Insurance news

• Warning issued on exploding bulk-battery shipments on planes

  09-02-2016 23:31
  
  U.S. aviation safety officials are raising new warnings about the dangers of carrying bulk shipments of lithium-based batteries on commercial flights.
  
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• Generali Names Galateri as Interim CEO After Greco Departs for Zurich Insurance

  09-02-2016 22:41
  
  Assicurazioni Generali SpA appointed its Chairman Gabriele Galateri, as acting chief executive officer after CEO Mario Greco decided to quit Italy’s biggest insurer to become the head of Zurich Insurance Group AG. The company’s board approved the termination of Greco’s contract and …
  
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• The Hilb Group Acquires Dowling & O’Neil in Massachusetts

  09-02-2016 21:21
  
  The Hilb Group, a middle market insurance agency based in Richmond, Virginia, announced Tuesday that it has acquired Dowling & O’Neil, an independent agency in Hyannis, Massachusetts. Terms of the transaction were not disclosed. Founded in 1841, Dowling & O’Neil …
  
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• Study: Renters pay more for Auto coverage

  09-02-2016 20:15
  
  The Consumer Federation of America found that premiums averaged 7% higher for drivers who rent instead of owning their homes.
  
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• Survey: Agent and broker growth and profitability down in 2015

  09-02-2016 19:55
  
  The numbers from Reagan Consulting show growth has slowed to 6.2% and profit margins have declined to 20.1%.
  
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• Florida Completes $1.2B Revenue Bond Sale

  09-02-2016 18:56
  
  Florida completed a $1.2 billion in revenue bond sale on Feb. 8 issued by the State Board of Administration Finance Corporation, formerly known as the Florida Hurricane Catastrophe Fund (FHCF). The fund is designed to help private insurers pay claims …
  
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• Preferred Mutual Hires Forstenzer as General Counsel in New York

  09-02-2016 18:53
  
  Preferred Mutual Insurance Company in New Berlin, New York, has hired Andrew Forstenzer as general counsel. Throughout his professional career, Forstenzer has served in multiple leadership roles. Most recently he was engaged as of counsel to the Wilson Elser Moskowitz …
  
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• Safety National Adds Safe Patient Handling Program for Healthcare Clients

  09-02-2016 18:52
  
  Safety National Casualty Corp. has released its Safe Patient Handling Evaluation Resource – a tool that helps evaluate healthcare facilities’ safe patient handling and mobility (SPHM) programs. Safety National has partnered with Atlas Lift Tech to add this complimentary resource …
  
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• Study: Among Indiana Cities Terre Haute Has Fewer Driving Deaths

  09-02-2016 18:47
  
  A consumer advocacy organization says Terre Haute is the Indiana city with the fewest distracted and drunken driving fatalities. The Tribune-Star reports that ConsumerAffairs conducted a nationwide study using the latest available data from 2014 National Highway Traffic Safety Administration …
  
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• Focused on Energy Sector, Everest Insurance Opens Houston Office

  09-02-2016 18:40
  
  Hamilton, Bermuda-based Everest Re Group Ltd. has opened an Everest Insurance office in Houston as part of its strategic plan to strengthen its presence in the Southern region, and in particular, in the energy corridor. Everest Insurance now has 17 …
  
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• N.J. Neurologist Accused of Filing Fraudulent Bills to Insurers

  09-02-2016 18:36
  
  Authorities announced that a North Jersey doctor has been indicted for allegedly billing numerous insurance carriers for medical procedures he did not perform himself or that were not performed at all. New Jersey Acting Attorney General John Hoffman and the …
  
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• Louisiana Seafood Industry Benefits from Guest-Worker Program

  09-02-2016 18:35
  
  Congress’ decision to quadruple the size of a guest-worker program might be described as a gift to Louisiana’s seafood processing industry, which struggles to fill the seasonal jobs each year. The LSU AgCenter says about 60 Louisiana seafood processing facilities …
  
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• Fire Danger Elevated in Southern California

  09-02-2016 18:33
  
  Southern California is in for another day of increased fire danger as gusty Santa Ana winds and unseasonably warm temperatures bring down humidity levels. The National Weather Service issued red flag warnings for large swaths of Los Angeles and Ventura …
  
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• PIA's national president was born to insure

  09-02-2016 18:30
  
  Robert W. Hansen Jr., a fourth-generation insurance professional, reflects on what drives him to keep selling after more than 30 years in the business.
  
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• Missouri Insurance Regulators Recover Millions for Consumers, Schools in 2015

  09-02-2016 18:30
  
  The Missouri Department of Insurance announced it helped to obtain millions of dollars for citizens and schools in 2015 through regulatory intervention and penalties against insurance companies. The department also worked to overturn improper decisions made by health insurance companies, …
  
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• $14 Million Settlement Would End ‘Happy Birthday’ Copyright Dispute

  09-02-2016 18:30
  
  The copyright to the world’s most popular song, “Happy Birthday to You,” has been in dispute for decades, but if an agreement by Warner/Chappel Music to pay $14 million to end a lawsuit over the song is approved by a …
  
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• Illinois County Seeks Insurance Recovery for Employee Fraud Loss

  09-02-2016 18:02
  
  A northern Illinois county purchasing director allegedly spent more than $60,000 on personal items, according to a draft of an insurance claim Winnebago County plans to file. The Rockford Register Star reports the claim alleges Sally Claassen, who resigned from …
  
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• Swiss Re, Veolia Unveil Initiative to Speed Recovery After Cat Event

  09-02-2016 17:59
  
  Swiss Re Corporate Solutions Ltd. and Veolia have joined forces, under the auspices of The Rockefeller Foundation, to launch an infrastructure recovery initiative to speed up economic recovery in the aftermath of catastrophic events for cities across the globe. The …
  
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• Virginia’s Genworth Financial to Cut 330 Positions

  09-02-2016 17:55
  
  Henrico County, Virginia-based insurance company Genworth Financial Inc. has announced it would eliminate 330 positions in a cost-cutting move. Media outlets report that the latest job cuts were disclosed on Friday, Feb. 5, after Genworth announced on Feb. 4 that …
  
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• N.Y. Compensation Insurance Rating Board Names Attie as Next President

  09-02-2016 17:40
  
  The New York Compensation Insurance Rating Board (NYCIRB) announced that its Board of Governors has unanimously elected Jeremy Attie as NYCIRB’s next president after a recommendation from a Search Committee made up of five present and former members of the …
  
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• Judge Sets May Trial for ‘Stairway to Heaven’ Copyright Claim

  09-02-2016 16:38
  
  The judge presiding over a lawsuit challenging the authenticity of Led Zeppelin’s signature song Stairway to Heaven rejected a bid to delay the case, setting the stage for a May trial — if it doesn’t get settled or dismissed before then. …
  
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• NAIC Fills President-Elect Post; Mum on New CEO as Nelson Exits

  09-02-2016 16:14
  
  Members of the National Association of Insurance Commissioners (NAIC) have elected Wisconsin Insurance Commissioner Ted Nickel to fill the president-elect position vacated when Sharon P. Clark resigned as Kentucky insurance commissioner on Jan. 11. Subsequently, Tennessee Insurance Commissioner Julie Mix …
  
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• Insurance Agency Growth, Profits Slipped in 2015 on Oil Bust, Soft Market: Reagan

  09-02-2016 15:57
  
  Insurance agency and brokerage organic revenue growth slowed to 4.6 percent for 2015, according to the latest Reagan Consulting Organic Growth and Profitability (OGP) survey. That was down from the organic growth of 6.2 percent seen each year from 2012-14. …
  
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• Leading Reinsurers Line Up for Lemonade, the P2P Insurer

  09-02-2016 15:24
  
  Lemonade, the startup peer-to-peer insurance carrier that has raised $13 million in initial funding, announced a line-up of  global reinsurance partners, including Berkshire Hathaway and leading Lloyd’s of London syndicates. Lemonade set records with its initial funding by Sequoia and …
  
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• Court Hears MetLife’s Challenge to ‘Too-Big-to-Fail’ Designation This Week

  09-02-2016 15:00
  
  For MetLife Inc. Chief Executive Officer Steve Kandarian, the scariest risk is being classified as risky. MetLife lawyers go to court Wednesday seeking to overturn a too-big-to-fail designation in a lawsuit that could, if the insurer prevails, reduce the government’s …
  
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• Integro Insurance Announces O’Shea Joins UK Film & Television Team

  09-02-2016 14:44
  
  Global insurance brokerage and risk management firm Integro Insurance Brokers Holdings Ltd. announced that entertainment specialist broker Kevin O’Shea has joined Integro’s UK Film & Television team, part of the firm’s entertainment practice, in London. A Chartered Insurance Broker, O’Shea …
  
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• AIG Scaling Back on Investments in Hedge Funds

  09-02-2016 14:44
  
  American International Group Inc. plans to exit at least half the hedge funds in which the insurer is invested, according to people familiar with the company’s portfolio. The insurer has holdings in more than 100 funds and plans to cut …
  
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• Russian Hackers Moved Ruble-Dollar Rate at Regional Bank: Cyber-Security Firm

  09-02-2016 14:18
  
  Hackers used malware to penetrate the defenses of a Russian regional bank and move the ruble-dollar rate more than 15 percent in minutes, according to a Moscow-based cyber-security firm hired to investigate the attack. Russian-language hackers deployed a virus known as …
  
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• Taiwan earthquake collapses two high-rises. Shoddy construction investigated

  09-02-2016 14:00
  
  The Taiwanese government has ordered an investigation into a building's collapse, as images show tin cans built into the walls of the toppled complex.
  
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• Generation X: Have insurance advisors forgotten them?

  09-02-2016 13:45
  
  For Gen Xers, their tendency toward self-reliance and modesty may get in the way of asking for advice.
  
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• 3 New Members Elected to the Council of Lloyd’s

  09-02-2016 13:22
  
  Lloyd’s have confirmed the election of three new members to the Council of Lloyd’s. Julian James and Neil Maidment were elected following a vote of working members of the Society of Lloyd’s and will serve a three year term. Philip …
  
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• Insurance student hopes to help at-risk farmers cope with climate change

  09-02-2016 13:15
  
  Adolph Okine, a first-year Ph.D. actuarial science risk and insurance student, has developed an innovative model that uses data-based triggers to create index-based insurance options.
  
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• Prospecting 101: 6 ways to acquire new clients

  09-02-2016 13:00
  
  Searching for new clients should be a constant process integrated into your daily sales routine.
  
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• ‘Brexit’ Threatens Britain’s EU-Dependent SMEs: UK’s RSA

  09-02-2016 13:00
  
  While UK-based small and medium sized enterprises (SMEs) want to access opportunities in emerging and growth economies, they remain dependent on the European Union, which suggests that SMEs could be disproportionately affected if Britain votes to leave the EU in …
  
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• CEO Exits As Tech Startup Broker Zenefits Confronts Culture, Compliance Bugs

  09-02-2016 12:44
  
  Zenefits, a software startup valued at $4.5 billion, said on Monday it had replaced founder and Chief Executive Parker Conrad and appointed a new leader for the troubled tech company. David Sacks, a former executive at Yammer and PayPal who …
  
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• Climate Change May Have Fueled Mosquito-Born Zika Outbreak: Scientists

  09-02-2016 12:00
  
  Climate change may have fueled the outbreak of the mosquito-born Zika virus in Latin American and make it harder for developing countries to manage future epidemics, researchers said. Record-high temperatures last year in Brazil, Ecuador and other South America countries created ideal conditions …
  
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• Sompo Canopius Announces a Simplified Organizational Structure

  09-02-2016 11:02
  
  Sompo Canopius AG has announced a number of changes to its organizational structure. The company is simplifying its underwriting management and structure to enhance cohesiveness and focus on profitability across the group. It is also making some changes to its …
  
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• Tennessee Insurance Commissioner McPeak Elected as VP of NAIC

  09-02-2016 08:00
  
  Tennessee Department of Commerce & Insurance (TDCI) Commissioner Julie Mix McPeak was elected as vice president of the National Association of Insurance Commissioners (NAIC), the nation’s insurance regulatory support organization. McPeak was elected vice president after a Feb. 7 special …
  
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• Attracting, Developing Talent a Focus for Westfield Group

  09-02-2016 07:45
  
  It’s anticipated that by 2020 there will be hundreds of thousands of unfilled positions in the insurance industry and that some 25 percent of those currently working in the sector will retire within the next three years. The looming talent …
  
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• JLT Specialty USA Appoints Segall to Construction Practice Based in Atlanta

  09-02-2016 07:08
  
  JLT Specialty USA has appointed Jeff Segall as SVP and Construction Risk leader in JLT’s U.S. Construction Practice. Segall will join JLT’s team working with large construction projects, including power stations, infrastructure projects, office blocks and sports stadia. He will …
  
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• Future of Tennessee Workers’ Comp Option in Question Amid Lawmaker Scandal

  09-02-2016 06:47
  
  Legislation to create a workers’ compensation alternative in Tennessee is already facing serious setbacks in the just started legislative session, despite being amended in 2015 and refiled in 2016. An emerging scandal involving one of the lawmakers sponsoring the bill …
  
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