Insurance news

• Wingsuit Test Pilot Has Thrills Galore, No Prospects for Life Insurance - Wall Street Journal

  05-12-2016 21:50
  
  Wall Street Journal
  Wingsuit Test Pilot Has Thrills Galore, No Prospects for Life Insurance
  Wall Street Journal
  In 2010, when Scotty Bob Morgan finished his second deployment with the U.S. Marines as an airborne combat photographer in Iraq, he needed a new job. He chose a career helping people glide through the air like flying squirrels. Mr. Morgan, one of the ...and more »
  
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• Woodruff-Sawyer to Acquire Neovia in California

  05-12-2016 20:50
  
  Woodruff-Sawyer & Co. will acquire Neovia Integrated Insurance Services in Santa Barbara, Calif. Woodruff-Sawyer will leverage the proprietary and client-focused employee benefits solutions for which Neovia is known. San Francisco, Calif.-based Woodruff-Sawyer has offices throughout California and in Oregon, Washington, …
  
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• Insurers’ Financial Strength, Brokers’ Expertise Drive Satisfaction in Large Commercial Market: J.D. Power

  05-12-2016 18:51
  
  The profitability of an insurance company and the quality of advice given by an insurance broker makes the most difference when it comes to customer satisfaction for commercial insurance, a new industry study revealed. According to the J.D. Power 2016 …
  
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• NFIP Payouts to Matthew Victims Top $162M

  05-12-2016 18:44
  
  The National Flood Insurance Program has paid out more than $162 million to victims in the five-state area hit by Hurricane Matthew—Florida, Georgia, North Carolina, South Carolina and Virginia, the Federal Emergency Management Agency (FEMA) said in a news release …
  
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• FEMA Grants Extension of Louisiana Flood Insurance Claims Deadline

  05-12-2016 18:39
  
  Louisiana Gov. John Bel Edwards says federal authorities have granted his request for an extension of the filing deadline for those affected by August floods to submit a proof of loss claim. Edwards, in a statement, said the extension approved …
  
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• Great American Insurance Taps Vuono to Lead Environmental Division

  05-12-2016 18:25
  
  Property/casualty insurer, Great American Insurance Group, based in Cincinnati, Ohio, has promoted Mark Vuono to divisional president of its Environmental Division. Vuono joined Great American in 2007 as divisional senior vice president of underwriting for the Environmental Division. Prior to …
  
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• Marsh & Mclennan Agency Acquires Ohio’s Benefits Resource Group

  05-12-2016 18:21
  
  Marsh & McLennan Agency LLC (MMA), the middle market agency subsidiary of Marsh, has acquired Benefits Resource Group (BRG), in Independence, Ohio. Terms of the transaction were not disclosed. BRG, an employee benefits consulting firm, offers a wide range of …
  
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• Judge Awards $5M to 2 Men Wrongfully Jailed in Nebraska

  05-12-2016 18:19
  
  A federal judge in Nebraska has ordered Douglas County’s insurance carrier to pay $5 million — plus legal costs — to two men wrongfully jailed for months in the 2006 killing of a Murdock couple because the county’s former crime …
  
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• Dallas Hospital Executives, Physicians Indicted for Bribes, Kickbacks

  05-12-2016 18:16
  
  Nearly two dozen people associated with a bankrupt physician-owned North Dallas luxury hospital have been indicted in what authorities described as a massive bribery and kickback conspiracy. The indictment unsealed on Dec. 1 in Dallas accuses 21 executives and physicians …
  
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• Insure Oklahoma Extended for Another Year

  05-12-2016 18:13
  
  The federal government will continue for another year to fund an Oklahoma program that uses a combination of state tobacco tax revenue and federal Medicaid money to help provide health insurance coverage for nearly 20,000 low-income Oklahoma workers. Gov. Mary …
  
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• Marsh & McLennan Agency acquires San Francisco benefits firm

  05-12-2016 17:10
  
  Presidio Benefits Group offers employee benefits and human resource services to employers in the San Francisco area.
  
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• CSAA in California Names Huebner Chief Risk Officer

  05-12-2016 17:04
  
  CSAA Insurance Group, a AAA Insurer, has named Jeff Huebner chief risk officer. Huebner will be responsible for managing all aspects of enterprise risk for the company, including traditional risk management, reinsurance, corporate insurance and business resilience. Huebner joined CSAA …
  
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• Lloyd’s Details Its New Corporate Operating Model to Help Deliver Vision 2025

  05-12-2016 16:56
  
  Lloyd’s announced details of its new Corporation Operating Model (COM) that it said will enable it to deliver its Vision 2025* more effectively and efficiently. Effective Jan. 1, 2017, COM will enable Lloyd’s to keep “a sharper focus on its …
  
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• California High Court Rules Firms Must Protect Households From Asbestos

  05-12-2016 16:28
  
  The California Supreme Court says companies can be held liable for exposing members of a worker’s household to asbestos. The court ruled unanimously that companies have a responsibility to prevent such exposure when they can reasonably forsee that their employees …
  
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• Liberty Mutual to acquire Ironshore Inc. in $3B deal

  05-12-2016 16:26
  
  Liberty Mutual Insurance announced Monday morning it will acquire global specialty lines company Ironshore Inc. from Fosun International Limited for approximately $3 billion.
  
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• Insurtech Lemonade Wins $34 Million in New Funding As It Readies for West Coast Expansion

  05-12-2016 16:20
  
  Lemonade, the home and renters insurance company run by artificial intelligence and behavioral economics, announced a $34 million B round of funding. The latest round was led by General Catalyst with participation from GV (formerly Google Ventures), Thrive Capital and …
  
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• Rhode Island Man Who Streamed Drive, Crashed Had Suspended License

  05-12-2016 15:33
  
  Police say a Rhode Island man who streamed himself on Facebook Live driving 114 mph before crashing into a garbage truck and a concrete barrier was driving with a suspended license. State police say 20-year-old Onasi Olio-Rojas, of Pawtucket, lost …
  
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• Regulators Examining Marijuana’s Impact on Massachusetts Casinos

  05-12-2016 15:29
  
  Gambling regulators in Massachusetts are looking into the possible impact of legalized marijuana on the state’s emerging casino industry. The state Gaming Commission has announced its requesting comments from state-licensed casino operators and the public. The panel says it’s interested …
  
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• Liberty Mutual to Acquire Ironshore from China’s Fosun for $3 Billion

  05-12-2016 15:28
  
  Liberty Mutual Insurance has agreed to acquire specialty lines insurer Ironshore Inc. from China’s Fosun International Limited. Liberty Mutual will acquire a 100 percent ownership interest in Ironshore. According to the announcement, the purchase price will equate to 1.45x Ironshore’s …
  
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• Massachusetts Firefighters Battle Blaze That Spread to Seven Buildings

  05-12-2016 15:18
  
  Firefighters struggled to put down a large fire that jumped from one building to another across a densely-populated neighborhood in Cambridge, Massachusetts. A large plume of smoke could be seen for miles on Saturday afternoon as heavy flames engulfed multi-family …
  
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• Police Sergeant in Massachusetts Gets Jail Term in Insurance Fraud Scheme

  05-12-2016 15:05
  
  A Massachusetts police sergeant has been sentenced to serve half a year in a county jail after he was convicted of lying about an on-duty accident and accepting insurance money for a bogus injury. A jury convicted Hingham Sgt. Kris …
  
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• Some Saw Warning Signs Before Oakland Loft Fire

  05-12-2016 14:48
  
  About six months before Friday’s conflagration that destroyed an Oakland warehouse and killed at least 33 people attending a party, builder Matt Hummel walked into the building and saw danger. Hummel, who has worked on several warehouse renovations in the …
  
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• Death Toll from Fire in Oakland Artist Loft Reaches 33

  05-12-2016 14:15
  
  A fire that devastated an Oakland, California, loft building during a weekend dance party has taken at least 33 lives and the toll will likely rise, authorities said on Sunday, as criminal investigators joined recovery teams at the charred ruin. …
  
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• Feds, retirees get soaked in 'perfect storm' of rising insurance costs ... - Washington Post

  05-12-2016 13:02
  
  Washington Post
  Feds, retirees get soaked in 'perfect storm' of rising insurance costs ...
  Washington Post
  Federal employees and retirees can be excused for feeling as though they're getting soaked by what has been described as a “perfect storm” hitting their health ...and more »
  
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• Want useful answers from your clients? Ask better questions

  05-12-2016 12:00
  
  Ask an empty question, get an empty answer. Here's how to refine your question process.
  
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• Are state insurance regulators overstepping their mark?

  05-12-2016 12:00
  
  The Multistate Insurance Diversity Survey is the latest strong-arm tactic that asks insurers to report on information with little regulatory value.
  
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• Hackers Steal $31M from Russian Central Bank in Latest Cyber Heist

  05-12-2016 11:41
  
  Hackers stole more than 2 billion roubles ($31 million) from correspondent accounts at the Russian central bank, the bank said on Friday [Dec. 2], in the latest example of an escalation of cyber attacks on financial institutions around the globe. Central bank …
  
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• China’s Insurers Have Major Risk Management Deficiencies, Warns Regulator

  05-12-2016 11:23
  
  Chinese insurance firms have significant risk management deficiencies, as they overly focus on asset management for profits and growth, a senior official at China’s insurance watchdog said on Saturday. Vice chairman Chen Wenhui of the China Insurance Regulatory Commission (CIRC) …
  
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• Xceedance Opens Insurance Operations Center in Krakow, Poland

  05-12-2016 11:11
  
  Xceedance, a provider of property/casualty insurance technology, analytics and consulting services, announced the launch of an operations center in Krakow, Poland. The center will provide services and support to Xceedance clients for underwriting, policy and claims management, credit control, and …
  
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• Talbot Underwriting Beefs Up Cyber Offering, Hiring ANV’s Mayes & Anderson

  05-12-2016 10:51
  
  Talbot Underwriting Ltd., a wholly owned subsidiary of Validus Holdings Ltd., has appointed a dedicated team of cyber underwriters. Phil Mayes joins the team as senior class underwriter, and Gillian Anderson joins the team as class underwriter. Mayes has more than …
  
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• BMW to Test Autonomous Vehicles in Munich in 2017

  05-12-2016 10:16
  
  BMW will test autonomous vehicles in Munich next year as it seeks to keep up with ride-hailing firms like Uber, which have spent billions on pay-per-use personal transport. The German carmaker will have about 40 vehicles with self-driving functions in Munich’s …
  
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• $122.5M Award Upheld in Imprisoned Arkansas Doctor’s Bombing Case

  05-12-2016 07:41
  
  A former Arkansas doctor has lost his appeal to the Arkansas Supreme Court of a $122.5 million jury award stemming from cas that encompasses a suspended license to practice medicine, overprescribing of pain medications, criminal assault charges and one count of …
  
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• Residents Return to Tennessee City Demolished by Fire

  05-12-2016 07:22
  
    Charlotte Moore needed a phone charger. “I’ll just get it at home,” she shrugged. Then she remembered that her home was gone. The realization came as she made the familiar drive up to the top of Laurel Mountain in …
  
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• Wal-Mart to Settle Bias Suit Over Gay Benefits for $7.5 Million

  05-12-2016 07:00
  
  Wal-Mart Stores Inc. agreed to pay $7.5 million to settle a lawsuit accusing the company of discriminating against gay workers by failing to offer health insurance benefits to their spouses. The settlement covers employees who were affected by Wal-Mart’s conduct …
  
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• Supreme Court to Hear Hospitals’ Religious Exemption from ERISA

  05-12-2016 07:00
  
  The U.S. Supreme Court on Friday agreed to hear appeals by Christian-affiliated hospital systems of lower court rulings that gave the green light to employee lawsuits accusing them of wrongly claiming a religious exemption from federal pension law. New Jersey-based …
  
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• North Carolina Surplus Lines Agents Facing Jan. 1 Registration Deadline

  05-12-2016 06:02
  
  Surplus lines agents doing business in North Carolina can now begin registering with the recently established North Carolina Surplus Lines Stamping Office as new rules regarding resident and non-resident surplus lines licenses are set to take effect. As of Jan. …
  
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• 10 best all-wheel drive cars and SUVs in the snow

  05-12-2016 06:01
  
  If you live in an area where roads are often covered in snow, one of these all-wheel drive vehicles might be a good choice for your insurance clients.
  
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• Pimco to Pay $20 Million to Settle Charges It Misled Investors

  05-12-2016 03:01
  
  Pacific Management Investment Co. (Pimco) will pay $20 million to settle charges it misled investors about the performance of a top exchange-traded fund it manages, U.S. regulators said on Thursday. The Securities and Exchange Commission’s settlement with Pimco, a unit …
  
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• Oakland warehouse fire kills dozens of party-goers

  05-12-2016 01:30
  
  There has been growing scrutiny about the warehouse, which was the subject of health and safety complaints that the city was investigating at the time of the fire.
  
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