Insurance news

• Louisiana Starts Over in Search of Flood Program Management Firm

  20-03-2017 17:53
  
  Louisiana is scrapping its first attempt to hire a firm to manage the state’s $1.6 billion flood recovery program and will restart the search process. The Advocate reports that Gov. John Bel Edwards’ deputy chief of staff Julie Baxter Payer …
  
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• Louisiana Starts Over in Search for Flood Program Management Firm

  20-03-2017 17:53
  
  Louisiana is scrapping its first attempt to hire a firm to manage the state’s $1.6 billion flood recovery program and will restart the search process. The Advocate reports that Gov. John Bel Edwards’ deputy chief of staff Julie Baxter Payer …
  
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• Des Moines Water Works Suit Over Agricultural Drainage Pollution Dismissed

  20-03-2017 17:51
  
  A federal judge has dismissed a Des Moines water utility’s lawsuit against three counties, claiming their agricultural drainage districts have been sending nitrate pollution into the rivers the water utility uses for drinking water. The judge on March 17 dismissed …
  
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• Los Angeles Prosecutors Refile Charges in $150M Workers’ Comp Fraud Case

  20-03-2017 17:48
  
  Los Angeles County prosecutors have refiled criminal charges against a dozen people accused of taking part in an alleged $150 million workers’ compensation insurance fraud, the Los Angeles County District Attorney’s Office announced. On March 16, Los Angeles County Superior …
  
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• Convicted Ohio Burglar Pleads Guilty to Workers’ Comp Fraud

  20-03-2017 17:43
  
  A Cincinnati man serving time in an Indiana prison for burglary got a short break from prison March 9, but only to plead guilty to workers’ compensation fraud in an Ohio courtroom, the Ohio Bureau of Workers’ Compensation reported. John …
  
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• Insurance Rates to Drop with Oklahoma City Fire Department’s Top Rating

  20-03-2017 17:33
  
  Thousands of Oklahoma City homeowners will save money on their property insurance after the Oklahoma City Fire Department received the top fire protection rating, the Oklahoma Insurance Department reported. The Class 1/4 rating goes into effect June 1. The Insurance …
  
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• Nebraska Among States Hardest-Hit by GOP Health Care Bill

  20-03-2017 17:31
  
  A Republican plan to replace the Affordable Care Act would raise health insurance costs in Nebraska faster than in most other states, according to a new report, and advocates say rural areas would be hardest-hit. The analysis was released last …
  
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• What would AIG’s next CEO need to step into the position?

  20-03-2017 17:27
  
  The new leader will need to restore credibility to a company that missed profit targets and has been draining talent for a decade.
  
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• Colorado Insurance Agents Association Rebrands as a Trusted Choice Organization

  20-03-2017 17:25
  
  The Professional Independent Insurance Agents of Colorado (PIIAC) announced it has changed its name to the Trusted Choice Insurance Agents of Colorado (TCCO). “As an association, we strive to be there for our agents, whether in an advocacy role at …
  
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• Carlton, Lindsey Named Partners at Texas-Based Hotchkiss Insurance

  20-03-2017 17:18
  
  Farrah Carlton and Gary Lindsey have been named partners at Dallas-based Hotchkiss Insurance. Carlton has been with Hotchkiss for more than 20 years, receiving several promotions during her career with the firm.  She currently serves as the vice president of …
  
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• Federal Flood Insurance Rates Expected to Rise in Houston Area

  20-03-2017 17:11
  
  The cost of federal flood insurance is expected to rise for thousands of Houston-area homeowners as Congress looks to overhaul a program that’s billions of dollars in debt. The National Flood Insurance Program provides coverage to more than 300,000 homes …
  
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• Seattle Law Allowing Driver Unionization Survives Uber Legal Attack

  20-03-2017 17:04
  
  Seattle’s first-in-the-nation law allowing Uber Technologies Inc. drivers to unionize survived a legal challenge by the ride-hailing company. Washington state Judge Beth Andrus rejected Uber’s arguments that the local collective bargaining process for drivers who work for ride-hailing companies and …
  
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• Travelers Notes Impact of Cut in UK Discount Rate for Lump Sum Payouts

  20-03-2017 15:36
  
  The Travelers Companies Inc. has estimated  impact of the recent decision by the UK Ministry of Justice to reduce the discount rate applied to lump-sum bodily injury payouts, known as the Ogden rate, from +2.5 percent to -0.75 percent. Travelers …
  
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• Travelers Notes Impact of Cut in UK Discount Rate for Lump Sum Bodily Injury Payouts

  20-03-2017 15:36
  
  The Travelers Companies Inc. has estimated  impact of the recent decision by the UK Ministry of Justice to reduce the discount rate applied to lump-sum bodily injury payouts, known as the Ogden rate, from +2.5 percent to -0.75 percent. Travelers …
  
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• U.S., Peabody Energy Agree to $43 Million Environmental Fund; Bankruptcy Plan Approved

  20-03-2017 15:20
  
  A U.S. judge formally approved Peabody Energy Corp.’s plan to emerge from bankruptcy late Friday after the coal producer struck a settlement with the U.S. government over legacy environmental claims at a gold and metal mining subsidiary. Under a last-minute …
  
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• Last Shareholder Group in Settlement Talks with RBS; Litigation Insurance Source an Issue

  20-03-2017 15:06
  
  Lawyers representing tens of thousands of Royal Bank of Scotland (RBS) shareholders have held tentative talks to settle a 1.2 billion pound ($1.5 billion) damages claim over the lender’s 2008 rights issue that was launched shortly before a state bailout, …
  
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• Last Shareholder Group in Settlement Talks with RBS; Litigation Insurance an Issue

  20-03-2017 15:06
  
  Lawyers representing tens of thousands of Royal Bank of Scotland (RBS) shareholders have held tentative talks to settle a 1.2 billion pound ($1.5 billion) damages claim over the lender’s 2008 rights issue that was launched shortly before a state bailout, …
  
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• China’s Anbang Insurance Bullish on Investing in Europe

  20-03-2017 13:05
  
  The chairman of China’s privately-held Anbang Insurance Group said at the China Development Forum on Saturday he is bullish on investing in Europe despite great uncertainty over issues including refugees, economic challenges and rising populism. Europe has “very cheap assets” and …
  
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• Beware of These Often-Overlooked Insurance Gaps - Kiplinger Personal Finance

  20-03-2017 13:04 via kiplinger.com
  
  Kiplinger Personal Finance
  Beware of These Often-Overlooked Insurance Gaps
  Kiplinger Personal Finance
  Ever see those insurance commercials that talk about not having the right kind of auto insurance or homeowners insurance? It usually involves an overlooked aspect of the policy that translates to expensive repairs or replacements.and more »
  
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• Bank of England to Focus on Insurance Consumer Protections

  20-03-2017 12:55
  
  The Bank of England will spell out more clearly what insurers should be doing to protect policyholders such as the elderly after a report called for clearer safeguards. The BoE’s Independent Evaluation Office (IEO) looked at how the central bank’s …
  
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• Reinsurers Seek Higher Returns Through Customized Business

  20-03-2017 11:48
  
  Reinsurer Swiss Re, usually involved in mega-deals on natural disaster coverage, is branching out on its own to do individually tailored schemes to boost returns, such as one in China to protect farmers against floods or drought. This tailor-made approach …
  
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• Cashier Admits Stealing $13M at Pennsylvania Monuments Firm

  20-03-2017 11:38
  
  The former cashier at a Pennsylvania monuments and engraving firm has acknowledged stealing nearly $13 million over 16 years and is hoping a judge will approve a seven-and-a-half-year federal prison sentence for her crimes. Cynthia Mills’ defense attorney, Phil DiLucente, …
  
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• Connecticut Dental Practice Manager Pleads Guilty to Wire Fraud

  20-03-2017 11:30
  
  The office manager of a Stamford, Conn., dental practice has pleaded guilty to using a retired dentist’s records to charge insurance companies almost $600,000 for work that was never performed. Elena Ilizarov pleaded guilty in federal court this week to …
  
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• Blow through your agency growth goals with this lead generation strategy

  20-03-2017 11:30
  
  It's time to establish a coordinated goal for both marketing efforts and salespeople.
  
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• New York Insurance Broker Sentenced in $1M Fraud Scheme

  20-03-2017 11:26
  
  An Albany insurance broker has been sentenced to nine years in prison for a $1 million securities fraud scheme. Lawrence D. Rosenbaum previously pleaded guilty to charges including grand larceny and securities fraud. He also admitted failing to file state …
  
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• Survey finds insurers not fully realizing benefits of analytics

  20-03-2017 11:00
  
  An insurance company’s ability to use its wealth of data will be a key to navigating industry challenges successfully and generating value in the future.
  
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• Want stronger client relationships? Get personal

  20-03-2017 10:30
  
  Clients remember when you provide a personal service.
  
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• 2017 NU/PIA Independent Agent Survey respondents at a glance [Infographic]

  20-03-2017 10:30
  
  Breaking down the respondents to the NU/PIA Independent Agent Survey by the numbers.
  
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• Hub Acquires Portland’s BCI Group and Plus Point Services

  20-03-2017 06:33
  
  Chicago-based global insurance brokerage Hub International Limited (Hub) has acquired the assets of BCI Group Inc. (BCI) and its subsidiary, Plus Point Services Inc. (Plus Point). Both are based in Portland, Ore. Terms of the acquisition were not disclosed. BCI …
  
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• Patients’ Pre-Surgery Opioid Use Contributes to Higher Costs, Complications

  20-03-2017 06:00
  
  Surgery patients often go home from the hospital with a prescription for painkillers to take as they recover. But a new study suggests that doctors should also focus on patients who were taking such medicines before their operations. People who …
  
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• Medical Professional Underwriters Weigh Impact of Republican Healthcare Changes

  20-03-2017 06:00
  
  As they grapple with persistently soft market conditions, medical professional liability (MPL) underwriters must weigh the potential impact on their business of proposed changes in the U.S. healthcare financing system. As they gathered in Chicago for their annual meeting, MPL …
  
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• Berkshire Opposes Political Contribution Disclosure, Fossil Fuel Divestment Proposal

  20-03-2017 06:00
  
  Warren Buffett’s compensation for running Berkshire Hathaway Inc. edged up 4.0 percent last year to $487,881 reflecting the higher cost of keeping the world’s second-richest person safe. Buffett’s pay was disclosed in a Friday regulatory filing, in which Berkshire also …
  
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• Ironshore Specialty Adds M&A Transition Coverage for Construction Risks

  20-03-2017 05:32
  
  Ironshore Specialty Casualty has enhanced its transition protection policy form to address contractual exposures related to an organizational merger or acquisition specific to the construction industry. Ironshore’s Construction Transition Protection product provides coverage for abrupt and accidental property damage or …
  
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• General Star, AmWINS Partner on New Food Delivery Insurance Program

  20-03-2017 05:15
  
  General Star Management Company has launched a food delivery insurance program through its General Star Programs Unit. AmWINS Program Underwriters will administer the program designed for hired and non-owned auto liability risks engaged in food delivery services. The Food Delivery …
  
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• Top 10 workers’ comp carriers for 2016, as ranked by NAIC

  20-03-2017 05:01
  
  Which carriers have the lion's share of the workers' comp market? Which ones moved up or down in the NAIC rankings?
  
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• Mississippi Supreme Court Refuses to Dismiss State Farm Katrina Lawsuit

  20-03-2017 05:01
  
  The Mississippi Supreme Court won’t dismiss a state lawsuit against an insurance company over Hurricane Katrina claims. The Sun Herald reports that Attorney General Jim Hood’s lawsuit against insurance giant State Farm Fire and Casualty Co. can go forward. The …
  
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• Residents of 10 Buildings in North Carolina Capital City Displaced by Massive Fire

  20-03-2017 05:00
  
  Residents of downtown Raleigh, N.C., were allowed pick up belongings Saturday at dwellings near where a massive fire broke out. Raleigh Fire Chief John McGrath said crews were escorting residents back to where they lived, but that it could take …
  
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• Prescription Drug Crisis Fueling Robberies of Georgia Pharmacies

  20-03-2017 05:00
  
  A wave of break-ins and robberies of Georgia pharmacies is being fueled by a drug epidemic, authorities said. In June, a thief with a sledgehammer broke into a Snellville pharmacy and stole thousands of dollars worth of pain pills and …
  
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• North Carolina Busts 70 Taxi, Limo Drivers in Insurance Rate Evasion Scheme

  20-03-2017 05:00
  
  When dozens of taxi and limo drivers claimed the same home address, it led to a big insurance bust. North Carolina Insurance Commissioner Mike Causey says 70 Charlotte-area taxi and limousine drivers falsely listed the same address in suburban Union …
  
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• What makes gambling wrong but insurance right? - BBC News - BBC News

  20-03-2017 01:02 via bbc.com
  
  BBC News
  What makes gambling wrong but insurance right? - BBC News
  BBC News
  Gamblers and insurers both place bets on the future, so how do they compare?and more »
  
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• Republicans Working to Change Healthcare Bill Before House Vote

  20-03-2017 00:17
  
  U.S. House Republicans are working on changes to their healthcare overhaul bill to provide more generous tax credits for older Americans and add a work requirement for the Medicaid program for the poor, House Speaker Paul Ryan said on Sunday. …
  
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