Insurance news

• Leavitt Group in Utah Names Woolsey VP of Personal Lines

  05-05-2016 23:45
  
  Leavitt Group in Utah has named Rachael Woolsey vice president of personal lines. Woolsey worked for MetLife prior to Leavitt Group for nearly 17 years counseling independent agencies and serving in a variety of capacities. Her experience includes helping independent …
  
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• Nevada Worker Fired For Not Accepting Scientology, Suit Says

  05-05-2016 23:39
  
  A Catholic woman fired from her job at a bottled water company led by a Nevada lawmaker has filed a federal lawsuit against the business, saying she was pressured to watch videos on Scientology and was denied pay raises because …
  
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• Earthquake Resilience Topic at Southern California Conference

  05-05-2016 23:24
  
  Most people aren’t prepared for the big one. If there was one common theme at a three-day earthquake conference in downtown Long Beach, Calif., that was it. The National Earthquake Conference, which runs through Friday, is a quadrennial event bringing …
  
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• Loeb's Third Point reinsurer posts fourth loss in seven quarters

  05-05-2016 22:44
  
  Third Point said in a letter to shareholders last month that the quarter was one of the most “catastrophic periods” for hedge funds since the firm was founded.
  
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• Worldwide Facilities Acquires Sloan Mason in California

  05-05-2016 22:22
  
  Worldwide Facilities LLC has agreed to acquire San Diego, Calif.-based Sloan Mason Insurance Services. Paul Mason, founder and president, and his team will join Worldwide Facilities. Mason will assume a leadership position as executive vice president with Worldwide Facilities in …
  
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• Alberta wildfires set to be largest Canadian disaster for insurers

  05-05-2016 20:43
  
  The wildfires spreading around Canada’s oil-sands hub of Fort McMurray may become the costliest catastrophe in the country’s history with losses potentially reaching $7.3 billion.
  
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• Alberta wildfires set for largest Canadian disaster for insurers

  05-05-2016 20:43
  
  The wildfires spreading around Canada’s oil-sands hub of Fort McMurray may become the costliest catastrophe in the country’s history with losses potentially reaching $7.3 billion.
  
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• Greenberg says steer clear of wounded animals as rivals falter

  05-05-2016 19:01
  
  Evan Greenberg, who built one of the world’s largest insurers by combining Ace Ltd. and Chubb Corp. this year, sought to portray the merged company as a more stable alternative than hobbled rivals who are seeking to rebound.
  
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• As Once-Mighty Politician Gets Prison, Albany Moves On

  05-05-2016 19:00
  
  As former New York Assembly Speaker Sheldon Silver was being sentenced to 12 years in prison for corruption, many of the politicians he once served with were passing legislation to outlaw commercial bass fishing in the Hudson River. Significant proposals …
  
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• The Hanover’s Q1 Net Income Jumps 42% to $78M

  05-05-2016 18:58
  
  The Hanover Insurance Group Inc. reported net income of $78.2 million for the 2016 first quarter, a 42 percent increase from net income of $54.9 million in the first quarter of 2015. The latest earnings benefited from lower catastrophe losses. …
  
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• 'Fire refugees' flee Alberta town with flames lapping at wheels

  05-05-2016 18:25
  
  More than 80,000 people have been forced to flee their homes as wildfires tore through a northern Alberta community, reducing entire neighborhoods to ash.
  
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• New Jersey Shore Towns Challenge Sand Dunes Plan as Storms Gather

  05-05-2016 18:14
  
  New Jersey Governor Chris Christie’s warning of Hurricane Sandy-like destruction of the shore will be tested as the worst storm season in three years approaches and beachfront homeowners delay his building protective dunes along all 127 miles of the state’s …
  
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• JLT Re Enters U.S Mortgage Insurance Market

  05-05-2016 18:11
  
  Reinsurance broker JLT Re has launched a new operation in North America – JLT Re Global Mortgage Solutions — to offer  insurance and reinsurance to government-sponsored entities, mortgage insurers, mortgage lenders and builders. Steve Rance has been appointed executive vice …
  
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• Settlement Reached Over Kansas Discrimination Claim

  05-05-2016 17:41
  
  Saline County in Kansas and a former interim director of the Saline County Health Department have reached a $75,000 settlement over a sexual discrimination claim. The Salina Journal reported the county said that it denied liability associated with the claim, …
  
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• Boston Duck Tours Says Driver in Crash Had ‘Exemplary’ Record

  05-05-2016 17:39
  
  Boston Duck Tours says the driver of the amphibious sightseeing vehicle that collided with a scooter in Boston, killing a woman, had an “exemplary record” during his six years with the company. A Boston Duck Tours spokesman said in a …
  
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• Natural Disaster Losses Hit Five-Year High in April: Aon Catastrophe Report

  05-05-2016 17:18
  
  The global economy suffered the worst April natural disaster losses for five years, according to Impact Forecasting, Aon Benfield’s catastrophe model development team. Earthquakes, convective storms and flooding contributed to the worldwide devastation, said Impact Forecasting, noting that a significant proportion of …
  
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• Main Street America Promotes Osman; Appoints 4 Officers

  05-05-2016 16:56
  
  The Main Street America Group announced the promotion of one company officer to assistant vice president and the appointment of four new company officers, all of whom will be an assistant secretary of the super-regional property/casualty insurance carrier. They are: …
  
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• USI Insurance Acquires Hanratty & Associates in Minnesota

  05-05-2016 16:51
  
  USI Insurance Services has acquired Hanratty & Associates Inc. in Plymouth, Minn. The employees will remain at their current Plymouth location. Terms of the deal were not disclosed. Hanratty & Associates has been providing employee benefits and consulting for nearly …
  
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• Ferragamo SpA Sues Ex-Los Angeles Rams QB Over Winery Name

  05-05-2016 16:42
  
  Salvatore Ferragamo SpA, the Italian luxury goods maker, on Wednesday sued former Los Angeles Rams football quarterback Vince Ferragamo, saying he infringed its trademarks by operating his namesake winery in southern California. Consumers are likely to be confused into thinking …
  
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• U.S. Insured Catastrophe Losses from 13 Events in Q1 Add Up to Worst in Decade

  05-05-2016 16:39
  
  Catastrophe activity in the U.S. led to $3.8 billion in insured losses in 29 states during the 2016 first quarter, with much of the damage hitting Texas. Those events were the worst in a decade in terms of frequency and …
  
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• Judge Rejects Uber’s Independent Contractors Claim in Sex Attacks Suit

  05-05-2016 16:36
  
  Uber Technologies Inc.’s denial of responsibility for sexual assaults by drivers failed to derail a lawsuit brought by two women who say they were attacked last year. A San Francisco federal judge on Wednesday rejected the company’s claim that it …
  
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• Takata Ordered to Expand Recall in U.S. to 40 Million Air Bags

  05-05-2016 16:01
  
  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 and putting more pressure on the troubled parts …
  
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• Gallagher’s Artex Acquires Quest Holdings (Gibraltar), Expanding Europe Foothold

  05-05-2016 14:48
  
  Bermuda-based Artex Risk Solutions announced that it has acquired Quest Holdings (Gibraltar) Ltd., the largest insurance manager in Gibraltar. Founded in 2004, Quest specializes in providing services to insurance companies in Gibraltar as well as establishing a European Union domicile, …
  
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• U.S. Consumer Rules Would End Mandatory Arbitration Clauses That Limit Class Actions

  05-05-2016 14:30
  
  A U.S. consumer watchdog on Thursday proposed new rules to block credit card companies, banks and other companies from forcing customers to waive their rights to join class action lawsuits and only settle disputes through arbitration. The Consumer Financial Protection …
  
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• Panama Papers hack sheds light on law firms' cyber risk management

  05-05-2016 14:15
  A network security company speculates that the amount of data stolen from Mossack Fonseca would have taken nine full days to remove.
  
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• Loss-of-value policies pose coverage questions after NFL draft

  05-05-2016 14:00
  
  Insuring against career-ending sports injuries is popular for today’s athletes
  
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• Meteorologists Retire Names of Deadly Erika, Joaquin, Patricia

  05-05-2016 13:59
  
  The organization that names tropical storms and hurricanes says it will retire the names Erika, Joaquin and Patricia following the 2015 season. The World Meteorological Organization announced this week that Elsa and Julian will be used for future storms in …
  
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• A deluge of geolocation data is coming. Are you prepared?

  05-05-2016 13:45
  
  GPS devices provide geolocation data easily, but insurers are only beginning to use such information.
  
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• RSA Turnaround ‘Complete’ with Cost Cuts & Non-Core Disposals on Track: CEO

  05-05-2016 13:39
  
  RSA Insurance Group Plc Chief Executive Officer Stephen Hester says the company, which was the subject of an abandoned 5.6 billion-pound ($8.1 billion) takeover offer, is now much more valuable for any future owner. The insurer reported on Thursday an …
  
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• Marketing automation can lead to more agent opportunity

  05-05-2016 13:30
  
  A marketing automation tool is behind-the-scenes software that creates, customizes and sends marketing messages to your target audiences.
  
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• 5 things to do to prepare for tornado season

  05-05-2016 13:00
  The 2016 tornado season is well underway ― and it looks to be a busy one.
  
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• How Driverless Cars Could Disrupt Investors

  05-05-2016 12:48
  
  The development of self-driving cars is a good example of how, and why, the future may be a less profitable place for investors. Volvo Cars, one of scads of technology and automotive firms working along the same lines, last week …
  
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• London Company Market Concerned About Loss of Single Passport if UK Exits EU

  05-05-2016 12:43
  
  Membership of the European Union provides insurers with substantial benefits and London Market companies would be significantly damaged if they were lost, according to the International Underwriting Association (IUA). “The EU financial services passport allows firms based in London to …
  
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• IUA Members Concerned About Loss of ‘Single Passport’ if UK Exits EU

  05-05-2016 12:43
  
  Membership of the European Union provides insurers with substantial benefits and London Market companies would be significantly damaged if they were lost, according to the International Underwriting Association (IUA). “The EU financial services passport allows firms based in London to …
  
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• Health Insurers Next on Justice Department’s Antitrust Agenda

  05-05-2016 12:38
  
  Bill Baer was the ultimate Washington antitrust insider when he came to the Justice Department in 2013: At law firm Arnold & Porter LLP, he’d counseled the biggest U.S. companies, including deal machine General Electric Co., on getting mergers over …
  
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• CSC Completes Acquisition of UK’s Xchanging

  05-05-2016 12:18
  
  CSC, the TYSONS, Va.-based technology solutions and services provider, announced it has completed the acquisition of Xchanging plc. “CSC and Xchanging together will create a leader in technology and business process services for the global insurance industry, significantly expanding CSC’s …
  
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• MAPFRE Appoints Tamayo as CEO of International; Castelo Named CEO of US Unit

  05-05-2016 11:41
  
  Madrid-based MAPFRE S.A. has promoted Jaime Tamayo as CEO of the international territorial area.  In his new responsibilities, Tamayo will oversee three regions at MAPFRE: the North America region; the EMEA region, comprising Europe, Middle East and Africa, and the …
  
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• Alberta Wildfire Could Become Canada’s Costliest Natural Catastrophe

  05-05-2016 10:33
  
    A wildfire in the Alberta city of Fort McMurray is set to become the costliest ever Canadian natural disaster for insurers, with 1,600 buildings destroyed and another 19,000 under threat, analysts and industry sources say. The bill for insurers …
  
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• Tennessee Bill Allowing College Employees to be Armed Becomes Law

  05-05-2016 07:39
  
  A bill allowing staff and faculty at Tennessee’s public colleges and universities to be armed on campus became law Monday without the Republican governor’s signature. Gov. Bill Haslam said in a statement that he disagreed with the bill for not …
  
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• Officials: 9 Tornadoes in Oklahoma, Arkansas Last Week

  05-05-2016 07:26
  
  Meteorologists have identified tornado damage in Muskogee County nearly a week after a string of at least nine weak tornadoes across northeastern Oklahoma and Arkansas. The Tulsa World reports that the National Weather Service confirmed that a tornado touched down …
  
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• Kentucky Police Investigate Connection Between Home Burglaries, Fires

  05-05-2016 07:16
  
  Kentucky State Police say they are investigating three house fires that occurred after the homes were burglarized. Police said in a statement that they think the cases are related and believe the blazes are the result of arson. The statement …
  
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• Up to 15,000 Policies Approved for Removal from Citizens by Florida

  05-05-2016 07:10
  
  The Florida Office of Insurance Regulation (OIR) has approved the removal of up to 15,000 personal residential policies from Citizens Property Insurance Corp. for the July 19, 2016 take-out period. The following company has been approved to participate: Southern Oak …
  
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• Oklahoma Workers’ Comp Overhaul Takes Another Hit

  05-05-2016 07:09
  
  The Oklahoma Supreme Court dealt another blow to the state’s 2013 workers’ comp overhaul by finding unconstitutional a provision of the Oklahoma Administrative Workers’ Compensation Act pertaining to the deferral of permanent partial disability benefits. Several recent rulings have represented …
  
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• Texas Insurer Group Awards Scholarships to 27 Students

  05-05-2016 07:08
  
  The Insurance Council of Texas (ICT) Education Foundation recently awarded a total of $32,000 in academic scholarships to 27 insurance and risk management students at six Texas universities. The students attend Huston-Tillotson University, Texas Southern University, the University of Texas …
  
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• Ironshore Appoints Nariño to Head Latin American Surety Lines Out of Miami

  05-05-2016 07:01
  
  Ironshore Inc. announces that Adriana Nariño has joined as head of Surety for the Latin American Group, expanding capabilities for this specialty sector within the region. Narińo has more than 20 years’ experience in underwriting surety coverages for global insurance …
  
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• Roamnet in California Names Manzo Director of Marketing

  05-05-2016 02:46
  
  Roamnet Insurance Marketing in Ontario, Calif. has named Rusty Manzo director of marketing. He reports directly to Anthony Amorelli, president. Manzo will be responsible for new business development and will bring his expertise to existing Roamnet agents and brokers. Manzo …
  
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• J&J Faces 1K More Talc-Cancer Suits After Verdict for South Dakota Woman

  05-05-2016 02:34
  
  Johnson & Johnson must pay $55 million to a 62-year-old South Dakota woman who blamed her ovarian cancer on the company’s talcum powder in the second such trial loss this year. J&J is accused in more than 1,000 lawsuits in …
  
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• Arraignment Set for Former California agent in Decade-Long Scheme

  05-05-2016 02:26
  
  Valerie Ann Verdugo, 38, of Bakersfield, Calif., is scheduled to be arraigned Wednesday on felony insurance fraud charges for obtaining insurance coverage without paying the carrier on those policies for more than a decade. Verdugo, a licensed agent, surrendered herself …
  
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• LCTA in Louisiana and Prime Occupational Medicine Form Partnership

  05-05-2016 00:26
  
  Baton Rouge, La.-based LCTA Workers’ Comp and Prime Occupational Medicine announced a partnership the firms say will not only provide greater health care resources to the employees of LCTA policyholders, but will also help reduce workers’ compensation-related medical costs for …
  
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• Los Angeles Medical Worker Nabbed for Workers’ Comp Fraud

  05-05-2016 00:01
  
  Johana Magnolia Paredes, 45, of Bellflower, Calif. was arrested by California Department of Insurance detectives on two felony counts of workers’ compensation insurance fraud after allegedly misrepresenting her injuries to collect $39,953 in disability payments that she was not entitled …
  
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