Tuesday, April 30, 2013

Daily Headlines: Tuesday, April 30, 2013

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Insurance Journal Daily Headlines
April 30, 2013
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

Experts Weigh Boston Bombings' Impact on Government-Backed Terrorism Insurance

The April 15 Boston bombings could have an impact on the efforts to renew the federal government's terrorism insurance backstop. Some ...

BP Hit By Wave of Gulf Oil Spill Claims As Deadline Approaches

BP Plc has been hit by more than 2,200 new lawsuits seeking payback for the 2010 Gulf of Mexico oil spill in the past few weeks as ...

World's Hot Spots for Cargo Theft

Cargo theft rates in Europe increased 24 percent on average last year from 2011, and were on the rise in Asia as well, while rates in ...

GE to Pay $40M to Settle Suit Accusing It of Misleading Investors in 2008

General Electric Co. agreed to pay $40 million to settle a shareholder lawsuit accusing the company of misleading investors about its ...

The Hartford Reports $241M Q1 Loss Mainly Due to One-Time Charges

Hartford Financial Services Group Inc. posted a net loss of $241 million for its 2013 first quarter, compared to net profit of $96 million ...

AIG Names Johnson to Succeed Bresnahan as Lexington Insurance President

American International Group Inc. (AIG) has named Jeremy Johnson as president and chief executive officer of its excess and surplus (E&S) ...

From MyNewMarkets.com 10 Things to Know About Home and Auto

There are more than 132 million housing units in the United States, more than 80 million of which are detached, single-family homes, and...
Carrier Management

Global Re, Excess WC Discipline Lagging: ACE's Greenberg, WRB's Rob Berkley

There are now clear signs that the low interest rate environment is forcing underwriting discipline in the casualty...
Pick Your Price Sale from Academy of Insurance
East

Storm Costs Driving Up New Jersey Auto Insurance Rates

Losses from previous storms are helping to drive up New Jersey's auto insurance rates, which are already the highest in the nation. The ...

Insurance Industry Charitable Foundation's Boston Chapter Launches Grants Program

The Insurance Industry Charitable Foundation (IICF) Boston chapter launched its grants program by hosting its first-ever grant fundraising ...

Highmark Closes $604M Buyout of West Penn Allegheny Bondholders

Insurer Highmark Inc. on Monday completed a $604.2 million bondholder buyout of troubled West Penn Allegheny Health System at 87.5 cents on ...

GUARD Insurance Group in Pennsylvania Names New CFO

Wilkes-Barre, Penn.-based GUARD Insurance Group named Eitan Ajchenbaum as chief financial officer and treasurer, replacing Jeffrey Picker ...
Pick Your Price Sale from Academy of Insurance
Midwest

Missouri Insurance Department Returns $6.2M to Consumers in Q1 2013

The Missouri Department of Insurance announced that consumers who filed complaints against their insurance companies received an additional ...

Trade Group Urges Indiana Governor to Sign Work Comp Bill

The Indiana General Assembly ended a very productive 2013 legislative session early in the morning on April 27 having passed workers' ...

Governor to Sign Tougher North Dakota DUI Laws

Gov. Jack Dalrymple says he will sign legislation aimed at strengthening penalties for drunken driving in North Dakota. The Legislature ...
Southeast

Florida Insurers Save Tax Credit ... For Now

Florida insurers are showing some signs of relief after they convinced House lawmakers to stop a Senate bill that would have eliminated a ...

Rising Seas Leave Salt Marsh Mark on South Carolina Shoreline

Rising sea level may be hard to notice in cities where seawalls and docks line the shorefront. But it's easy to see down a winding coastal ...
South Central

Court Cuts Corps Back Out of New Orleans' 17th St Canal Lawsuit

A federal appeals court ruling has added a new twist to a complicated legal property rights case along a canal that was breached during ...

Texas Man Arrested, Charged in $3.5M Staged Accident Fraud Scheme

A Duncanville, Texas, man faces federal charges in an alleged multi-million dollar staged accident fraud scheme. The U.S. Attorney's Office ...

Inquiry Into Texas Blast Plagued by Regulatory Gap

Federal and state officials investigating the April 17 deadly blast at a Central Texas fertilizer company are trying to determine whether a ...
West

Report: Northern California Bridge Has Bolts Similar To Banned Bolts

The new eastern span of the San Francisco-Oakland Bay Bridge has more than 1,200 bolts made from galvanized steel that is virtually ...

Idaho Firm Pursues State Officials In IEN Lawsuit

Idaho's former Department of Administration director and its chief technology officer are being targeted by a company that says they ...

40 Ex-LAPD Officers Seek Reviews Of Dismissals

Dozens of fired Los Angeles police officers are taking up the chief's offer to re-examine their dismissals since a deadly rampage by ...
Sponsored by: CIWA. Wholesale brokers, E and S carriers and vendors: You have to watch this video! Click here for more information.
International

India's Finance Minister's Insurance Reform Agenda Runs into Political Hurdles

An Indian Parliament deadlocked yet again over corruption scandals threatens Finance Minister P. Chidambaram's ambitious reform agenda, ...

Willis' Faber Exec Sees Re/Insurance Growth in Turkey

There is huge potential for re/insurance growth in Turkey, according to Namik Gulsun, Executive Director, EMENA at facultative and ...

Ratings Roundup: AGA Int'l., Aspen (Notes)

A.M. Best Europe - Rating Services Limited has affirmed the financial strength rating of 'A' (Excellent) and issuer credit ratings of "a+" ...

ACE Establishes Special Purpose Vehicle, Altair Re

ACE Limited has established a $95 million special purpose vehicle, Altair Re, to provide additional collateralized capacity for its global ...

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Insurance Journal TV

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Greenberg's View: Finite Reinsurance

The cornerstone of former New York Attorney General Eliot Spitzer's campaign against AIG and...
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Evolution of D&O Products

D&O products have gone through a lot of changes lately. CNA Pro Claim's Todd Greeley sat down...

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New Discussions in the Forums

Agency Management System
Posted: Fri Apr 26 -- I agree. I tried Googling Quikfuzion and could barely find a thing much less a website. aem84
Non Standard Farm/Ranch account
Posted: Wed Apr 24 -- What are the codes and the premium? I just quoted a restoration company with similar issues and a 2.37 x-mod with a PEO. What should have... Chad Filley
Insurance Noodle vs. Superior Access vs. Agent Secure
Posted: Mon Apr 22 -- mdagent, Superior Access and Consolidated are General Agents that submit your information to the respective companies for a quote. Then,... ziiqui
Paperless Environment
Posted: Tue Apr 16 -- I completely agree with Island Girl. We started going paperless 6 years ago. The first year was a royal pain with the initial scanning but... justthere
Business Loss - Travel Insurance
Posted: Tue Apr 16 -- This is true. However, most people do not realize that major credit card companies also provide insurance for lost or damaged goods while... chad37
TX - Workers Comp - Contractor
Posted: Tue Apr 16 -- Have you considered a Professional Employer Organization (PEO)? SOI has locations in Dallas, Houston, Austin and San Antonio as well... DOrgant
What is your biggest pain as an agent?
Posted: Mon Apr 15 -- 1) Billing questions, non payment cancelations, reinstatement request of bad pay clients. 2) Binder requests... yoyowordup

Reader Comments

Deal OK'd in Muslims' False Advertisement Suit Against McDonald's
Posted: Wed Apr 24 -- Like the McDonald's "hot coffee" case (where McDonalds was knowingly and continually burning customers...and doing nothing to correct their... insurance is fun!
U.S. Expected to Seek Limits on Car Touchscreens
Posted: Thu Apr 25 -- I think cars should be updated with a version of Apple's Siri or similar software with voice recognition. That way, when I get road rage and... reality bites
Oklahoma House Kills Texting and Driving Ban Again
Posted: Thu Apr 25 -- What part of dangerous driving activity do these pinhead house members not understand? The cell addicts are pretty powerful in Texas as... Agent
Travelers Q1 Profit Up 11% to $896M; CEO Says 'We Will Keep Going' on Rate Hikes
Posted: Thu Apr 25 -- The 1 "dislike" to this post must be from a Travelers employee - obviously. MeIsEinstein
2 Judges Consider State Farm Rates in Texas
Posted: Fri Apr 26 -- As I recall, State Farm had a lot of litigation some years ago when they failed to roll back rates after the mold crisis when the other... Agent

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April 22, 2013
Current Issue
Top 50 Apps for Insurance Agents; Entertainment, Sports & Special Events; Directors & Officers Liability

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New Markets Daily: April 30, 2013

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April 30, 2013

Programs for Community Services

Great American Insurance Group's Specialty Human Services Division offers property/casualty programs for Community Services to include: Career and Vocational Counseling, Community, Crisis, Day Care, Senior Centers, Neighborhood Multi-Service ...
States: All except HI, LA, OK

Market Announcements

Event Cancellation Insurance

Event Cancellation can be purchased to protect event expenses or revenue against cancellation or abandonment caused by reasons beyond...
States: AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, IA, IL, IN, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY

Network Security and Privacy Liability

Minimum premium of $500. Per claims limits of up to $1 MM. No premium commitment to access product. Available on a monoline basis or in...
States: AL, AR, AZ, CO, CT, DC, DE, GA, IA, ID, IL, IN, KS, KY, MA, ME, MI, MS, NC, ND, NE, NJ, NM, NV, OK, OR, PA, RI, SC, SD, TN, TX, UT, WI, WV, WY
How To Write

How To Write Podcast: How to Write EPL

With more first-time buyers purchasing Employment Practices Liability Insurance, Lynette Lyngaas, Vice President of EPL at Monitor Liability Managers, provides insight into current trends, coverage must-haves and what agents should know to present this coverage
Listen Now

Alcohol & Drug Rehabilitation Insurance

Coverage is tailored for facilities and organizations that treat individuals with addictions. Eligible classes include: Addiction...
States: All except AK, HI

Residential Remodeler A-Rated Market

No more more complicated classifications! Flexible eligibility provides one remodeler class for contractors performing more than one...
States: CA

Feature Articles

10 Things to Know About Home and Auto

There are more than 132 million housing units in the United States, more than 80 million of which are detached, single-family homes, and... Read more

Global Trade Market Uncertainties Increasing Demand for Trade Credit Insurance

Trade credit insurance is not a new concept, says Kerstin Braun, executive vice president of trade credit insurer, Coface. But the recent... Read more

New Workers' Compensation Formula Lowers Premiums for Most Employers

A reworking of a key piece of the workers' compensation rating formula isn't changing rates overall but is changing premiums for most... Read more

Latest Forums

Re: High performance car - Ca

Typing in the term 'high performance ca' gave me a great list with those keywords in state of CA only -...
by krishoney on Tue Apr 30, 2013

Re: mobile disc jockey- Ca

Try these guys - they do everything in the entertainment industry - http://www.mynewmarkets.com/companies/kandkinsurance
by krishoney on Tue Apr 30, 2013

Apartment, Condominium, Home Owners, Renters insurance with no breed restrictions

Hello,I am looking for liability markets for the following type risks with no breed restrictions or canine acceptability upon...
by chandrav on Tue Apr 30, 2013

Inland Marine for Eyeglasses

I am in need of a market in MA for eyeglass coverage, inland marine or HO schedule...
by amorey on Tue Apr 30, 2013

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Insurance Journal TV: Firemans Fund Chief Looks to Future

Insurance Journal TV
April 30, 2013
Feature Video

Fireman's Fund Chief Looks to Future

Lori Fouché became Fireman's Fund's president and CEO in July, 2011. The head of the U.S. property-casualty unit of Germany's Allianz SE was at The Old Mint in San Francisco in...

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Insurance Journal
3570 Camino del Rio North, Suite 200
San Diego, CA 92108
(800) 897-9965
Copyright © 2013 by Wells Media Group, Inc.

Monday, April 29, 2013

Daily Headlines: Monday, April 29, 2013

Sponsored by: NSM Insurance Group. Hospice, Head Starts, Community Action Associates, MRDD/ARC, Charter Schools, Senior Services and Many More! Click here for more information.
Insurance Journal Daily Headlines
April 29, 2013
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

Boston Tragedy Is Latest Challenge for Victim Compensation Chief Feinberg

His work has immersed him in events that read like a roster of recent catastrophes, from 9/11 to the Gulf oil spill. Now, Kenneth Feinberg ...

'Business As Usual' Following Departures of AIG Execs

American International Group (AIG) has no intention of changing its excess and surplus lines business following the departure of four of ...

Link Between Agency Operations and Profitability: Do Agency Owners, Employees Agree?

Agency and brokerage principals and CSRs and all other employees: You are invited to participate in a unique Agency Operations & Profit ...

Most-Used Excuses for Getting Out of Traffic Tickets: Survey

Plead ignorance. That's the most-used excuse when drivers are pulled over for a traffic violation, according to Insurance.com's new ...

Hartford Steam Boiler Launches Cyber Attack Protection for Small Businesses

The Hartford Steam Boiler Inspection and Insurance Co. (HSB), part of Munich Re, has launched HSB CyberOne, a new cyber risk insurance ...

Moody's, S&P Settle Negligence Lawsuits Over Debt Vehicle Ratings

Moody's Investors Service and Standard & Poor's on Friday said they have settled two long-running lawsuits seeking to hold them responsible ...

From MyNewMarkets.com 10 Things to Know About Home and Auto

There are more than 132 million housing units in the United States, more than 80 million of which are detached, single-family homes, and...
Carrier Management

Actuaries Regain Best Job Title

Actuaries are back on the top of an annual ranking of best jobs, retaking the crown from software engineers, who held...
East

New York City Sues BP for Pension Losses Over 2010 Gulf Oil Spill

New York City said on Friday it sued BP Plc for more than $39 million of losses it claims beneficiaries of the city's pension funds ...

Sandy Lesson for Business Owners: Read Policy, Keep Track of Notice Provisions

It's been six months since Superstorm Sandy made its landfall on the coast of New Jersey and became one of the costliest storms ever ...

Mass. FAIR Plan Seeks Rate Hike; Expert Witnesses to Testify on Insurer's Behalf

The Massachusetts FAIR (Fair Access to Insurance Requirements) Plan, the state's home insurer of last resort, has proposed this month an ...

Report: 32 Massachusetts Workers Died on the Job in 2012

Labor and worker rights activists are honoring 32 workers who died on the job last year. The Massachusetts AFL-CIO and the Massachusetts ...

Family of Vermont Trooper Killed in 2003 Gets $4.5M From State's Insurer

The family of a Vermont State Police trooper killed while trying to stop a fleeing suspect a decade ago has received a $4.5 million ...
Midwest

Red River Crests Lower than Expected in North Dakota

Fargo, N.D., officials made one last call for sandbaggers on April 27 to help residents in a southwest Fargo neighborhood that's a mile ...

Rules for Health 'Navigators' Head to Ohio Governor

A bill to require training and certification for a new group of professionals who will be available to guide consumers through the new ...

Insurance Cards Could Go Digital Under Missouri Bill

The smartphone era could spare Missouri motorists from digging through their glove boxes for their insurance cards when they're stopped by ...

J.M. Wilson Adds Assistant Transportation Underwriter in Illinois

Managing general agency, J.M. Wilson, has added Cherlyn Mims to its transportation team as assistant transportation underwriter in the ...
Southeast

Insurer CEO Commentary: Why Florida Is Missing Out on PIP Savings

Florida legislators, drivers, and reporters want to know when the savings are coming from the Personal Injury Protection (PIP) reform law ...

North Carolina Getting $211M from Cigarette Lawsuit Settlement

North Carolina's annual share of payments from top cigarette companies paying for smoking-related health care costs is $211 million. North ...

State of Emergency in 12 Kentucky Counties Due to April Storms

Kentucky Gov. Steve Beshear has declared a state of emergency for 12 Kentucky counties where severe storms caused widespread damage this ...
South Central

Lawsuits from Texas Fertilizer Plant Blast now Total 6

The deadly Central Texas fertilizer facility explosion has now spawned six lawsuits, including one from the family of a volunteer ...

Arkansas, Oklahoma: No Plans to Move State Workers to Health Exchanges

As lawmakers in the state of Washington consider moving some part-time government workers out of a state-sponsored health plan and into an ...

Arkansas Joining Interstate Insurance Regulation Compact

Arkansas Governor Mike Beebe has signed SB1170, enacting the Interstate Insurance Product Regulation Compact (Compact). The bill was ...
West

Ascension Names Ratto Senior Consultant in Northern California

Ascension Benefits & Insurance named Steven Ratto senior consultant in the company's Walnut Creek, Calif. office. Ratto will be responsible ...

Fired Oregon Officer Sues: Alcoholism Was A Disability

A police officer fired for driving drunk in an unmarked police car while off-duty has filed a $6 million lawsuit against the city of ...

Nevada Capitol Police Chief Sues Over Firing

Former Nevada Capitol Police Chief Tom Navin is suing the Nevada Department of Public Safety, claiming he was wrongfully terminated for ...

First Confirmed Japanese Tsunami Debris in California

A barnacle-covered fishing boat that washed ashore this month in Crescent City, California, has been confirmed as the first debris from the ...

Rock Slides To Blame For Death Of California Workers

Officials say rock slides are to blame for the deaths of two California Department of Transportation workers who were removing loose rocks ...

Fireman's Fund Chief Tackles Sesquicentennial, Market

Choosing a historic icon that stood after San Francisco's Great Earthquake and massive fire more than 100 years ago was a deft, almost ...
Sponsored by: CIWA. Wholesale brokers, E and S carriers and vendors: You have to watch this video! Click here for more information.
International

To Tax or Not to Tax - 'Foreign' Reinsurance' Tax Proposals on the Agenda Again

"Roundup the usual suspects;" here we go again. No, it's not an unsolved murder in wartime Casablanca, simply the latest skirmish in the ...

Arc Legal Increases Share of UK Yacht Coverage

Arc Legal Assistance announced that it has "secured a series of new deals with specialist boat insurance brokers to provide Marine Legal ...

AXIS Capital Posts $303 Million Q1 Net Income; $227 Million Operating

Bermuda-based AXIS Capital Holdings Limited reported net income available to common shareholders for the first quarter of 2013 of $303 ...

Montpelier Re $91.9 Million Q1 2013 Net Income; Operating Income $66 Million

Bermuda-based Montpelier Re Holdings Ltd. reported comprehensive net income for the first quarter ended March 31, 2013 of $91.9 million, ...

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Insurance Journal TV

Video thumbnail

Greenberg's View: Finite Reinsurance

The cornerstone of former New York Attorney General Eliot Spitzer's campaign against AIG and...
Video thumbnail

Evolution of D&O Products

D&O products have gone through a lot of changes lately. CNA Pro Claim's Todd Greeley sat down...

TV icon Watch more videos at InsuranceJournal.tv

New Discussions in the Forums

Agency Management System
Posted: Fri Apr 26 -- I agree. I tried Googling Quikfuzion and could barely find a thing much less a website. aem84
Non Standard Farm/Ranch account
Posted: Wed Apr 24 -- What are the codes and the premium? I just quoted a restoration company with similar issues and a 2.37 x-mod with a PEO. What should have... Chad Filley
Insurance Noodle vs. Superior Access vs. Agent Secure
Posted: Mon Apr 22 -- mdagent, Superior Access and Consolidated are General Agents that submit your information to the respective companies for a quote. Then,... ziiqui
Pole Barn W/Wind FL
Posted: Wed Apr 17 -- Private property Autumnle465
Paperless Environment
Posted: Tue Apr 16 -- I completely agree with Island Girl. We started going paperless 6 years ago. The first year was a royal pain with the initial scanning but... justthere
Business Loss - Travel Insurance
Posted: Tue Apr 16 -- This is true. However, most people do not realize that major credit card companies also provide insurance for lost or damaged goods while... chad37
TX - Workers Comp - Contractor
Posted: Tue Apr 16 -- Have you considered a Professional Employer Organization (PEO)? SOI has locations in Dallas, Houston, Austin and San Antonio as well... DOrgant
What is your biggest pain as an agent?
Posted: Mon Apr 15 -- 1) Billing questions, non payment cancelations, reinstatement request of bad pay clients. 2) Binder requests... yoyowordup

Reader Comments

U.S. Expected to Seek Limits on Car Touchscreens
Posted: Thu Apr 25 -- I think cars should be updated with a version of Apple's Siri or similar software with voice recognition. That way, when I get road rage and... reality bites
Oklahoma House Kills Texting and Driving Ban Again
Posted: Thu Apr 25 -- What part of dangerous driving activity do these pinhead house members not understand? The cell addicts are pretty powerful in Texas as... Agent
Travelers Q1 Profit Up 11% to $896M; CEO Says 'We Will Keep Going' on Rate Hikes
Posted: Thu Apr 25 -- The 1 "dislike" to this post must be from a Travelers employee - obviously. MeIsEinstein
2 Judges Consider State Farm Rates in Texas
Posted: Fri Apr 26 -- As I recall, State Farm had a lot of litigation some years ago when they failed to roll back rates after the mold crisis when the other... Agent
West Explosion Insured Losses Hit $100M
Posted: Wed Apr 24 -- Why were so many homes, schools and businesses allowed to be built so close to the fertilizer plant? Why was zoning not taken into... Center Point

Current Issue

April 22, 2013
Current Issue
Top 50 Apps for Insurance Agents; Entertainment, Sports & Special Events; Directors & Officers Liability

More Newsletters

Choose Newsletters
Enter Your E-mail

How to Advertise

For information about advertising on this newsletter and Insurance Journal magazines, contact Julie Tinney at (800) 897-9965 x148.
View our Media Kit for advertising options in our magazines and online properties.
Insurance Journal
3570 Camino del Rio North, Suite 200
San Diego, CA 92108
(800) 897-9965
Copyright © 2013 by Wells Media Group, Inc.