Insurance news

• Hartwig to Leave I.I.I. for University of South Carolina Faculty Post

  04-02-2016 23:55
  
  Dr. Robert Hartwig, an economist and the president of the industry’s  Insurance Information Institute (I.I.I.) since 2007, is leaving this summer to join the faculty of the University of South Carolina’s Darla Moore School of Business, the organization announced. “My …
  
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• I.I.I. president leaving to teach in South Carolina

  04-02-2016 20:41
  
  Robert Hartwig has led the Insurance Information Institute since 2007.
  
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• P&C insurers' profits up for first nine months of 2015

  04-02-2016 19:51
  
  P&C insurers in the U.S. had a combined profit of $44 billion for the nine-month period and $13.1 for the third quarter.
  
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• Federal Agents Raid Offices of Former Insurance Magnate - Wall Street Journal

  04-02-2016 19:50 via
  Wall Street Journal
  Federal Agents Raid Offices of Former Insurance Magnate
  Wall Street Journal
  Federal investigators recently searched the Manhattan offices of an investment firm once headed by young insurance magnate Alexander Chatfield Burns, whose empire collapsed in 2014 amid allegations that millions of dollars had been siphoned off into ...and more »
  

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• Beazley’s ROE of 19% Will Be ‘Difficult’ to Sustain in Current Market: CEO Horton

  04-02-2016 19:18
  
  Beazley Plc Chief Executive Officer Andrew Horton said the company’s return on equity of 19 percent in 2015 isn’t sustainable against a backdrop of increased competition and falling insurance rates. “Margins are bound to come under pressure,” the CEO said in …
  
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• Farmers to Expand Operations in Arizona

  04-02-2016 19:05
  
  Farmers Insurance plans to significantly expand its operations in Phoenix, Ariz., which the carrier said could eventually raise its employee base from roughly 500 full-time employees to more than 1,500 employees. Staffing for the new jobs would occur in phases …
  
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• Honda adds 2.2 million vehicles to its Takata air-bag recalls

  04-02-2016 18:50
  
  The affected models have a dual-stage, driver-side frontal air bag that may be susceptible to moisture intrusion over time, which may cause an inflator to rupture in a crash.
  
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• Michigan Adjusts Insured Claim Caps for P/C Guaranty Association

  04-02-2016 18:23
  
  The Michigan Department of Insurance and Financial Services has adjusted the insured’s net worth limit and covered claim cap for determining the status of a claim against the state’s Property and Casualty Guaranty Association. Director Patrick McFarland has set the insured’s net …
  
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• Munich Re jumps most in four years after dividend beats forecast

  04-02-2016 17:57
  
  Munich Re, the world’s second-largest reinsurer, rose the most since November 2011 after announcing a dividend that beat expectations.
  
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• Fire Destroys, Damages Large Part of Minnesota Town’s Main Street

  04-02-2016 17:55
  
  A fast-burning fire destroyed or damaged at least a half-dozen commercial buildings in a small southern Minnesota community before firefighters brought it under control on Feb. 3, city officials said. Stubborn winds from a storm that created blizzard-like conditions in …
  
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• Arkansas Utility Wants U.S. to Uphold Exxon Mobil Spill-Related Fines

  04-02-2016 17:52
  
  A water utility company in Arkansas is urging a federal regulatory agency to uphold fines and new safety requirements for Exxon Mobil Corp. regarding an oil spill in Mayflower. In a letter to the Pipeline and Hazardous Materials Safety Administration, …
  
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• Sexually-Transmitted Zika Virus Case Confirmed in Texas

  04-02-2016 17:49
  
  Health officials on Feb. 2 reported that a person in Texas has become infected with the Zika virus through sex in the first case of the illness being transmitted within the United States amid the current outbreak in Latin America. …
  
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• Source of Devastating 1964 Alaska Tsunami Discovered

  04-02-2016 17:30
  
  Researchers from the U.S. Geological Survey have solved a 50-year natural science mystery: the undersea source of tsunami waves that devastated a remote Alaska village following the 1964 Great Alaska Earthquake. Underwater landslides at depths of 820 to 1,150 feet …
  
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• University in Utah, Ex-Basketball Players Settle Lawsuit

  04-02-2016 17:25
  
  Two former Dixie State University women’s basketball players who alleged they were the victims of discrimination have settled a federal lawsuit against the Utah school for $100,000. The Spectrum of St. George reported court filings last week indicate plaintiffs Nanea …
  
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• Digital Benefit Advisors Acquires Hillenbrand in Northern California

  04-02-2016 17:23
  
  Digital Benefit Advisors has acquired Hillenbrand Insurance Solutions of Roseville, Calif. Patric Hillenbrand and his team of nine have joined the Northern California office of DBA. The move expands Digital Benefit Advisors’ presence throughout Northern California. Digital Benefit Advisors is …
  
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• XL Catlin Promotes Elder to Chief Marine Underwriting Officer for Americas

  04-02-2016 17:20
  
  XL Catlin today announced the promotion of Anne Marie Elder to the role of chief underwriting officer of Marine for the Americas region. Elder, who previously held the position of senior vice president and chief underwriting officer, Inland Marine in …
  
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• LP Insurance Names Minor Chief Marketing Officer

  04-02-2016 17:17
  
  Reno, Nev.-based LP Insurance Services Inc. has named Lindsay Minor chief marketing officer. Minor will support all six LP Insurance offices in their marketing and community efforts. She is responsible for developing and supporting all marketing and communications efforts including …
  
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• Major Railroads Say They’ll Again Miss Safety Deadline First Set in 2008

  04-02-2016 16:48
  
  Three of the biggest freight railroads operating in the U.S. have told the government they won’t meet a 2018 deadline to start using safety technology intended to prevent accidents like the deadly derailment of an Amtrak train in Philadelphia last …
  
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• Power companies: Post-Sandy reinforcement kept lights on during blizzard

  04-02-2016 16:15
  
  Upgrades include hardened infrastructure, tree trimming, wire replacement and installation of “smart switches.”
  
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• The verdict's in: Chipotle's leaky roof leads to injury

  04-02-2016 15:15
  
  On June 15, 2012, Allison Judkins, 50, alleged that she fell while ordering a meal at the Chipotle Mexican Grill in West Palm Beach, Fla. She sued for negligence, claiming that a roof leak led to water pooling on the floor near the ordering station.
  
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• UK’s Flood Re Secures $3B Reinsurance Program; Scheme to Launch in April

  04-02-2016 14:13
  
  Flood Re, the UK’s new flood reinsurance scheme, has successfully secured a £2.1 billion ($3 billion) multi-year reinsurance program. Flood Re, based in London, will begin operating in April. In an oversubscribed second phase of the tender process, Flood Re …
  
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• Pennsylvania Police Challenged in Catching Texting Motorists

  04-02-2016 13:41
  
  Cambria County, Pennsylvania, Assistant District Attorney Heath Long could not prove that a young man was texting when he careened his pickup into another, killing a grandfather and his teenaged granddaughter. “What we did know is a very short period …
  
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• Anderson, Bagley & Mayo Acquires Mendolusky Agency in Massachusetts

  04-02-2016 13:41
  
  Anderson, Bagley & Mayo Insurance Agency, an independent agency based in Leominster, Massachusetts, announced that it has acquired Judy A. Mendolusky Insurance Agency, also based in Leominster. Terms of the transaction were not disclosed. Founded in 1986, Judy A. Mendolusky …
  
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• Penn. Encourages Homeowners to Look at Private Market Flood Coverage

  04-02-2016 13:40
  
  The Pennsylvania Insurance Department has created a new “one-stop shop” webpage to make information on private market flood insurance more accessible to Pennsylvania homeowners and renters. In announcing the new webpage, Pennsylvania Insurance Commissioner Teresa Miller said Pennsylvania homeowners, who …
  
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• MEMIC Promotes Jackson to Director of Claim Operations

  04-02-2016 13:40
  
  The MEMIC Group, a workers’ compensation specialty insurer based in Portland, Maine, has promoted Robyn Jackson to director of claim operations. In this new role, Jackson will oversee all key areas of the Claim Department’s workflow, system and data needs. …
  
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• Understanding endorsements and insurance for truckers

  04-02-2016 13:30
  
  Under the Motor Carrier Act of 1980, interstate motor carriers must show proof of financial responsibility to maintain their operating permits.
  
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• Hyperion Announces Permanent Appointment of Bains as CEO of MGA DUAL

  04-02-2016 13:22
  
  London-based Hyperion Insurance Group, an international insurance intermediary, has confirmed the permanent appointment of Talbir Bains as chief executive officer of DUAL Group, an MGA and Hyperion’s international underwriting arm. The vision of DUAL is to continue to grow and develop …
  
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• 3 steps to take to create a safer office

  04-02-2016 13:15
  
  The potential for injury exists with virtually all types of work, including offices.
  
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• What grade does your state get for its insurance regulations?

  04-02-2016 13:00
  
  Eight states received an "A" grade, and one state received an "F." Insurance is regulated almost entirely by the state level, and here's report card on how the states are doing.
  
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• RenaissanceRe’s Q4 Operating Income Is $135M, Down from $140.3M in Q4 2014

  04-02-2016 12:41
  
  Bermuda-based RenaissanceRe Holdings Ltd. reported fourth quarter 2015 operating income available to RenaissanceRe common shareholders of $135.0 million, or $3.07 per diluted common share, compared to $140.3 million, or $3.62 per diluted common share, in the fourth quarter of 2014. …
  
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• Surge in Auto Claims Dampens Allstate Q4 Profit

  04-02-2016 12:39
  
  Allstate Corp., the largest publicly traded U.S. car and home insurer, said fourth-quarter profit fell on a surge in auto claims. Net income declined 41 percent to $489 million, or $1.18 a share, from $824 million, or $1.86, a year …
  
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• Led Zeppelin’s ‘Stairway to Heaven’ Leads Rock Legends to Courthouse

  04-02-2016 12:35
  
  The surviving members of Led Zeppelin have all been questioned in a lawsuit that alleges their hit Stairway to Heaven was filched from an obscure song by the band Spirit. Jimmy Page, John Paul Jones, and Robert Plant were each …
  
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• Everest Re Reports Q4 Operating Income of $353.5M, vs $331.5M in Q4 2014

  04-02-2016 11:36
  
  Bermuda-based Everest Re Group Ltd. reported fourth quarter 2015 after-tax operating income available to common shareholders of $353.5 million, or $8.17 per diluted common share, compared to after-tax operating income of $331.5 million, or $7.28 per diluted common share, for the …
  
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• Munich Re Reports Q4 Profit Remains Level at 700M Euros; Dividend Hike Ahead

  04-02-2016 10:05
  
  Munich Re, the world’s second-biggest reinsurer, plans to increase its dividend more than expected after fourth-quarter profit remained unchanged from a year earlier. The company plans to raise the dividend to 8.25 euros ($9.14) a share for 2015 compared with …
  
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• Long Hours for Surgeons Not Higher Risk to Patient Safety: Research

  04-02-2016 09:00
  
  A new national study led by Northwestern Medicine showed allowing surgical residents the flexibility to work longer hours in order to stay with their patients through the end of an operation or stabilize them during a critical event did not …
  
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• XL Catlin Unveils Workplace Violence Coverage for Mid-Size Companies

  04-02-2016 07:11
  
  XL Catlin has introduced a new insurance policy to help mid-size companies in the U.S. respond and recover from incidents of workplace violence. According to Denise Balan, Americas Head for XL Catlin’s Crisis Management insurance business, an act of workplace …
  
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• Risk Strategies Company Adds Wiek to Private Client Team in Nashville

  04-02-2016 07:00
  
  Risk Strategies Company, a privately held, rapidly growing national insurance brokerage and risk management firm, has expanded its nationwide Private Risk Management (PRM) practice with the hiring of Carol Wiek as vice president, private client. Wiek is based out of …
  
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• Tornadoes Damage Mississippi, Alabama Communities

  04-02-2016 06:48
  
  Tornadoes touched down in Mississippi and Alabama as thunderstorms swept through the area Tuesday, while a powerful snowstorm buried parts of Colorado and Nebraska in more than a foot of snow before crawling into the Upper Midwest. Greg Flynn, spokesman …
  
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• 7 Arrested in Georgia Arson, Insurance Fraud Scheme

  04-02-2016 06:11
  
  Georgia Insurance Commissioner Ralph Hudgens announced the arrests of six Colquitt County residents and a Clayton County woman involved in a staged insurance fraud ring. A joint investigation by Hudgens’ Insurance Fraud Division and Fire Investigation Unit revealed the suspects …
  
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• Mizzi Appointed Sr. VP, Commercial Field Operations at CNA

  04-02-2016 03:00
  
  Chicago-based insurer CNA appointed John Mizzi to senior vice president, Commercial Field Operations, effective Feb. 16, 2016. Mizzi will be responsible for integrating and accelerating CNA’s Commercial underwriting strategies, deepening CNA’s market presence and shaping a portfolio of profitable business. He …
  
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• Texas Governor Announces Appointments to State Risk Management Board

  04-02-2016 02:54
  
  Texas Governor Greg Abbott has appointed Gerald Ladner, Sr. and reappointed Rosemary Gammon for terms set to expire on Feb. 1, 2021, to the board of the State Office of Risk Management. Dr. Lloyd Garland was named as presiding officer. …
  
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• Oklahoma Files Suit Against Directors, Officers of Failed Insurer, Red Rock

  04-02-2016 02:27
  
  Oklahoma insurance regulators have filed suit against two New York financiers who took control of a failed Oklahoma insurance company, saying the pair and others infused it with allegedly worthless assets and used it as a vehicle in which to …
  
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• Rival Insurance Pros Assess Super Bowl Risks and Probability of Loss

  04-02-2016 01:01
  
  Carolina Panthers quarterback Cam Newton can be wild and the Denver Broncos’ Peyton Manning is no spring chicken. Which QB is the best insurance risk? Insurance Journal wanted to learn how insurance professionals assess that and other risks associated with …
  
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• Insurance Pros Battle over Super Bowl Winner

  04-02-2016 01:01
  
  NFL football is a risky game, and few know risk better than insurance professionals. With teams letting it all hang out in the final game of the season, there’s no shortage of thoughts about who will win the Super Bowl …
  
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• Hub Acquires California-Based Equity Risk Partners

  04-02-2016 00:49
  
  Hub International Ltd. has acquired San Francisco, Calif.-based Equity Risk Partners Inc. Terms of the deal were not disclosed. Michael Marcon, CEO of Equity Risk, will join Hub and report to Roy Taylor, president of Hub’s US Western Region. Equity …
  
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