Insurance news

• Chubb Names Leaders for Expanded Small Commercial Division for North America

  23-03-2016 22:51
  
  Chubb has launched its Small Commercial Insurance division for North America, which will offer management and professional liability and standard insurance coverages for small businesses with annual revenues up to $10 million. The insurer said Chubb Small Commercial Insurance, which already has financial …
  
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• ACIC’s Sektnan Named Chair of Civil Justice Association of California

  23-03-2016 21:27
  
  Association of California Insurance Companies President Mark Sektnan has been named chairman of the board for the Civil Justice Association of California. Sektnan will serve a two-year term as chai. His duties will include overseeing board meetings and serving on …
  
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• Thompson Named Iroquois Group General Manager in Southern California

  23-03-2016 21:20
  
  Bruce Thompson has joined The Iroquois Group as a regional manager in Southern California. His background is in property/casualty, as well as life insurance, and includes experience as a producer, agency owner, and carrier territory manager. Thompson was the territory manager …
  
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• VW said to risk missing court deadline for diesel accord

  23-03-2016 19:48
  
  Volkswagen AG will probably miss a Thursday court deadline to reach a comprehensive agreement with U.S. authorities over its tainted diesel engines, possibly exposing the carmaker to daily fines and other sanctions.
  
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• Zoox gets self-driving auto permit to build Uber for robo cars

  23-03-2016 18:32
  
  Zoox Inc., a relatively unknown startup with the goal of building fully autonomous vehicles, was granted permission by California to test self-driving cars on public roads in the state.
  
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• London-Based Chubb Global Markets Announces Lineup of Management Team 

  23-03-2016 18:00
  
  Chubb Global Markets, the London-based wholesale insurance division of Chubb, has announced the lineup of its management team. All appointments are effective immediately. As previously announced, Matthew Shaw will serve as executive vice president, Europe, and division president, Chubb Global Markets. Each of …
  
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• Newtown Families Tout Progress of Federal Mental Health Bill

  23-03-2016 17:59
  
  Some family members of the Sandy Hook Elementary School shooting victims in Connecticut are cheering the recent committee passage of a bipartisan, federal mental health bill that’s moving through Congress. Much of the legislation, known as the Mental Health Reform …
  
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• Northwest Bank to Acquire Penn.-Based Best Insurance Agency

  23-03-2016 17:57
  
  Northwest Bank, based in Warren, Pennsylvania, announced that it has signed a definitive agreement, effective April 1, to acquire Best Insurance Agency Inc., an employee benefits and property/casualty insurance agency in Butler, Pennsylvania. Terms of the transaction were not disclosed. …
  
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• Northwest Bank to Acquire Best Insurance Agency in Pennsylvania

  23-03-2016 17:57
  
  Northwest Bank, based in Warren, Pennsylvania, announced that it has signed a definitive agreement, effective April 1, to acquire Best Insurance Agency Inc., an employee benefits and property/casualty insurance agency in Butler, Pennsylvania. Terms of the transaction were not disclosed. …
  
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• Texas Seeks Data on Weather-Related Property Claims, Lawsuits

  23-03-2016 17:51
  
  The Senate Business and Commerce and the House Insurance Committees of the Texas Legislature have requested data from the Texas Department of Insurance related to weather-related property claims, the incidence of lawsuits related to these claims, and the impact this …
  
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• Lloyd’s of London takes ‘massive hit’ from low investment return

  23-03-2016 17:49
  
  Lloyd’s of London reported a 30% drop of full-year profit as the world’s largest insurance market was hurt by continued pressure on pricing and the lowest investment returns since at least 2001.
  
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• Lim Named Asst. VP, Management Liability Zone Leader at CNA

  23-03-2016 17:41
  
  Chicago-based insurer, CNA, appointed David Lim as assistant vice president, management liability zone leader for the Northern Zone. In this role, Lim is responsible for providing overall underwriting expertise for the public and private company management liability book of business in the company’s …
  
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• Jury Awards $20.6M to Missouri Woman Exposed to Carcinogen

  23-03-2016 17:36
  
  A southwest Missouri woman has been awarded $20.6 million in damages after federal jurors found that a company exposed her to a toxic chemical that left her with permanent disabilities. The Joplin Globe reports that a jury hearing Jodelle Kirk’s …
  
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• Update: With Property Claims Added, North Texas Hail Damage May Reach $600M

  23-03-2016 17:35
  
  An insurer trade group says it estimates that damage caused by hailstorms that rolled through the Fort Worth area last week will reach $600 million in auto and property claims. Mark Hanna, a spokesman for the Insurance Council of Texas, …
  
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• Fire Warning Covers more than Half of Oklahoma’s Counties

  23-03-2016 17:34
  
  More than half the counties in Oklahoma are under a red flag warning as extreme fire conditions are expected through today. Oklahoma Forestry Services officials say the warning affects 44 counties — particularly in northwestern Oklahoma, where some wind gusts …
  
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• Rideshare Insurance Bill Signed by South Dakota Governor

  23-03-2016 17:33
  
  Legislation addressing insurance gaps for commercial rideshare drivers has been signed by South Dakota Gov. Dennis Daugaard, the Property Casualty Insurers Association of America (PCI) reported. House Bill 1091 was approved by the South Dakota Legislature March 10, 2016. PCI …
  
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• $5.8M Award Against Tyson Foods in Iowa Pay Dispute Upheld

  23-03-2016 17:31
  
  The U.S. Supreme Court has ruled for more than 3,000 workers at a Tyson Foods Inc. pork-processing plant in Iowa in a pay dispute with the company. The justices voted 6-2 on to reject new limits Tyson asked them to …
  
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• NJM Insurance Hires Marrero as Consumer Safety Administrator

  23-03-2016 16:57
  
  NJM Insurance Group, one of New Jersey’s leading automobile insurers, has hired Violet Marrero as its consumer safety administrator. She is based in NJM’s West Trenton, New Jersey, headquarters office. In her new role, Marrero will manage the day-to-day activities …
  
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• Brit Leads New Commercial General Aviation Consortium at Lloyd’s

  23-03-2016 16:56
  
  Brit Ltd., the global specialty insurer, has launched a Lloyd’s consortium for commercial general aviation. Now quoting business, the consortium is being led by Brit with capacity also being provided by Kiln, Hiscox, Apollo and Pritchard, and is the only …
  
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• Worker Claims Retaliation over Asbestos Report at Wyoming’s Old Faithful Inn

  23-03-2016 16:47
  
  A maintenance worker at Yellowstone National Park in Montana said a park concession company retaliated against him after he reported that he and five other employees were exposed to asbestos at a more than century-old lodge. Jon Kline told The Associated …
  
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• SAN Group Hires Prouty as Eastern Massachusetts Regional VP

  23-03-2016 16:45
  
  Satellite Agency Network (SAN) Group Inc., an alliance of independent insurance agencies in the Northeast, has hired Cindy Prouty as regional vice president of Eastern Massachusetts. In this position, Prouty is responsible for membership service, development, and insurance company relations …
  
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• Fire Causes Hotel Evacuation on Las Vegas Strip

  23-03-2016 16:40
  
  An escalator fire sent smoke billowing into parts of Las Vegas’ glitzy Caesars Palace, sending three hotel workers to the hospital with smoke inhalation and leading to an evacuation early Monday, officials said. The blaze reported about 3:30 a.m. came …
  
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• ACORD Insurance Innovation Challenge's second semi-final set for Silicon Valley

  23-03-2016 16:05
  
  The other three semi-finals for insurance-innovation startups will be held in New York City, London and Des Moines, Iowa.
  
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• Around the P&C insurance industry: March 23, 2016

  23-03-2016 14:30
  
  News from Integro, the New York Alliance Against Insurance Fraud and more.
  
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• A look at 2015 P&C insurance industry results, in charts

  23-03-2016 14:15
  
  For the first time since the 1970s, the industry has shown three consecutive years of underwriting profit.
  
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• FDA Extends Required Warnings to Short-Acting Opioid Painkillers

  23-03-2016 13:42
  
  Short-acting opioid painkillers will carry strong new warnings under U.S. Food and Drug Administration requirements announced on Tuesday that will bring information about addiction and abuse in line with that on long-acting pills. The FDA’s action comes a week after …
  
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• AIG Continues with Job Cuts; Warns 242 in New York Next to Go

  23-03-2016 13:24
  
  American International Group Inc., the insurer that’s been under pressure from activist investors, said it plans to cut 242 jobs at five locations in New York City. The reductions will take place through Sept. 30, and include its Water Street …
  
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• Lloyd’s Profit Drops 30% in 2015 on Weak Prices and Lower Investment Income

  23-03-2016 13:16
  
  Lloyd’s of London reported a 30 percent drop of full-year profit as the world’s largest insurance market was hurt by continued pressure on pricing and the lowest investment returns since at least 2001. Earnings declined to 2.1 billion pounds ($3 …
  
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• Time to start marketing like it's 2016

  23-03-2016 12:30
  
  Top financial professionals are beginning to realize the power and the impact social media can have on their professional brand.
  
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• Imagining UBI’s frictionless future

  23-03-2016 12:15
  
  Despite a slow start of its own, usage-based insurance has shown how innovation and adoption accelerate rapidly once friction is removed from the equation.
  
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• How to Stop the Bouncing Between Insurance Plans Under Obamacare - New York Times

  23-03-2016 12:00 via
  How to Stop the Bouncing Between Insurance Plans Under Obamacare
  New York Times
  Consider a young construction worker, a patient of mine, whose hours are cut during the winter. His income drops slightly, and now his family no longer qualifies for financial assistance through marketplace subsidies and must sign up for Medicaid. He ...
  

• Supreme Court Rules for Workers in Class Action Against Tyson

  23-03-2016 11:49
  
  The U.S. Supreme Court on Tuesday handed a loss to Tyson Foods Inc. over the company’s challenge to an almost $5.8 million class action judgment in a case won by workers at an Iowa pork-processing facility who contended they were …
  
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• P&I Clubs Plug Shortfall in Iran Oil Cover; US Reinsurers Still Barred by Sanctions

  23-03-2016 09:11
  
  Ship insurers have stepped in to help plug a shortfall in cover for transporting Iranian oil resulting from the fact that U.S. reinsurers are still restrained by Washington’s sanctions, according to officials involved in the initiative. International oil and shipping …
  
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• Former U.S. Security Specialist’s MGA Ridge Global Tackling Cyber Risks

  23-03-2016 09:00
  
  It may be surprising to some that a former governor and head of National Security started an insurance company focused on cyber risk, but Tom Ridge, president and CEO of Ridge Global says it shouldn’t be. “While the world is …
  
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• China’s Fosun Weighs IPO for Ironshore, Just 4 Months After Acquiring Insurer

  23-03-2016 08:48
  
  Fosun International Ltd., the Chinese conglomerate led by billionaire Chairman Guo Guangchang, is weighing a possible initial public offering for Ironshore Inc., just months after acquiring the insurer. Fosun may also pursue a sale of Bermuda-based Ironshore, according to a …
  
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• Chubb Global Cyber Practice Launches Service to Combat Ransomware Attacks

  23-03-2016 07:02
  
  In response to a 430-percent growth rate in Chubb’s criminal-related cyber losses over the past five years, Chubb’s Global Cyber Risk Practice has launched a service to assist policyholders with ransomware attacks. This is the first new offering from Chubb’s …
  
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• Explosion at Georgia College Under Investigation, Worker Seriously Injured

  23-03-2016 06:34
  
  The president of an Atlanta-area college says an explosion that seriously injured a food worker could be linked to a buildup of gases in a sewer line. A statement from Georgia Gwinnett College President Stas Preczewski says an unknown spark …
  
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• Roundabouts Reduce Accidents, Injuries in South Carolina

  23-03-2016 06:18
  
  More traffic circles are being built in South Carolina and figures from the state Department of Transportation show they help reduce the number of accidents and injuries at intersections. The Independent Mail of Anderson reports that 15 traffic circles have …
  
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• Florida Insurer Launches Company Offering Admitted, Standalone Flood Coverage

  23-03-2016 05:12
  
  A Florida-based homeowners insurer has beefed up its flood insurance offering with the launch of a new flood-coverage only company called TypTap. The new company, a wholly owned subsidiary of Homeowners Choice Property & Casualty Insurance (HCI), one of the …
  
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