Insurance news

• America’s Claims Event: Where experts meet

  17-05-2016 21:55
  
  Some of the greatest learning takes place when peers share with peers.
  
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• Global lenders on edge as hacks embroil growing list of banks

  17-05-2016 19:49
  Bank hacks in Vietnam and Bangladesh have sparked concerns within global banks, some of which are privately pressing the Swift interbank network to shore up security at its 11,000 members.
  
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• Southwest Risk Agency Services Adds Johnson as VP, Binding

  17-05-2016 19:34
  
  Eric Johnson has joined Southwest Risk Agency Services LLC in Dallas as vice president, Binding. Southwest Risk Agency Services is a subsidiary of Southwest Risk LP. Johnson previously was with Swett & Crawford where he was vice president of the …
  
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• Alberta Wildfires Could Cost $7B with Minimal Insurer Credit Hit: Ratings Agencies

  17-05-2016 19:06
  
  The Fort McMurray wildfires, which have been raging through northern Alberta, Canada since May 1, are likely to be the costliest natural disaster in Canadian history, according to recent reports issued by catastrophe modeling firm AIR Worldwide, rating company DBRS …
  
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• Salem Five Acquires Otis Brown Insurance Agency in Massachusetts

  17-05-2016 18:58
  
  Salem Five, a banking and financial services company based in Salem, Massachusetts, announced that it has acquired Otis Brown Insurance Agency Inc. of Lexington, Massachusetts. Terms of the transaction were not disclosed. Otis Brown Insurance Agency is an independent agency …
  
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• Weed-smoking Canadian drivers dismiss danger of being high behind wheel

  17-05-2016 18:50
  
  Among Canadians who have driven under the influence of marijuana, 44% don’t think it impacts their ability to drive safely, according to a report by State Farm.
  
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• Former Wisconsin Agent Ordered to Pay to $516K in Restitution, $1M Forfeiture

  17-05-2016 18:36
  
  A former Wisconsin insurance agent has been ordered to pay more than $516,000 in restitution and a forfeiture of over $1 million for allegedly of misappropriating funds, making misrepresentations about insurance policies, and forging customer signatures on insurance documents, the …
  
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• 3.8M Quake Rattles Parts of Central Oklahoma

  17-05-2016 18:20
  
  An earthquake has rattled parts of central Oklahoma. The U.S. Geological Survey says the 3.8 magnitude earthquake was recorded at 9:59 a.m. Sunday about two miles northeast of Luther, located about 28 miles northeast of Oklahoma City in Oklahoma County. …
  
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• Changing Directions, Oklahoma Eyes Medicaid Expansion

  17-05-2016 18:18
  
  Despite bitter resistance in Oklahoma for years to President Barack Obama’s healthcare overhaul, Republican leaders in this conservative state are now confronting something that alarms them even more: a huge $1.3 billion hole in the budget that threatens to do …
  
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• Vehicle Problems Not New for Bus Company in South Texas Crash

  17-05-2016 18:16
  
  The small South Texas bus company involved in a rollover crash that killed eight people and injured 44 others had twice been ordered by Louisiana state inspectors in 2015 to take one of its buses off the road to fix …
  
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• Nebraska Church with No Alarm System Suffers $450 in Fire Damage

  17-05-2016 18:14
  
  A fire at a Scottsbluff, Neb., church earlier this month caused $450,000 damage because it burned for more than five hours before being discovered. KNEB reports firefighters increased their damage estimate for the May 8 fire at Zion Evangelical Church …
  
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• Auto insurance rose 6% in April's consumer price index

  17-05-2016 18:00
  
  An 8.1% increase in gas prices, along with higher rents, pushed CPI up 0.4% for the month.
  
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• A.M. Best Upgrades Ratings of Republic Underwriters Insurance, Affiliates

  17-05-2016 17:46
  
  A.M. Best has removed from under review with positive implications and upgraded the financial strength rating (FSR) to A (Excellent) from A- (Excellent) and the issuer credit rating (ICR) to “a” from “a-” of Republic Underwriters Insurance Co. (RUIC) (Dallas, Texas) and …
  
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• Investigators Say Amtrak Engineer Was Distracted Before 2015 Philly Crash

  17-05-2016 17:21
  
  The Amtrak engineer at the controls of a speeding train that derailed in Philadelphia last year, killing eight people, was distracted in the moments before the accident, U.S. investigators are preparing to conclude at a meeting Tuesday. The National Transportation …
  
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• Startup Embroker Raises $12.2M; Offers Firms Control Over Insurance Buying, Management

  17-05-2016 17:14
  
  Investors have given $12.2 million to fund an insurance broker offering a cloud-based risk and insurance management system for small and mid-sized businesses. The broker, Embroker, promises to empower commercial lines customers by giving them tools to buy, compare, analyze, …
  
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• California Health Inspectors Find Infection Control Lapses at 2 L.A. Hospitals

  17-05-2016 17:06
  
  California health inspectors dispatched to two Los Angeles hospitals following “superbug” outbreaks involving a hard-to-clean medical scope found numerous safety violations that appeared to put more patients at risk. The Los Angeles Times reported that the state declared an “mmediate …
  
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• Hawaii Sues Takata, Honda over Defective Air Bags

  17-05-2016 17:02
  
  The state of Hawaii is suing Japanese manufacturer Takata over defective air bags they say threaten peoples’ lives. The lawsuit filed last week in the First Circuit Court of Hawaii also names auto manufacturer Honda. Millions of Takata’s defective air bags …
  
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• Cyber's increased profile leads to more offerings and more buyers

  17-05-2016 17:00
  
  Existing Cyber customers are looking for higher limits, new customers are buying coverage, and companies of all sizes are looking for ways to transfer risk.
  
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• Cyber insurance's increased profile leads to more offerings and more buyers

  17-05-2016 17:00
  Existing Cyber customers are looking for higher limits, new customers are buying coverage, and companies of all sizes are looking for ways to transfer risk.
  
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• Uptick in Fatal Crashes Involving Marijuana in Utah

  17-05-2016 16:59
  
  Utah officials say the number of fatal car wrecks in Utah in which drivers tested positive for marijuana has more than doubled in the last three years, according to annual report from the state’s Department of Public Safety. An annual …
  
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• Arthur J. Gallagher Acquires Hogan Insurance Services

  17-05-2016 16:37
  
  Arthur J. Gallagher & Co. has acquired Hogan Insurance Services Inc., located in Westlake Village, Calif. Terms of the deal were not disclosed. Robert Hogan and his team will continue to operate in their current Westlake Village location under the …
  
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• Hanover's incoming CEO talks about challenges he's facing

  17-05-2016 16:00
  
  Joseph M. Zubretsky hopes to use experience in health insurance to guide Property & Casualty insurer.
  
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• Allstate App Helps Insureds Get Price Quotes, Schedule Car Repairs

  17-05-2016 14:16
  
  Allstate has teamed up with Openbay, an online marketplace for non-collision auto-repair and maintenance services, to allow consumers to receive multiple price quotes and schedule auto repairs for anything from an engine overhaul, to new tires, to an oil change. …
  
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• Re/Insurance CEOs Join Insurance Development Forum, UN & World Bank Initiative

  17-05-2016 14:03
  
  A group of re/insurance and global broking CEOs are assisting the work of the Insurance Development Forum (IDF), which was launched last month to help build resilience to climate risk and natural disasters, while bridging the insurance protection gap for …
  
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• California auto insurance fraud, identity theft ring broken

  17-05-2016 13:45
  More than two dozen have been charged in connection with a staged collision auto insurance fraud plus identity theft scheme.
  
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• 3 ways to optimize your financial website content

  17-05-2016 13:15
  
  You've created your website and added content. Great! Now it's time to optimize it.
  
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• 10 best large U.S. cities to start a business in 2016

  17-05-2016 13:00
  
  Clients looking to open a business this year might want to stay close to these big U.S. cities to ensure their success.
  
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• Activist Investor Icahn Buys More Shares in AIG

  17-05-2016 12:41
  
  Activist investor Carl Icahn has raised his stake in American International Group Inc. by 5.2 percent, putting him in a better position to pressure the insurer to split into three independent companies. Icahn now owns 44.4 million shares in AIG, …
  
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• Obama Administration Finalizes Rules on Company Wellness Programs

  17-05-2016 12:26
  
  A federal agency on Monday released final rules on how employers can offer workers financial incentives of up to 30 percent of the cost of their cheapest health insurance plans to participate in wellness programs without violating federal laws protecting …
  
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• Alberta Wildfires Spread North, Threatening Oil Sands Facilities, Workers’ Camps

  17-05-2016 11:52
  
  Wildfires raging across northern Alberta for more than two weeks have come to within a kilometer of an Enbridge Inc. oil-sands transportation terminal as warm weather and wind spread the flames, while workers were evacuated from camps north of Fort …
  
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• Marsh Names Durant as Leader of Global Captive Solutions Practice

  17-05-2016 10:26
  
  Marsh announced that Nick Durant will assume leadership of Marsh’s Global Captive Solutions Practice, effective July 1, 2016. In this role, Durant will have oversight of Marsh’s captive solutions business, which manages more than 1,250 captives worldwide. Durant will be …
  
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• Watsa’s Fairfax Plans to Buy Control of Indonesia Insurer’s Non-Life Unit: Sources

  17-05-2016 09:27
  
  Fairfax Financial Holdings Ltd., the Canadian investment firm led by Prem Watsa, is in advanced talks to buy control of Indonesian financial group PT Paninvest’s non-life insurance unit, people with knowledge of the matter said. The transaction would value the …
  
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• XL Catlin Enhances Professional Liability Insurance for Small A&E Firms

  17-05-2016 07:29
  
  XL Catlin’s design professional insurance business has increased the limits of its smartADVANTAGE professional liability insurance policy and improved policy terms for architectural and engineering firms in the U.S. with annual fees of $2 million or less. The smartADVANTAGE policy …
  
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• Workers’ Compensation in Missouri: In the Middle of the Rate Pack

  17-05-2016 07:29
  
  Missouri comes in at 21 for the highest workers’ compensation premium rates of the 50 U.S. states and the District of Columbia, just under Minnesota, according to the Missouri Department of Labor and Industrial Relations, Division of Workers’ Compensation. In …
  
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• Assurant to Offer Private Flood Insurance in Florida

  17-05-2016 07:18
  
  Assurant, Inc. has launched Assurant Primary Flood Insurance for Florida customers. The new Assurant Primary Flood Insurance offers structural coverage up to $800,000 and up to $250,000 in contents coverage, at competitive rates that include no federal fees or surcharges. …
  
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• North Carolina Medical Board Investigating Prescription Drug Overdoses

  17-05-2016 06:57
  
  The North Carolina Medical Board is investigating 60 doctors and physician assistants with patients who died of overdoses of prescription drugs. Medical board officials tell The Charlotte Observer that two or more patients being treated by each doctor took fatal …
  
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• Allstate Rate Hikes for Georgia Drivers Move Forward, For Now

  17-05-2016 06:32
  
  Allstate can go ahead raise auto insurance rates for Georgia drivers later this month because a state review of the planned increase won’t be done in time to stop the higher rates from taking effect, state regulators said. State Insurance …
  
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• Tennessee-Based Reliance Partners Promotes Chastain

  17-05-2016 06:00
  
  Reliance Partners has promoted of Jordan Chastain to the position of senior director of Sales for the transportation division of the company. Chastain is a native of Gainesville, Ga., and a graduate of the University of Mississippi’s Risk Management and …
  
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• Who's using what in the P&C insurance industry: May 16, 2016

  17-05-2016 00:45
  
  News from Guidewire, Oceanwide and more.
  
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• Amtrak engineer said to be distracted before deadly 2015 crash

  17-05-2016 00:27
  
  The Amtrak engineer at the controls of a speeding train that derailed in Philadelphia last year, killing eight people, was distracted in the moments before the accident.
  
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