Insurance news

• Hartford CEO Chris Swift's pay nearly doubles to $10 million

  07-04-2016 23:52
  
  The compensation included a $2.45 million bonus and more than $6 million in stock and option awards, up from $2.2 million a year earlier.
  
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• Lyft settlement with drivers over pay rejected as too small

  07-04-2016 22:56
  
  Lyft'sproposal to pay its California drivers $53 each to drop claims that they should be treated like employees was rejected by a judge as “glaringly” inadequate.
  
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• Going to RIMS? Visit NU-PC at Booth 2314 for a free headshot

  07-04-2016 20:55
  
  Stop by Booth 2314 to meet NU-PC editors and get a FREE headshot taken.
  
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• Ninth Circuit halts Uber driver suit

  07-04-2016 20:10
  
  An appellate court said it will allow the ride-hailing company to appeal a judge's order certifying a class of approximately 240,000 Uber drivers in California.
  
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• MetLife judge found fault with FSOC too-big-to-fail review

  07-04-2016 19:04
  
  U.S. District Judge Rosemary M. Collyer said that the Financial Stability Oversight Council’s action was ‘arbitrary and capricious’ and that the panel didn’t follow its own guidelines.
  
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• The Hilb Group Acquires P.A. Post Agency in New Jersey

  07-04-2016 18:59
  
  The Hilb Group, a middle market insurance agency based in Richmond, Virginia, announced Thursday that it has acquired Mahwah, New Jersey-based P.A. Post Agency LLC and its subsidiaries. Terms of the transaction, which became effective April 1, were not disclosed. …
  
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• Motorcycle Helmet Exemption Bill Moves Forward in Missouri

  07-04-2016 18:43
  
  Missouri lawmakers are advancing a bill to exempt motorcyclists who are 21 and older from wearing a helmet. House members gave the measure initial approval on April 5. Riders 21 and older wouldn’t have to wear a helmet if they’ve …
  
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• New Jersey Gov. Adds $10M to State’s Lead Cleanup Efforts

  07-04-2016 18:42
  
  New Jersey Gov. Chris Christie said Tuesday that he’s adding $10 million to New Jersey’s efforts this year to remove lead-based paint from homes around the state. The money would offer up to $20,000 per unit that is owned or …
  
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• Oil Spill in South Dakota Forces Shut Down of Keystone Pipeline

  07-04-2016 18:40
  
  The Keystone pipeline will likely remain shut down for the rest of the week while officials investigate an apparent oil spill in southeastern South Dakota. Oil covered a 300-square-foot area in a farm field ditch 4 miles from a Freeman-area …
  
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• 1 Killed, 3 Injured as 45-Ton Beam Falls on Illinois Construction Site

  07-04-2016 18:37
  
  Federal officials are investigating two companies after a construction worker was killed and three others were injured in suburban Chicago. The accident happened early on April 5 when a 40-ton steel bridge beam fell on the workers as they tried …
  
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• Wisconsin Limo Service Deemed a ‘Hazard to Public Safety’

  07-04-2016 18:32
  
  A federal agency has ordered a Wisconsin limousine service involved in a fatal crash in Illinois last month to shut down immediately. The Federal Motor Carrier Safety Administration ordered Edgerton-based Lyons Limousine to stop service both in Wisconsin and outside …
  
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• New Oklahoma Fire Burns 40 Square Miles; Structures Destroyed

  07-04-2016 18:29
  
  Authorities are responding to wildfires in Oklahoma and Kansas that have led to evacuations, scorched mostly rural land and destroyed an unknown number of structures. In Oklahoma, the largest fire was in the same area near the border with Kansas …
  
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• York Hires Walsh as Risk Management Practices President in New Jersey

  07-04-2016 18:28
  
  York Risk Services Group, a national provider of claims management, managed care, specialized loss adjusting, alternative risk programs, pool administration and other insurance services, has hired Patrick J. Walsh as president of the firm’s Risk Management Practices business and executive …
  
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• Texas Teen’s Death Linked to Faulty Takata Air Bag, 10th in U.S.

  07-04-2016 18:22
  
  A 10th person has died in a crash in the U.S. involving a ruptured Takata Corp. air-bag inflator, according to the U.S. National Highway Traffic Safety Administration. A 17-year-old woman died from injuries sustained in a March 31 crash in …
  
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• Arthur J. Gallagher Acquires Oklahoma’s Capitol Benefits Group

  07-04-2016 18:19
  
  Illinois-based insurance brokerage, Arthur J. Gallagher & Co., has acquired Capitol Benefits Group in Oklahoma City. Terms of the transaction were not disclosed. Founded in 1999, Capitol Benefits Group (Capitol) is an employee benefits insurance broker that provides employee benefits insurance …
  
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• ‘Great Unwind’ in Debt Financing May Stunt Companies’ Future Growth: Greenberg

  07-04-2016 18:15
  
  Evan Greenberg, the chief executive officer of insurer Chubb Ltd., said companies may find it difficult to obtain financing after central banks have propped up economic growth for years, likening their stimuli to a drug. “We may be at the …
  
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• LIU Adds Cyber Extortion Endorsement to Product Recall Policies

  07-04-2016 18:03
  
  Liberty International Underwriters (LIU), part of Liberty Mutual Insurance, has launched a cyber extortion endorsement to its Product Recall and Contamination insurance policy for food and beverage companies. This endorsement offers coverage to food and beverage policyholders for cyber extortion …
  
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• Small Temblor Strikes Northwestern Washington

  07-04-2016 17:07
  
  A minor earthquake hit northwest Washington state on Tuesday morning. The U.S. Geological Survey and the Pacific Northwest Seismic Network reported that the 3.5-magnitude temblor hit at 11:06 a.m. in the Strait of Juan de Fuca, Washington. It was about …
  
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• Washington Port to Pay $16M to Injured Worker

  07-04-2016 17:04
  
  The Port of Bellingham in Washington has been ordered to pay $16 million to an Alaska ferries employee who was injured while operating a faulty loading ramp at the port’s cruise terminal. The Seattle Times reported that a federal jury …
  
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• U.S. Storms in March Will Cost Insurers $2 Billion: Aon Benfield’s Cat Report

  07-04-2016 16:47
  
  Insurers face a $2.0 billion bill following seven severe storm events across multiple states in March, according to Impact Forecasting, Aon Benfield’s catastrophe model development team. Overall economic losses sustained to property, infrastructure and agriculture across the U.S. from these storms and …
  
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• Catastrophe Reinsurance Prices Will Continue to Drop This Year: Swiss Re

  07-04-2016 16:11
  
  Reinsurance prices will continue to fall this year as competition for customers from hedge funds and other sources of alternative capital send premiums to their lowest in four years, according to Swiss Re AG. “Price reductions have slowed down but …
  
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• New York’s Ethan Allen Insurance Fraud Case Cited in ‘Panama Papers’

  07-04-2016 16:03
  
  An insurance scam that involved selling bogus liability policies — including one to the operator of the New York tour boat Ethan Allen before it sank in 2005 — has gotten a mention in the data leak dubbed “Panama Papers.” …
  
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• Are you a marketer or an insurance agent?

  07-04-2016 14:00
  What’s more important to the success of your insurance business: being a great marketer or a knowledgeable insurance agent?
  
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• Midsize companies feel the squeeze when choosing Cyber coverage

  07-04-2016 13:45
  
  These data-rich businesses lack the technology and resources of large corporations, making them attractive to cyber attackers.
  
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• Negative Outlook for Energy Insurers May Force Sector Exit: Willis Towers Watson

  07-04-2016 13:36
  
  Energy insurers continue to feel the pressure caused by over-supply of capital and falling demand from buyers, which may lead them to exit or scale back their participation in the energy sector, according to a report published by Willis Towers …
  
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• Negative Outlook for Energy Insurers May Force Capacity Exit: Willis Towers Watson

  07-04-2016 13:36
  
  Energy insurers continue to feel the pressure caused by over-supply of capital and falling demand from buyers, which may lead them to exit or scale back their participation in the energy sector, according to a report published by Willis Towers …
  
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• A look at how internal auditors uncover hidden risks

  07-04-2016 13:15
  
  Internal auditors help organizations with governance, risk management and control processes.
  
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• 7 tips to protect your family against thunderstorms

  07-04-2016 13:00
  Severe thunderstorms accounted for 43% of insured property windstorm losses in the United States — in 2015 values — between 1980 and 2015.
  
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• London MGA, Pardus, Raises £1.6M ($2.3M) to Facilitate Next Phase of Growth

  07-04-2016 10:35
  
  Pardus, the London-based independent managing general agency (MGA), announced the completion of a £1.6 million ($2.3 million) capital raising, which attracted a variety of new private investors into the business. Pardus was advised by West Hill Corporate Finance and the …
  
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• Antares Lloyd’s Syndicate Partners with Iron-Starr, Ironshore’s Bermuda MGA

  07-04-2016 10:27
  
  Ironshore Inc. announced that Antares Syndicate 1274 at Lloyd’s will join as a subscribing insurer for Bermuda-based Iron-Starr Excess Agency Ltd. Iron-Starr is a managing general agency (MGA), which underwrites specialty lines of business on behalf of Ironshore Insurance Ltd., …
  
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• AIG Weighs Cutting Nearly 125 U.K. Jobs, in Plan to Reduce Costs: Sources

  07-04-2016 09:44
  
  American International Group Inc., the insurer under pressure from activist investors, may eliminate about 125 positions in the U.K. as it scales back in certain countries and moves jobs to lower-cost locations, according to people familiar with the plan. The …
  
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• Fintech Revolution May Threaten 250,000 Jobs as Europe Insurers Seek Cost Cuts

  07-04-2016 09:33
  
  The rush is on to replace people with software in Europe’s insurance industry as cost cutting and automation become increasingly crucial to bolstering earnings. Zurich Insurance Group AG is accelerating its cost reduction program, targeting savings of at least $1 …
  
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• How Police Dog Bites Woman Became a Federal Case

  07-04-2016 09:00
  
  Dog bites man may not be a news story — but in nine western states, it’s grounds for a constitutional case. The U.S. Court of Appeals for the 9th Circuit has allowed a lawsuit by a woman who fell asleep …
  
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• Florida Business Owner Arrested for $1.8M Workers’ Comp Fraud Scheme

  07-04-2016 08:15
  
  Florida Chief Financial Officer Jeff Atwater announced the arrest of Maira Chirinos, owner of Pompano Beach construction company Tocoa Builders, Inc. Chirinos is alleged to have misrepresented information regarding Tocoa Builder’s operations, employees and payroll when applying for a workers’ …
  
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• Mississippi Governor Signs Bill Regulating Ridesharing Services

  07-04-2016 08:02
  
  Mississippi will regulate Uber, Lyft and other ride-hailing services on a statewide basis. Gov. Phil Bryant signed House Bill 1381 Monday, which puts the state Insurance Department in charge of overseeing the services. Cities have traditionally regulated taxi services in …
  
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• Pilots: Don’t Underestimate Safety Threat Posed by Drones

  07-04-2016 08:00
  
  You’re landing at New York’s LaGuardia Airport on the “expressway” approach—it’s called that because you come in low enough to buzz the Grand Central Parkway and Mets’ Citi Field before dropping down quickly on a runway that perches over the middle of a bay. …
  
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• Here’s What’s Happening with Drug Costs in Workers’ Compensation

  07-04-2016 08:00
  
  Overall pharmacy spending increased 2.2 percent for U.S. workers’ compensation payers in 2015 due to higher drug prices, according to a report by benefit manager Express Scripts. That overall increase was a function of 2.6 percent lower injured workers’ drug …
  
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• AIG Prize Fight Hancock vs. Icahn: Who’s Winning Now?

  07-04-2016 08:00
  
  News that activist investor Carl Icahn has his eye on a company must make any chief executive officer feel a bit like a water buffalo that has suddenly realized it is being tracked by a hungry lion. So it’s worth noting that American …
  
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• Contego Underwriting Opens Office in Miami

  07-04-2016 07:58
  
  Contego Underwriting — the specialist (re)insurance provider to the international construction and engineering markets, and part of Pen Underwriting — has opened a new office in Miami, to provide support and service to clients across Latin America. The move will …
  
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• FEPB to cut commission of insurance agencies - Republica

  07-04-2016 05:18
  FEPB to cut commission of insurance agencies
  Republica
  KATHMANDU, April 6: Agents of various insurance companies, which provide insurance for aspirant migrant workers, now would no longer be able to receive commission from the sales of their insurance policies. The decision was taken by the Foreign ...and more »
  

• Camanche council reaches retiree health insurance agreement - Clinton Herald

  07-04-2016 04:08
  Camanche council reaches retiree health insurance agreement
  Clinton Herald
  CAMANCHE — After months of discussion, the city of Camanche has resolved the retiree health insurance issue by passing a resolution. The resolution passed with four votes in favor. Councilman Paul Varner abstained from voting, citing advice he ...
  

• Comptroller: School's move saved $800K on insurance - Oneonta Daily Star

  07-04-2016 03:26
  Comptroller: School's move saved $800K on insurance
  Oneonta Daily Star
  Savings of more than $800,000 in health insurance costs at Franklin Central School were noted in a recently released audit by state Comptroller Thomas P. DiNapoli. Savings of $826,000 were achieved over three years by switching carriers and offering ...and more »
  

• PICIC Insurance up for merger with Crescent Star - The Express Tribune

  07-04-2016 02:05
  The Express Tribune
  PICIC Insurance up for merger with Crescent Star
  The Express Tribune
  Both companies among smaller players in country's non-life insurance industry. PHOTO: fb.com/PICICinsurance. KARACHI: PICIC Insurance is up for a merger with Crescent Star Insurance, the latter announced on Wednesday through a public notice.
  

• Ammerman Insurance celebrating 40 years - Daily Commercial

  07-04-2016 02:05
  Daily Commercial
  Ammerman Insurance celebrating 40 years
  Daily Commercial
  LEESBURG — There's an old-fashioned vibe at Ammerman Insurance, which is celebrating its 40th anniversary. That feeling is personal service. How do you keep your doors open in an ever-changing business when you've been selling insurance for ...
  

• Travelers focuses on chronic pain, opioid use

  07-04-2016 01:15
  
  Travelers uses analytics and predictive modeling to reduce injury recovery times.
  
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• Las Vegas Woman Pleads Guilty To Insurance Fraud - CBS Local

  07-04-2016 01:08
  CBS Local
  Las Vegas Woman Pleads Guilty To Insurance Fraud
  CBS Local
  LAS VEGAS, NV (KXNT) – A Las Vegas woman pleaded guilty to one count of insurance fraud Wednesday, after fraudulently claiming she was treated for a skin condition that never happened. Angel Ayesha Cash, 35, of Las Vegas was arraigned Wednesday ...
  Woman pleads guilty to insurance fraud, claiming she had skin conditionKTNV Las Vegasall 1 news articles »
  

• Bob Dyer: Car insurance horror stories abound - Akron Beacon Journal

  07-04-2016 00:44
  Bob Dyer: Car insurance horror stories abound
  Akron Beacon Journal
  Refuses to pay what it owes you because it knows you'd have to spend more money on a lawyer than what it would cost to simply take the financial hit and walk away? Well, you're certainly not alone. My inbox and voicemail almost crashed after Sunday's ...
  

• Mississippi becomes latest state to regulate Uber, Lyft

  07-04-2016 00:15
  
  The Southern state is 32nd state to enact legislation covering transportation network companies.
  
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• Fire guts Woodstock Avenue apartment, tenant had no insurance - Firstcoastnews.com

  07-04-2016 00:09
  Firstcoastnews.com
  Fire guts Woodstock Avenue apartment, tenant had no insurance
  Firstcoastnews.com
  JACKSONVILLE, Fla. -- "I lost everything I had in there." Dolphus Silas said of Tuesday's fire that gutted an apartment he shared with a roommate in the 1000 block of Woodstock Avenue. Silas, 55, was at work when the fire broke out. His roommate was home.
  

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