Insurance news

• U.S. orders up to 40 million more Takata air bags recalled

  04-05-2016 22:10
  
  Takata Corp. has been ordered to replace as many as 40 million additional air bags linked to deadly malfunctions, more than doubling what was already the biggest auto recall in U.S. history.
  
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• Around the P&C insurance industry: May 4, 2016

  04-05-2016 20:55
  
  News from Lockton, Farmers, Arthur J. Gallagher and more.
  
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• Driverless cars: Are billions being invested in a robot Americans don't want?

  04-05-2016 20:45
  
  The rush to robot cars faces a big roadblock: People aren’t ready to give up the wheel, according to recent surveys.
  
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• Judge orders insurers to pay legal fees of FIFA official

  04-05-2016 19:40
  Eduardo Li, a FIFA executive committee member-elect, is accused of using his position to obtain bribes and kickbacks.
  
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• Oil town evacuated as wildfire curbs Canadian oil sands output

  04-05-2016 19:10
  
  Tens of thousands of people have been forced by the fire to flee Fort McMurray as emergency crews worked to contain the blaze
  
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• Vermont Lt. Gov. Breaks Tie to Lighten No-Helmet Penalty for Bikers

  04-05-2016 18:59
  
  Vermont Lt. Gov. Phil Scott, a Republican candidate for governor, has cast an unusual tie-breaking vote in favor of lightening the penalty for riding a motorcycle without a helmet. A bill on the Senate floor last Friday preserved the fine …
  
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• New York to Ensure Benefits Continue for 9/11 Volunteers

  04-05-2016 18:56
  
  New York Gov. Andrew Cuomo announced Monday that the 2016-17 state budget includes $9 million to cover the cost of lost wages and health care expenses for volunteers who contracted illnesses at the World Trade Center site following the terror …
  
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• Vermont Issues Bulletin on ‘Non-Cumulation’ Policy Provisions

  04-05-2016 18:37
  
  The Vermont Department of Financial Regulation (DFR) has issued a bulletin reminding carriers that “non-cumulation” policy provisions and endorsements in occurrence-based liability policies are not permissible under Vermont law. DFR Commissioner Susan L. Donegan said in the Insurance Bulletin No. …
  
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• Lockton Aligning Texas Operations into Two Business Teams

  04-05-2016 18:30
  
  Lockton announced on Wednesday that it will create two new business teams to align its Texas operations. Lockton’s Houston, San Antonio, Dallas, and Fort Worth property/casualty operations will combine into a single operation under the leadership of Tim Kelly, chairman …
  
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• Walsh Duffield Acquires Don Allen Agency in New York

  04-05-2016 17:59
  
  Walsh Duffield Companies Inc., an independent insurance agency based in Buffalo, New York, announced that it has acquired Don Allen Agency Inc., based in Rochester, New York. Terms of the transaction, which became effective May 1, were not disclosed. This …
  
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• Idaho Women Sue Doctor over Counterfeit Implant Claim

  04-05-2016 17:48
  
  Four women are suing a southern Idaho doctor because they say they were given counterfeit breast implants and knock-off Botox without their knowledge. The women filed the lawsuit in U.S. District Court on last week, contending that Dr. Temp Patterson, …
  
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• Utah Doghouse Highway Death Results in Wrongful Death Lawsuit

  04-05-2016 17:46
  
  A northern Utah woman whose husband and 4-year-old daughter were killed when a doghouse fell out of a man’s truck and caused a highway pileup has filed a wrongful death lawsuit. Alyssa Chambers filed the suit last week seeking $300,000 …
  
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• Trial Underway in Montana Lawsuit over Man’s Skateboarding Death

  04-05-2016 17:43
  
  A trial is underway in a lawsuit over whether the city of Columbia Falls in Montana is responsible for a man’s death in a skateboarding accident on a subdivision trail system. The Daily Inter Lake reported Sara Kent sued the …
  
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• Louisiana Tornado Confirmed by Weather Service

  04-05-2016 17:41
  
  The National Weather Service confirms that a tornado hit rural parts of northern St. Landry Parish and southern Avoyelles Parish in Louisiana on Saturday. Forecaster Jonathan Brazzell said Sunday that the Weather Service estimates the twister that traveled between Big …
  
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• Immigrants, Homeless Used by Asbestos Contractors in Michigan, Report Shows

  04-05-2016 17:39
  
  A newspaper says contractors are using immigrants, ex-cons, homeless people and teenagers to remove material containing asbestos from of aging buildings. The Detroit Free Press reported this week in the second of a two-part series on asbestos that experts say …
  
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• Hartley to Lead U.S. General Liability for Liberty International Underwriters

  04-05-2016 16:27
  
  Liberty International Underwriters (LIU) has named Casey Hartley as U.S. General Liability product line leader. Based in Atlanta, Miss., Hartley will have responsibility for the technical underwriting, portfolio performance and overall product strategy for the primary general liability portfolio. LIU’s …
  
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• BP Relents on Gulf Seafood Processors’ Oil Spill Damages But Still Pursues Attorney

  04-05-2016 14:52
  
  After fighting for more than two years to avoid paying almost $1 billion in oil spill damages to Gulf Coast shrimpers, oystermen and seafood processors it claimed didn’t exist, BP Plc has thrown in the towel. “We have withdrawn our …
  
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• Iron man: AIG's CEO of Commercial, Robert Schimek

  04-05-2016 14:00
  
  He is a 'tough mudder' with a mission: Proving the insurer can once again rise above the noise and improve its results.
  
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• Meet the up-and-coming Generation Z

  04-05-2016 13:45
  
  Generation Y will soon be yesterday’s news, pushed to the side by their younger brothers and sisters from Generation Z.
  
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• How Golden Bear Insurance Co. is bridging the talent gap

  04-05-2016 13:15
  
  This insurer is using internships and externships to attract and retain new employees.
  
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• 7 steps seniors can take to protect themselves during a disaster

  04-05-2016 13:00
  
  Older adults are especially at risk during a disaster. Here are seven things they need to do.
  
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• Sturrock Named Sr. VP in Marsh’s Political Risk and Structured Credit Practice      

  04-05-2016 12:40
  
  Marsh announced that Abbey Sturrock has joined the firm’s Political Risk and Structured Credit Practice as a senior vice president within the Public Agency Group. Based in London, Sturrock is responsible for delivering Marsh’s advisory and placement capabilities for the …
  
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• Don't leave it to last minute: Book your holiday and insurance now - Express.co.uk

  04-05-2016 12:29 via express.co.uk
  
  Express.co.uk
  Don't leave it to last minute: Book your holiday and insurance now
  Express.co.uk
  THE summer holidays will arrive sooner than you think, so time is running out to put all your plans in place. By Harvey Jones. PUBLISHED: 11:18, Wed, May 4, 2016 | UPDATED: 11:28, Wed, May 4, 2016 ...
  
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• AXA’s Q1 Revenue Rises 1% on Higher P&C Premiums

  04-05-2016 12:17
  
  AXA SA, France’s largest insurer, said first-quarter revenue gained 1 percent, helped by higher prices and volumes from property & casualty operations especially in Germany, the U.K. and faster-developing nations like Turkey. Sales rose to 31.8 billion euros ($36.6 billion) …
  
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• Japanese Insurers Expected to Continue U.S. Spending Spree: Investment Bankers

  04-05-2016 11:55
  
  Japanese insurers made more than $18 billion worth of acquisitions in the U.S. last year, and their spending spree isn’t over yet, industry dealmakers said on Tuesday. Japan has a number of large, healthy insurers facing dim growth prospects at …
  
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• Wholesale Broker tKg Names R-T Specialty’s Havermann to Head Transportation

  04-05-2016 11:30
  
  Phoenix-based tKg Wholesale Brokerage has hired Edward T. Havermann, III, as vice president of its transportation division. Havermann will be responsible for building a national transportation practice for the firm. Havermann joins tKg from R-T Specialty, where he most recently …
  
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• Fitch Affirms Standard Insurance Limited at 'AA(zaf)', Withdraws Ratings - Reuters

  04-05-2016 11:15 via reuters.com
  
  Fitch Affirms Standard Insurance Limited at 'AA(zaf)', Withdraws Ratings
  Reuters
  (The following statement was released by the rating agency) LONDON, May 04 (Fitch) Fitch Ratings has affirmed Standard Insurance Limited's (SIL) National Insurer Financial Strength (IFS) rating at 'AA(zaf)'. The Outlook is Stable. SIL is the non-life ...and more »
  
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• Specialist Broker Capsicum Re Launches in Latin America; Operation Led by Smith

  04-05-2016 11:02
  
  Capsicum Re, the specialist reinsurance broker, announced it has launched Capsicum Re Latin America (CRLA). “This is a major step in Capsicum Re’s strategy to become a full service, international, challenger reinsurance broker,” said the company, adding that the unit …
  
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• Catholic United Financial Goes Live Using FAST's Insurance Components on the Cloud - Business Wire (press release)

  04-05-2016 11:00 via businesswire.com
  
  Catholic United Financial Goes Live Using FAST's Insurance Components on the Cloud
  Business Wire (press release)
  EDISON, N.J.--(BUSINESS WIRE)--FAST, a leading provider of componentized software for the life and annuity industry, announced today that Catholic United Financial, a fraternal insurance organization located in St. Paul, MN, has recently gone live on ...and more »
  
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• AXA to Sell Its UK Life and Insurance Business - Wall Street Journal

  04-05-2016 10:40 via wsj.com
  
  Wall Street Journal
  AXA to Sell Its UK Life and Insurance Business
  Wall Street Journal
  PARIS—French insurer AXA SA AXAHY -5.70 % is in talks to sell its entire U.K. life and savings business for about 650 million pounds ($952 million), as the French insurer continues its withdrawal from parts of Europe plagued by sluggish growth. AXA ...and more »
  
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• Update: Canadian Wildfire Rages, Leading to Evacuation of 80,000 People

  04-05-2016 10:32
  
  Fire raged unchecked through the Canadian city of Fort McMurray overnight as authorities raced to complete the evacuation of its population of 80,000, fearful that hot, dry winds forecast for Wednesday would further fan the flames. About 44,000 people were …
  
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• Canada Province of Alberta Orders Evacuation of Entire City as Wildfire Advances

  04-05-2016 10:32
  
  The Canadian province of Alberta raced to evacuate the entire population of Fort McMurray where an uncontrolled wildfire was taking hold in the heart of the country’s oil sands region, with dry winds forecast for Wednesday that could fuel the blaze. Alberta appealed …
  
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• Buffett Has No Love for High-Priced Money Managers; Says Even a President Trump Couldn’t Derail U.S. Economy

  04-05-2016 08:04
  
  Warren Buffett’s biggest investment tip: Be wary of fees. At the annual meeting of his Berkshire Hathaway Inc., the billionaire warned about the enduring risk of derivatives, defended stocks in his portfolio and signaled that some of the company’s biggest …
  
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• Q1 Saw Rate Decreases Continue in Commercial P/C: The Council

  04-05-2016 08:02
  
  Commercial property/casualty rates decreased across all size accounts in the first quarter of 2016, continuing a trend that has been evident since the first quarter of 2015. This year, first quarter rates decreased by an average of 3.7 percent. According …
  
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• Medical Errors Now Third Leading Cause of Death in the U.S.: Study

  04-05-2016 08:00
  
  Medical errors in the U.S. account for more than 250,000 deaths per year, which makes them the third leading cause of death in the country, according to researcher at the Johns Hopkins University School of Medicine. Johns Hopkins patient safety …
  
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• CNA Reports Mixed Bag in Q1 Results; Profit Falls But Combined Ratios Improve

  04-05-2016 08:00
  
  CNA Financial Corp.’s first three months of 2016 produced a mixed bag of results. Fallout from a 2010 agreement to cede asbestos and environmental pollution liabilities to National Indemnity Co. also caused some financial pain. The Chicago-based carrier reported plunging …
  
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• Stomach Bug Outbreak Hits 97 Disney Cruise Passengers

  04-05-2016 07:58
  
  The Centers for Disease Control and Prevention is investigating an outbreak of a stomach bug aboard the Disney Wonder cruise ship last week. The CDC says that 92 passengers and 5 crew members reported falling ill. The ship had almost 2,700 …
  
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• Asbestos Confirmed at West Virginia University

  04-05-2016 07:44
  
  A West Virginia University official says test results at the WVU Coliseum confirm the presence of asbestos in materials that were exposed during recent construction activities. WVU Environmental Health and Safety John Principe said the material discovered April 29 was …
  
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• Florida Business Owner Arrested for $300K Workers’ Comp Scheme

  04-05-2016 07:38
  
  An owner of a construction company in Orlando, Florida. is being charged with workers’ compensation premium fraud and engaging in an organized scheme to defraud, according to a statement from the Florida Department of Financial Services. Chief Financial Officer Jeff …
  
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• IMA Financial Group Acquires Waldman Bros in Dallas

  04-05-2016 07:22
  
  The IMA Financial Group Inc. has acquired Waldman Bros, a Dallas-based insurance brokerage offering commercial insurance solutions, employee benefits and high-net-worth private client insurance expertise. The subsidiary IMA | Waldman is a Dallas-based division with nearly 70 employees and combines …
  
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• South Carolina Issues Data Call of Risk Mitigation Policy Discounts

  04-05-2016 07:20
  
  The South Carolina Department of Insurance (SCDOI) has issued a data call for property and casualty insurers writing residential property in the state in an effort to inform South Carolina’s coastal homeowners of the discounts available for performing risk mitigation …
  
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• Gulf States Fighting Metal Thefts from Ag Operations

  04-05-2016 07:03
  
  A new group trying to reduce metal theft from agriculture operations in Mississippi, Louisiana and Arkansas. Mississippi Secretary of State Delbert Hosemann said his office is creating a Mississippi Delta Agricultural Theft Task Force to connect law enforcement agencies, scrap …
  
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• New Mexico's Preventative Analytics Strategy Keeps Unemployment Insurance Fraud at Bay - Government Technology

  04-05-2016 06:48 via govtech.com
  
  Government Technology
  New Mexico's Preventative Analytics Strategy Keeps Unemployment Insurance Fraud at Bay
  Government Technology
  Since the state's Workforce Solutions Department launched a strategy that marries predictive analytics with behavioral science techniques, it has seen a 40 percent reduction in the likelihood to commit fraud. by Julia McCandless / May 3, 2016. New ...and more »
  
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• What's your sales process: Are you a hunter, a gatherer or a sniper?

  04-05-2016 06:00
  
  Agency veterans can transition into a “targeting” role more suited to big-picture experience
  
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• The New ERM Challenge

  04-05-2016 06:00
  
  Our industry focuses to a great extent on identifying and mitigating risks, whether it's transferring risk in an individual policy or the big-picture approach of enterprise risk management.
  
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• The importance of good news

  04-05-2016 06:00
  
  At RIMS, I couldn't help but feel a distinct sense of trepidation among a lot of the industry figures I spoke with, a vague feeling of uneasiness.
  
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• The big build-up

  04-05-2016 06:00
  
  Changing city skylines tell the story: construction activity is creating opportunity for carriers and brokers alike.
  
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• Profiling insurance pros under 40: Philip B. Wise, CIC

  04-05-2016 06:00
  
  How the senior vice president for Insgroup in Houston transitioned from an ice cream distribution company to selling insurance.
  
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• Insurers Lower 2016 Targeted Returns

  04-05-2016 06:00
  
  Insurers across all sectors—Property & Casualty, Life/Annuity and Health—shared their views on a range of topics from the economy to industry competition in A.M. Best's Winter 2015/2016 Insurance Industry Survey.
  
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• Insurers’ direct repair programs enhance consumer welfare

  04-05-2016 06:00
  
  Compared to repairs performed using non-DRP shops, the time from filing a claim to repair is typically shortened by about five to seven days.
  
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