in nine Midwest and Plains states, the third straight month of declines that suggest a regional economic slowdown, according to a report released on Nov. 2. The overall Mid-American Business Conditions …
  
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• $912.5K Award in ‘Sturgis’ Trademark Suit to Be Appealed

  03-11-2015 18:39
  
  A jury award of $912,500 to a nonprofit group that holds Sturgis motorcycle rally trademarks will be appealed, a Rapid City, S.D., businessman says. A federal jury in Rapid City on Oct. 30 decided the four-year-old case that pitted Sturgis …
  
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• New Oklahoma Texting Law Now in Effect

  03-11-2015 18:35
  
  A new law making it illegal to text and drive in Oklahoma has received plenty of attention, but it’s just one of more than 250 laws enacted on Nov. 1. People caught reading or writing texts or emails while driving …
  
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• Texas Mutual Pays $721K Dividend to Auto Dealers Safety Group

  03-11-2015 18:32
  
  Texas Mutual Insurance Co., a policyholder-owned workers’ compensation insurer, announced a dividend of $721,113 to the Lone Star Auto Dealers (LSA) safety group. The dividend was earned based on the group members’ dedication to making safety a priority in their …
  
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• Hormel Recalls Peanut Butter Made in Arkansas Factory

  03-11-2015 18:32
  
  Hormel Foods Sales LLC is recalling 153 cases of peanut butter made at its Little Rock, Arkansas, factory because of the potential for metal shavings in the jars. The company issued a statement saying 153 cases of reduced fat creamy …
  
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• ANBTX Insurance Adds Mullins, Durham in Dallas

  03-11-2015 18:30
  
  Dallas-based ANBTX Insurance Services Inc. has added Tammy Mullins as commercial lines account executive and Shad Durham as senior claim manager in its commercial property/casualty division. Mullins comes to ANBTX from Arthur J. Gallagher & Co. and brings 18 years …
  
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• AIG chief rebuffs Icahn plan, says split doesn’t make sense

  03-11-2015 18:28
  
  AIG CEO Peter Hancock dismissed activist investor Carl Icahn’s proposal to split the company into three insurers, saying a division would limit earnings diversity and reduce the value of some tax assets.
  
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• New York’s Taxi Industry Says Uber Expansion Would Kill Existing Jobs

  03-11-2015 18:09
  
  New York’s taxi industry says Uber’s proposal to expand outside of the New York City area threatens the jobs of dispatchers and others who work behind the scenes for cab companies around the state. The Committee for Taxi Safety, which …
  
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• Brownyard Group Promotes Pereira to Lead Foundation Program in New York

  03-11-2015 17:59
  
  Brownyard Group, an insurance program administrator based in Bay Shore, New York, has promoted Teri Pereira to account manager of the Foundation program. The Foundation program provides specialized liability insurance to the domestic cosmetics industry, including manufacturers and distributors. Pereira …
  
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• 3 Small Quakes Shake Central Arizona, Phoenix

  03-11-2015 16:47
  
  Three small earthquakes rattled parts of central Arizona, jolting people in cities 160 miles apart, including parts of the Phoenix area. There were no immediate reports of injury or major damage. The U.S. Geological Survey said a magnitude 4.1 temblor …
  
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• Dual Commercial Expands Environmental Program with Schoning in Colorado

  03-11-2015 16:35
  
  DUAL Commercial LLC has named Melissa Schoning to its environmental team as a senior underwriter. Schoning will be working out of Lakewood, Colo. Schoning has more than 12 years of insurance experience in environmental insurance, and six years of environmental …
  
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• Leavitt Central Coast Taps Spiller in California

  03-11-2015 16:25
  
  Leavitt Central Coast Insurance Services has hired Jennifer Spiller as a commercial insurance agent in Salinas, Calif. Spiller specializes in insurance for the golf, hospitality and restaurant industries. Spiller worked as a strategic account executive prior to joining Leavitt. Leavitt …
  
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• Study: Small and mid-size businesses aren't prepared for climate change

  03-11-2015 16:10
  
  More than 40% of SMEs in the U.S. say they have no plans to become more resilient to weather disasters
  
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• 'Arising out of' means what?

  03-11-2015 14:00
  
  The application of this phrase is frequently determined on a case-by-case basis.
  
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• 3 reasons you should never ask for referrals on LinkedIn

  03-11-2015 13:45
  
  Don’t alienate your social networks by asking for referrals the wrong way.
  
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• Top 12 states most at risk for employee lawsuits

  03-11-2015 13:00
  
  The average costs of claims that resulted in a defense and settlement is $125,000.
  
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• Jardine Lloyd Thompson Cuts Profit Forecast on Pension Changes, Strong Pound

  03-11-2015 11:47
  
  Jardine Lloyd Thompson Group Plc lowered its expectations for 2015 profit after government pension changes hurt the insurance broker’s U.K. employee benefits business and the stronger pound cut income from overseas. Shares fell to the lowest since March 5. JLT …
  
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• Willis Appoints Baudouin as Mexico CEO

  03-11-2015 11:43
  
  Willis Group Holdings plc has appointed John Baudouin as Chief Executive Officer (CEO) of its retail business in Mexico, effective immediately. He will “focus on driving the strategic vision for Willis in the region,” Willis said. “His priorities are to …
  
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• UK’s Direct Line Hikes Motor Premiums as Result of Claims Inflation

  03-11-2015 11:36
  
  Direct Line Insurance Group Plc, the UK’s largest car insurer, said pricing for its motor business increased in the last two quarters because of higher claims. Rates for car cover rose 8.4 percent in the three months through September, the company said …
  
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• IGI (UK) Appoints Hall and Gosling to Construction and Engineering Team

  03-11-2015 11:30
  
  International General Insurance (UK) announced that it has appointed Christina Hall and Matthew Gosling to its Construction and Engineering team. Hall joins from Inter Hannover, where she developed and grew a profitable construction and engineering book of business from scratch. …
  
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• UPDATE: Chapala Threatens Yemen with Flooding, High Winds: AccuWeather

  03-11-2015 11:27
  
  The AccuWeather Global Weather Center has reported that “Yemen is bracing for impacts from a small, but currently powerful Tropical Cyclone Chapala in the Arabian Sea.” The storm, whose intensity was at one point equivalent to a Category 4 hurricane …
  
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• Arthur J. Gallagher Buys Canada Broker Christie-Phoenix & Its Affiliate, Discovery

  03-11-2015 10:59
  
  Arthur J. Gallagher, the international broking division of Arthur J. Gallagher & Co. outside of the United States, has extended its investment in Canada with the acquisition of retail insurance broker Christie-Phoenix (Victoria) Ltd. and its affiliate, Discovery Insurance Services Ltd. …
  
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• Aegon, Transamerica’s Owner, Added to FSB’s List of 9 Too-Big-to-Fail Insurers

  03-11-2015 10:11
  
  Aegon NV, the Dutch owner of U.S. insurer Transamerica Corp., has been added to a list of insurers deemed systemically important by global financial rule makers, while Italy’s Assicurazioni Generali SpA was removed. The updated list of nine too-big-to-fail insurers was published …
  
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• AIG, South Carolina’s Clemson University to Develop Risk & Analytics Center

  03-11-2015 06:41
  
  American International Group, Inc. has announced an initial $4 million investment with Clemson University to develop a risk engineering and analytics center and to establish the Robert Benmosche Endowed Professorship in Risk Engineering and Systems Analytics, in honor of the …
  
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• Palomar Insurance Hires Cohrs to Atlanta Office

  03-11-2015 06:17
  
  Palomar Insurance Corporation has hired Brett Cohrs as a marketing representative in its Atlanta office. Cohrs has been in the insurance industry since 2002. He first began his career as a claims auditor for the southeast office of Blakely Crop …
  
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• Report Shows Month-to-Month Surplus Lines Volatility in California

  03-11-2015 02:58
  
  So far it’s been an “unusual year” for surplus lines in California. Filed premiums were up 14.1 percent in October from the same month last year, but that increase followed a 38.3 percent year-over-year drop in September, new figures from …
  
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• Supreme Court Justices Divided Over Spokeo Internet Injury Class Action Case

  03-11-2015 02:04
  
  A divided U.S. Supreme Court indicated it may put limits on consumer lawsuits, questioning arguments by a man seeking to sue over what he says is an error-riddled Internet profile. Hearing arguments in Washington, members of the court’s conservative majority …
  
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• Buganski Named Chief Operating Officer for Willis Personal Lines

  03-11-2015 01:50
  
  Willis North America said it has named Despina Buganski as chief operating officer of Willis Personal Lines. In this role, Buganski will be responsible for the day-to-day operations and workflow processes of the Personal Lines Practice. She will report to …
  
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• Agent, Cyber-Educate Yourself — and Your Clients

  03-11-2015 01:42
  
  A recent report showing that cyber insurance premiums will grow globally from $2 billion annually to more than $20 billion over the next 10 years reinforces what most in the insurance industry already know: cyber risks are a big deal …
  
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• Top 25 Workers’ Compensation Insurers

  03-11-2015 01:40
  
  The U.S. workers’ compensation market saw solid gains in 2014, thanks in part to premium increases and favorable claims frequency. This was the fourth consecutive year in which the industry reported improved results, A.M. Best said in a report. The …
  
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• Odyssey Partners Completes Acquisition of Broker Integro

  03-11-2015 01:40
  
  New York private equity firm Odyssey Investment Partners has completed its acquisition of specialty insurance brokerage Integro Ltd. Financial details of the investment were not disclosed. Integro said its management team led by William Goldstein, John Sutton, Toby Humphreys and …
  
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• As Activist Investors Circle, AIG Posts Q3 Loss; Plans to Cut 400 Jobs

  03-11-2015 01:27
  
  American International Group Inc., the insurer facing pressure from activist shareholder Carl Icahn for a breakup, posted a third-quarter loss as investment results deteriorated. The company plans to cut as many as 400 senior- level jobs. The net loss of $231 million, …
  
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• AIG posts loss, eliminates jobs as Icahn calls for breakup

  03-11-2015 00:47
  
  American International Group Inc., posted a third-quarter loss as investment results deteriorated. The company plans to cut as many as 400 senior-level jobs.
  
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