Insurance news

• New York Urges Tighter Rules, More Insurance for Oil Trains

  27-04-2016 21:55
  
  New York state’s comptroller urged federal authorities Tuesday to strengthen safety measures against oil spills and require trains to carry sufficient insurance to cover cleanup costs from major accidents. Comptroller Thomas DiNapoli is administrator of New York’s $40 million Oil …
  
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• Tokyo prepares for the Big One

  27-04-2016 20:00
  
  Experts say there’s a 70% chance of an earthquake directly hitting the greater Tokyo area, home to 36 million people, within the next three decades.
  
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• UJA-Federation of New York to Honor Casserley, Dangelo, Hershman

  27-04-2016 19:28
  
  UJA-Federation of New York, a philanthropic organization, announced three honorees to be recogznied at this year’s General Insurance Annual Dinner. The event will be held on May 31 at Grand Hyatt New York in Manhattan. This year’s honorees are Dominic …
  
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• Arkansas Measure Would Cap Medical Non-Economic Damages at $250K

  27-04-2016 19:04
  
  Arkansas Attorney General Leslie Rutledge has approved the wording of a measure to limit lawsuit damages awarded against health care providers, clearing the way for supporters to try and put the proposal on the November ballot. Rutledge on Wednesday certified …
  
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• Around the P&C insurance industry: April 27, 2016

  27-04-2016 19:00
  
  News from FirstOnSite, CAPA, Mitchell International and more.
  
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• Kingstone Hires AIG Exec Delaney as Senior VP in New York

  27-04-2016 18:49
  
  Kingstone Companies Inc., a multi-line regional property/casualty insurance holding company based in New York, announced that David Delaney has joined the senior management team at its subsidiary Kingstone Insurance Company as senior vice president of Business Development. Delaney brings over …
  
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• Kansas Tornado Damages 10 Homes, Destroys Trailer

  27-04-2016 18:42
  
  The National Weather Service is surveying damage from a northern Kansas tornado that left two people with minor injuries, damaged about 10 homes and destroyed a trailer. National Weather Service meteorologist Brian Barjenbruch says the tornado hit at night on …
  
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• Ohio Court Seeks Heirs in $2M Asbestos Claim Payout

  27-04-2016 18:40
  
  A northeast Ohio court is trying to track down for heirs to hundreds of rubber workers who died or became very ill because of exposure to asbestos as it looks to pay out about $2 million in legal claims. Heirs …
  
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• Pilots in Fatal 2015 Ohio Crash Were Fired from Previous Jobs: NTSB

  27-04-2016 18:36
  
  Both pilots in a chartered-jet crash last year in Akron, Ohio, that killed seven employees of a Florida real estate company had been fired from previous jobs for performance issues, investigators said. All nine people aboard the Hawker 125-700A died …
  
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• 2 Ohio Property/Casualty Insurers Approved to Operate in Arkansas

  27-04-2016 18:34
  
  Arkansas Insurance Commissioner Allen Kerr has approved Ohio-based All America Insurance Co. (AAIC) and Central Mutual Insurance Co. (CMIC) to do business in the state. The companies now have the authority to offer property, casualty, surety and marine products in …
  
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• Mercury Insurance Launches Ride-Hailing Coverage in Illinois

  27-04-2016 18:30
  
  Mercury Insurance is now offering ride-hailing insurance to cover Uber, Lyft and other Transportation Network Company (TNC) drivers in Illinois. This new coverage will provide drivers with insurance that will bridge the gap between their personal auto insurance and the …
  
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• FEMA: $30M in Disaster Assistance Going to Texas Following March Storms

  27-04-2016 18:26
  
  More than $29.9 million in federal and state aid to date is helping the residents of 13 Texas counties recover from the severe storms, tornadoes and flooding in March, the Federal Emergency Management Agency (FEMA). Assistance is ongoing and residents of Erath, Gregg, Harrison, Henderson, …
  
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• Central U.S. States Hit with Tornadoes, Strong Storms

  27-04-2016 18:17
  
  A powerful spring storm brought strong winds and baseball-sized hail to several central states on April 26, with tornadoes spotted in Kansas and Oklahoma as the severe weather marched east, forecasters said. The storm knocked down tree limbs and left …
  
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• Munich Re shares decline after first-quarter profit warning

  27-04-2016 18:15
  
  Munich Re, the world’s second-biggest reinsurer, fell the most since August 2013 after saying first-quarter profit will be lower than it previously expected.
  
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• Some Senior Drivers Have Higher Crash Risk

  27-04-2016 17:56
  
  Older drivers with a history of falling have a 40 percent higher risk of being involved in motor vehicle crashes. But despite this increased risk, drivers ages 40 – 80 still have a lower risk of being involved in a …
  
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• West Virginia to Receive $8M From Wells Fargo in Marketing Practices Dispute

  27-04-2016 17:54
  
  Wells Fargo will pay $8 million to West Virginia as part of a settlement of a decade-long dispute involving marketing practices. Attorney General Patrick Morrisey announced Monday that Wells Fargo will pay the money to the Office of the Attorney …
  
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• Balcony Collapses Near South Carolina University, Injures 4

  27-04-2016 17:43
  
  Authorities say about 15 people were standing on a balcony that collapsed at a house near South Carolina’s Clemson University, injuring several of them. The Greenville News reports that four people were taken to a hospital after the collapse April …
  
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• 10 most frequently stolen vehicles

  27-04-2016 17:30
  
  Here are the top 10 most frequently stolen vehicles, as reported by the National Insurance Crime Bureau.
  
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• Oregon Women Sue Kaiser Over Ex-Nurse Facing Sex Abuse Charges

  27-04-2016 17:09
  
  Two Oregon women who claim they were sexually abused by a nurse at a Beaverton clinic have filed a $1 million lawsuit against Kaiser Permanente over claims of negligence. The Oregonian reported the suit filed this week claims Kaiser failed to …
  
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• Average to Below-Average Wildfire Season Expected for Colorado

  27-04-2016 17:05
  
  Firefighters said Tuesday they expect another average or below-average wildfire season in Colorado in 2016, the third mild year in a row. “That’s always good news,” Gov. John Hickenlooper said after announcing the outlook. But even an average year can …
  
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• Champion Risk Acquires Adams Clay Insurance in California

  27-04-2016 16:51
  
  San Diego, Calif.-based Champion Risk & Insurance Services has acquired Clay Insurance Brokerage Co. in Rancho Santa Margarita. Terms of the deal weren’t released. The acquisition is effective May 1. Robert Swanson, owner of Adams Clay, will join Champion Risk. …
  
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• Ironshore Product Recall Coverage for Food Industry Covers Rehabilitation, Loss of Income

  27-04-2016 16:18
  
  Ironshore Pembroke Managing Agency Ltd. is offering  Product Contamination Recall Insurance, focusing on risk exposure within the food and beverage industries. Contamination and subsequent recall occurrences can be triggered by accidental human error, malicious product tampering and product extortion throughout …
  
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• 10 Things Young Insurance Agents Like, and Don’t Like, About Their Jobs

  27-04-2016 15:15
  
  Overall, young agents are happy with their career choice. They enjoy the freedom and challenges that come with being independent agents. But they are not thrilled with every aspect of their career choice. Who is? The April 4  issue of …
  
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• Can you spot a liar? Here are some things to look for

  27-04-2016 14:45
  
  Sometimes what we don’t say speaks far louder than our words.
  
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• The potential societal advantages of a telematics data exchange

  27-04-2016 13:15
  
  A telematics data exchange has the potential to accelerate innovation in usage-based insurance by making the exchange of driving data more convenient for drivers, insurers, and automakers.
  
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• Munich Re Issues First Quarter Profit Warning on Lower Equity Investments

  27-04-2016 13:03
  
  Munich Re, the world’s second-biggest reinsurer, fell the most since August 2013 after saying first-quarter profit will be lower than it previously expected. Earnings for the quarter will also be lower than a year earlier after market turmoil caused the …
  
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• 10 outrageous frauds that failed

  27-04-2016 13:00
  
  Cheaters view fraud as a low-risk, high-reward endeavor. But these scammers went too far and got caught.
  
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• Global Insurance Fintech Investment Grows by 237% in 2015: Accenture Research

  27-04-2016 12:03
  
  While insurance historically has been a laggard in the fintech race, it is increasingly a high-growth investment area in the fintech field, according to research from Accenture. Accenture’s fintech research reveals that the overall increase in global insurance investment levels …
  
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• Aon Launches Next Generation of ReMetrica for Risk & Capital Modeling

  27-04-2016 10:31
  
  Aon Benfield, the global reinsurance intermediary and capital adviser of Aon plc, has launched ReMetrica Version 7.0 – its next generation platform for risk and capital modeling. Following Solvency II and equivalent regulation, insurers are demanding more value from their …
  
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• Global Risk Partners Backs LONMAR’s MBO, Supporting Its Growth Strategy

  27-04-2016 10:01
  
  Global Risk Partners, the acquisitive insurance broking and managing general agency (MGA) investment vehicle, has agreed to back the management buyout of LONMAR GLOBAL RISKS, the specialist Lloyd’s broker. The transaction is subject to regulatory approval. LONMAR’s management team, led …
  
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• Mitsubishi Motors Faces Uncertain Future as Fuel Test Scandal Deepens

  27-04-2016 09:11
  
  For the second time in about a decade, Mitsubishi Motors Corp. faces a scandal that poses an existential threat. The Japanese automaker has improperly tested the fuel economy of its cars for the past quarter century, widening the scope of …
  
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• Aspen Re Appoints Cardona as Managing Director for Latin America & Caribbean

  27-04-2016 08:53
  
  Aspen Insurance Holdings Ltd. announced that its reinsurance segment, Aspen Re has appointed Hugo A. Cardona as managing director for Latin America and Caribbean. Cardona will join Aspen on May 2 from Odyssey Reinsurance Co. where he was chief underwriting …
  
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• Reuters Special Report: How Google Is Winning Acceptance of Driverless Vehicles

  27-04-2016 08:00
  
  The Alamo Drafthouse Cinema Plaza in Austin, Texas is a strip mall with a pet-accessories store, a Thai restaurant and a yogurt shop, an unlikely venue to display the high-tech future. But one Saturday morning in March, Google did just …
  
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• Reuters Special Report: How Google Is Winning Acceptance of Driverless Economy

  27-04-2016 08:00
  
  The Alamo Drafthouse Cinema Plaza in Austin, Texas is a strip mall with a pet-accessories store, a Thai restaurant and a yogurt shop, an unlikely venue to display the high-tech future. But one Saturday morning in March, Google did just …
  
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• Plaintiff Seeks Future Revenues to Settle Led Zeppelin Copyright Spat

  27-04-2016 08:00
  
  Lawyers suing members of rock supergroup Led Zeppelin say their client is willing to settle a lawsuit over the band’s most famous song–a claim potentially worth millions of dollars–for just $1. The catch is that band members Robert Plant and Jimmy Page would …
  
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• New York Among States With Highest Rate of Motorcycle Theft

  27-04-2016 07:00
  
  The New York Insurance Association (NYIA) advises that motorcycle thefts in New York increased by 23 percent from 2014 to 2015. According to a report from the National Insurance Crime Bureau (NICB), motorcycle thefts nationwide increased by 6 percent during …
  
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• Conn. Court: Law Doesn’t Bar Suits Against Cigarette Manufacturers

  27-04-2016 07:00
  
  Cigarette manufacturers aren’t immune to lawsuits by smokers who get sick, Connecticut’s highest court ruled Monday in a decision that bolsters the case of a smoker who was stricken with laryngeal cancer and won a $28 million judgment against R.J. …
  
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• Updated: Florida Gov, CFO at a Standstill Over Next Insurance Commissioner

  27-04-2016 06:27
  
  For the second time in a month, Florida Gov. Rick Scott and Chief Financial Officer Jeff Atwater could not reach an agreement over who will become the next insurance commissioner for the state. At the April 26 Florida Cabinet Meeting, …
  
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• Florida Gov, CFO at a Standstill Over Next Insurance Commissioner

  27-04-2016 06:27
  
  For the second time in a month, Florida Gov. Rick Scott and Chief Financial Officer Jeff Atwater could not reach an agreement over who will become the next insurance commissioner for the state. At the April 26 Florida Cabinet Meeting, …
  
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• JenCap Holdings Acquires Trivedi-Capacity in New Jersey

  27-04-2016 03:00
  
  JenCap Holdings LLC, a portfolio company of private-equity giant Carlyle Group, has acquired Trivedi-Capacity Associates LLC, a specialist MGA and wholesaler based in Mahwah, New Jersey. Terms of the transaction were not disclosed. Trivedi-Capacity is a provider of specialty programs …
  
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