Insurance news

• Private equity has strong rebound on asset sales, Hartford says

  07-09-2016 20:46
  
  Hartford Financial Services Group Inc. is benefiting from a rebound beyond its fixed-income portfolio.
  
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• Thousands in Florida Capitol Still Without Power Days After Hermine

  07-09-2016 18:42
  
  The big question in Tallahassee is whether you have power, and whether you think local officials are to blame for the grinding pace of restoring electricity following Hurricane Hermine. The rising anger played on social media and in the political …
  
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• Farr Joins Southwest Risk in Austin

  07-09-2016 18:35
  
  Clearview Risk Holdings LLC, the holding company of Southwest Risk LP, has added Sarah Farr as a broker with Southwest Risk in Austin. Farr brings 14 years of industry experience. She started in the business in 2002, working for an agency in San Marcos. She …
  
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• Around the P&C insurance industry: Sept. 7, 2016

  07-09-2016 18:30
  
  News from Integro, Sompo Canopius and more.
  
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• Chicago Underwriting Group Rebrands as Old Republic Professional Liability

  07-09-2016 18:27
  
  Chicago Underwriting Group Inc., the professional liability underwriting division of Old Republic Insurance Co., is changing its name to Old Republic Professional Liability Inc. The company said the new name more clearly identifies with its ultimate parent, Old Republic International Corp. and …
  
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• Experts Say Mass Katrina-Like ‘Exodus’ not Expected After Louisiana Flood

  07-09-2016 18:17
  
  Experts studying demographics and data following south Louisiana’s great flood of 2016 tell a newspaper they don’t expect a mass exodus of people from the area, such as the one that followed Hurricane Katrina in 2005. Allison Plyer, executive director …
  
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• Group Touts New Sugarcane Insurance Opportunities in Louisiana

  07-09-2016 18:12
  
  The American Sugar Cane League says Louisiana sugarcane farmers have until the end of September to make crop insurance decisions for the 2017 crop under a new insurance program. In a news release, the league says the new program provides …
  
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• St. Jude Files Suit in Minnesota over Heart Device Allegations

  07-09-2016 18:10
  
  St. Jude Medical Inc. said it had filed a lawsuit against short-selling firm Muddy Waters and cyber security company MedSec Holdings Ltd. alleging they intentionally disseminated false and misleading information in order to lower the value of St. Jude’s stock …
  
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• Analysis: 21-Year-Old Drivers Most Ticketed in Ohio

  07-09-2016 18:05
  
  A newspaper investigation has found that 21-year-olds received the most traffic citations out of any age group in Ohio, despite not being the most licensed drivers. The analysis by The Plain Dealer of more than 612,000 traffic tickets from the …
  
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• Triumph Insurance Acquires Southern Transportation Insurance Agency

  07-09-2016 18:01
  
  Triumph Insurance Group has acquired Dallas-based Southern Transportation Insurance Agency Ltd. Triumph is a full service commercial insurance agency specializing in the transportation sector, and is a subsidiary of TBK Bank SSB. Triumph’s footprint and product offering for clients in the transportation industry expands …
  
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• Vertafore Names Zupon as CEO to Succeed Hawn

  07-09-2016 17:50
  
  Insurance agency technology firm Vertafore announced that Amy Zupon will take over as chief executive officer effective October 3, succeeding Jeff Hawn who has been chairman and CEO since April 2015. Zupon joins Vertafore from P2 Energy Solutions where she …
  
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• GM Settles Bellwether Ignition Switch Cases Before Trial

  07-09-2016 17:15
  
  General Motors Co. settled the final two bellwether cases over ignition switch flaws scheduled for trial in federal court in New York, averting one set to begin next week. Terms of the settlements are confidential, according to statements Monday by …
  
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• Integro Names Berger to Lead Los Angeles Operations

  07-09-2016 16:56
  
  Integro Insurance Brokers has named Jan P. Berger managing principal to lead the Los Angeles office and the Southern California entertainment practice. He will also be a member of the U.S. entertainment leadership committee. Berger has been vice president and …
  
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• Hub Acquires Assets of Alaska-Based Patterson Insurance Brokers

  07-09-2016 16:40
  
  Hub International Ltd. has acquired the assets of Anchorage, Alaska-based Patterson Insurance Brokers. Terms of the deal were not disclosed. Kent Patterson, Patterson’s president, will join Hub Northwest as vice president and he will be based in Anchorage. Patterson specializes …
  
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• Western Growers Partners with JLT

  07-09-2016 16:35
  
  Western Growers Insurance Services has formed an alliance with JLT Specialty USA. The alliance provides Western Growers the ability to offer agribusiness and food clients access to global insurance carriers. Additionally, Western Growers and JLT collaborated to create a cargo …
  
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• How Employer Cash Flow Impacts Workplace Safety

  07-09-2016 16:10
  
  More than 3.5 million workplace injuries and illnesses occur each year in the United States, costing an estimated $250 billion annually. A new study from The University of Texas at Dallas examined how financing constraints impact workplace safety and the …
  
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• Progressive, Generali Pursue Joint Telematics Research

  07-09-2016 15:52
  
  Europe’s The Generali Group and Progressive Group of Insurance Companies of the U.S., both among the leaders in car insurance telematics, said they have entered into an research and development collaboration to improve their individual data analytics capabilities and foster …
  
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• Zurich’s Goldberg Joins Starr as Chief Underwriting Officer for Financial Lines

  07-09-2016 15:20
  
  Beth Goldberg has joined Starr Companies as chief underwriting officer, Financial Lines. She will be responsible for sales, underwriting, profitability and growth. Goldberg has 17 years of experience with international insurance companies and brokerages. She most recently was at Zurich …
  
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• Pennsylvania Reinstates Uber’s Record $11.4M Fine

  07-09-2016 15:03
  
  A Pennsylvania regulator on Thursday reinstated a record $11.4 million fine against the popular ride-sharing service Uber Technologies Inc. for operating illegally in the state in 2014. By a 4-1 vote, the Pennsylvania Public Utility Commission rejected Uber’s arguments that …
  
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• More Businesses Fear Losing Data than Getting Hacked, Survey Shows

  07-09-2016 15:00
  
  Losing data strikes more fear in businesses than getting hacked. A survey released today by San Francisco, Calif.-based Wells Fargo Insurance shows 47 percent of mid-sized companies were concerned with losing private data compared with 26 percent worrying about hackers …
  
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• W.R. Berkley Forms Transactional Division; Names Chubb’s Hein President

  07-09-2016 14:52
  
  W. R. Berkley Corp. announced the formation of Berkley Transactional as a division of Berkley Professional Liability Underwriters (BerkleyPro). Berkley Transactional will underwrite transactional insurance products, including representations and warranties insurance, tax opinion insurance and contingent liability insurance on behalf …
  
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• Massachusetts’ Gordon Insurance and Atlantic Advisers Announce Merger

  07-09-2016 14:45
  
  Andrew G. Gordon Insurance Inc., a Norwell, Mass., based insurance provider, and Atlantic Advisers Insurance Agency Inc., also of Norwell, Mass., have announced their merger. The companies will combine to operate as Gordon Atlantic Insurance going forward. They will also operate a separate division, …
  
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• Massachusetts Based Andrew G. Gordon Insurance and Atlantic Advisers Insurance Agency Announce Merger

  07-09-2016 14:45
  
  Andrew G. Gordon Insurance Inc., a Norwell, Mass., based insurance provider, and Atlantic Advisers Insurance Agency Inc., also of Norwell, Mass., have announced their merger. The companies will combine to operate as Gordon Atlantic Insurance going forward. They will also operate a separate division, …
  
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• New York’s Integro Insurance Brokers Acquires New Jersey Based Insurance Revolution

  07-09-2016 14:34
  
  Integro Insurance Brokers, a New York headquartered international broker and risk management firm, has acquired Insurance Revolution Inc., a Princeton, N.J., based risk management firm. Insurance Revolution Inc. is the parent company of Maloy Risk Services Inc., a niche insurance retail …
  
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• New York’s Integro Insurance Brokers Acquires Insurance Revolution

  07-09-2016 14:34
  
  Integro Insurance Brokers, a New York headquartered international broker and risk management firm, has acquired Insurance Revolution Inc., a Princeton, N.J., based risk management firm. Insurance Revolution Inc. is the parent company of Maloy Risk Services Inc., a niche insurance retail …
  
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• Court Allows Banana Farmers’ Toxic Pesticide Claims Against Fruit, Chemical Firms

  07-09-2016 14:19
  
  Hundreds of banana farmers from Central America and South America will again have their day in court, after a U.S. appeals court on Friday revived six lawsuits accusing several big fruit and chemical companies of sickening them with a toxic …
  
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• How China Insurance Crackdown Could Rain on Deal-Making Parade - Wall Street Journal

  07-09-2016 14:17 via wsj.com
  
  Wall Street Journal
  How China Insurance Crackdown Could Rain on Deal-Making Parade
  Wall Street Journal
  Life sure is getting tougher for China's unlisted insurers. That could have knock-on effects for China's appetite for global deal making. China's insurance regulator this week doubled down with new rules restricting ultra short-term insurance products ...and more »
  
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• 9/11 attacks 15 years later: A look at losses by the numbers

  07-09-2016 14:15
  
  For property and casualty insurers and reinsurers, the impact of the 9/11 terrorist attacks was enormous, producing insured losses over $43 billion in 2015 dollars.
  
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• UK’s BMS Launches Melbourne, Australia-based Affinity Broking Operation

  07-09-2016 13:39
  
  BMS Group Ltd., the London-based independent specialist insurance and reinsurance broker, announced the launch of a new affinity broking operation focused on Australia and New Zealand. The team will be based in Melbourne and led by Shamus Breen, working closely …
  
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• UK Chancellor of Exchequer to Discuss Brexit Plans with Insurers & Bankers

  07-09-2016 13:27
  
  Chancellor of the Exchequer Philip Hammond will meet senior bankers in London on Wednesday to set out the government’s plans to support the economy and sound out their views for a post-Brexit Britain. Hammond will host several members of the …
  
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• SCOR Targets 7% Annual Rise in Gross Premiums During Next 3 Years

  07-09-2016 13:12
  
  SCOR SE, France’s largest reinsurer, expects gross premiums to rise as much as 7 percent annually over the next three years on increased demand in Asia. SCOR has “significant growth potential” despite a challenging and uncertain environment for interest rates …
  
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• Ratings Agencies Expect Reinsurance Premiums to Continue Dropping in 2017

  07-09-2016 13:06
  
  Reinsurance premiums are likely to continue to fall next year, ratings agencies said on Tuesday, following years of weaker prices due to competition in the sector and a lack of natural catastrophe losses. Reinsurers act as a financial backstop for …
  
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• Transportation transformation has big implications for insurance

  07-09-2016 13:00
  
  New risks are emerging, and the opportunities to serve customers in new ways are there for insurers bold enough and agile enough to rethink their business for this new era.
  
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• Insurance consumers: We'll give up our data for personalized service

  07-09-2016 13:00
  
  Today’s insurers are hindered by the fact that the industry has traditionally maintained a low frequency of interactions with customers.
  
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• Gone phishing: CEO fraud costs companies millions

  07-09-2016 13:00
  
  Fraudsters are reaching into company coffers and taking millions.
  
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• Negative Reinsurance Sector Outlook Not Changing Anytime Soon: A.M. Best

  07-09-2016 12:57
  
  A.M. Best said its outlook for the reinsurance sector remains negative due to a multitude of factors, and it will likely stay that way for quite some time. “Our rating outlook remains longer-term than our typical 12-18 months,” A.M. Best …
  
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• China’s Anbang Turns Attention to Digesting $13.5B of Overseas Deals

  07-09-2016 11:36
  
  Anbang Insurance Group Co., known for its aborted attempt to buy Starwood Hotels & Resorts Worldwide Inc. in March, is turning its attention from chasing deals to digesting $13.5 billion of overseas acquisitions announced since 2014. The company will focus …
  
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• Fitch: No Credit Implications for Florida State-Run Insurers From Hermine

  07-09-2016 07:55
  
  Hurricane Hermine, the first hurricane to make landfall in Florida in 11 years, is not likely to have a significant impact on the financial condition of the Florida Hurricane Catastrophe Fund (FHCF) or Citizens’ Property Insurance (Citizens), according to Fitch …
  
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• Florida Approves Nearly 70K Citizens Policies for November Take-Outs

  07-09-2016 07:39
  
  The Florida Office of Insurance Regulation (OIR) has approved the following companies to participate in the November Citizens Property Insurance Corp. take-out period. The total number of policies approved is 69,746. November 22, 2016 Personal Residential Take-Out Period: Homeowners Choice …
  
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• BlackRock Says Investors Must Weigh Climate Change Like Insurers Are Doing

  07-09-2016 07:00
  
  BlackRock Inc., the world’s largest asset manager, said all investors should factor climate change into their decision-making and doing so would not mean having to accept lower returns. Global moves to coordinate a response to climate change took a big …
  
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• Family of Tennessee Man Who Died While Scuba Diving in Florida Sues Dive Shop

  07-09-2016 06:47
  
  The wife of a Tennessee man who died during a scuba dive in the Florida Panhandle is suing the dive shop. The News Herald reports the lawsuit filed Sept. 30 in Panama City claims negligence against Coast Adventures LLC, Diving …
  
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• South Carolina’s College of Charleston Bans Alcohol at Greek Events

  07-09-2016 06:17
  
  No more beer pong for fraternities and sororities at the College of Charleston, at least for now. The South Carolina college announced this week it is suspending alcohol at all functions for Greek organizations after a series of incidents ranging …
  
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• Hudson Insurance Launches Commercial Excess & Umbrella Unit, Taps Farrell to Lead

  07-09-2016 05:39
  
  Hudson Insurance Group has launched its new commercial excess and umbrella business unit that will provide coverage on a non-admitted basis in all 50 states. Led by Thomas Farrell, the unit will operate on a limited brokerage basis that focuses …
  
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• Berkshire Agrees to Stop Selling EquityComp Policies in California

  07-09-2016 00:02
  
  California Insurance Commissioner Dave Jones on Tuesday approved an order agreed to by California Insurance Co. and Applied Underwriters Captive Risk Assurance Company Inc. under which they will stop selling workers’ compensation policies that the two Berkshire Hathaway companies used …
  
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