Insurance news

• Berkshire Accused of Stealing Workers’ Comp Premiums in Manhattan Lawsuit

  12-09-2016 23:35
  
  New York City-based Breakaway Courier Corp. has filed a lawsuit against Omaha, Neb.-based Berkshire Hathaway Inc. for an alleged illegal scheme to steal workers’ compensation premiums. A complaint against Berkshire Hathaway was filed with the state supreme court in Manhattan …
  
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• AIG Commercial Lines CEO Schimek Eyes Acquisitions for Value-Added, Not Scale

  12-09-2016 21:00
  
  American International Group Inc. would weigh acquisitions to bolster high-priority businesses, even as Chief Executive Officer Peter Hancock exits other units, the head of the company’s commercial insurance operation said. “We are very active in looking at any way to …
  
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• China’s Fujian Province Braces for Super Typhoon Meranti

  12-09-2016 20:07
  
  Already equivalent to a Category 4 hurricane with maximum 10-minute sustained winds of 115 knots (212 km/h, 132 mph), super typhoon Meranti is expected to strengthen during the next few days and then make landfall on the coast of Fujian …
  
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• Insurance Data Show A Surge In Spending On Opioid Treatment ... - NPR

  12-09-2016 18:59 via npr.org
  
  NPR
  Insurance Data Show A Surge In Spending On Opioid Treatment ...
  NPR
  An analysis of insurance company payments finds that emergency room visits and lab tests were responsible for much of the overall spending related to ...and more »
  
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• Florida’s First Hurricane in 11 Years ‘Could Have Been a Lot Worse’ for Industry

  12-09-2016 18:59
  
    The 11-year hurricane drought in Florida is officially over. While preliminary damage estimates and claims are still trickling in from Hurricane Hermine, Florida’s first named hurricane since 2005, the consensus from the insurance industry is it could have been …
  
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• A.M. Best Withdraws Credit Ratings of Oklahoma’s Farmers Mutual Fire Insurance

  12-09-2016 18:52
  
  A.M. Best has affirmed the financial strength rating  (FSR) of B (Fair) and the long-term issuer credit rating (ICR) of “bb+” of Farmers Mutual Fire Insurance Co. (Farmers) in Okarche, Okla. The outlook for the long-term ICR has been revised …
  
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• Garcia Tapped to Lead Marsh’s Houston Office

  12-09-2016 18:46
  
  Tony Garcia has joined insurance broker and risk management provider, Marsh, as head of its Houston office. Garcia joins Marsh from Lockton where he most recently served as an executive vice president and member of its Houston Executive Operations Group. …
  
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• 4 Tornadoes Sweep Through Central Illinois, Damage Reported

  12-09-2016 18:39
  
  The National Weather Service is confirming that at least four tornadoes swept through east-central Illinois. Personnel from the weather service’s Lincoln office are surveying damage Saturday in Champaign and Vermillion Counties. They don’t yet have details on the intensity of …
  
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• Work Comp Bureau Funding Workplace Safety Research at Ohio Universities

  12-09-2016 18:38
  
  The state Bureau of Workers’ Compensation has awarded two Ohio universities with money to research occupational health and safety. The grants support research in how injuries can prevented in the workplace and ways to improve the health and productivity Ohio’s …
  
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• U.S. Disaster Loans Approved After Indiana Tornadoes

  12-09-2016 18:36
  
  Indiana Gov. Mike Pence says the U.S. Small Business Administration has approved low-interest disaster loans for tornado-stricken Howard County. Pence said that the contiguous counties of Cass, Carroll, Clinton, Tipton, Grant and Miami also qualify for the loans. Residents, businesses …
  
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• Axis CEO Says Acquisition Still in Play Despite Striking Out on PartnerRe

  12-09-2016 18:36
  
  Axis Capital Holdings Ltd., the reinsurer seeking to grow its business after losing a bidding war for PartnerRe, is looking for more partnerships and may try another comparable takeover, its chief executive officer said. “PartnerRe was an example of a …
  
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• California-Based Confie Acquires Illinois Insurance Agency

  12-09-2016 18:35
  
  Confie, a national provider of personal and commercial lines insurance, has acquired the BMR Agency LLC dba First Stop Insurance in Washington Park, Ill. First Stop Insurance specializes in non-standard auto insurance. The acquisition is one of three recently announced …
  
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• Louisiana Economic Development: $8.7B Residential, Commercial Damage in August Flood

  12-09-2016 18:28
  
  The August 2016 flooding in Louisiana caused an estimated $8.7 billion in damage to residential and commercial properties, according to Louisiana Economic Development. Damage to businesses in the state has exceeded $2 billion, according to a report commissioned by LED, …
  
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• Axis CEO says big deals still possible after PartnerRe miss

  12-09-2016 18:10
  
  Axis would be drawn to an insurer or reinsurer that would allow it to expand selective business lines and create a more efficient underwriting platform.
  
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• AIG will consider takeovers to revive growth

  12-09-2016 17:52
  
  AIG would weigh acquisitions to bolster high-priority businesses, even as CEO Peter Hancock exits other units, the head of the company’s commercial insurance operation said.
  
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• Judge Dismisses Lawsuit by Athletes against University of Oregon

  12-09-2016 17:15
  
  A federal judge has dismissed lawsuits filed by three former University of Oregon basketball players who were suspended after being accused of an off-campus sexual assault. The Register Guard reported that U.S. District Judge Michael McShane sided with UO and …
  
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• Uber Debuts Its Food Delivery Service in Sin City

  12-09-2016 17:12
  
  Uber drivers are now take-out delivery drivers too in Las Vegas, Nev. The ridesharing company has launched its UberEATS food delivery service in the Las Vegas area. Users can now use the app to order food from local restaurants at …
  
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• Tesla Introduces ‘Substantial Improvements’ to Autopilot

  12-09-2016 17:10
  
  Elon Musk said Tesla Motors Inc. is updating its Autopilot technology to emphasize radar images over cameras, in his latest attempt to convince critics that the electric-car maker’s semi-autonomous driving features are safe for the public. The biggest change in …
  
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• Uber, Drivers Resume Talks After $100 Million Deal Falls Apart

  12-09-2016 16:52
  
  Uber Technologies Inc. doesn’t appear ready to walk away from further negotiations with its drivers in their dispute over whether they should be treated as employees rather than independent contractors. Three weeks after a federal judge threw out their $100 …
  
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• Confie Acquires CityWide in Las Vegas

  12-09-2016 16:51
  
  Confie has acquired CityWide Insurance in Las Vegas, Nev. CityWide specializes in auto, home, life and health insurance services. Confie has completed 14 acquisitions so far in 2016. Huntington Beach, Calif.-based Confie is a national insurance distribution company primarily focused …
  
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• Gawker’s New Owner Univision Trashes Posts Subject to Lawsuits

  12-09-2016 16:41
  
  Univision Communications Inc. said on Saturday it has deleted postings subject to active litigation against Gawker Media Group Inc. to create a “clean slate” for the online publishing company acquired for $135 million in a bankruptcy auction last month. Gawker …
  
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• Gawker’s New Owner Univision Trashes Posts Cited in Lawsuits

  12-09-2016 16:41
  
  Univision Communications Inc. said on Saturday it has deleted postings subject to active litigation against Gawker Media Group Inc. to create a “clean slate” for the online publishing company acquired for $135 million in a bankruptcy auction last month. Gawker …
  
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• Hub International Acquires Canadian Agency, New Dimensions Underwriters

  12-09-2016 16:34
  
  Global insurance broker Hub International Ltd. has acquired New Dimensions Underwriters Ltd. Based in Edmonton, Alberta, Canada, New Dimensions is a managing general agency.  Russ Davis, the owner and president of New Dimensions, will join Hub Financial and be part …
  
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• Hancock Exits RSA for Role at Lloyd’s

  12-09-2016 16:26
  
  General insurer RSA said that Jon Hancock, managing director of UK commercial lines and global broker relationship director, is leaving RSA to take up the role of director of Performance Management at Lloyd’s of London. Hancock has been at RSA …
  
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• Chubb Promotes Keaney to International High Net Worth Underwriting VP

  12-09-2016 16:19
  
  Chubb announced that Jamie Keaney, formerly European Personal Risk Services underwriting manager, has been promoted to the new role of vice president and chief underwriting officer for International Personal Risk Services, as the company continues to expand its international high …
  
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• Top 25 Non-Life Reinsurers: Swiss Re Leads, Berkshire Drops in A.M. Best’s 2016 Ranking

  12-09-2016 16:03
  
  Swiss Re landed on top of a ranking of global non-life reinsurers, just edging out Munich Re by a few hundred million dollars in premium on a list extracted from an A.M. Best analysis. The rating agency’s special report on …
  
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• Casualty Losses and Cyber, Crop, Property Demand Driving Reinsurance Growth: Aon

  12-09-2016 15:49
  
  Reinsurance demand has increased over the past 18 months, with the cession ratio across the global property/casualty insurance industry registering a small rise for the first time in several years, and the trend expected to continue for the remainder of …
  
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• Pennsylvania Insurance Commissioner Urges Better Understanding of Annuities

  12-09-2016 15:24
  
  Speaking at Foxdale Village Retirement Community in State College, Penn., Insurance Commissioner Teresa Miller urged consumers, particularly seniors, to take time to understand annuities in order to protect their retirement income. “Annuities are designed as long term investments to provide …
  
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• Wilcox Returns to The Hartford as Head Of Strategy and Ventures

  12-09-2016 15:21
  
  The Hartford has hired John Wilcox as chief strategy and ventures officer. In this newly-created position, The Hartford said Wilcox will lead efforts to capitalize on new opportunities to “drive growth through innovation and improve operating capabilities.” The move marks …
  
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• 11 things to consider when crafting a cyber insurance policy

  12-09-2016 15:10
  
  From industry standards to employee training programs, these key elements offer crucial insight when putting together a policy for a client.
  
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• Liberty Mutual’s Agatep Named Underwriting Chief for XL Catlin’s New Accident, Health Business

  12-09-2016 15:00
  
  Ronnell Agatep has joined XL Catlin’s global retail Accident & Health (A&H) insurance business as its global head of underwriting.  Based in New York, Agatep assumes this newly-created role to drive product development and underwriting guidelines for XL Catlin’s new …
  
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• XL Catlin Hires Agatep in New York

  12-09-2016 14:54
  
  XL Catlin has hired Ronnell Agatep as global head of underwriting in its newly launched global retail accident and health insurance business. The firm’s new business aims to help corporate clients safeguard their workforce by offering various accident and health …
  
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• Fire Causes an Estimated $450K in Damage to Maryland Play Center

  12-09-2016 14:50
  
  Authorities say a fire in a unit at a bounce house play center heavily damaged the center in Harford County. The State Fire Marshal’s Office said in a news release that Friday afternoon, a customer at the Jump On It …
  
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• Rhode Island Sues 34 Oil Companies Over Gas Additive Contamination

  12-09-2016 14:34
  
  Rhode Island is suing 34 oil companies for using a gasoline additive that has contaminated groundwater in the state. Democratic Attorney General Peter Kilmartin said Tuesday the state aims to recover money for the cleanup of methyl tertiary butyl ether, …
  
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• Judge Warns Lawyers: You Pay If Claims Found Frivolous

  12-09-2016 14:26
  
  Lawyers who defend companies in product liability cases are celebrating an unusual order by a federal judge in Columbus, Georgia. In it, he told attorneys for the other side—the ones who represent injured consumers—that he was going to crack down …
  
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• Insurance industry employment up year-over-year in most segments

  12-09-2016 14:00
  
  The agent and broker segment gained 10,800 jobs in July 2016 vs. July 2015, while independent claims-adjusting firms are the only insurance sector that lost employees.
  
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• Driverless Cars to Slash U.S. Auto Insurance Premiums

  12-09-2016 13:58
  
  Premiums for U.S. auto insurers may drop more than 40 percent once the use of automated vehicles has been fully adopted by 2050 and driving becomes safer, according to insurance broker Aon Plc. “We as an industry need to act …
  
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• Get busy before disaster strikes to maximize insurance payout - USA TODAY

  12-09-2016 13:33 via usatoday.com
  
  USA TODAY
  Get busy before disaster strikes to maximize insurance payout
  USA TODAY
  Taking a home inventory is no one's idea of a fun weekend, but renters and homeowners should make a detailed list of their possessions before disaster strikes.and more »
  
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• When will the C-suite diversify?

  12-09-2016 13:00
  
  While the country becomes more diverse, the upper echelon of business remains white and male.
  
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• New platforms shake up the insurance industry's distribution system

  12-09-2016 13:00
  
  While emerging distribution options could threaten the viability of insurers that are overly dependent on agents and brokers, they also represent opportunities to drive growth.
  
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• Before you add that additional insured...

  12-09-2016 13:00
  
  An endorsement in the CGL policy can extend an insurer's duty to defend.
  
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• Suspects in Multiple Break-Ins, Theft of 26 Guns, Arrested in North Carolina

  12-09-2016 07:04
  
  Deputies in Pamlico County, N.C., say three men have been arrested in connection with multiple break-ins and the theft of more than two dozen guns. Pamlico County Sheriff Chris Davis told local media outlets on Friday that in addition to …
  
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• Drought Declared in 53 Georgia Counties

  12-09-2016 06:42
  
  Environmental officials say a drought has been declared in north Georgia and metro Atlanta. The Georgia Environmental Protection Division announced in a news release Friday that 53 counties are experiencing severe or extreme drought conditions. Water officials say restrictions may …
  
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• Tennessee to Address New Underage DUI Law in Special Session

  12-09-2016 06:34
  
  Tennessee Gov. Bill Haslam’s administration is looking to turn back the clock on an underage drunken driving law that threatened to cost Tennessee $60 million in federal road money. The law that went into effect in July raised the penalties …
  
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• Chubb Plays Role in Recovering, Donating Iconic 9/11 Flag to Memorial

  12-09-2016 02:30
  
  The iconic American flag three New York City firefighters raised above World Trade Center rubble on 9/11 that later disappeared has been recovered and donated to the National September 11 Memorial & Museum, 9/11 Memorial President Joe Daniels and Chubb …
  
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• Obama Expected to Veto Bill Allowing 9/11 Suits Against Saudis

  12-09-2016 02:12
  
  The unopposed House vote Friday to allow families of Sept. 11 victims to sue Saudi Arabia begins a diplomatic nightmare for President Barack Obama. The legislation is sure to antagonize a key U.S. ally in the Middle East which already …
  
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• Insurance coverage gaps produce big differences in care - The Detroit News

  12-09-2016 01:26 via detroitnews.com
  
  The Detroit News
  Insurance coverage gaps produce big differences in care
  The Detroit News
  Caiti Riley, who lost her left leg when she was 4-years-old, poses for a photo near her home in San Antonio. Riley's insurance plan is paying most of the cost for a new running leg to complement the one she uses every day. (Photo: Eric Gay / AP ...and more »
  
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