Insurance news

• AIG posts second straight loss; Hancock lifts dividend, buybacks

  11-02-2016 23:37
  
  Fourth-quarter results were hurt by higher-than-expected claims costs on casualty coverage and deteriorating results from hedge funds.
  
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• AIG names John Paulson and Icahn ally Merksamer to board

  11-02-2016 23:01
  
  AIG, the insurer being pressured by billionaire investor Carl Icahn to split up, agreed to nominate one of the activist’s allies to the board of directors along with hedge fund manager John Paulson.
  
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• QBE North America Names Kearns to Lead Financial Institutions Practice

  11-02-2016 19:42
  
  QBE North America announced that Dennis Kearns, senior vice president, underwriting leader, will assume leadership of its Financial Institutions practice in addition to his existing role leading the Transactional Liability practice. He is based in QBE North America’s New York …
  
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• 2,000 Agents Can’t be Wrong: They’re About to Tell Us What They Want from Carriers

  11-02-2016 19:38
  
  Channel Harvest Research, in partnership with Insurance Journal, recently launched its 2016 national survey of independent agents’ attitudes about their carrier partners. This is the ninth annual study on key elements of the property/casualty agent-carrier relationship. Agents and brokers have …
  
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• Hub Northeast Hires Martin as Senior VP in New York

  11-02-2016 18:52
  
  Hub International Northeast, a division of Hub International Limited, has hired Allyson Martin as senior vice president and strategic real estate advisor. In this role, Martin will oversee the development and execution of sales initiatives for the real estate industry. …
  
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• Study: Economic Impact of Insurance Industry on Michigan Is Significant

  11-02-2016 18:50
  
  A recently released study shows the positive contributions insurance industry brings to Michigan’s economy. The report — Economic Footprint of Michigan’s Insurance Industry — by Anderson Economic Group shows the insurance sector as a whole provides an annual $37.1 billion …
  
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• Zurich Insurance quarterly loss misses estimates on claims

  11-02-2016 18:44
  
  Zurich, Switzerland’s biggest insurer, reported a fourth-quarter loss after damage claims ranging from the Tianjin disaster in China to storms in the U.K. and Ireland.
  
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• NTSB Blames Poor Oversight in Deadly Illinois Truck Crash

  11-02-2016 18:39
  
  Failed safety oversight was partly to blame for a deadly crash near Chicago in which a truck driver for a company already flagged as high-risk fell asleep and plowed into emergency vehicles, a federal accident investigations board said. The panel …
  
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• Enbridge Sued by Wisconsin Landowners over Spill Insurance

  11-02-2016 18:36
  
  A group of Wisconsin landowners is suing Enbridge to force the company to carry spill insurance on a pipeline that will carry Canadian tar sands oil across the state. The landowners live within 350 yards of the pipeline. The Wisconsin …
  
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• New Orleans Company: Device Improves Emergency Response in Petrochemical Sector

  11-02-2016 18:29
  
  A New Orleans-based technology company that has developed a device to improve emergency response times in the petrochemical industry has partnered with two of the largest companies in the industry. The New Orleans CityBusiness reports the company inFRONT will use …
  
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• New Orleans Company: Device Aims to Improve Emergency Response in Petrochemical Sector

  11-02-2016 18:29
  
  A New Orleans-based technology company that has developed a device to improve emergency response times in the petrochemical industry has partnered with two of the largest companies in the industry. The New Orleans CityBusiness reports the company inFRONT will use …
  
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• Roach Howard Smith & Barton Founder, Richard H. Roach, Passes

  11-02-2016 18:26
  
  Texas-based insurance firm, Roach Howard Smith & Barton (RHSB), recently announced that founding partner Richard H. Roach has passed away. Expressing “deep sorrow and condolences to Richard’s family and friends,” the company said: “Richard was not only RHSB’s founder and …
  
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• Sen. Nelson Seeks Probe of Cruise Ship That Sailed Into Storm

  11-02-2016 18:14
  
  Federal transportation officials might soon be looking into a Royal Caribbean cruise ship that ran into high winds and rough seas in the Atlantic Ocean last weekend. Sen. Bill Nelson, D.-Fla.,  has called for the National Transportation Safety Board to …
  
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• New York Art Gallery Settles Lawsuit Over Fake Rothko

  11-02-2016 18:10
  
  Knoedler & Co, which before closing in 2011 was New York City’s oldest art gallery, has agreed to settle a lawsuit over an $8.3 million sale of a fake Rothko painting, just as its ex-president was preparing to testify at …
  
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• Women Sue University of Tennessee Claiming Hostile Sexual Climate

  11-02-2016 18:02
  
  A lawsuit filed by a group of women alleges that the University of Tennessee has violated Title IX regulations and created a “hostile sexual environment” through a policy of indifference toward assaults by student-athletes. The federal suit filed this week …
  
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• ‘Weird & Wacky’ Methods to Absorb Global Warming Pollution Viewed Too Risky

  11-02-2016 18:02
  
  Some of the most dramatic measures to suck global warming pollution out of the atmosphere are probably too risky to be worth trying, an academic at a climate research institution concluded. Phil Williamson, a scientist at the University of East Anglia in …
  
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• ‘Weird & Wacky’ Methods to Absorb Global Warming Pollution Viewed as Too Risky

  11-02-2016 18:02
  
  Some of the most dramatic measures to suck global warming pollution out of the atmosphere are probably too risky to be worth trying, an academic at a climate research institution concluded. Phil Williamson, a scientist at the University of East Anglia in …
  
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• Kentucky Senate Passes 3-Feet Bicycle Safety Rule

  11-02-2016 17:56
  
  Drivers overtaking bicyclists on Kentucky roads would have to leave at least 3 feet between their vehicle and the bicycle under a bill that cleared the state Senate. The Kentucky Senate voted 33-4 to approve a bill that governs how …
  
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• Mulholland and MCV in California Merge with Leavitt Group

  11-02-2016 17:25
  
  Mulholland Insurance and MCV Insurance has merged operations with Leavitt United Insurance Services. Both agencies are based in California. MCV Insurance is based in Lodi, and Mulholland Insurance is based in Elk Grove. Brian Mulholland, owner of Mulholland Insurance, will …
  
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• Mercury Begins Offering Ridesharing Insurance in Arizona

  11-02-2016 17:19
  
  Mercury Insurance is offering ridesharing insurance to cover Uber, Lyft and other transportation network company drivers in Arizona. The new coverage will provide drivers with insurance that will bridge the gap between their personal auto insurance and the coverage provided …
  
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• EPIC Names Allen West Region Loss Control Consultant

  11-02-2016 17:01
  
  EPIC Insurance Brokers and Consultants has named Joshua Allen West region risk management loss control specialist. Allen will be based in EPIC’s Concord, Calif. office and he will report to Marianne Schleicher, chief operating officer of the Bay area region. …
  
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• La Nina Likely Waiting in Wings to Follow El Nino: U.S. Climate Center

  11-02-2016 16:42
  
  A U.S. government weather forecaster on Thursday said the El Nino weather phenomenon under way was likely to dissipate by the Northern Hemisphere’s late spring or early summer and possibly transition to La Nina conditions later this year. The National …
  
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• How Supreme Court Could Upend Obama Clean Power Plan

  11-02-2016 16:17
  
  The U.S. Supreme Court’s unexpected move to block President Barack Obama’s policy to cut pollution from coal plants highlights what both sides in the legal fight agree is a key weakness in the rules — a provision that expands the …
  
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• 1 in 5 Vehicles Needs Recall Repair: Carfax

  11-02-2016 16:05
  
  Nearly one in five vehicles on U.S. roads is in need of repair of a safety issue serious enough to be involved in a federal government recall, according to used-car history provider Carfax. There are more than 47 million cars …
  
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• ‘Brexit’ Will Create Real ‘Risks & Uncertainties’ for Lloyd’s & London Market

  11-02-2016 15:34
  
  A UK exit from the European Union will create a “rarely experienced” level of uncertainty for Lloyd’s, the London market as well as the UK and other European economies, according to Sean McGovern, Lloyd’s chief risk officer and general counsel. …
  
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• Kemper P/C Group Executive Lynch Exits

  11-02-2016 15:24
  
  Kemper Corp.’s Denise I. Lynch is leaving her position as Property/Casualty group executive, effective immediately, to pursue other opportunities, the insurer said. The news comes after Kemper reported its P/C segment had a $5.1 million  operating loss in the fourth …
  
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• Here are 3 questions agents ask their lenders

  11-02-2016 13:45
  
  A bank lender's insight into interest rates, agency valuations and perpetuation.
  
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• Why it is important to properly investigate mold claims

  11-02-2016 13:30
  
  The verdict in Fire Insurance Exchange in Ballard v. Fire Insurance Exchange caused a pervasive fear of mold claims in the insurance industry. The fear was mostly misplaced.
  
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• Go outside to grow your agency's business

  11-02-2016 13:15
  
  Embracing non-traditional methods involves thinking far beyond the four walls of your agency.
  
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• Marsh Appoints Lobban as Senior Adviser on Cyber Risk

  11-02-2016 13:09
  
  Marsh has announced the appointment of Sir Iain Lobban as senior adviser on cyber risk. Lobban is the former director of the Government Communications Headquarters (GCHQ), the UK’s security and intelligence organization. In the newly created role, Lobban will provide strategic …
  
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• 5 ways insurance agencies can improve their websites

  11-02-2016 13:00
  
  The way people use the Internet has changed over the past few years. Has your website changed with it?
  
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• Judge Challenges Regulators’ Lawyer Over MetLife SIFI Tag

  11-02-2016 12:40
  
  A U.S. lawyer defending the government’s decision to designate MetLife Inc. a threat to the American economy if it were to falter was questioned sharply by a federal judge who was asked by the company to remove the label. The …
  
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• Mapfre Posts 32% Drop in Q4 Net Profit to $132 Million

  11-02-2016 09:18
  
  Mapfre SA, Spain’s largest insurer, cut its annual dividend and posted a 32 percent drop in quarterly net profit as income from premiums fell. The shares fell [on Feb. 10] to the lowest since August 2012. The Madrid-based insurer proposed a dividend of …
  
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• Energy Insurers Become Latest Casualty of Oil Slump as Projects Are Postponed

  11-02-2016 09:04
  
  The insurance industry is becoming the latest casualty of the oil price slump, with postponements and cancellations of energy projects forcing down premium rates and income in a market that was already crowded. Insurers forecast income could dive by 20 percent or …
  
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• Update: Zurich Reports 4Q Loss of $424M, vs. Profit of $860M in Q4 2014

  11-02-2016 08:47
  
  Zurich Insurance Group AG reported a worse-than-expected loss in the fourth quarter as the company makes plans to turn around its unprofitable general insurance unit. The net loss was $424 million compared with a profit of $860 million a year earlier, Switzerland’s biggest insurer …
  
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• 21st Century Insurance Cutting 50 Positions in Delaware

  11-02-2016 04:10
  
  Farmers Insurance Group said it recently notified some 50 21st Century Insurance employees in Wilmington, Delaware, that their positions would be eliminated. The move comes as Los Angeles-based Farmers Insurance continues to phase out its auto insurance subsidiary 21st Century …
  
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• Mass. Jury: Philip Morris Not Obligated to Pay for Smokers’ Cancer Screening

  11-02-2016 03:21
  
  A 10-person jury in Boston on Wednesday rejected the claims made by a class of currently healthy Marlboro smokers in Massachusetts who wanted Philip Morris USA to pay for annual chest scans. Altria Client Services senior vice president and associate …
  
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