Insurance news

• AIG posts third-straight loss on hedge funds; shares decline

  02-05-2016 23:45
  
  Property and casualty coverage income slipped 38% to $720 million.
  
  Read more

• Insurance brokerage is broken - TechCrunch

  02-05-2016 22:01 via techcrunch.com
  
  TechCrunch
  Insurance brokerage is broken
  TechCrunch
  I've worked on a number of projects over the past year as an MBA Associate with the General Catalyst team. One of my principal areas of focus has been a deep dive into the emerging field of insurance technology startups, piggybacking GC's early work in ...
  
  Read more

• Blue Cross to stop accepting credit cards for insurance payments - Chicago Tribune

  02-05-2016 21:48 via chicagotribune.com
  
  Chicago Tribune
  Blue Cross to stop accepting credit cards for insurance payments
  Chicago Tribune
  The Blue Cross Blue Shield Building is seen from the BP Bridge in Millennium Park in Chicago. The Blue Cross Blue Shield Building is seen from the BP Bridge in Millennium Park in Chicago. (Raymond Boyd / Getty Images). Ameet SachdevContact ...and more »
  
  Read more

• Bain Capital, Vista Equity Buy Agency Technology Firm Vertafore from TPG

  02-05-2016 21:30
  
  Bain Capital Private Equity and Vista Equity Partners have agreed to acquire insurance agency technology firm Vertafore from TPG Capital. The parties did not disclose terms of the transaction. Reuters, citing anonymous sources, said it was for $2.7 billion TPG …
  
  Read more

• Advertisement

• Moda Health to leave Alaska's individual insurance market in 2017 - Alaska Dispatch News

  02-05-2016 21:16 via adn.com
  
  Alaska Dispatch News
  Moda Health to leave Alaska's individual insurance market in 2017
  Alaska Dispatch News
  Moda Health will exit Alaska's individual insurance market next year, the company announced Monday, leaving only one health insurance provider in the state's market that, so far, has been defined by drastic annual rate increases for consumers and big ...and more »
  
  Read more

• WCRI releases Workers' Comp benchmark reports

  02-05-2016 20:40
  
  Workers Compensation Research Institute looks at affect of reform in 18 states.
  
  Read more

• Florida leaders choose new insurance commissioner

  02-05-2016 19:45
  
  Deputy Commissioner David Altmaier replaces Kevin McCarty as head of the Florida Office of Insurance Regulation.
  
  Read more

• Top Florida court strikes down attorney fee schedule for Workers' Comp cases

  02-05-2016 19:15
  
  The state Supreme Court has ruled that Florida's mandatory attorneys' fee schedule in Workers' Compensation cases is unconstitutional.
  
  Read more

• Advertisement

• Willis Programs Launches DroneGuard for Unmanned Aircraft Systems

  02-05-2016 18:59
  
  Willis Programs, a unit of Willis Towers Watson, and the Association for Unmanned Vehicle Systems International (AUVSI), an industry association for unmanned systems, have partnered to develop DroneGuard, an insurance program for AUVSI’s members. DroneGuard is designed for unmanned system …
  
  Read more

• Greater New York Insurance Companies Expands to Maine Market

  02-05-2016 18:58
  
  Greater New York Insurance Companies (GNY), a super-regional carrier in commercial property/casualty insurance, announced it will begin issuing policies in Maine beginning May. “Many New England business owners and property managers have properties in Maine, and we want to help …
  
  Read more

• Prime Risk Partners to Acquire Large Midwest Agency

  02-05-2016 18:53
  
  Prime Risk Partners Inc. reported it has entered into an agreement to acquire Old National Insurance (ONI), a independent insurance agency in the Midwest. ONI will operate under the name ONI Risk Partners and will retain all of its offices, with …
  
  Read more

• Flash Floods Overwhelm East Texas Town, 6 Deaths Reported

  02-05-2016 18:50
  
  In less than an hour early on April 29, more than 7 inches of rain had accumulated at the water treatment plant in Palestine, Texas. The flash-flooding that occurred as a result is blamed for six fatalities. Palestine Mayor Bob …
  
  Read more

• Lexington Underwriter Warmuth Killed in Boston Duck Boat Crash

  02-05-2016 18:48
  
  Allison Warmuth, senior underwriter in healthcare at Lexington Insurance, was killed in a tragic accident Saturday after the scooter she was driving was struck by a duck boat in downtown Boston. Warmuth, 28, was also an associate board member of …
  
  Read more

• Gas delivery startups want to fill up your car anywhere. Is that allowed?

  02-05-2016 18:43
  
  A new crop of startups are trying to make gas stations obsolete. Tap an app, and they'll bring the gas to you. But officials say it might not be safe.
  
  Read more

• Employee Charged in $70M Chicago Furniture Warehouse Fire

  02-05-2016 18:43
  
  An employee of a suburban Chicago furniture warehouse is facing federal arson charges for allegedly starting a fire that destroyed the building. Ruben Ochoa Cruz is charged in the April 21 fire that destroyed The RoomPlace furniture warehouse in Woodridge. …
  
  Read more

• State Auto Financial Q1 2016 Results Fall, Combined Ratio Rises

  02-05-2016 18:41
  
  Ohio-based State Auto Financial Corp. announced first quarter 2016 net income of $3.0 million, or $0.07 per diluted share, versus net income of $24.7 million, or $0.60 per diluted share, for the first quarter of 2015. Net income from operations …
  
  Read more

• Pilgrim’s Pride Recalls Chicken Products Due to Foreign-Matter Contamination

  02-05-2016 18:32
  
  Pilgrim’s Pride, based in Waco, Texas, on April 26 ordered a massive recall of cooked chicken products after consumers and federal meat inspectors found contamination by such foreign material as wood, plastic, rubber and metal. The recent recall of almost …
  
  Read more

• Ohio Sees Rise in Crashes Where Traffic Cameras Were Turned Off

  02-05-2016 18:28
  
  A newspaper reports that early indications are that crashes have risen since Columbus, Ohio, turned off its traffic cameras amid continuing legal and legislative battles over their use. The Columbus Dispatch reports crash data from the state Department of Public Safety shows …
  
  Read more

• Oklahoma Autism Insurance Bill Sent to Governor for Signature

  02-05-2016 18:26
  
  Legislation that requires health insurers to cover the treatment of children with autism has received final legislative approval in the Oklahoma House. The House voted 65-26 for House Bill 2962 and sent it to Gov. Mary Fallin for her signature. …
  
  Read more

• Texas-Based Agency Partnership Reports Solid Growth in 2015

  02-05-2016 18:24
  
  The Texas-based agency partnership Combined Agents of America LLC (CAA) announced that it produced $96.3 million in total property and casualty revenue in 2015, compared to the $92.2 million in total revenue produced in 2014. The insurance agency aggregator grew its …
  
  Read more

• AIG raises $1.25B selling shares of Chinese insurer PICC Property & Casualty Co.

  02-05-2016 18:03
  
  The largest commercial insurer in the U.S. and Canada sold 740 million shares of PICC P&C near the low end of a marketed range.
  
  Read more

• PCI Supports Hawaii Legislation to Use Smartphones as Proof of Insurance

  02-05-2016 17:37
  
  The Hawaii Legislature has approved a bill that will enable Hawaii drivers to show proof of insurance with their cellphone in a traffic stop. House Bill 1705 will give consumers the choice to use a paper insurance card or use …
  
  Read more

• Utah Earthquake Country Examined

  02-05-2016 17:32
  
  Signs of earthquakes are everywhere in the chaotically beautiful geology of southwest Utah and the region where the mile-high Colorado Plateau falls off into the corrugated Basin-and-Range landscape that dominates neighboring Nevada. The treeless desert lays bare the lines of …
  
  Read more

• Uber Settles with Blind Riders over Service Animals

  02-05-2016 17:27
  
  Uber and advocates for the blind have reached a lawsuit settlement in which the ridesharing company agrees to require that existing and new drivers confirm they understand their legal obligations to transport riders with guide dogs or other service animals, …
  
  Read more

• Allianz profit climbs 21%, sending insurer's shares higher

  02-05-2016 17:25
  
  Europe’s biggest insurer was helped by gains from selling investments.
  
  Read more

• Alaska City Approves Ban on Texting While Driving

  02-05-2016 17:21
  
  Sitka, Alaska officials have approved an ordinance that prohibits drivers from using their cellphones while driving. The measure approved by the Sitka Assembly last week bans more cellphone uses while driving than state law, which only prohibits texting while behind …
  
  Read more

• Warren Buffett says that self-driving cars will be bad for insurance companies - The Verge

  02-05-2016 16:17 via theverge.com
  
  The Verge
  Warren Buffett says that self-driving cars will be bad for insurance companies
  The Verge
  Warren Buffett — chairman and CEO of global conglomerate Berkshire Hathaway and one of the wealthiest people in the world — hauls in a good deal of revenue from Berkshire-owned auto insurer Geico. But in the long term, Buffett thinks, insurers like ...
  Warren Buffett: Self-driving cars will upend car insuranceAutoblog (blog)
  Self-driving cars will be bad for insurance, Buffett saysInsu
  
  Read more

• Supreme Court Denies BP Investors’ Class Action Over Losses Tied to Gulf Oil Spill

  02-05-2016 15:57
  
  The U.S. Supreme Court on Monday declined a request from shareholders seeking to revive their class action lawsuit against BP claiming the British oil company misrepresented its safety procedures prior to the 2010 Gulf of Mexico oil spill. The court …
  
  Read more

• Facebook, CEO Zuckerberg and Paying to Protect Corporate Executives

  02-05-2016 15:37
  
  Facebook Inc. revealed that it spent $4.26 million on security for Mark Zuckerberg last year, its first disclosure of such costs, and the highest among companies in the Standard & Poor’s 500 Index that have filed proxy statements for fiscal …
  
  Read more

• Timeline: From Teen to Octogenarian, How Buffett’s Wealth Has Grown

  02-05-2016 15:04
  
  In 2016, it’s easier than ever to play the financial markets. From the explosion of online brokers to the rise of robo-advisors, armchair investors have dozens of tools just a few clicks or taps away. Daily trading is a snap. …
  
  Read more

• Express Scripts Has Plans to Deal with High Drug Prices

  02-05-2016 15:02
  
  Express Scripts Holding Co. plans to introduce several benefit programs aimed at fighting high drug costs, including speeding up how quickly it moves insurer and employer customers to cheaper medicines after sudden price hikes, its chief medical officer said. Express …
  
  Read more

• Insurance websites need to be mobile-friendly — it's about more than just looks

  02-05-2016 14:00
  
  Updating your website should be a priority because unlike fine wine, they don't age well.
  
  Read more

• How much will your moving violation cost?

  02-05-2016 13:45
  
  Depending on the state, insurance rates can increase substantially.
  
  Read more

• AIG Selling $1.2 Billion Worth of Shares in China’s PICC P&C: Report

  02-05-2016 13:18
  
  American International Group is offering for sale about $1.2 billion worth of shares in China’s PICC Property and Casualty Co. Ltd. (PICC P&C) in a block deal, IFR said on Saturday, citing a term sheet of the deal. AIG’s stake …
  
  Read more

• Don't ignore social media as a risk information source

  02-05-2016 13:15
  
  We should expect the use and perceived relevance of social media platforms as a means to understand emerging risks to increase.
  
  Read more

• 6 useful YouTube channels for agents

  02-05-2016 13:00
  
  Enhance your agency’s social marketing outreach with these six useful YouTube channels.
  
  Read more

• S&P Expects UK to Vote to Stay in EU by Small Majority; Warns About Brexit

  02-05-2016 11:21
  
  Ratings agency Standard & Poor’s said on Friday it expected Britons to vote to remain in the European Union by a small majority in a June 23 referendum, but that the risk of leaving was a negative for the country’s …
  
  Read more

• Australian Tech Entrepreneur Confirms He Is Bitcoin Creator: BBC Report

  02-05-2016 11:09
  
  Australian tech entrepreneur Craig Wright told the BBC on Monday he was the creator of controversial digital currency bitcoin, ending years of speculation about a person who until now has gone by the name of Satoshi Nakamoto. The BBC said …
  
  Read more

• XL Catlin Names Huang as Asia U/W Manager, War, Terrorism & Political Violence

  02-05-2016 09:50
  
  XL Catlin’s insurance operations announced that Carrie Huang has been promoted to the position of Asia underwriting manager for War, Terrorism and Political Violence. Based in Singapore, she will be responsible for developing XL Catlin’s War, Terrorism and Political Violence …
  
  Read more

• Institutional Investors Ignore Climate Risks Despite Bank of England Warning

  02-05-2016 09:33
  
  The number big investors ignoring climate change risk increased last year despite a stark warning from Bank of England Governor Mark Carney about the potential for “huge” losses from a sudden shift in regulation designed to curb global warming and …
  
  Read more

• Liability Insurers Win Right to Question NFL Executives, Doctors in Concussion Cases

  02-05-2016 08:10
  
  National Football League executives may for the first time have to testify about what they knew of concussion risks after a judge cleared the way for questions from insurers who are suing to avoid paying more than $1 billion in …
  
  Read more

• Chubb Insurance Policy Eases Financial Costs for Victims of Cyber Bullying

  02-05-2016 08:00
  
  Anyone who has had embarrassing photos posted on social media or been deluged with angry messages can attest to the high emotional cost of cyber bullying. But there is also a cost in real dollars for some to clean up …
  
  Read more

• Dalenta Joins Grange Insurance as EVP, Chief Financial Officer

  02-05-2016 07:28
  
  Columbus, Ohio-based Grange Insurance has added Terri Dalenta as executive vice president, chief financial officer. Dalenta will lead Grange’s financial management, enterprise risk management and investments, as well as maintain the company’s financial strength. She has more 25 years in …
  
  Read more

• Homes on Mississippi Coast Hit by Flooding

  02-05-2016 07:19
  
  The mayor of Gulfport, Mississippi, has declared a state of emergency because of heavy rain and widespread flooding in the largest city on the state’s Gulf Coast. Gulfport emergency managers say 5 to 12 inches of rain fell in the …
  
  Read more

• 3.0 Earthquake Hits Western Alabama

  02-05-2016 07:13
  
  No injuries are being reported following a small earthquake in Alabama’s Tuscaloosa County. The U.S. Geological Survey says a magnitude 3.0 earthquake occurred around 4 a.m. Friday about halfway between Tuscaloosa and Birmingham. The epicenter appears to have been between …
  
  Read more

• South Carolina Senate Approves $40M Farmer Flood Aid

  02-05-2016 07:10
  
  The Senate has approved a bill providing $40 million to South Carolina farmers devastated by last fall’s flooding. Senators voted 33-3 Thursday on legislation allowing farmers in disaster-declared counties to apply for up to $100,000 in grants covering up to …
  
  Read more

• University of Alabama Partners With Industry on Tornado Preparedness Guide

  02-05-2016 07:03
  
  The Alabama Center for Insurance Information and Research at The University of Alabama Culverhouse College of Commerce has partnered with the Property Casualty Insurers Association of America, the Alabama Department of Insurance and Smart Home America to produce the 2016 …
  
  Read more

Follow @Insurance_Newsl on Twitter!