Insurance news

• Modesto tops San Francisco with worst vehicle-theft rate in U.S.

  06-06-2016 20:45
  
  Auto theft nationwide was up about 1% in the first six months of 2015, as drivers made more trips amid lower fuel prices.
  
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• French insurers meet to assess worst floods in 30 years

  06-06-2016 20:05
  
  Insurance executives met with government officials in Paris Monday to assess the cost of flooding in the Centre and Ile-de-France regions as the Seine river recedes.
  
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• Tropical Storm Colin prompts flood warnings in Florida

  06-06-2016 19:15
  
  A disorganized Tropical Storm Colin in the Gulf of Mexico is forecast to cross Florida overnight threatening evacuations in the state’s northern and central regions.
  
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• Hub International Acquires Puerto Rico’s FirstBank Insurance Agency

  06-06-2016 19:02
  
  Illinois-headquartered global insurance broker Hub International Limited reports that it has acquired certain assets of FirstBank Insurance Agency Inc. Terms of the acquisition were not disclosed. Based in San Juan, Puerto Rico, FirstBank is a general agency providing property/casualty insurance. …
  
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• Hub International Acquires Certain Assets of Puerto Rico’s FirstBank Insurance Agency

  06-06-2016 19:02
  
  Illinois-headquartered global insurance broker Hub International Limited reports that it has acquired certain assets of FirstBank Insurance Agency Inc. Terms of the acquisition were not disclosed. Based in San Juan, Puerto Rico, FirstBank is a general agency providing property/casualty insurance. …
  
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• Pennsylvania Gov. Calls $34M Request for Heroin Treatment ‘A Start’

  06-06-2016 19:00
  
  Pennsylvania Gov. Tom Wolf’s $34 million budget request to address Pennsylvania’s opioid abuse crisis is “a start” as the state begins to understand the scope and need of a statewide epidemic, he told reporters on June 2. Speaking briefly to …
  
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• New Hampshire Issues Consumer Alert on Insurance Denials and Mammograms

  06-06-2016 18:54
  
  The New Hampshire Insurance Department has issued a consumer alert Monday on health insurance denials and mammograms. The department said that since Jan. 1, it has heard from 67 New Hampshire women who received notice from their health insurance companies …
  
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• Rain Slows, But Flooding Continues in Southeast Texas

  06-06-2016 18:50
  
  The heavy rain that’s been hovering over parts of southeast and central Texas and caused deadly flooding began to lift on Saturday, June 4, but officials said the flooding emergency near the Gulf Coast was worsening and Army officials kept …
  
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• Louisiana Residents Face June 13 Deadline for FEMA Assistance

  06-06-2016 18:44
  
  Louisiana disaster survivors in 36 parishes have until June 13 to register with the Federal Emergency Management Agency for recovery assistance. The Louisiana Governor’s Office of Homeland Security and Emergency Preparedness requested the extension to provide more time for those …
  
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• Oklahoma Energy Companies Ask Judge to Dismiss Earthquake Lawsuit

  06-06-2016 18:37
  
  Three Oklahoma energy companies want a federal judge to dismiss a lawsuit demanding they reduce injection volumes at wastewater disposal wells that could be triggering earthquakes. The lawsuit was filed in February by members of the Oklahoma Sierra Club. It …
  
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• Shults to Lead The Hartford’s Middle Market Central Division Sales, Underwriting

  06-06-2016 18:34
  
  The Hartford has appointed Mark Shults as division executive for Middle Market sales and underwriting operations in The Hartford’s Central Division. He is based in Frisco, Texas. The Central Division encompasses central part of the United States, including Dallas, Houston, …
  
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• PIANJ Elects New Officers for 2016-17

  06-06-2016 18:27
  
  The Professional Insurance Agents of New Jersey (PIANJ) elected new officers for 2016-17 at the association’s annual business meeting Monday at Harrah’s in Atlantic City, New Jersey. Donald F. LaPenna, Jr., president of Donald F. LaPenna Associates Inc. in Cranford, …
  
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• Spike in Metal Theft Still Rattles Illinois Task Force

  06-06-2016 18:26
  
  Illinois lawmakers have convened a task force to investigate a spike in the theft of recyclable metals. There was a spike in thefts a few years ago when the price of copper and other recyclable metals rose. Copper wiring and …
  
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• Arch Coal’s Bankruptcy Exit Plan Questioned by Environmental Collective

  06-06-2016 18:23
  
  A coalition of U.S. environmental groups said Arch Coal’s plan to emerge from bankruptcy fails to describe how the coal producer would finance its mine clean-up obligations, according to a filing in a St. Louis federal court. Coal companies are …
  
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• Michigan House Passes Repeal of Inadvertent Auto Insurer Tax Credit

  06-06-2016 18:19
  
  The Michigan Legislature is close to repealing an annual tax break worth tens of millions of dollars that was inadvertently given to auto insurers four years ago, a move agreed to as part of a state budget deal. The Republican-led …
  
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• Michigan House Passes Repeal Inadvertent Auto Insurer Tax Credit

  06-06-2016 18:19
  
  The Legislature is close to repealing an annual tax break worth tens of millions of dollars that was inadvertently given to auto insurers four years ago, a move agreed to as part of a state budget deal. The Republican-led House …
  
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• Governor Wants State to Run Arkansas Health Insurance Exchange

  06-06-2016 18:18
  
  Arkansas officials say they want the state to take responsibility for its health insurance exchange for individuals but continue enrolling them in coverage through the federal system’s mechanisms. Gov. Asa Hutchinson’s spokesman J.R. Davis told the Arkansas Democrat-Gazette that having …
  
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• New York Lawmakers Push to Extend Deadline for Med-Mal Suits

  06-06-2016 17:44
  
  Legislation before state lawmakers in New York would significantly change medical malpractice law by allowing patients to sue years after an alleged misdiagnosis or mistreatment. Patients currently must file lawsuits within 2 1/2 years after the alleged malpractice. The bill …
  
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• Top 100 Metro Areas for Vehicle Theft: NICB’s ‘Hot Spots’

  06-06-2016 17:15
  
  When it comes to vehicle theft, California’s on top. California owns eight of the top 10 hot spots for vehicle theft in 2015, according to the National Insurance Crime Bureau’s (NICB) latest Hot Spots report. California’s  Modesto metropolitan statistical area …
  
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• Authorities Cancel Evacuations for Southern California Brush Fire

  06-06-2016 17:15
  
  Thousands of people driven from their homes in the hills northwest of Los Angeles were allowed to return Sunday night after crews working in steep canyons took advantage of cooler temperatures and calmer winds to beat back a brush fire. …
  
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• Tropical Storm Colin Prompts Flood Warnings in Florida, Georgia

  06-06-2016 17:11
  
  A disorganized Tropical Storm Colin in the Gulf of Mexico is expected to cross Florida overnight threatening evacuations in the state’s northern and central regions before striking the Georgia and South Carolina coastlines Tuesday, the U.S. National Hurricane Center said. Flood …
  
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• Oregon Jury Awards $8.75M in Asbestos Lawsuit

  06-06-2016 17:10
  
  An Oregon jury has awarded $8.75 million to a 65-year-old man who has incurable cancer as a result of asbestos exposure in the 1970s. The Oregonian reported that David Hoff’s attorneys say the former construction worker’s mesothelioma was caused by …
  
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• What Insurance Industry Can Learn from Amazon About Customer Satisfaction

  06-06-2016 17:08
  
  Amazon.com scored its sixth annual victory in the 24/7 Wall Street Customer Service Hall of Fame last year, with 59 percent of customers reporting that they received excellent customer service from the e-commerce giant.  That score surpassed the number two …
  
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• Grange Insurance Launches Cyber Coverage for Businesses

  06-06-2016 17:06
  
  Grange Insurance launched new cyber coverage for businesses that offers protection against potential data breaches. The new coverage offers limits ranging from $25,000 to $1 million, first- and third-party coverage and breach response planning and reputation management from cyber security …
  
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• Colorado Governor Again Vetoes Bill to Ban Red-Light Traffic Cameras

  06-06-2016 17:06
  
  For the second consecutive year, Colorado Gov. John Hickenlooper has vetoed a bill that would have enacted a statewide ban on red-light traffic cameras. Hickenlooper said he agrees with lawmakers that photo enforcement tools should only be used for public …
  
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• Allied World Names Enright, Anderson to North America M&A Underwriting Team

  06-06-2016 16:20
  
  Specialty insurance provider Allied World Assurance Co. Holdings has named Terry Enright and Ryan Anderson to its North American Mergers and Acquisitions (M&A) underwriting team. Allied World’s North American M&A platform offers insurance for transactional risks including representations and warranties …
  
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• How Gig Economy Is Using Private Arbitration to Win on Labor Classification

  06-06-2016 14:38
  
  Sharing economy workers’ best shot at suing to rewrite the rules of their employment may soon pass them by. As judges last Thursday considered settlements that will leave Uber Technologies Inc. and Lyft Inc. drivers as independent contractors, two of …
  
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• Social media is a tool to fight insurance fraud

  06-06-2016 14:00
  
  Twitter, Facebook, Tumblr and YouTube are the new weapons in the fraud battle.
  
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• UK’s Global Risk Partners Acquires Cavendish Munro Professional Risks

  06-06-2016 13:50
  
  Global Risk Partners Ltd. (GRP), the insurance broking and managing general agent investment vehicle, has completed its acquisition of Cavendish Munro Professional Risks Ltd., the specialist retail broker. Cavendish Munro is a London-based professional indemnity (PI) specialist, focused primarily on …
  
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• ‘Orthodoxies’ keep insurers from disrupting themselves

  06-06-2016 13:45
  
  The insurance industry is facing a number of existential challenges, yet most insurers have been reluctant to reinvent their products and operations, maintaining the status quo based on a series of long-held “orthodoxies” that may no longer shield them from long-term disruption.
  
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• Australia’s Storms to Cost Insurers $28 Million: Insurance Council

  06-06-2016 13:18
  
  The Insurance Council of Australia (ICA) has declared an insurance catastrophe after the storms that pounded the east coast of Queensland and New South Wales over the weekend. By Monday, June 6, insurers had received more than 11,150 claims across …
  
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• Australia’s Storms Estimated to Cost Insurers $28 Million: Insurance Council

  06-06-2016 13:18
  
  The Insurance Council of Australia (ICA) has declared an insurance catastrophe after the storms that pounded the east coast of Queensland and New South Wales (NSW) over the weekend. By Monday, June 6, insurers had received more than 11,150 claims …
  
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• Business networking: How to end a conversation

  06-06-2016 13:15
  
  Business networking is about learning from and helping others.
  
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• Road trip! 7 safe driving tips for new graduates

  06-06-2016 13:00
  
  Summer’s almost here and new drivers will be on the road to celebrate. Here are some safe driving tips agents can pass on for teens and young drivers.
  
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• Solvency II Will Increase Reinsurance Buying Demand: Fitch

  06-06-2016 12:33
  
  Solvency II will increase insurers’ demand for reinsurance products as they seek to strengthen their capital positions via risk transfer, according to a report published by Fitch Ratings. Reinsurance can help reduce volatility or improve the certainty of cash flows, …
  
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• Insured Losses from French Floods May Total $682M: Industry Association AFA

  06-06-2016 09:40
  
  Insurers are to meet Monday in the French prime minister’s office in Paris to assess the cost from adverse weather and flooding in the Centre and Ile-de-France regions as the Seine river recedes from its highest levels in more than …
  
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• People Are Key to a CFO’s Success: QBE’s Group CFO Regan

  06-06-2016 08:30
  
  When discussing his career as a chief financial officer, Patrick Regan, group chief financial officer for QBE, emphasizes the importance of people and the team the CFO builds. “You’re only as successful as the team of people you build around …
  
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• Ohio’s Farmers National Bank Acquires Bowers Insurance

  06-06-2016 07:20
  
  The Farmers National Bank of Canfield (Farmers), based in Canfield, Ohio, has acquired the Bowers Insurance Agency Inc. (Bowers Group). The transaction closed on June 1, 2016 and is expected to be accretive to earnings immediately. The Bowers Group will continue …
  
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• Alabama Utility Warns Residents in 2 Counties of Water Contamination

  06-06-2016 06:39
  
  Lisa Davis, a cashier at a Foodvalu grocery store in rural north Alabama, spent Friday, June 3, ringing up bottled water sales after a local utility declared its tap water unfit to drink because of chemical contamination. Some customers got …
  
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• University of Tennessee Title IX Lawsuit Gets May 2018 Trial Date

  06-06-2016 06:34
  
  The Title IX lawsuit filed against the University of Tennessee over its handling of sexual assault complaints has a scheduled trial date of May 22, 2018. The offices of lawyers from both sides of the suit confirmed Friday that the …
  
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• Thousands of North Carolinians Lose Drivers’ Licenses Over DMV Backlog

  06-06-2016 06:27
  
  A court clerk said thousands of drivers across North Carolina have mistakenly lost their drivers’ licenses because the state Department of Motor Vehicles isn’t properly handling paperwork. The DMV for months failed to properly update when drivers deal with a …
  
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• North Carolina Man Jailed for Alleged Insurance Fraud Scheme

  06-06-2016 06:18
  
  A North Carolina man has been arrested on numerous insurance fraud-related charges, according to a statement from the North Carolina Department of Insurance (NCDOI). Commissioner Wayne Goodwin announced the arrest of Michael Anthony McIntyre of Currie; he is charged with …
  
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• Federal Reserve Unveils New Proposed Capital Rules for Large Insurers

  06-06-2016 03:18
  
  American International Group Inc. and Prudential Financial Inc.’s new capital rules should reflect the insurance business’s differences from Wall Street banking, the Federal Reserve said in a proposal to limit the chance that the companies could threaten the financial system. …
  
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