Insurance news

• On-Demand Homeshare Insurer Slice Enters 5 More States

  01-03-2017 21:00
  
  Slice Labs Inc., a technology startup featuring an on-demand insurance platform for people who share or rent their homes, is now offering its pay-per-use insurance coverage on a limited basis in five additional states: Colorado, Maryland, Massachusetts, Texas and Washington. …
  
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• Trump Makes Healthcare a Priority, Insurance Stocks Surge - Fox Business

  01-03-2017 18:45
  
  Fox Business
  Trump Makes Healthcare a Priority, Insurance Stocks Surge
  Fox Business
  President Donald Trump gestures as he arrives on Capitol Hill in Washington, Tuesday, Feb. 28, 2017, for his address to a joint session of Congress. (Jim Lo Scalzo/Pool Image via AP). UnitedHealth (UNH) is one of nine stocks on the Dow Jones Industrial ...
  This CEO's Small Insurance Firm Mostly Turned A Profit Under Obamacare. Here's HowNPR
  Trump Seeks Help from Insurers, Governors in Overhauling Health Ins
  
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• Acentria Acquires Orlando-Based Walker Insurance

  01-03-2017 18:44
  
  Acentria Insurance has finalized its merger with Walker Insurance & Financial Services, Inc., located in Orlando, Fla. Walker Insurance has specialized in personal and business insurance for local residents for more than 29 years and will continue to do so …
  
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• The Plexus Groupe Acquires Fairway Financial Insurance

  01-03-2017 18:29
  
  The Plexus Groupe LLC (Plexus), a privately held national insurance brokerage and risk management consultancy based in Deer Park, Ill., has acquired Arlington Heights, Ill.-based Fairway Financial Insurance Group (Fairway), an independent personal lines insurance agency. Fairway will be rebranded …
  
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• XL Catlin Names Shertenlieb Central U.S. Leader for Global Risk Management

  01-03-2017 18:27
  
  XL Catlin has appointed Gary Shertenlieb as zonal underwriting manager for Global Risk Management in the U.S. central region. Starting in April, Shertenlieb will lead the division’s primary casualty insurance and underwriting operations in the Central United States. He is based in …
  
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• Iowa Jury Awards $127M in Teen Party Assault Case

  01-03-2017 18:25
  
  An Iowa man, who allowed his teenage child to invite friends to his house for a party, provided them alcohol and then had sex with a 13-year-old girl after she was drunk, has been ordered to pay $127 million to …
  
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• Oklahoma County Settles Traffic Death Lawsuit for $500K

  01-03-2017 18:22
  
  Oklahoma County commissioners have agreed to pay $500,000 to settle a lawsuit filed by the family of a man killed in a traffic crash involving a sheriff’s deputy. The Oklahoman reports a judge approved the settlement last week. County commissioners …
  
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• Arkansas House Passes Tort-Reform Amendment Capping Punitive Damages, Fees

  01-03-2017 18:20
  
  The Arkansas House has approved a proposed state constitutional amendment that would ask voters to limit some attorney’s fees and punitive damages in lawsuits. The House voted 65-29 for the joint resolution and sent it back to the state Senate …
  
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• $1M Insurance Scam Death Leads to 14-Year Sentence for Houston Man

  01-03-2017 18:17
  
  Officials say a Houston man must serve 14 years in prison for his role in the 2014 slaying of a North Texas housekeeper in a $1 million insurance scam. Bernard “Little Joe” Gorman was sentenced Monday in Fort Worth in …
  
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• California Tour Bus Crash Leaves 1 Killed, 26 Injured

  01-03-2017 16:50
  
  A tour bus crossed into oncoming traffic and hit two cars head-on, killing one woman and injuring 26 others in the Southern California high desert, according to the California Highway Patrol. It’s unclear why the tour bus crossed into the …
  
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• San Jose Flooding Resulted in $73M in Damages, City Official Says

  01-03-2017 16:45
  
  A San Jose, Calif. official says an initial estimate puts damage costs from last week’s flooding of several residential neighborhoods at $73 million. Assistant City Manager David Sykes said flood damage to private property is estimated at $50 million. He …
  
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• Heffernan in California Names Huang Assistant VP of Employee Benefits

  01-03-2017 16:42
  
  Walnut Creek, Calif.-based Heffernan Insurance Brokers has named Edward Huang assistant vice president of employee benefits. Huang an enterprise sales background ranging from financial services to software as a service. Heffernan has California offices in San Francisco, Petaluma, Menlo Park, Los Angeles and Irvine, and offices in Portland, …
  
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• Argo’s Carr to Head U.S. Cyber Insurance Unit for Brit Global Specialty

  01-03-2017 15:55
  
  Brit Global Specialty USA is launching a Cyber and Technology team and has hired Michael Carr appointed as senior vice president to lead the offering. Carr was formerly Technology practice leader for Argo Group. He has 30 years of experience …
  
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• Effective Cybersecurity Strategy Rests on People, Not Just Technology

  01-03-2017 15:21
  
  While many organizations continue to focus on the technology aspect of cyber defense, which is crucial, they often do so at the expense of people risks, which represent the largest source of data breach claims. New claims data analysis from …
  
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• House Republicans’ Report Hits ‘Too Big to Fail’ Designation Process

  01-03-2017 15:03
  
  Congressional Republicans are taking aim at the regulatory process through which some financial institutions become subject to heightened regulation because they are deemed too big to fail. In a report released on Tuesday, Republican staff members of the House of …
  
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• UK’s Allianz Insurance Enhances D&O Cover

  01-03-2017 13:36
  
  Allianz Insurance, the UK subsidiary of Allianz SE Group, has refreshed its directors and officers proposition to offer broader coverage for businesses. The new and enhanced cover includes: Kidnap and ransom An employment practice helpline Protection for IT security / …
  
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• UK Insurers’ Reserve Strengthening Likely After Personal Injury Discount Rate Change: A.M. Best

  01-03-2017 13:20
  
  The earnings of U.K. insurers likely will be hit by reserve strengthening following the U.K. government’s announcement of a dramatic cut to the discount rate used to calculate lump-sum personal injury compensation, according to A.M. Best. Motor insurers and reinsurers …
  
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• When a tree falls, does your insurance policy cover the damage?

  01-03-2017 13:00
  
  Although stately trees add value to property, falling branches can cause extensive damage. Does your insurance policy provide the right coverage?
  
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• New York Cyber Regs Take Effect, Mid-Sized Firms Could See Biggest Impact

  01-03-2017 12:49
  
  As the insurance industry has closely followed developments regarding The New York State Department of Financial Services’ (DFS) cybersecurity regulation, concerns remain in terms of how the final regulation, set to go into effect March 1, may impact mid-sized companies …
  
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• Zipcar Comes to New York’s Hudson Valley

  01-03-2017 12:22
  
  Metro-North Railroad and Zipcar have launched a car share initiative in the Hudson Valley. Under the Ride2Drive program, a total of 14 Zipcars, including sport utility vehicles, will be parked at dedicated spaces at nine Metro-North station lots. Each Zipcar …
  
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• New Jersey-Based York Risk Services Group Hires Galiano

  01-03-2017 12:21
  
  York Risk Services Group (York), a Parsippany, N.J.-based national provider of claims management, managed care, specialized loss adjusting, alternative risk programs, pool administration and other insurance services, has hired Jason Galiano as vice president of sales for York’s Public Entity …
  
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• Willis Towers Watson Completes Purchase of French Aviation Broker, OAAGC

  01-03-2017 12:16
  
  Willis Towers Watson has concluded its negotiations with OAAGC, the French aviation brokerage, and has now completed the acquisition of its team and book of business. Willis Towers Watson said the deal makes it the leading aviation broker in France. …
  
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• Workers’ Compensation: 10 more issues to watch for 2017

  01-03-2017 12:15
  
  Here's a look at the remaining 10 workers' comp issues our subject matter experts believe are important to watch in 2017.
  
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• THG Acquires Group Benefits Division of Massachusetts-Based S&W

  01-03-2017 12:12
  
  The Hilb Group LLC (THG), an insurance agency headquartered in Richmond, Va., has acquired the group benefits division of Massachusetts-based Sapers & Wallack Inc. (S&W). The transaction became effective February 1, 2017. As part of the transaction, the group benefits …
  
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• Jewelry: A surprisingly large, and vulnerable, pocket of client wealth

  01-03-2017 12:00
  
  Agents are missing an opportunity to provide added value and attract referrals if they’re not helping clients protect their jewelry collections.
  
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• Autonomous vehicles keeping you awake at night? You’ve got the wrong problem

  01-03-2017 12:00
  
  The insurance industry shouldn't be as concerned about the impact of autonomous vehicles as it should be about what is happening now in the rapidly changing world of products and services due to the effects of emerging technologies.
  
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• BGC Partners Buys Lloyd’s Broker Besso Insurance

  01-03-2017 11:54
  
  BGC Partners Inc., a London and New York-based broker serving the financial and real estate markets, announced it has completed the acquisition of Besso Insurance Group Ltd., an independent Lloyd’s of London insurance broker specializing in property, casualty, marine, aviation, professional and …
  
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• Canada’s Echelon Insurance Gets Danish Regulatory Nod to Sell Europe Unit

  01-03-2017 11:33
  
  Canada-based Echelon Financial Holdings Inc. announced it has received regulatory approval from the Danish Financial Services Authority for the sale of its European operations. This completes the necessary regulatory approvals for the sale, Echelon said, noting that the sale is …
  
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• Gallagher Buys Australia’s Ace IRM Insurance Broking Group

  01-03-2017 11:19
  
  Itasca, Ill.-based Arthur J. Gallagher & Co. announced the acquisition of Ace IRM Insurance Broking Group, located in Beenleigh, Queensland, Australia. The terms of the transaction were not disclosed. Founded in 1981, Ace IRM Insurance Broking Group (Ace IRM) is a …
  
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• Florida Starts Issuing Medical Marijuana ID Cards

  01-03-2017 07:21
  
  Florida health officials who oversee the medical marijuana program have started processing identification card applications for patients and caregivers. The cards, which are issued through the Office of Compassionate Use, are part of regulations passed by the Florida Legislature last …
  
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• Alabama Pain Management Doctors Convicted in Pill Mill Case

  01-03-2017 07:07
  
  Two doctors who operated a pain management clinic on the Alabama coast are facing time in federal prison after being convicted of running what authorities describe as a pill mill. Jurors in Mobile returned the verdict Feb. 23 against Drs. …
  
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• Federal Appeals Court Rejects Blankenship Appeal Over West Virginia Mine Blast

  01-03-2017 07:01
  
  A federal appeals court has refused to rehear the case of former Massey Energy CEO Don Blankenship in the deadliest U.S. mine disaster in four decades. The 4th U.S. Circuit Court of Appeals handed down the order Friday. In January, …
  
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• State Farm Lost $7 Billion on Auto in 2016

  01-03-2017 07:00
  
  State Farm joined the ranks of property/casualty insurers reporting challenges in their auto insurance line of business.  State Farm said it lost $7 billion on its auto insurance underwriting in 2016. The State Farm property/casualty (P/C) companies reported an overall …
  
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• ProSpecialist Insurance to Offer Lawyers PL in New York Through ProAssurance

  01-03-2017 06:20
  
  ProLawyer Insurance, dba ProSpecialist Insurance Services, has been appointed by ProAssurance/Medmarc LawyerCare as the provider of its lawyers professional liability coverage in the state of New York. The product offers admitted coverage designed for law firms with one to 25 …
  
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• Specialty Liability Coverage by Prime Insurance Company

  01-03-2017 06:01
  
  Prime Insurance Company offers coverage where other insurance carriers can't.
  
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• Meet the 14 women who run state insurance departments

  01-03-2017 06:01
  
  To kick off Women's History Month 2017, we take a look at the nation's 14 female state insurance commissioners.
  
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• Zurich, Deloitte Partner on Cyber Risk Services for Clients

  01-03-2017 06:00
  
  Zurich North America and Deloitte have collaborated to provide services aimed at educating and protecting customers from cyber related risks. Initial offerings include risk transfer options provided by Zurich and risk mitigation options provided by Deloitte Risk and Financial Advisory …
  
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• Wildfires: An expanding threat?

  01-03-2017 06:00
  
  Wildfires and heat waves caused $1.9 billion in insured losses in 2015
  
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• Want a Committed Workforce? Encourage Lifelong Learning

  01-03-2017 06:00
  
  Bill Gates reads a book a week. Elon Musk has developed his own system for learning about new topics. Warren Buffet has them both beat — he reads 500 pages of reports, newspapers and books each day. These innovators are at the top of their fields, with decades of experience...
  
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• Understand What the Top Contractor Managed Repair Service Delivers

  01-03-2017 06:00
  
  Contractor program utilization has increased significantly across the U.S. and is starting to expand to other parts of the world as insurance carriers look to raise the bar on customer satisfaction, which subsequently leads to increased policyholder retention. As more and more insurance carriers expand their offering, it's important to...
  
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• Service Partners Key to Catastrophe Planning Success

  01-03-2017 06:00
  
  A major catastrophic event can occur at any given moment…are you prepared? A key factor in preparation is identifying the catastrophe management team, including internal members as well as important external service partners. Collaborating with the right independent adjusting firm is an important piece of a carrier or policyholder's catastrophe...
  
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• Secrets To Material Damage Success

  01-03-2017 06:00
  
  For over two decades I’ve witnessed claims leaders manage the material damage process in predictable cycles that ebb and flow like the tides of the ocean. They would often switch their focus from DRP to staff, then to IAs and recently photo estimating and start it all over again. This...
  
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• Over 7000 locations have access to DryTrack™

  01-03-2017 06:00
  
  DryTrack™ is more than a simple water damage software. It is a mobile mitigation management tool that helps thousands of restoration professionals rationalize the drying process with pre-programmed IICRC S500 recommendations built within the application. Its objective approach has an intuitive suggested air and moisture reading entry system, intelligent moisture...
  
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• Leveraging Broader Video Trends for Improving Customer Satisfaction

  01-03-2017 06:00
  
  The insurance industry is at an inflection point. It must lead the digital transformation in delivery of services and new customer value or it risks leaving the door open to disruption by more digitally native companies.
  
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• Jewelry Replacement Has Many Facets

  01-03-2017 06:00
  
  Jewelry claims are complex and need special attention by jewelry and diamond experts. Insureds are faced with a jewelry and diamond pricing system that changes daily. The terminology used to define quality of gems and diamonds can be confusing for both insurers and the policyholder.
  
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• Insurer liable for under-insured motorist claim

  01-03-2017 06:00
  
  A $40,000 judgment costs an insurer due to an under-insured motorist
  
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• Infotaintment Systems Information and Claims Investigation

  01-03-2017 06:00
  
  In-vehicle infotaintment systems allow vehicle users to perform a number of tasks including making/receiving phone calls, send/receive text messages, utilizing navigation, access social media and internet services while driving. Bluetooth technology and/or smartphones can assist drivers to use the capabilities of infotainment systems while driving. Infotaintment system Electronic Control Modules...
  
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• In a crisis, calling 9-1-1 is automatic. The next call requires a little more thought

  01-03-2017 06:00
  
  One rarely hears inspiring stories of objectivity during a crisis. Frankly, that's not the general temperament of human nature. We are not wired for calm, objective reaction to unexpected stress. Danger and disaster pump humans full of adrenalin and set off the fight or flight response. These survival instincts are...
  
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• Imagination and indemnity

  01-03-2017 06:00
  
  Being ethical requires adhering to the principle of indemnification
  
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• How Hail Impact Reports, High Resolution Weather Data and Qualified Experts Can Help Resolve Claims More Effectively

  01-03-2017 06:00
  
  Billions of dollars of damage occurs each year as a result of weather events and catastrophes that strike the U.S. Among the biggest damage producers are large hail-producing thunderstorms that pass over populated areas. Following these CAT hailstorms, thousands of new hail claims come pouring in — some are legitimate...
  
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