Insurance news

• Opioid Deaths Continue to Rise in Maryland: Report

  14-06-2016 23:48
  
  New data from the Maryland Department of State and Mental Hygiene shows that overdose deaths from the synthetic opioid fenantyl have increased 83 percent since last year. Media outlets report that the latest data, released June 9, showed 340 fenantyl-related …
  
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• Allstate Returns to California Homeowners Market With 12.6 Percent Reduction

  14-06-2016 23:39
  
  Allstate Insurance returned to the California homeowners insurance market this week following a nine-year absence writing new policies. Insurance Commissioner Dave Jones welcomed Allstate, which entered into an agreement with the commissioner to reduce its homeowner insurance rates by an …
  
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• Russian hackers hit Democratic Party servers, get Trump files

  14-06-2016 20:04
  The hackers secured the party's full database of opposition research on presumptive Republican presidential nominee Donald Trump, according to The Washington Post.
  
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• MetLife extends CEO Kandarian’s term to handle ‘dramatic change’

  14-06-2016 19:50
  
  MetLife extended CEO Steve Kandarian’s term by lifting the age-65 retirement policy as he works to simplify the company and fights to avoid stricter government oversight.
  
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• Infographic: Highs and lows of Commercial Auto's combined ratio

  14-06-2016 19:20
  
  In Commercial Auto, the shift toward a harder market has been a long time coming.
  
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• A harder road ahead for Commercial Auto

  14-06-2016 19:15
  
  Some trucking companies are looking into alternative risk transfer methods, such as forming group captives, as they see their costs go up.
  
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• Duffy Insurance Acquires Jay Colangelo Insurance in Massachusetts

  14-06-2016 18:59
  
  Duffy Insurance Agency, a family-owned, independent agency based in Lynn, Massachusetts, announced that it has acquired Jay Colangelo Insurance Agency of Chelmsford, Massachusetts. Terms of the transaction were not disclosed. Jay Colangelo Insurance Agency was established in 1994. The agency’s …
  
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• Farmers Insurance Expands Rideshare Insurance Coverage to 3 States

  14-06-2016 18:52
  
  Farmers Insurance has expanded its Rideshare Insurance Coverage to drivers in Idaho, Maryland, and North Dakota. Farmers worked with representatives of the states’ insurance departments, legislators and leaders of Transportation Network Companies (TNCs) to develop a product specifically designed for …
  
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• Outlook for Farmers Alliance Mutual Insurance Revised to Negative

  14-06-2016 18:43
  
  A.M. Best has revised the outlook to negative from stable and affirmed the financial strength rating of C++ (Marginal) and the issuer credit rating of “b” of Farmers Alliance Mutual Insurance Co. (Farmers Alliance Mutual) in Coldwater, Mich. The revised outlooks …
  
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• Arthur J. Gallagher & Co. Acquires Wisconsin Employee Benefits Firm

  14-06-2016 18:40
  
  Arthur J. Gallagher & Co. has acquired The Buchholz Planning Corp. (BPC), located in Madison, Wis. Terms of the transaction were not disclosed. Founded in 1968, BPC provides employee benefits consulting and brokerage services for middle-market and large businesses and individuals …
  
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• Indiana Mom Seeks Helmet, Safety Law After Daughter’s ATV Death

  14-06-2016 18:35
  
  The mother of an Indiana girl who died in an all-terrain vehicle crash has started a nonprofit foundation in partnership with state lawmakers to draft a helmet law and mandatory safety education for children who ride ATVs. The Indianapolis Star …
  
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• Texas Insurance Agent Arrested in Scam Targeting Elderly Clients

  14-06-2016 18:33
  
  A Lubbock, Texas-based insurance agent has been arrested on charges of defrauding elderly victims through an annuity scam. The Texas Department of Insurance reported that Joseph Allen Gaines was arrested last month on charges that he kept clients’ money that …
  
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• DeWitt Named Director of All Risks’ Motorsport Insurance Program

  14-06-2016 18:32
  
  ALIVE RISK, a division of independent wholesale insurance brokerage firm All Risks Ltd., hired Don DeWitt as director of Motorsports. He is based in Ft. Wayne, Ind., and will work with retail insurance agents nationwide. The program targets classes consisting of …
  
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• HSB Introduces Personal Lines Cyber Insurance Program

  14-06-2016 18:31
  
  The Hartford Steam Boiler Inspection and Insurance Company (HSB), part of Munich Re, has introduced HSB Home Cyber Protection, a personal lines cyber insurance program for consumers. HSB Home Cyber Protection offers a suite of cyber coverage and services for …
  
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• After 4 Years, Louisiana Sinkhole Stabilizing

  14-06-2016 18:29
  
  A massive sinkhole that went viral in 2013 swallowing trees in Assumption Parish and forcing more than 300 residents from their homes has quieted down as officials slowly allow residents to come home. The sinkhole, located in Bayou Corne about …
  
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• ICT Symposium to Highlight Technological Advancements in Insurance

  14-06-2016 18:27
  
  The Insurance Council of Texas (ICT) announced its Mid-Year Property and Casualty Insurance Symposium returns to Austin’s Sheraton Hotel on July 13 and 14. Evolve and Adapt, Insurance for the Next Generation is this year’s theme as symposium speakers will …
  
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• Allstate’s Domestic Violence Awareness Campaign Targets Financial Abuse

  14-06-2016 17:46
  
  Allstate Foundation Purple Purse has launched an awareness and fundraising campaign to call attention to the barriers that keep women trapped in abusive relationships. The #FreetoWalk campaign kicks off with the release of the online film “America’s Largest Prison Break,” …
  
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• Allstate’s 2016 Domestic Violence Awareness Campaign Targets Financial Abuse

  14-06-2016 17:46
  
  Allstate Foundation Purple Purse has launched an awareness and fundraising campaign to call attention to the barriers that keep women trapped in abusive relationships. The #FreetoWalk campaign kicks off with the release of the online film “America’s Largest Prison Break,” …
  
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• Insurers Provide Cover for German Banks Stashing Billions of Euros

  14-06-2016 17:03
  
  Europe’s top insurers are selling protection to German banks that hoard billions of euros of cash in vaults to avoid paying a penalty by parking it at the European Central Bank, company executives told Reuters. The sums are so big …
  
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• Eastern Montana Tornado Confirmed, Several Injuries Reported

  14-06-2016 17:01
  
  Several people were injured and one person had to be rescued after a tornado destroyed several homes and damaged a dozen others over the weekend in Baker in eastern Montana. National Weather Service meteorologist Wright Dobbs confirmed the tornado, and …
  
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• New Mexico’s Budding Medical Marijuana Industry

  14-06-2016 16:58
  
  The medical marijuana industry is growing in New Mexico. Several licensed growers are expected to open new facilities as well as dispensaries in the coming months, which would mean a boost in jobs and the economy, the Albuquerque Journal reported. …
  
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• New .Insurance Domain Names Become Available Today

  14-06-2016 16:50
  
  The internet domain extension reserved for the global insurance industry— .insurance — will become available starting today, June 14, at 8 p.m. ET. The new extension means an independent agency at BagadonutsInsuranceAgency.com could potentially also be found at BagadonutsAgency.insurance, or …
  
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• SBA Loans Available for Virginia Residents With Storm Damage

  14-06-2016 15:56
  
  Low-interest disaster loans are available for people with damage from February’s storms to pay for repairs. The U.S. Small Business Administration loans are available to homeowners, renters, business owners and nonprofits in and around Appomattox and Essex counties. Homeowners can …
  
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• UMass Amherst Gets $15M From MassMutual for Data Science, Cybersecurity

  14-06-2016 15:55
  
  The University of Massachusetts Amherst is receiving a $15 million donation to strengthen its data science and cybersecurity programs. The 10-year donation comes from the MassMutual Foundation, a charitable arm of the Massachusetts Mutual Life Insurance Company. UMass announced the …
  
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• Storm Model Forecasts Beach Changes and How Far Ocean Will Overrun

  14-06-2016 14:58
  
  When John Couch is certain a storm will hit Hatteras Island, he goes into action, moving merchandise in his auto parts store from bottom shelves to top ones and hauling away the most valuable items. But at 64 years old, …
  
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• Supreme Court Makes Room for Triple Damages for Intentional Patent Infringement

  14-06-2016 14:33
  
  The U.S. Supreme Court eased the way for larger damage awards when a company intentionally copies a patented invention. Voting unanimously, the justices said a key federal appeals court had placed overly rigid limits on the ability of trial judges …
  
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• How to screw up a first sales meeting fast

  14-06-2016 14:00
  
  You're about to close the sale, and then it all goes south ... What just happened?
  
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• AXA’s CEO de Castries Predicts ‘Extremely High’ Probability of ‘Brexit’

  14-06-2016 13:50
  
  There is an “extremely high” probability that the U.K. will vote to leave the European Union and investors will face “a true landscape of uncertainties,” AXA SA Chief Executive Officer  Henri de Castries said. Neither the U.K. nor the EU …
  
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• Ongoing Soft Market Tops Reinsurers’ Concerns: Xuber Survey

  14-06-2016 13:26
  
  Soft market conditions continue to be the biggest concern for the industry, followed by regulation, competition from third party capital, low investment returns, cyber crime and maintaining underwriting discipline, according to a survey completed by Xuber, the insurance software business …
  
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• 21 emerging risks for the insurance industry and the global economy

  14-06-2016 13:00
  
  This year's Swiss Re SONAR report offers insights into emerging risks such as human-induced earthquakes, mass migration and turmoil in emerging markets.
  
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• 21 emerging risks for re/insurance industry and wider global economy

  14-06-2016 13:00
  
  This year's Swiss Re SONAR report offers insights into emerging risks such as human-induced earthquakes, mass migration and turmoil in emerging markets.
  
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• Claims optimization: Transforming the insurance claims lifecycle using analytics

  14-06-2016 12:30
  
  Four areas where the claims process can really benefit from analytics.
  
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• 4 ways analytics can transform the claims process

  14-06-2016 12:30
  
  Predictive insurance claims processing, or claims analytics, is the process of analyzing structured and unstructured data at all stages in the claims cycle to make the right decision, at the right time, for the right party.
  
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• Run-Off Specialist Compre to Buy Allianz IARD’s Pool Legacy Business

  14-06-2016 10:52
  
  Compre, the independent insurance and reinsurance legacy specialist, has agreed to acquire Allianz IARD’s Ridgwell Fox & Partners (RFP) pool legacy reinsurance business for an undisclosed sum. RFP is a reinsurance pool containing run-off liabilities of Allianz IARD and five …
  
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• Ironshore Names Aggarwal, 4 Others from Allied World to Global M&A Insurance Team for Americas

  14-06-2016 08:00
  
  Ironshore International has announced its global Mergers & Acquisitions unit will establish an office for transactions in the North and Latin American regions.  The Americas team will be led by Navine K. Aggarwal, serving as senior vice president, head of …
  
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• Canada Health Startup Uses App to Connect Employees with Services

  14-06-2016 07:55
  
  League Inc., a Canadian health-insurance startup, is raising $25 million in a funding round backed by Omers Ventures, Royal Bank of Canada and Manulife Financial Corp. Toronto-based League lets employees find and pay for services such as therapy, dental work …
  
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• Central Texas Chiropractor Gets 14-Year Sentence for Work Comp Referral Scam

  14-06-2016 07:37
  
  A Central Texas chiropractor must serve 14 years in prison and repay the U.S. government nearly $18 million in a workers’ compensation referral scam. Prosecutors say Garry Wayne Craighead of Leander ran clinics mainly treating injured U.S. Postal Service workers …
  
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• Florida-Based Prepared Holdings to Review Strategic Opportunities

  14-06-2016 07:28
  
  Prepared Holdings, LLC (PHLLC), the parent company of a consolidated group of companies writing personal homeowners’ lines of business in Florida and Louisiana, announced its Board of Managers has authorized a review of strategic alternatives for the company. The Board …
  
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• West Virginia Law Regulating Medication Treatment Programs Takes Effect

  14-06-2016 06:56
  
  Programs that use medication to treat substance abuse are now more tightly regulated under West Virginia law. The law endorsed by Democratic Gov. Earl Ray Tomblin and the GOP-led Legislature took effect Friday. It provides requirements for licensure, registration, regulation …
  
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• Bodies of Mississippi Workers Recovered From Gravel Pit

  14-06-2016 06:49
  
  Rescuers have recovered the body of a second man who disappeared in a landslide at a gravel pit in southern Mississippi earlier this month. The second body was found around 9:50 p.m. Friday and removed Saturday morning, said Mississippi Emergency …
  
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• Other Calderon Pleads Guilty to Bribery as Part of Workers’ Comp Scheme

  14-06-2016 02:58
  
  The United States Attorney for the Central District announced on Monday that former California State Sen. Ronald S. Calderon has agreed to plead guilty to a federal corruption charge. Calderon admitted in a plea agreement filed on Monday that he …
  
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• N.Y. Gov. Cuomo Calls to Expand Help for Heroin Addiction

  14-06-2016 01:56
  
  Limited opioid prescriptions, greater funding for addiction treatment and more support for people trying to stay clean: those are some of the proposals for attacking New York’s heroin and opioid problem released by Gov. Andrew Cuomo on June 9. The …
  
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