Insurance news

• WWE sued by ‘Superfly’ Snuka and others over brain injuries

  18-07-2016 23:40
  
  The WWE is accused in the lawsuit of failing to care for wrestlers’ repetitive head injuries 'in any medically competent or meaningful manner.'
  
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• $30M Settlement with Bristol-Myers Squibb in California Whistleblower Suit

  18-07-2016 22:07
  
  California Insurance Commissioner Dave Jones reached a $30 million settlement with pharmaceutical giant Bristol-Myers Squibb over allegations of drug marketing fraud and physician kickbacks. The settlement stems from charges in a whistleblower lawsuit filed by three former Bristol-Myers Squibb sales …
  
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• Buffett buys $1.8 billion ‘gem’ of a medical professional liability insurer in New York

  18-07-2016 19:26
  
  Berkshire Hathaway Inc. agreed to buy Medical Liability Mutual Insurance Co., extending Chairman Warren Buffett’s leadership in the business of protecting doctors against lawsuits.
  
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• SBA Sets August Deadline for Mississippi Disaster Loans From Spring Floods

  18-07-2016 18:58
  
  People whose south Mississippi homes or businesses flooded in late April or early May have until Aug. 8 to apply for Small Business Administration disaster loans. The low-interest loans are available in Harrison, Hancock, Jackson, Pearl River and Stone counties, …
  
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• North Carolina Governor Signs Duke Energy Coal Ash Cleanup Compromise

  18-07-2016 18:51
  
  North Carolina will offer less expensive ways for Duke Energy to clean up coal ash pits at seven sites while ensuring drinking water is piped to residents near the ponds, a compromise that has appeased the General Assembly but leaves …
  
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• Fiat Chrysler said to face U.S. Justice Department fraud probe

  18-07-2016 18:50
  
  Prosecutors are scrutinizing whether the carmaker violated U.S. securities laws.
  
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• Autopilot Warning May Not Help Tesla in Crash Defense

  18-07-2016 18:45
  
  Telling Tesla drivers its Autopilot feature doesn’t mean their cars can drive themselves may not be enough to keep Elon Musk off the hot seat if the technology comes up short. This month, two Teslas equipped with Autopilot veered into …
  
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• BHSI Launches Commercial Output Policy for Inland Marine Exposures

  18-07-2016 18:38
  
  Berkshire Hathaway Specialty Insurance (BHSI) has introduced its Commercial Output Policy (COP) that combines the company’s new admitted property insurance policy with its inland marine coverages. BHSI’s COP uses American Association of Insurance Services (AAIS) wording and responds to property …
  
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• Wells Fargo Beats Appeal Over Voided Money Store Verdict

  18-07-2016 18:26
  
  A federal appeals court on Friday rejected a bid to revive a $54.8 million jury verdict against Wells Fargo & Co, saying the trial judge had authority to take the “drastic step” of decertifying the class action after the award …
  
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• BP Raises Liability by $5.2 Billion for Deepwater Horizon Spill

  18-07-2016 18:22
  
  BP Plc has raised the total liability from the Deepwater Horizon oil disaster, which triggered the worst offshore oil spill in U.S. history, by $5.2 billion to $61.6 billion before tax. The London-based company expects to take a $2.5 billion …
  
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• Cincinnati Financial Corp. Reports $160M-$170M in Q2 Storm Losses

  18-07-2016 18:20
  
  Cincinnati Financial Corp. reported that The Cincinnati Insurance Companies’ property/casualty group expects its second-quarter results to include pretax catastrophe losses of approximately $160 million to $170 million. That loss amount represents an impact on the second-quarter 2016 combined ratio of …
  
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• GM avoids some claims in suits over faulty ignition switches

  18-07-2016 18:08
  
  Friday’s ruling by a Manhattan federal judge comes two days after an appeals court dealt GM a blow by reviving hundreds of related cases that had been blocked by the carmaker’s 2009 trip through bankruptcy court.
  
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• Selling Medical Insurance to Olympic Travelers – An Expert Offers Advice

  18-07-2016 18:05
  
  How should an agent or broker approach selling travel medical insurance to those heading to Rio? The answer is simple: know what potential dangers they face, provide them with the information to reduce their risk, and in the event they …
  
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• Workers’ Comp Line Achieves ‘Significant’ Profit in 2015: Fitch

  18-07-2016 18:03
  
  The U.S. workers’ compensation insurance market achieved a “significant” underwriting profit in 2015, but trends call into question whether such a result can be repeated, Fitch Ratings concluded in a new report. For 2015, the workers’ compensation combined ratio came …
  
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• ICT Honors Lawson Posthumously with Raymond Mauk Award

  18-07-2016 18:01
  
  The Insurance Council of Texas (ICT) posthumously honored Ron Lawson, former vice president at the Republic Group in Dallas, with the Raymond Mauk Leadership Award during the group’s 24th Annual ICT Mid-Year Property and Casualty Symposium in Austin. Lawson passed last …
  
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• Hunting Pokémon raises liability issues when incidents happen

  18-07-2016 18:00
  
  Auto accidents and property damage are just some what can go wrong. And when it does, who is on the hook?
  
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• Fire Damage at Oklahoma Power Plant Could Reach $200M

  18-07-2016 17:55
  
  Officials say the cost of damage from a fire at the Grand River Dam Authority’s main generating facility in Chouteau, Okla., could reach $200 million. The Tulsa World reports that GRDA spokesman Justin Alberty says the July 1 fire’s total …
  
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• Emergency Declared in Oklahoma After Severe Storms

  18-07-2016 17:51
  
  Oklahoma Gov. Mary Fallin has declared a state of emergency for 35 Oklahoma counties following three days of severe storms, strong winds, tornadoes and flooding. The executive order signed Friday allows state agencies to make emergency purchases for disaster relief …
  
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• What’s your data breach response plan?

  18-07-2016 17:45
  
  Three steps that will help organizations mitigate data breach disruptions before they happen.
  
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• Louisiana Company Recalls 21,500 Pounds of Catfish Products

  18-07-2016 17:45
  
  The U.S. Department of Agriculture says a north Louisiana business is recalling more than 21,500 pounds of catfish products for hotels, restaurants and other institutions in six states. The recall by Haring Catfish Inc. of Wisner involves products that USDA …
  
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• Swiss Re Taps Harman, Poppie for U.S. Central Region Leadership Positions

  18-07-2016 17:44
  
  Swiss Re Corporate Solutions has added Christine Harman as senior vice president, head of Casualty, and named Gabriel Poppie as senior vice president, head of Sales, for its U.S. Central Region. Both are based in Chicago. Harman will be responsible for …
  
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• Nearly $1M in Stolen Construction Equipment Found in Chicago Home

  18-07-2016 17:41
  
  Chicago police are asking people who’ve had construction equipment stolen in recent months to report to a West Side district station to identify items allegedly found in a man’s home. Police say investigators found $750,000 to $1 million in stolen …
  
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• Mid-Market Firms Fall Short on Natural Catastrophe Risk Management: Assurex Global

  18-07-2016 17:36
  
  Middle market businesses in all parts of the world view their exposures to natural catastrophes as increasing but some fall short when managing these risks effectively, according to a new survey of senior executives at more than 80 independent insurance brokers. The survey …
  
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• EPA, Forest Service Seek Permanent Firefighters Near Montana Asbestos Site

  18-07-2016 17:27
  
  The Environmental Protection Agency and the U.S. Forest Service want to station 10 firefighters near Libby this summer so crews are immediately available to fight any fire that night burn in or near a former vermiculite mine contaminated with asbestos, …
  
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• $3.5M Settlement for Family of Dead Washington Bicyclist

  18-07-2016 17:22
  
  The city of Seattle, Wash. has paid $3.5 million to the family of a bicyclist who died two years ago in a collision with a truck in downtown Seattle. The Seattle Times reported the payment resolves a claim that the city’s …
  
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• Washington Doesn’t Do Enough to Protect Schools from Quakes: Report

  18-07-2016 17:20
  
  More than 380,000 students in Washington state live in earthquake-prone areas and attend schools built before seismic construction standards were adopted statewide, according to a Seattle Times report. The newspaper, analyzing state data, also reported that more than 31,000 students …
  
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• Federal Government Sues California Homeowner for $25M over Wildfire

  18-07-2016 17:17
  
  The federal government is suing a California homeowner for nearly $25 million, contending his negligence sparked a 2013 fire in the mountains east of Los Angeles that forced 5,000 people from their homes. The lawsuit says that a short in a …
  
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• Insurer Competition Vital for Healthcare Consumers: U.S. Health Official

  18-07-2016 14:47
  
  The Obama administration’s top health official highlighted the importance of competition to insurance markets, as the Justice Department is poised to decide on two massive deals among four of the health-plan industry’s biggest players. Health and Human Services Secretary Sylvia …
  
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• What Keeps D&Os Awake at Night? Coverage Concerns Rise Up the List

  18-07-2016 13:21
  
  There are lots of emerging liability risks that may be keeping corporate directors and officers awake at night, which is why their D&O insurance protection is rising up their list of concerns. “The worry of whether or not a D&O …
  
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• Automated hail tracks

  18-07-2016 13:05
  
  While property insurance hail claims have been increasing, NOAA hail reports have not.
  
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• Is insurers' shift to customer experience enough of a tech transformation?

  18-07-2016 13:00
  
  Changing driving behavior requires new ways of thinking about Auto insurance.
  
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• I.I.I.’s Robert Hartwig: The exit interview

  18-07-2016 13:00
  
  In the age of mass media and mega insurance events, the industry has had a staunch advocate in I.I.I.’s Hartwig. He shares his thoughts with PC360 as he moves on to academia.
  
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• 6 tips for helping employees get through a terrorist attack

  18-07-2016 13:00
  
  A company's well-practiced crisis and continuity plan can help employees survive a terrorist attack or other incident.
  
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• Sompo Canopius Names Banez as Head of US Financial & Professional Lines

  18-07-2016 12:33
  
  Sompo Canopius AG announces has hired Laurie Banez as head of U.S. financial and professional lines. Banez is based in the New York office and reports to Stephen Hartwig, group head of casualty. She joins from Argo Pro with nearly 30 …
  
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• UK Auto Insurance Policyholders Embrace Telematics to Get Lower Premiums

  18-07-2016 11:22
  
  Demonstrating a growing intolerance of mobile phone use at the wheel, a survey of 1314* motor insurance policyholders in the UK found that consumers want to be rewarded with lower premiums for not using their smartphones while driving. The avoidance …
  
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• Tokio Marine Kiln Launches Online Broker Platform

  18-07-2016 10:17
  
  Tokio Marine Kiln (TMK) has launched “One TMK,” a digital exchange for brokers to quote and bind policies on-line in real time. The web-based platform has been developed to help brokers lower their transactional costs and significantly speed up the …
  
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• Neon Names Dougall as Head of Casualty in Newly Created Role

  18-07-2016 09:17
  
  Neon, the specialist Lloyd’s insurer, has appointed Andrew Dougall to the newly created role of executive underwriter, head of Casualty. Dougall joins Neon today, reporting to chief underwriting officer, Darren Lednor. Dougall will focus on enhancing Neon’s broker distribution and …
  
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• Randall & Quilter Buys Bermuda-Based Segregated Accounts Captive Company

  18-07-2016 08:54
  
  Randall & Quilter Investment Holdings Ltd. has acquired Agency Program Insurance Co. (SAC) Ltd., a Bermuda-based segregated accounts captive company with 28 cells. London-based Randall & Quilter (R&Q) is paying $1.4 million in cash from existing resources to acquire APIC, …
  
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• New Jersey Storms Spawn Tornado, No Injuries Reported

  18-07-2016 08:40
  
  Weather forecasters have confirmed a tornado touched down in New Jersey. The National Weather Service says a tornado with 75 mph winds was confirmed near White Township on July 14. Tom Smith says he saw a twisting black cloud sweep …
  
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• Man Playing Pokemon Go While Driving in NY Crashes Car Into Tree

  18-07-2016 08:31
  
  A man is recovering from minor injuries he suffered when he crashed his brother’s car into a tree in central New York while playing Pokemon Go on his smartphone. Police in Auburn in the Finger Lakes region tell The Citizen …
  
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• Former Travelers’ CEO Fishman Bringing Fight Against ALS to Golf Course

  18-07-2016 08:27
  
  Jay Fishman finds it more comfortable these days to use a wheelchair to get around, and has begun getting some help breathing from a portable ventilator. The former Travelers CEO says he’s in “the final innings” of his battle with …
  
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• Truck Driver in Deadly Georgia Crash Gets 5 Year Prison Sentence

  18-07-2016 07:24
  
  A Louisiana truck driver charged in a fiery interstate crash that killed five nursing students in southeast Georgia was sentenced to prison Thursday – one year for each life lost – after he pleaded guilty to first-degree vehicular homicide and …
  
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• Mayor of Florida City Charged With Insurance Fraud, Suspended by Governor

  18-07-2016 07:15
  
  Florida Gov. Rick Scott has suspended from office the mayor of the central Florida city of Tavares after he was charged with insurance fraud. Scott issued the executive order on July 14, one day after Mayor Robert Wolfe was arrested …
  
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• State insurance commissioner faces two challengers - Walla Walla Union-Bulletin

  18-07-2016 02:36 via union-bulletin.com
  
  State insurance commissioner faces two challengers
  Walla Walla Union-Bulletin
  We're always interested in hearing about news in our community. Let us know what's going on. Get started! Send a Letter to the Editor. The Union-Bulletin strives to publish every letter we receive. To send a letter, click the button below. Get started ...
  
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