Insurance news

• Zurich Insurance surges as net income beats estimates on overhaul

  12-05-2016 22:20
  
  Shares of Zurich Insurance Group AG headed for the biggest gain in more than four years after Switzerland’s biggest insurer posted a first-quarter profit that beat analyst expectations.
  
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• U.S. Judge Nixes Obamacare Funds to Insurers for Lower Income Insureds; Administration to Appeal

  12-05-2016 21:17
  
  A U.S. judge on Thursday handed a victory to congressional Republicans who challenged President Barack Obama’s signature healthcare law, ruling that his administration overstepped its constitutional powers relating to government spending. U.S. District Judge Rosemary Collyer, based in Washington, ruled …
  
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• Airport's 'parachute jumping' policy exclusion leaves injured thrill-seeker without coverage

  12-05-2016 20:00
  
  Jumping out of a perfectly good airplane can cause bodily injury, depending on where you land, but is it covered?
  
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• Maine Insurers Request Double-Digit Rate Hikes Under Health Care Law

  12-05-2016 18:59
  
  Insurers are seeking significant premium hikes under President Barack Obama’s health care law in the coming year in Maine. Proposals filed with the Maine Bureau of Insurance would raise individual plan premiums between 14 percent and 23 percent in 2017 …
  
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• Eastern Insurance Acquires BBS Employee Benefits in Massachusetts

  12-05-2016 18:44
  
  Eastern Insurance Group LLC, a Natick, Massachusetts-based independent agency, announced that it has acquired BBS Employee Benefits in Newton, Massachusetts. Terms of the transaction were not disclosed. Founded in 2002, BBS Employee Benefits provides design, implementation and administration services for …
  
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• Wisconsin Appeals Court: Police Can Release Full Accident Reports

  12-05-2016 18:35
  
  A Wisconsin state appeals court says police can release full accident reports without violating federal law but must black out information taken directly from driver records in incident reports. The decision stems from a lawsuit the New Richmond News filed …
  
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• 2 Dead, at Least 10 Hurt as Storms Move into Ohio River Valley

  12-05-2016 18:33
  
  Bad weather moved into the Ohio River Valley on May 10 after a series of powerful storms hit the Plains, including tornadoes that destroyed homes and left two people dead in Oklahoma. National Weather Service meteorologist Rick Smith said the …
  
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• Hundreds Arrested in Michigan Drunken Driving Crackdown

  12-05-2016 18:30
  
  Law enforcement officers in Michigan arrested more than 560 motorists for drunken driving during a stepped-up enforcement effort earlier this year. The Michigan Office of Highway Safety Planning on May 4 announced results of the “Drive Sober or Get Pulled …
  
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• Great American Insurance Acquires Service Lloyds Texas Nonsubscription Business

  12-05-2016 18:24
  
  Great American Insurance Group and Service Lloyds Insurance Co. announced the acquisition of Service Lloyds’ Texas nonsubscription book of business by Great American. The acquisition was effective April 29, 2016. The subject business represents approximately $5 to $7 million in …
  
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• Ohio Insurer Group: April Storm Losses Estimated at $52.6–57.8M

  12-05-2016 18:17
  
  The Ohio Insurance Institute reports that an early April storm that caused significant property losses in Ohio and several other states, caused as much as $57.8 million in insured losses in Ohio alone. According to the OII and Property Claim …
  
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• Hallstrom Appointed Assistant VP, Cyber Insurance at CNA

  12-05-2016 18:02
  
  Chicago-based insurer, CNA, has appointed David Hallstrom to assistant vice president and industry leader, Cyber Insurance. In this role, Hallstrom is responsible for CNA cyber product management. He reports to Katie Wilson, vice president, General Liability and Cyber Underwriting. Hallstrom has …
  
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• 2 Charged with Insurance Fraud in Oklahoma Buried Truck Case

  12-05-2016 17:59
  
  Two Oklahoma men accused of burying a pickup truck that was later reported stolen are now charged with insurance fraud. Arrest warrants have been issued for Robert Campbell II, 49, of Langley and Larry Ezell, 25, of Vinita, the Oklahoma …
  
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• Colorado Marijuana Businesses Sued After Fatal Shooting

  12-05-2016 17:35
  
  The family of three boys filed a lawsuit against two recreational marijuana businesses after a shooting that left their mother dead and their father charged with murder. The lawsuit claims companies that made a type of marijuana-infused candy and sold …
  
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• Why agencies should focus on e-mail before social media

  12-05-2016 17:30
  
  A majority of consumers prefer hearing from their service providers through e-mail compared with social media platforms.
  
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• Large Staged Collision Insurance Fraud Ring in California Busted

  12-05-2016 17:15
  
  Detectives from the California Department of Insurance arrested more than two dozen people on multiple felony counts of insurance fraud for allegedly staging auto collisions to scam more than four insurance companies out of tens of thousands of dollars. The …
  
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• Arbitrator Dismissed in Latest Twist in AmTrust Bribery Case Against Italian Broker

  12-05-2016 17:06
  
  An arbitrator in Milan was removed by an Italian judge on concerns he couldn’t be impartial after AmTrust Financial Services Inc. sued him, claiming he’d been bribed to force the U.S. company to pay hundreds of millions of dollars to settle a …
  
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• Arbiter Dismissed in Latest Twist in AmTrust Bribery Case Against Italian Broker

  12-05-2016 17:06
  
  An arbitrator in Milan was removed by an Italian judge on concerns he couldn’t be impartial after AmTrust Financial Services Inc. sued him, claiming he’d been bribed to force the U.S. company to pay hundreds of millions of dollars to settle a …
  
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• Lyft Raises Offer to Drivers to $27M in Contractors V. Employees Suit

  12-05-2016 17:04
  
  Lyft Inc. raised its proposed payout to 163,000 California drivers to $27 million in their lawsuit to be treated as employees rather than contractors. The revised settlement comes after a San Francisco federal judge rejected an earlier $12.5 million offer, saying …
  
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• Selling Health Insurance Across State Lines Sounds Good, But Is It? - NPR

  12-05-2016 16:49 via npr.org
  
  NPR
  Selling Health Insurance Across State Lines Sounds Good, But Is It?
  NPR
  Presidential candidates like to float solutions to long-standing problems. Making those solutions stick is another thing altogether. When it comes to health care, the enactment of the Affordable Care Act, rather than tamping down chatter about how to ...and more »
  
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• Massachusetts Mine Operator to Pay $180K to Resolve Safety Violations

  12-05-2016 16:45
  
  The U.S. Department of Labor’s Mine Safety and Health Administration (MSHA) announced Wednesday a global settlement with Worcester Sand and Gravel Company Inc., of Shrewsbury, Massachusetts, to resolve citations and orders in three separate dockets. An administrative law judge with …
  
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• Fry Promoted to Senior VP Specialty Programs at QBE North America

  12-05-2016 16:44
  
  QBE North America said it has promoted Erin Fry to senior vice president and underwriting leader for its Specialty Programs division. Fry will be responsible for the strategic underwriting plan for QBE specialty products delivered through the managing general agency …
  
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• Zurich Insurance, Generali Both Post Profit Falls But Investors React Differently - Wall Street Journal

  12-05-2016 16:34 via wsj.com
  
  Wall Street Journal
  Zurich Insurance, Generali Both Post Profit Falls But Investors React Differently
  Wall Street Journal
  Two of Europe's biggest insurers posted sharp declines in first-quarter profit. But while investors looked beyond Zurich Insurance Group AG ZURVY -0.86 % 's shortfall, they punished Italy's Assicurazioni Generali G -1.11 % SpA. One reason for the ...
  Zurich Insurance posts $875 million Q1 net profit, beats pollCNBC
  Zurich Insurance first-quarter profit downBusiness Insurance
  
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• Pennsylvania Federal Judge Dismisses Parks Lawsuit Against Tyson Foods

  12-05-2016 16:24
  
  This lawsuit over hot dogs failed to cut the mustard. A federal judge threw out a lawsuit accusing Tyson Foods Inc and its Hillshire Brands unit of infringing a trademark belonging to the maker of Parks’ sausages when they used …
  
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• Number of Dog Bite Insurance Claims Falls But Average Claim Rises to $37K

  12-05-2016 16:09
  
  The cost of dog-bite claims for U.S. insurers climbed 16 percent last year on higher medical expenses and larger settlements to resolve court disputes. The average claim increased to $37,214 in 2015 from $32,072 a year earlier, according to the …
  
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• Six ways your windshields will change soon

  12-05-2016 16:00
  Windshields are being fabricated with stronger, thinner and more lightweight materials, and can be used as an interface to run entire IoT systems.
  
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• 6 ways your windshields will change soon

  12-05-2016 16:00
  
  Windshields are being fabricated with stronger, thinner and more lightweight materials, and can be used as an interface to run entire IoT systems.
  
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• Why Independent Agents Went to Capitol Hill to Lobby

  12-05-2016 15:50
  
  Independent insurance agents and brokers from all 50 states convened in Washington, D.C., last month for the Big “I” Legislative Conference. Our members met with almost every U.S. Senate and House office to discuss the association’s top legislative priorities. Here’s …
  
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• How to mitigate risk in the supply chain

  12-05-2016 15:15
  
  Having a viable contractor verification system makes all the difference in keeping your company out of the line of fire if something goes wrong.
  
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• Usage-Based Auto Insurance, Slow at First, Picking Up Speed

  12-05-2016 14:37
  
  Global use of usage-based auto insurance will explode in the next seven years, a new industry analysis asserts. IHS Inc.’s IHS Automotive predicts that 142 million customers will sign up globally for the telematics-infused policies by 2023, up from nearly 12 million …
  
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• 9 tips for staying safe on a motorcycle

  12-05-2016 14:30
  
  May is Motorcycle Safety Awareness Month. Here are some safety tips for new motorcyclists and veteran riders.
  
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• AIG Chairman Defends Keeping Both Life and P/C Insurance Units

  12-05-2016 14:22
  
  American International Group Inc., which is shrinking under pressure from activist investors, is committed to retaining operations in both life insurance and property/casualty coverage, Chairman Doug Steenland said. “We remain of the view that that is the right long-term position …
  
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• Goldman Sachs Says Insurers Need Hedge Funds to Diversity Investments

  12-05-2016 14:13
  
  Mike Siegel, who oversees about $190 billion at Goldman Sachs Group Inc.’s asset-management arm, said insurers should stick with hedge funds even after their recent slump, because the industry needs investing strategies beyond low-yielding bonds. “All asset classes have their …
  
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• Generali Forms Global Business Lines & International Unit; de Courtois to Lead

  12-05-2016 13:18
  
  Assicurazioni Generali has formed a new operational division called Global Business Lines & International, which will be led by Frédéric de Courtois who is moving from AXA Italy in September. The new unit incorporates the existing Global Business Lines unit …
  
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• Aon Signs $1.3B Pension ‘De-Risking’ Deal with UK’s Pension Insurance Corp.

  12-05-2016 12:18
  
  Pension Insurance Corp. agreed to insure 900 million pounds ($1.3 billion) of Aon Plc’s Retirement Plan in the U.K. as the world’s second-largest insurance broker seeks to reduce risk. The agreement with Aon covers the majority of the pension fund’s …
  
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• Great American Insurance Establishes Specialty P&C Division in Mexico

  12-05-2016 12:04
  
  Great American Insurance Group announced today that the Mexican Insurance Commission has granted formal approval to extend the license of its local company, El Águila Compañía de Seguros, S.A. de C.V., to establish a specialty property & casualty operation in …
  
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• W.R. Berkley Forms Berkley Insurance Asia, Naming Gangadharan CEO, Yip as COO

  12-05-2016 11:23
  
  W.R. Berkley Corp. announced the formation of Berkley Insurance Asia. Shasi Gangadharan has been named chief executive officer and Aaron Yip has been appointed chief operating officer. The appointments are effective immediately. This new operating unit will begin offering specialty …
  
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• Generali Profit Drops 14% to $672M on Lower Income from Life Business

  12-05-2016 10:55
  
  Assicurazioni Generali SpA, Italy’s biggest insurer, said first-quarter profit fell 14 percent on lower income from its life insurance business and after record capital gains from last year weren’t repeated. Net income declined to 588 million euros ($672 million) from …
  
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• Zurich’s Q1 Net Income Down 28% to $875M, Beating Analysts’ Expectations

  12-05-2016 10:26
  
  Zurich Insurance Group AG, Switzerland’s biggest insurer, posted a first-quarter profit that beat analysts’ expectations as Chief Executive Officer Mario Greco continues the overhaul of its biggest unit. Net income fell 28 percent to $875 million from $1.22 billion a …
  
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• Venture Insurance Adds New Market to Hunting, Fishing Resort Industry Program

  12-05-2016 07:24
  
  Venture Insurance Programs, a national insurance program administrator, has added Allied World Assurance Company (AWAC) as a new market for its SPORTSMAN program, which serves hunting and fishing resorts, lodges and private clubs. AWAC will serve as an additional carrier …
  
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• Manchester Specialty to Offer Allied Health Business Program Through Great American

  12-05-2016 07:11
  
  Manchester Specialty Programs, a national specialty underwriting and insurance program management firm for home care, hospice and other health-related classes, is now offering allied health business insurance coverage on an admitted basis through Great American Insurance Group. Great American’s suite …
  
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• Police Investigate 6th Home Burglary, Arson in Central Kentucky

  12-05-2016 06:38
  
  A house north of Richmond has become the sixth home in Central Kentucky that state police think were recently burglarized and then set on fire. Trooper Robert Purdy told news outlets that a Madison County home received a “fair amount …
  
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• Fire at North Carolina Kennel Kills 25 Dogs

  12-05-2016 06:31
  
  Twenty-five dogs have died in North Carolina after a kennel caught fire. No. 7 Township Fire Chief Travis Blalock tells local media that the fire started just before 4 a.m. Monday at Lynaire Kennels and Crematory in New Bern, a …
  
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• Students at University of North Carolina Evacuated from Sinking Apartments

  12-05-2016 06:28
  
  Some students at the University of North Carolina Charlotte had to move out of off-campus apartments right before final exams because of construction issues. Multiple media outlets reported more than 100 students had to move over the weekend after concerns …
  
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• Edison Insurance Launches Online Quoting System for Florida Homeowners Coverage

  12-05-2016 06:00
  
  Edison Insurance Co. has launched an online quoting system that offers specific premium quotes for homeowners insurance coverage in Florida. According to Clint Strauch, Edison Insurance president and co-founder, Edison has developed a system that allows potential policyholders to obtain …
  
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• ATF: 2013 Fire at Texas Fertilizer Plant Intentionally Set

  12-05-2016 00:50
  
  The Houston Field Division of the federal Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) announced that the fire that caused an explosion that took the lives of 15 people at the West Fertilizer Co. plant in West, Texas, two years ago was …
  
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