Woodland Hills, Calif.-based Peter C. Foy & Associates Insurance Services LLC has completed the acquisition of four agencies, three in California and one in Nevada. The acquisitions are Walnut Creek, Calif.-based R.L. Milsner Inc. Insurance Brokerage, Woodland Hills, Calif.-based Senex …
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Monday, April 30, 2018
Leavitt Group Adds Hancock in Utah
Leavitt Group Insurance Agency of Vernal, Utah has added Tyson Hancock as an insurance agent. Hancock specializes in commercial insurance in the oil, gas, and agriculture industries as well as insurance for individuals and families. Hancock previously worked for seven …
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Iowa Medical Marijuana Industry Unsure About Future
Serious questions linger about the fate of medical marijuana in Iowa as Republican lawmakers find themselves considering an eleventh-hour deal that would expand the program to more patients. The state’s sole manufacturer of medical cannabis oil worries that, once sales …
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Texas Crash Spurs Approval of Balloon Pilot Medical Exams in U.S. House
The U.S. House has approved a measure requiring medical checks for commercial hot air balloon pilots in an effort to avoid a reoccurrence of a 2016 crash that killed 16 people in Texas. The House voted Friday on a wide-ranging …
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Arkansas Suspends Licenses Agent, Agency in Insurance Fraud Investigation
Arkansas has suspended the insurance licenses of an agency and its owner amid allegations of insurance fraud totaling more than $1 million. The Arkansas Insurance Department reported that Insurance Commissioner Alan Kerr suspended the licenses of Berry Bishop and Alliance …
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Wisconsin Refinery Blast Evacuation Order Lifted; 20 Injured
Tens of thousands of residents of a northern Wisconsin city were cleared to return to their homes on April 27, a local official said, a day after a Husky Energy Inc. refinery explosion injured at least 20 people. The facility, …
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Illinois House OKs Development of State-Financed Workers’ Comp Insurer
Illinois’ House of Representatives has passed a bill that would create a state-monitored insurance company with the intention of driving down workers’ compensation insurance costs in the state. The House voted 62-43 on a plan that would establish an independent …
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Lubbock’s Butler Carson Tate Insurance Merges with Higginbotham
Higginbotham and Butler Carson Tate Insurance have merged operations in Lubbock, Texas. This is Higginbotham’s second office in Lubbock, having entered the market in 2015 when it merged with another locally managed independent insurance agency. The two offices and their …
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Beazley’s Digital Weather Policy: Plain English and Personalized
Specialist insurer Beazley has launched a digital insurance policy in the U.S. that can be customized and describes in plain English precisely what coverage the policyholder has bought. Beazley Weather Guard protects U.S. event organizers against the effects of severe …
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Worries over Contamination After Kauai Flooding
Beaches and other areas on Kauai that smell like sewage may be showing signs of contamination, according to Hawaii health officials. The Hawaii Department of Health hasn’t received any indications of disease outbreaks following the recent flooding, but people have …
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Family of Montana Man Killed by Drunk Driver Settles Suit With Bar
The family of a Montana man killed by a drunken driver has reached a settlement with one of the bars they claimed over-served the driver. The Independent Record reports 25-year-old Samuel Tielking died in Helena in February 2017 after his …
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No Witness Accounts of Vegas Magician Show Fall, Hotel Official Testifies
A hotel official told a jury that he doesn’t know why an incident report about a British tourist’s fall while taking part in a David Copperfield illusion at a Las Vegas show did not include accounts from other people. MGM …
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California Trucking School Owner Got Illegal Licenses for Students
The owner of a California trucking school has pleaded guilty to conspiring with state employees to obtain driver’s licenses for students who failed or did not take driving tests. Mangal Gill of San Ramon, California owned Central Truck Driving School …
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Asbestos Found Throughout Giant New Mexico Apartment Complex
Testing has found that there’s asbestos nearly everywhere in an abandoned Alamogordo, N.M. apartment complex, a finding that complicates the city’s desire to demolish the dilapidated property. The Alamogordo Daily News reported that City Manager Maggie Paluch says the contractor …
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Virginia High Court Rules Lawsuit Can Move Ahead in License Plate Reader Case
In a victory for privacy advocates, the Supreme Court of Virginia has ruled a lawsuit challenging a police department’s practice of keeping data from automated license plate readers for a year can move forward. Last year, a judge dismissed a …
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New Jersey Siblings Convicted in Multi-Million Dollar Invoice Scheme
Two New Jersey siblings have been convicted of running a multi-million-dollar invoice scheme that defrauded a company where one of them worked. Shevandra Verasawmi, of Matawan, N.J., and Vishallie Verasawmi, of Green Brook, N.J., were each convicted Thursday on one …
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Tokio Marine Kiln Names McNamara as Group Chief Operating Officer
London-based global specialty insurer Tokio Marine Kiln (TMK) has appointed Anna McNamara as group chief operating officer. As COO, she will lead the strategy and management of all TMK group operations activities across the business. McNamara joined TMK from Lloyd’s …
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Former Student Expelled After Gun Arrest Sues Virginia Tech
A former student expelled from Virginia Tech after being arrested on a gun charge is suing the school and police officials in federal court. Yunsong Zhao filed a complaint Thursday saying police violated his rights in falsely arresting him, and …
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China’s Baidu Selling Majority Stake in Fintechs; Could Target Insurance
China’s Baidu Inc. said it will sell a majority stake in its financial services business for about $1.9 billion to a consortium led by TPG Capital Management LP and Carlyle Group LP, as it looks to deepen its push into …
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Sunday, April 29, 2018
AAA Carolinas Launches Inland Flood Coverage for Homeowners
AAA Carolinas Insurance has launched new inland flooding protection for policyholders. The Inland Flood Coverage is one of three new enhancements offered by AAA Carolinas Insurance, headquartered in Charlotte, N.C. Home Systems Protection and Service Line Coverage have also been …
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Elites Ponder How to Apply Market Principles to Sexual Harassment and OtherSocial Problems
The global social media movement known through the Twitter hashtag #MeToo has highlighted sexual misconduct in business, entertainment and politics, and will be on the agenda at this year’s Milken Institute Global Conference, which starts on Sunday. Beginning with accusations …
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Friday, April 27, 2018
Recovery Efforts Underway in North Carolina After Tornado Damages 1K Structures
North Carolina Insurance Commissioner Mike Causey this week toured some of the areas hardest hit by a mid-April tornado, saying the storm damaged more than 1,000 buildings in one county alone. As the clean-up efforts continue in Greensboro and Rockingham …
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Insurance Fraud Charge Filed Against North Dakota Man
A North Dakota man is facing an insurance fraud charge after allegedly using another person’s coverage to obtain services from an area hospital. North Dakota Insurance Commissioner Jon Godfread, in partnership with the Bismarck Police Department and the Burleigh County …
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Allianz Global Corporate & Specialty to Offer Drone Safety Products Through ParaZero
Allianz Global Corporate & Specialty (AGCS) has partnered with Israel-based drone safety systems company ParaZero to offer its drone-safety products to insureds and help them manage risks involved with the operation of drones. This partnership is scheduled for initial roll …
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Judge Dismisses Charge Against Schlitterbahn Waterpark in Ride Fatality Case
A judge has dismissed an involuntary manslaughter charge against one of five defendants in the decapitation death of a 10-year-old Kansas boy on a water slide. Wyandotte County District Court Judge Robert Burns on dropped charges against Schlitterbahn Waterpark of …
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Retired Engineer Questions Plans to Relieve Houston-Area Bayou Flooding
Hurricane Harvey’s epic rain in August 2017 convinced many residents and elected officials in Southeast Texas that the drastic flooding required drastic drainage solutions. The Galveston County Daily News reports one drastic solution is transforming the scenic bends in the …
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Crash Involving 17 Vehicles Near Orlando Under Investigation
The Florida Highway Patrol is investigating a crash involving 17 vehicles near Orlando. Sgt. Kim Montes said in a news release that the crash happened around 6 a.m. Thursday on State Road 520. The road was shut down in both …
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Wagner to Lead P/C Operations for EPIC Insurance’s Southwest Region
EPIC Insurance Brokers & Consultants has added insurance industry veteran KJ Wagner as principal and director of Property & Casualty Insurance Operations for the firm’s Southwest Region. Based in Dallas, Wagner will report to Jim Watt, EPIC’s Houston-based Southwest Region …
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Connor Tapped as President of Ohio’s Dempsey & Siders Insurance Agency
Casey W. Connor has been named president of Dempsey & Siders Insurance Agency in Madeira, Ohio. Dempsey & Siders is a member of the Great American Insurance Group. Connor succeeds Randy Denker, who retires in April 2018 after nearly 24 …
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Lawyers in Vegas Trial Say They Found Others Hurt in Copperfield Illusion
Lawyers for a British tourist who says he was badly hurt taking part in an illusion by Las Vegas Strip headliner David Copperfield in 2013 say they’ve found three other people who were injured in shows over the years. Attorney …
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Southern California Police Officer Arrested in Workers’ Comp Fraud Case
The Los Angeles Police Department says one of its officers has been arrested on suspicion of workers’ compensation fraud. Officials say Officer John Bailey was taken into custody this week after a felony warrant was issued for his arrest. City …
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Judge Tentatively Rejects PG&E Bid to Set Aside Liability in California Fire
PG&E Corp. tentatively lost a bid to inoculate itself from a finding of liability in a 2015 fire, a court decision that deals the company a potentially more serious setback in its strategy to shield itself from deeper losses in …
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Worldwide Facilities Completes Acquisition of Sullivan Group
Worldwide Facilities has completed its acquisition of Gerald J. Sullivan & Associates, a national specialty intermediary that trades as The Sullivan Group. Worldwide Facilities acquired all of the outstanding capital stock of Sullivan. No other details of the transaction, which …
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N.J. Manufacturer Faces More Than $435K in Penalties for Workplace Safety Failures
New Jersey plastics manufacturer Douglas Stephen Plastics Inc. has been cited for exposing employees to safety and health hazards at its Paterson, N.J., facility and faces penalties of $435,679. The U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) …
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Chubb CEO Greenberg Is Patient Over Any M&A, Not with London Market ‘Drunks’
Don’t expect Chubb to pursue an acquisition anytime soon. Chairman and CEO Evan Greenberg repeatedly downplayed the possibility of one in what he referred to as an “overpriced” market. “The prices paid for recent transactions may make sense to others, …
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Using Insurance Records to Anticipate Future Medical Needs and Reduce Costs
Scientists at UCLA have determined that medical insurance company records can be used to make accurate predictions about future health conditions in their members. These predictions lead to better outcomes by enabling proactive treatments for future illness, rather than falling …
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3 States Ask Court to Revisit Decision Against Fiduciary Rule for Advisors
Attorneys general from California, Oregon and New York on Thursday filed a motion to intervene in a case between the securities industry and the U.S. Department of Labor, petitioning the full 5th U.S. Circuit Court of Appeals to revisit its …
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Money Talks When Getting Teens to Stop Texting While Driving
Show them the money! Teens who text while driving may be convinced to reduce risky cellphone use behind the wheel when offered financial incentives such as auto insurance apps that monitor driving behavior and reward good drivers with discounts. According …
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PURE Group Names Richardson Chief Human Resources Officer
The PURE Group of Insurance Companies, which includes Privilege Underwriters Reciprocal Exchange (PURE), a White Plains, N.Y.-headquartered, policyholder-owned property and casualty insurer designed for high-net-worth individuals and families, has named Katherine Richardson chief human resources officer. She joins the company’s …
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Fitch Affirms Negative Outlook for London Market
Fitch Ratings said in a recent report that the sector outlook for London market insurance remains negative in 2018, reflecting its analysts’ expectation that underwriting results will continue to be pressured by the high cost of doing business, due to …
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Environmental Group Files Notice to Sue Newark Over Lead Levels in Water
An environmental group has filed a notice of its intent to sue the city of Newark over what it says are elevated levels of lead in the city’s drinking water. The Natural Resources Defense Council has 60 days to file …
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China Restricts Non-Financial Firms’ Investments in Financial Firms
China’s central bank and financial regulators have issued guidelines to strengthen supervision on non-financial companies investing in financial institutions. China will strictly restrict irrational and blind investment in financial institutions, according to the guidelines issued by the People’s Bank of …
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Wisconsin Oil Refinery Fire Injures at Least 15
An explosion at Husky Energy’s refinery in Superior, Wisconsin, caused a fire that burned for several hours on Thursday and sent smoke billowing into the air, prompting the evacuation of thousands of residents, officials said. Local media said at least …
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Thursday, April 26, 2018
U.S. Insurers Not Doing Enough on Sustainability, New Report Shows
A new report from a sustainability advocate gives two green thumbs down to the U.S. insurance industry for its inability to grow its efforts, or its interest, in dealing with climate change compared with other sectors. The report, TURNING POINT: …
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Bills Related to Victims of Last Year’s California Wildfires Pass Committee
A committee in the California state Senate approved two bills on Wednesday designed to give relief to victims of the massive wildfires last fall following a bout between the state’s top insurance official and the industry. California Insurance Commissioner Dave …
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Seeman Holtz Acquires Houston Agency’s Marine, Motorcycle Business
Seeman Holtz Property & Casualty Inc., based in Boca Raton, Florida, has acquired the marine and motorcycle insurance business of Elton Porter Insurance Agency in Houston, Texas. Members of the Elton Porter sales and service team will join Seeman Holtz …
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Porter Named Chief HR Officer at Ohio’s Grange Insurance
Damon Porter has been appointed vice president, chief human resources officer, at Grange Insurance, headquartered in Columbus, Ohio. Porter was previously vice president, talent management and human resources business partners at Erie Insurance in Pennsylvania. In that role, he led …
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Wisconsin Court: PR Firm Not Entitled to Free Accident Data
A Wisconsin state appeals court says a public relations firm doesn’t have the right to free access to the state Department of Transportation’s accident database. The DOT releases accident reports through its website for $6 per report, through written requests …
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Wisconsin, Leading in Manufacturing Jobs Added, Touts Private Sector Gains
Wisconsin added the most manufacturing jobs of any state in the first quarter of 2018 and ranks fourth nationally in the number of private sector jobs added in March, the state Department of Workforce Development (DWD) reported State-by-state rankings released …
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Missouri Employers Mutual: More Businesses Injury-Free in 2017
Workers’ compensation insurer, Missouri Employers Mutual Insurance (MEM), says it experienced an all-time high in injury-free policyholders last year. MEM’s 2017 workplace safety data show the company increased its total policy count from 15,857 to 17,561 in 2017. And that …
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Valero Refinery Fire in Texas Released Air Contaminants, Report Finds
A report found that a recent explosion and fire at a refinery along Texas’ Gulf Coast released four types of unauthorized contaminants into the air. The Daily News reports that Valero Energy estimates its Texas City refinery emitted more than …
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Louisiana Lawmakers Eye Stiffer Penalties for Pipeline Damage
A fight over a crude oil pipeline in southern Louisiana has spilled into the Legislature. A proposal to stiffen penalties for damaging or trespassing around pipelines is nearing final passage after winning approval from a Senate judicial committee. Rep. Major …
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Pennsylvania Court Awards Summary Judgment to Insurer Accused of Bad Faith
A judge in the U.S. District Court for the Western District of Pennsylvania awarded summary judgment to an insurer accused of bad faith after denying a man’s claim for losses exceeding $1 million when a fire destroyed his home. The …
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Copperfield Testifies in Illusion in Las Vegas Where Man Says He Was Hurt
David Copperfield insisted this week he knew of no one being injured during more than 15 years of performing a signature vanishing act at the center of a lawsuit by a British tourist who claims he was seriously hurt in …
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California Bill Would Shield PG&E, Edison Gain a From Some Wildfire Liability
Utility giants PG&E Corp. and Edison International could gain at least some protection against future wildfire damages under a bill that’s advancing in California’s legislature. An amended bill being weighed by California’s Senate would shield utilities that follow approved safety …
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FEMA Proposes Allowing Owers to Rebuild Homes After Taxpayer Buyouts
The Federal Emergency Management Agency is proposing to allow owners of homes destroyed by storms and bought out by the government to rebuild on the same flood-prone land. Currently, FEMA offers to buy homes that have been repeatedly damaged by …
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NTSB Says Pilot Reported Ice Buildup Before Crash of Small Plane in Pennsylvania
Investigators say the pilot of a small plane had reported ice buildup on his aircraft and asked to divert to a nearby airport shortly before the crash that killed him and his passenger last week in Pennsylvania. A preliminary report …
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Insurers Say Cyber Insurance Underwriting Is Profitable for Now: PwC
Carriers say that cyber insurance is quite profitable for them at the moment, and a majority are also using reinsurance to manage their exposures, PwC found in a global survey of specialist writers. The consulting firm’s survey found that 80 …
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Zurich Insurance Reported to be Working on Cutting Stake in Malaysian Unit
Zurich Insurance Group AG is working with advisers to cut its stake in its Malaysian life insurance unit, people with knowledge of the matter said, joining a wave of foreign players planning over $2 billion of such deals in the …
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Wednesday, April 25, 2018
Lloyd’s Taps L Marks, Boston Consulting to Set Up Innovation Lab
Lloyd’s of London has chosen innovation specialist L Marks and The Boston Consulting Group (BCG) to support the set-up and operation of the Lloyd’s Lab, a technology center set to launch in the second half of 2018. The Lloyd’s Lab …
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RIC in California Names Wells Business Development Manager
RIC Insurance General Agency has named Gary Wells a business development manager. Wells is tasked with expanding the firm’s commercial and personal lines marketing efforts, working primarily with retail insurance agents and brokers in the San Francisco Bay area. Prior …
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California Commissioner Doing Battle with Insurers over Wildfire Bills
California Insurance Commissioner Dave Jones appears to be poised for a fight with the insurance industry over a legislative package supports say will protect survivors of last year’s wildfires that struck in the fall. Jones is rallying with state Senators …
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Southwest Has Paid Millions in Safety Violation Fines, Faced Union Safety Complaints
Southwest Airlines runs its planes hard. Planes flying for Dallas-based Southwest make many short hops and more trips per day than other U.S. airliners, which add to wear and tear on airplane parts, including the engines. As the investigation into …
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Appeals Court Reverses New Orleans-Area Flooding, MRGO Ruling
A Washington appeals court has reversed a lower court ruling that held the federal government liable for some of the flooding that followed Hurricane Katrina and other major storms — a ruling that could have resulted in damage payments for …
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Texas Attorney Gets 10-Year Sentence for Role in $26M Work Comp Fraud
An attorney in Grand Prairie, Texas, has been sentenced to 120 months in federal prison and ordered to pay $26,572,458.93 in restitution for his role in a workers’ compensation fraud scheme. Federal prosecutors say that From July 2011 to September …
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Prospect General Launches Flood Insurance Product in Indiana
Prospect General Insurance Agency (Prospect General) has expanded Flood Guard, an admitted residential flood insurance product, into Indiana. Flood Guard, written through Palomar Specialty Insurance Company, provides residential flood coverage and is an alternative to the National Flood Insurance Program …
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J.M. Wilson Adds Assistant Underwriters in Indiana, Missouri
J.M. Wilson has added Shelly Tucker-Lorenz as assistant surety underwriter in its Indiana office and Michelle Smith as assistant transportation underwriter in Kansas City, Missouri. Tucker-Lorenz has 15 years of previous experience working in retail sales. With this new role, …
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Walgreens, Illinois Hospital Sued by Prince Heirs Over Overdose Care
Prince’s heirs have sued Walgreens and the Illinois hospital that treated the music superstar after he suffered from an opioid overdose, alleging that a doctor and various pharmacists failed to provide Prince with reasonable care, contributing to his death. The …
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How Hackers Use Hotel Key Cards to Break Into Rooms
By getting hold of a widely used hotel key card, an attacker could create a master key to unlock any room in the building without leaving a trace, Finnish security researchers said in a study published on Wednesday, solving a …
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Champion Risk in California Adds Deutsch in Personal Lines
Champion Risk & Insurance Services in San Diego, Calif. has hired Joseph Deutsch. He is tasked with growing the firm’s high net worth personal lines department. Deutsch has been providing high net worth personal lines insurance across Southern California for …
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‘Best Pricing in Quite Some Time’ Helped Chubb Weather Catastrophes for Solid Q1
Despite higher catastrophe losses, Chubb Limited reported a solid first quarter with net income of $1,082 million, about the same as the $1,093 million it achieved for the same quarter last year. Core operating income was $1,097 million, compared with …
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Idaho Supreme Court Sends Slip-And-Fall Suit Against Walmart Back to Lower Court
The Idaho Supreme Court has ruled that a lower court must once again review a slip-and-fall lawsuit against Walmart. The Idaho Statesman reported Diane Brooks sued the retail giant for negligence in November 2014 after slipping and falling in a …
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N.Y. Updates Insurance Company Disaster Response, Recovery Plan Requirements
The New York Department of Financial Services (DFS) has issued updated disaster response and recovery plan requirements for all insurance companies licensed to conduct business in New York state. It issued these updated requirements in light of disasters that may …
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Pennsylvania’s Erie Insurance Promotes Rucker to SVP of Law Division
Erie Insurance, based in Erie, Penn., has promoted Sheryl Rucker to senior vice president of Erie Insurance’s Law Division. In this role, Rucker will have oversight of compliance, special investigations, agency operations and marketing, claims legal, insurance operations and legal …
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Allianz Proceeds with Euler Hermes Acquisition, Delisting
Allianz Group said it will soon complete the acquisition of Euler Hermes minorities and will delist the trade credit insurer from the Euronext Paris stock exchange. Following the completion of the simplified tender offer for the shares of Euler Hermes, …
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Vermont’s USA Risk Group Named Rasmussen VP of Business Development
USA Risk Group, a Barre, Vt.-headquartered independent captive management firm, has named Peter Rasmussen vice president of business development. Rasmussen will be responsible for driving all sales activity, and in this role, he will work closely with the organization’s subject …
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Audi Recalls 1.16 Million Vehicles Worldwide
Volkswagen AG’s luxury unit Audi said on Tuesday that it is recalling 1.16 million vehicles worldwide because of concerns that an electric coolant pump could overheat or short-circuit from moisture within the pump and pose a fire risk. Audi told …
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Willis Towers Watson Names 3 to Senior Posts in Corporate Broking
Insurance broker Willis Towers Watson announced three senior appointments within its Corporate Risk and Broking segment to strengthen its broking platform. These appointments are part of the company’s ongoing investment in its dedicated broking centers, which feature specialized teams using …
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Tuesday, April 24, 2018
Cavignac & Associates in California Names Majam Senior Personal Lines Account Manager
San Diego, Calif.-based Cavignac & Associates has named Kathy Majam a senior account manager within its personal lines department. Majam serves as the main contact for clients whose accounts she has been assigned, she processes new and renewal policies, prepares …
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Appalachian Underwriters Names Dail Western Region Vice President
Appalachian Underwriters Inc. has named Eric Dail its Western region vice president. He will now manage the day-to-day operations of the Scottsdale, Ariz. office, including workers’ compensation and commercial garage underwriters, as well as AUI’s marketing efforts in the Western …
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Cause of $6K in Damage to Small Arkansas Airport? Coyotes.
Officials at a small municipal airport in central Arkansas are battling an unlikely foe — coyotes that keep chewing on part of the taxiway. The damage at the North Little Rock Municipal Airport is expected to cost $6,000 to fix. …
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Texas Windstorm Policy Assumption Program to Begin Soon
The Texas Windstorm Insurance Association will soon begin its annual program designed to move policies out of the residual market for wind and hail along the Texas coast. This will be the third round for the Assumption Reinsurance Depopulation Program …
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Travelers Enhances Workers Comp Claims Platform for Injured Employees
The Travelers Companies, Inc. has added new digital capabilities to its “MyTravelers for Injured Employees” workers’ compensation claims platform designed to improve the claim experience for injured employees. The company’s web-based and mobile-friendly self-service tool for workers compensation claims now …
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Duke Energy to Pay $156K Fine for North Carolina Coal Ash Pollution
Duke Energy Corp. will pay a $156,000 penalty to for polluting ground and surface waters in North Carolina with potentially toxic coal-ash waste around three power plants, an amount one critic compared to a couple of days salary for the …
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Tulsa County Democratic Party Chair to Run for Insurance Commissioner
The chair of the Tulsa County Democratic Party has entered the race to become Oklahoma’s next insurance commissioner. Kimberly Fobbs currently is the only Democrat who has filed to run for the insurance commissioner’s post, according to the Oklahoma Secretary …
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Macy’s to Pay $75K to Settle Federal Disability Discrimination Lawsuit
Macy’s will pay a former long-term employee $75,000 to settle a disability discrimination lawsuit filed in Illinois filed by the U.S. Equal Employment Opportunity Commission (EEOC). According to the federal employment agency, the EEOC’s lawsuit charged Macy’s with firing an …
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Ohio Plastics Company Fined $261K for Workplace Safety Hazards
Federal safety regulators have cited a Bellevue, Ohio-based plastics company for multiple safety violations after an inspection found employees exposed to fall, machine, and electrical hazards. The U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) proposed penalties of …
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California Commissioner Urging Insurers to Offer Coverage for Cannabis Industry
California Insurance Commissioner Dave Jones is renewing his call for insurers to offer insurance products for California’s legalized cannabis industry in the wake of recent reports that President Trump has abandoned Attorney General Jeff Sessions’ policy on federal law enforcement …
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Travelers Boosts Q1 Profit; Cites Better Pricing Climate, Opportunity with Nationwide Agents
The Travelers Companies boosted its net income for the quarter ended March 31, 2018, by 10 percent to $669 million compared to $617 million in the prior year quarter despite unusually high catastrophe losses in March. Catastrophe losses in the …
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San Francisco Bay Area Falls Behind on Quake Safety, Analysis Shows
The San Francisco Bay Area is falling behind on efforts to retrofit buildings that are vulnerable to collapse during a major earthquake, according to a newspaper analysis. The Los Angeles Times reported that there are up to 3,000 brittle concrete …
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Oregon Woman Paralyzed in Wreck Files $30M Suit Against Bars
An Oregon woman paralyzed from the waist down after an intoxicated friend’s vehicle crashed into a house has filed a lawsuit against six businesses that she says served alcohol to the driver before the accident occurred. The Register Guard reports …
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Hub Acquires Assets of Washington-Based BK-JET Group
Hub International Ltd. has acquired the assets of Spokane, Wash.-based BK-JET Group LLC. Terms of the deal were not disclosed. Joining Hub Northwest are BK-JET’s founding partners Josh Tyndell, Erin Repp, Tom Blue, Keith McNally and Bill Dinneen, along with …
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JLT Adds Creedon and Burns in Colorado
JLT Specialty USA has added Bill Creedon and Jeff Burns as partners who will be based in Denver, Colo. The additions support JLT’s partnership with Construction Risk Partners. As part of CRP’s national leadership team, Creedon and Burns will lead …
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Fire Does More Than $1M in Damage to New Jersey Home
Fire officials say a blaze that injured two firefighters did more than $1 million in damage to a New Jersey home. The Press of Atlantic City reports that the fire at the three-story Ventnor Heights home was reported shortly after …
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Nearly $3M More in Flood Relief for Five Upstate New York Counties
Nearly $3 million in additional relief funding is going to communities in five upstate New York counties along Lake Ontario to help them recover from last year’s flooding. Gov. Andrew Cuomo announced Monday that the state had awarded $2.9 million …
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Delaware Police Investigate Carjacking After Intentional Collision
Delaware State Police are investigating a carjacking set up by an intentional motor vehicle crash. Authorities say the incident happened Wednesday night on state route 71 in Bear when a woman’s car was rammed from behind by another vehicle. After …
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Bond Insurer Assured Guaranty Defends Against Attack by Greenlight’s Einhorn
Hedge fund manager David Einhorn said on Monday that his Greenlight Capital was betting Assured Guaranty’s stock will fall, sending shares of the bond insurer down as much as 6 percent in after-hours trading. Einhorn, who is known to move …
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Global Insurers Favor Private Equity Investments
Thirty-two percent of insurers plan to maintain or increase their investments in private equity in the next 12 months to boost returns, a survey of 300 executives overseeing more than $10 trillion in insurance assets showed on Tuesday. Insurers have …
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Supreme Court ‘Buckets of Money’ Case Targets Power of SEC’s Administrative Judges
The U.S. Supreme Court considered bolstering the president’s power over federal agencies in a clash over the constitutional status of the in-house judges who handle complaints at the Securities and Exchange Commission. The justices Monday heard an appeal from Raymond …
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Monday, April 23, 2018
Competitive Architects, Engineers Market Broadening Coverage: Ames & Gough Survey
While the market for architects and engineers professional liability insurance remains intensely competitive, many insurers providing this coverage are weighing new policy enhancements that offer expanded protection. A new survey by insurance broker Ames & Gough finds some insurers are …
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Tuttle Named Operations Director for TDECU Insurance Agency
Lake Jackson, Texas-based TDECU Insurance Agency LLC has named Janet Tuttle as its new director of Insurance Operations. Tuttle previously served as operations manager for the agency. As insurance operations director, Tuttle will oversee the daily operations and growth initiatives …
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Court Reinstates Lawsuit Against Website in Wisconsin Spa Shooting Case
A state appeals court has reinstated a lawsuit against operators of a website that facilitated the purchases of a gun used in a mass shooting in suburban Milwaukee five years ago. Radcliffe Haughton killed his wife, Zina Daniel Haughton, and …
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West Virginia Settles With Pharmacy Accused of Providing 10M Painkillers
A pharmacy accused of dispensing millions of prescription pain pills in West Virginia has agreed to a $550,000 settlement with the state. In a news release, Attorney General Patrick Morrisey says the settlement of a lawsuit involving Larry’s Drive-In Pharmacy …
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OSHA Investigating Fatal Missouri TV Tower Collapse
Federal safety investigators are on the scene of a TV tower collapse in southwest Missouri that left one person dead. OSHA investigators are trying to determine what caused the 1,980-foot tower to collapse Thursday near Fordland. One man, 56-year-old Steve …
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State of Emergency Declared for 2 North Carolina Counties Hit by Tornado
Gov. Roy Cooper has declared a state of emergency in two North Carolina counties which suffered major damage from a tornado. Cooper’s declaration Friday for Guilford and Rockingham counties means state government resources can help governments with recovery efforts. It …
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Lance Armstrong, US Government Settle Lawsuit for $5M
Lance Armstrong reached a $5 million settlement with the federal government in a whistleblower lawsuit that could have sought $100 million in damages from the cyclist who was stripped of his record seven Tour de France victories after admitting he …
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Kansas Insurance Commissioner Running for Governor, Releases Tax Returns
A Republican running for Kansas governor has released his income tax returns for the past three years and is calling for other candidates to do so. Insurance Commissioner Ken Selzer said Friday that he’s setting an example of transparency. Selzer …
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Sheriff: Arson a Possibility in Deadly Oklahoma Wildfire
Authorities are investigating the possibility of arson in connection with one of two large wildfires burning in Oklahoma, a blaze that’s resulted in the death of one person. Dewey County Sheriff Clay Sander said that one person has been questioned, …
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Sompo International Receives Luxembourg OK for Post-Brexit P/C Subsidiary
Bermuda-based property/casualty insurer and reinsurer Sompo International Holdings Ltd. said it has received the regulatory approvals from the Ministry of Finance of Luxembourg to establish a new subsidiary, SI Insurance -Europe (SIIE). SIIE, which will become operational later in 2018, …
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Hawaiian Island Continues to Recover Following Flood
Recovery efforts continue to help some Hawaii residents get back on their feet following a devastating flood. About 30 community leaders from Kauai’s North Shore met over the weekend to discuss relief efforts and allocate donations and services to areas …
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Maintenance Boss in Washington Sues for Wrongful Firing
A former state supervisor of maintenance workers on McNeil Island is suing Washington state, contending he was wrongfully terminated for trying to correct problems with work performance. Jon Hardy filed a lawsuit against the state earlier this month in Pierce …
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SBA Loans Made Available in New Mexico, Arizona for Drought Economic Injury
The Small Business Administration says disaster loans are available to small nonfarm businesses in 13 counties in New Mexico and one in Arizona to offset economic losses because of reduced revenues caused by drought in two of the New Mexico …
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Evidence of Massive California Oil Spill Was Obvious, But Was It A Crime?
An acrid stink of petroleum three years ago sent Santa Barbara County firefighters scrambling in a search for a possible spill. When they arrived at Refugio State Beach they witnessed oil staining the pristine sands and seeping into the surf. …
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Munich Re Not Looking But Would Welcome Investor: CEO Wenning
Munich Re would welcome a long-term investor taking a significant stake in the company as the world’s largest reinsurer eyes a return to profit growth this year, its CEO told Reuters. Joachim Wenning’s comments come as Japan’s SoftBank is in …
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Massachusetts Rail System Addressing Engineers With Bad Driving Records
Massachusetts Governor Charlie Baker is taking steps ensure that commuter rail engineers with poor personal driving records aren’t putting passengers’ safety at risk. The Boston Globe reports the Republican governor notified the Federal Railroad Administration this week that commuter rail …
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Connecticut Pizza Shop Owner Pleads Guilty to Fraud Stemming From Fire
The owner of a Connecticut pizza parlor has pleaded guilty to a fraud charge for setting fire to his own business and then collecting insurance money. Federal prosecutors say 32-year-old Mustafa Zabana, an Iraqi national living in Westfield, Massachusetts, pleaded …
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Three Men Sentenced in Delaware Murder-For-Hire Scheme
Three men found guilty in a murder-for-hire scheme in Delaware have been sentenced. News outlets report 46-year-old Ryan Shover, 53-year-old Michael Kman and 55-year-old Paul Disabatino are the last of four men sentenced in the plot in which 43-year-old Wayne …
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N.J. High Court Rules That Phantom Vehicles Can Be Allocated Fault
The case of Mark R. Krzykalski v. David T. Tindall involves an auto accident where both the plaintiff and the defendant were in the left lane turning left through an intersection. An unidentified driver turned unexpectedly from the right lane, …
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MGAA Launches Chrysalis Initiative for Next Generation of Insurance Professionals
The UK-based Managing General Agents’ Association (MGAA) hopes its launch of Chrysalis, a dedicated community for MGAs to share innovation and expertise, will represent the interests of the next generation of industry professionals. The group sees Chrysalis encouraging change through …
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Hartford Insurtech Hub Gives 10 Startups Shots at Partnerships with Insurers
Emerging from a 10-week accelerator program, 10 technology-powered insurance startups presented their ideas for enhanced customer engagement, cyber security, digital health, smart home products and supply chain management at the first annual Demo Day sponsored by Hartford InsurTech Hub last …
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Sunday, April 22, 2018
Wells Fargo to Pay $1 Billion Fine for Mortgage, Insurance Sales Abuses
Wells Fargo & Co. will pay $1 billion to settle with U.S. regulators who say the bank wrongly layered insurance on hundreds of thousands of drivers and routinely hit homebuyers with excessive fees, officials said on Friday. The penalty was …
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Facebook to Keep 70% of Users from Falling Under EU’s New Privacy Protections: Reuters
If a new European law restricting what companies can do with people’s online data went into effect tomorrow, almost 1.9 billion Facebook Inc. users around the world would be protected by it. The online social network is making changes that …
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ProSight Specialty Kicks Off Direct Sales Platform With Online Offering for DJs
ProSight Specialty Insurance (ProSight) has launched ProSight Direct, an online sales platform that allows potential insureds purchase insurance coverage through a simplified application. Because of ProSight’s experience in the live entertainment segment, it has kicked off the new Direct platform …
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U.S., Europe Order Emergency Checks on 700 Engines Like One in Southwest Accident
U.S. and European airline regulators on Friday ordered emergency inspections within 20 days of nearly 700 aircraft engines similar to the one involved in a fatal Southwest Airlines engine blowout last week, citing risks of a similar mishap. The directives …
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Blackstone Wants to Manage More Insurance Money
Bets on Spanish housing and oil assets helped Blackstone Group LP mitigate stock market jitters that weighed on it in the first quarter, with earnings at the world’s largest manager of alternative assets falling less than expected. Profits have soared …
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Southwest Sends $5K to Each Passenger on Engine Failure Flight
Southwest Airlines Co. confirmed Friday it has sent $5,000 checks to passengers aboard a flight that made an emergency landing this week after an engine failed, killing a passenger. The airline confirmed news reports from passengers it had sent the …
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Friday, April 20, 2018
Business Risk Partners Partners With Aspen on Agents Professional Liability Coverage
Program administrator Business Risk Partners (BRP) has released an expanded professional liability form for insurance agents and brokers through Aspen American Insurance Co., part of Aspen Insurance Holdings Limited. The policy targets a range of insurance agents and brokers – …
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Woman Injured at Ohio Fair Gets $1.8M from Ride Owner, Inspection Companies
A woman who suffered a traumatic brain injury in a thrill ride accident at last year’s Ohio State Fair will receive $1.8 million. A judge this week approved the settlement that calls for the ride’s owner, Amusements of America, and …
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Houston-Area Flood Control District: $155M Needed for Harvey Damage Study, Repairs
The Houston-area flood control district has estimated needing $155 million to study and fix damaged infrastructure after Hurricane Harvey. Workers this week are assessing the storm’s destruction to the Harris County Flood Control District’s 2,500 miles of bayous, creeks and …
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Firefighters Hope Better Weather Will Aid Oklahoma Wildfire Fight
Firefighters are hoping higher humidity and milder winds will help them fight wildfires in Oklahoma, though conditions are critical in Arizona and New Mexico. U.S. Forest Service spokesman Todd Schroeder said on April 19 that a fire near Leedey, about …
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Florida Lawyer Gets Prison for $23M Auto Insurance Fraud Scheme
A Florida man has been sentenced to more than a year in prison for his role in a $23 million auto insurance fraud involving chiropractors’ clinics. The SunSentinel reports 55-year-old Jason Dalley wept in court April 16 as a judge …
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6 Students Injured in Florida School Bus, Semi Collision
A school bus and a semitractor-trailer collided in Florida, slightly injuring six high school students. News outlets report the bus was carrying about 18 students when it crashed Wednesday in Brooksville, about 50 miles (80 kilometers) north of Tampa. The …
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Louisiana Man Admits Setting 9 Fires in Neighborhood, Gets 2 Years
A 44-year-old Louisiana man has admitted setting nine fires in his neighborhood — the last six on his own street. Authorities say he confessed while being interviewed about the last fire, which was set in a car outside his home. …
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West Virginia Regulators Monitoring Collapsed Section of Dam
West Virginia regulators are monitoring a damaged dam in the northern part of the state that could potentially fail. The state Department of Environmental Protection says in a news release a worker with the town of Lumberport notified authorities Wednesday …
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German Prosecutors Eye Investigation of Auto Supplier Bosch over Emissions Scandal
German prosecutors may widen an investigation into auto supplier Robert Bosch over its suspected involvement in emissions test cheating to include dealings with Fiat, Ford, General Motors and Hyundai, according to the Stuttgart public prosecutor’s office. German weekly der Spiegel …
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Tractors Worth $50K Stolen from Scottie Pippen’s Arkansas Farm
Authorities in rural Arkansas are investigating the theft of more than $50,000 worth of equipment from a farm owned by former NBA star Scottie Pippen. Investigator Mark Griever of the Ashley County Sheriff’s Office says two tractors were stolen from …
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Wisconsin Governor Requests Federal Waiver for Reinsurance Program
Gov. Scott Walker’s administration filed a request with the federal government seeking a waiver that would allow Wisconsin to offer a $200 million reinsurance program designed to lower premiums and attract more providers to the private marketplace. Walker told reporters …
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How Insurance Brokers, Risk Managers View the Political Dysfunction in Washington
Congress is headed for a “major showdown” over the flood insurance program, according to an insurance broker lobbyist who notes that the program expires July 31, right in the middle of hurricane season. That also happens to be the very …
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Ratings Outlooks Revised to Positive for Michigan’s AmeriTrust Insurance Group
Ratings agency A.M. Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “bbb+” for the members of the AmeriTrust Insurance Group …
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Five New York Residents Charged in More Than $31.7M Fraud Scheme
Five New York residents have been arrested in a staged slip-and-fall accident scheme that attempted to defraud New York City-area businesses and their insurance companies of more than $31.7 million. Peter Kalkanis, Bryan Duncan, Kerry Gordon and Ryan Rainford, all …
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Copperfield Takes Stand in Tourist Injury Case in Nevada
David Copperfield testified this week that he didn’t know until he was sued that a British tourist claimed to have been seriously injured while taking part in an illusion during a performance on the Las Vegas Strip in 2013. Although …
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Waze Causing L.A. Traffic Headaches, Councilman Wants Legal Action
Los Angeles should consider legal action against Waze over complaints that the traffic navigation app is recklessly guiding motorists off thoroughfares and into residential neighborhoods in search of shorter or quicker routes, a city council member said. Councilman David Ryu …
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Valen Analytics in Colorado Names Marr President
Denver, Colo.-based Valen Analytics has named Kirstin Marr president of the firm. Dax Craig, who was Valen’s president and CEO since co-founding the company in 2004, will remain with Valen in an advisory role. Marr lead growth and marketing initiatives …
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Idaho Workers’ Comp Rates to Decrease Another 3.4% in June
The Idaho Department of Insurance has approved a proposal from the National Council on Compensation Insurance for another 3.4 percent decrease to workers’ compensation insurance rates. The decrease is effective for policies issued or renewing after May 31, 2018. This …
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New York Governor Presses Banks, Insurers to Weigh Risk of NRA Ties
New York Governor Andrew Cuomo on Thursday ramped up pressure on banks and insurers to revisit whether their ties to the National Rifle Association and other gun rights groups harm their reputations and the public interest. Cuomo, a Democrat, noted …
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Specialty Program Group Launches New Heights Insurance Solutions in Pennsylvania
Specialty Program Group LLC (SPG), an insurance holding company for specialty brokerages and underwriting facilities, has launched Eastern Pennsylvania-based New Heights Insurance Solutions (New Heights). New Heights President Megan Rose joined SPG as part of its Norman-Spencer Crane acquisition and …
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W.R. Berkley Names Gilbert as Executive VP, Douglas as President of BerkleyNet
W. R. Berkley Corp. has named James B. Gilbert as an executive vice president with oversight responsibility for certain of the company’s operating units. Brian P. Douglas is succeeding Gilbert as president of BerkleyNet Underwriters. Gilbert has 30 years of …
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New York’s PIA Management Services Hires Lachut
PIA Management Services Inc. has hired Bradford J. Lachut as director of Government and Industry Affairs for the five PIA state affiliates managed by the Glenmont, N.Y.-based group. Lachut previously served as PIA’s government affairs counsel prior to working as …
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XL’s Vidovich Joins AIG’s General Insurance as Chief Claims Officer
American International Group, Inc. announced that Anthony Vidovich will join the company as chief claims officer for General Insurance, effective May 14, 2018. In this role, Vidovich will be responsible for claims governance and policy, settlement authorities, handling and global …
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AIG Prepares for Brexit with Authorization of UK, Luxembourg Subsidiaries
American International Group Inc. announced the authorization of new insurance companies in the United Kingdom and Luxembourg in preparation for the UK’s exit from the European Union. The formation of the two new unit provides clients certainty of uninterrupted UK …
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Tokio Marine Kiln Forms Strategic Agreement with Australian Insurtech Firm Evari
Tokio Marine Kiln (TMK), the specialist and corporate insurance business, announced it has formed a strategic agreement with Australian insurtech firm Evari. The agreement will allow TMK to access Evari’s digital insurance platform and on-demand products in the Australian market. …
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Miller Hires RKH’s Denee, Marsh’s Moseley for Its Credit and Political Risks Team
Rosie Denee and Oscar Moseley have joined Miller to further enhance its credit and political risks offering. Both will be based in London with a focus on political risk and structured credit insurance, specifically for financial institutions. Rosie joins Miller …
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Insurance Australia Group Plans to Sell Troubled SE Asian Businesses: Sources
Insurance Australia Group is set to sell its four Southeast Asian businesses in deals that could be valued at about $500 million, under a review of its Asian operations, three people with knowledge of the matter said. IAG, Australia’s biggest …
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Thursday, April 19, 2018
Families Seek Compensation After 30 Dogs Die in Michigan Kennel Fire
Some dog owners are seeking compensation after 30 pets were killed during a spring break fire at a western Michigan kennel. Jennifer Nunez tells WOOD-TV that her family is heartbroken over the death of Harley, a Newfoundland that cost more …
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Deadlines for Texas Windstorm Insurer Appraisal Demands Extended
The deadlines for a Texas Windstorm Insurance Association (TWIA) claimant to demand appraisal of a claim for damages caused by Hurricane Harvey have been extended, the Texas Department of Insurance reports. An extension of 30 days has been granted for …
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Illinois Senate Again Passes Workers’ Comp Reform Measure
The Illinois Senate has approved restrictions on insurance companies writing workers’ compensation policies. The plan that passed 34-21 on April 17 is identical to one Gov. Bruce Rauner vetoed last year. The Republican has complained for years that workers’ compensation …
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Dean & Draper Acquires Houston’s Texas Printers Insurance
Dean & Draper Insurance Agency LP has acquired Houston-based Texas Printers Insurance Agency (TPIA). TPIA specializes in risk management and property/casualty insurance. The agency also offers employee benefits for members of the printing industries of the Gulf Coast Association, as …
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Louisiana Auditor: State Spent $5M on Sexual Harassment Lawsuits
Louisiana has spent more than $5 million on lawsuits involving sexual harassment claims since 2009, the state’s legislative auditor said in a new report released Tuesday on the eve of debate on bills targeting sexual misconduct in government. Legislative Auditor …
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North Dakota Contractor Cited for Safety Hazards, Fined Nearly $455K
The U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) has cited North Dakota excavation contractor Kamphuis Pipeline Company for exposing employees to trench cave-ins and other serious hazards while installing water metering pits and lines. The company, which …
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Geico Must Pay $23M to Southern California Motorist
A jury has decided Geico Insurance must pay a Southern California man nearly $23 million in compensation and damages after the company unreasonably delayed paying out on a $400,000 damage claim. The injured driver, Omar Dauod, maintains the delayed payment …
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California Wildfire Insurance Bills Moved Forward by Committee
A policy committee in California Legislature has unanimously approved a pair of wildfire-inspired bills by Assemblyman Marc Levine requiring insurance companies to notify homeowners whether their policies are sufficient to rebuild or replace their homes after a disaster. Assembly Bill …
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Tesla Probed by California Agency on Occupational Safety
Tesla Inc. is being probed by a California agency for occupational safety after a report that the electric carmaker failed to disclose serious injuries at a Fremont factory. The state’s Occupational Safety and Health Administration disclosed the inspection on Wednesday, …
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New York City Council Passes Workplace Anti-Harassment Bills
The New York City Council has passed 11 bills designed to strengthen workplace sexual harassment protections. According to The Wall Street Journal, Democratic Council Speaker Corey Johnson says the legislation is designed to provide all New Yorkers “a safe and …
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Trump Administration Proposes Further Curbs on Opioid Manufacturers
The U.S. government on Tuesday proposed tightening rules governing the amount of prescription opioid painkillers that drugmakers can manufacture in a given year, in hopes of reining in the deadly opioid epidemic. The Drug Enforcement Administration’s proposed changes to its …
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Open-Door Helicopter Flights Banned From Taking Off From New York City
New York City is officially banning open-door helicopter flights from taking off within the five boroughs in the wake of last month’s deadly copter crash. The Daily News reports the Economic Development Corporation plans to announce the new rule on …
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Judge Rules Convicted Swindler in Connecticut Won’t Have to Pay Restitution
A judge has ruled that a former Connecticut insurance broker convicted of swindling millions of dollars from several elderly clients won’t have to repay the money, as originally ordered. Galan Newton was sentenced to 15 years in prison in 2001 …
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Jimcor Agency Announces Two Additions to Western Pennsylvania Team
Jimcor Agency Inc., an independent managing general agent and insurance wholesaler, has hired Sarah Warner as a property and casualty underwriter for the Western Pennsylvania office located in Pittsburgh, Penn, and Stefan Santacroce as a brokerage specialist working out of …
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Generali to Sell Belgian Operations to Athora Holding for $668.3M in Cash
Italy’s Generali has agreed to sell its Belgian operations to Athora Holding Ltd. for approximately €540 million ($668.3 million) in cash. The transaction is expected to close in the second half of 2018, subject to regulatory approvals. Generali Belgium S.A. …
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Justice Department to Review Cigna’s Bid to Buy Express Scripts
Cigna Corp. confirmed that its proposed $54 billion acquisition of Express Scripts Holding Co. will be reviewed by the U.S. Department of Justice, which has raised the bar for approving deals that don’t combine direct competitors. The health insurer has …
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Supreme Court Appears Divided Over Foreign-Based Patent Damages
The U.S. Supreme Court on Monday appeared divided over whether to make it easier for companies to recoup profits lost due to the unauthorized use of their patented technology overseas in a dispute involving Schlumberger NV, the world’s largest oilfield …
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Safety Advocates Accuse Tesla of Inflating Crash Reduction Claims
Tesla Inc.’s ardent defense of its Autopilot system is getting heat from safety advocates who question a key data point the company has been citing to plead its case. Several times since an Autopilot-linked fatality last month, the electric-car maker …
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Traumatic Stress Claims Expected from Southwest Airlines Engine Failure
Being on an airplane more than six miles in the air when an engine blows up and sends shrapnel through a window is an experience so scary that aviation lawyers say it’s not just the family of the woman killed …
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Envelop Risk Appoints Hannover Re’s Chatterjee as Chief Underwriting Officer
Envelop Risk, a London-based cyber insurance analytics and underwriting firm, announced it has appointed Aritra (Ari) Chatterjee as chief underwriting officer. Chatterjee was formerly the lead cyber underwriter with Hannover Re (Bermuda), a line of business he helped to establish. …
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Ensurance UK Launches Combined Construction Liability Product
Ensurance UK Ltd., the niche construction and engineering managing general agent (MGA) and Lloyd’s coverholder, has launched a combined construction liability product, backed by Faraday Syndicate 435 at Lloyd’s. The new liability product extends Ensurance UK’s construction and engineering portfolio, …
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Schwarzenegger’s UK Ad Campaign Drives Hike in Claims for Mis-Sold Insurance
Complaints about financial services firms rose by 13 percent in the second half of last year, driven by an increase in grievances about the mis-selling of payment protection insurance after an ad campaign featuring Arnold Schwarzenegger. Complaints to the Financial …
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Spanish Mayor Offers Gibraltar’s Insurers a Solution for Post-Brexit Access to EU
A small town mayor from southern Spain is offering Gibraltar-based insurers a way to retain access to the European Union single market after Britain leaves the bloc next year. Juan Franco of La Linea on the southern tip of the …
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Blockchain Revolution to Hit Shipping Industry – with Potentially Huge Cost Savings
Globalization has brought the most advanced trading networks the world has seen, with the biggest, fastest vessels, robot-operated ports and vast computer databases tracking cargoes. But it all still relies on millions and millions of paper documents. That last throwback …
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Wednesday, April 18, 2018
Quake Scenario: More than 1M Bay Area Homes Could Suffer Extensive Damage
More than a million San Francisco Bay Area residents would face extensive damage to their homes after a major earthquake on the Hayward fault, according to a new earthquake scenario developed by the U.S. Geological Survey. The USGS findings, which …
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Spring Storm Brings Tornadoes, Floods to Southeast
A mid-April storm that pushed across the U.S. created a tornado in North Carolina that killed a person, caused widespread power outages in North and South Carolina and caused flooding emergencies in West Virginia and Kentucky. In Mississippi, 80 people …
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Surveyors Confirm 2 More Tornadoes Hit Arkansas Over Weekend
Survey teams with the National Weather Service have confirmed 11 tornadoes so far from the severe storms that hit Arkansas on Friday and Saturday. The NWS previously said it had confirmed nine tornadoes. The two strongest tornadoes were both rated …
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Michigan Official: Tugboat Company Facing Suit Over Great Lakes Pipeline Damage
Recent damage to underwater oil and electrical lines in the waterway connecting Lake Huron and Lake Michigan that’s blamed for an insulation fluid spill was caused by a tugboat dragging its anchor, Michigan’s attorney general announced. Attorney General Bill Schuette …
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Feds Sue New Orleans Towing Firm for Breaching Discrimination Settlement Agreement
Federal officials say TRU Towing Auto, a New Orleans-based towing business, has breached a settlement it agreed to after being charged with workplace pregnancy discrimination. The U.S. Equal Employment Opportunity Commission (EEOC) has filed suit against the company alleging TRU …
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Ohioans Charged with Defrauding Insurer of More than $300K
Three people in Ohio have been charged with insurance fraud totaling more than $330,000, according to the U.S. Attorney’s Office for the Northern District of Ohio Kifiyun Daniels of Akron, and Jessie Banks of Barberton, and Jody Foster of Ravenna …
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Arkansas Insurance Department Recovers $1.1M for Consumers in Q1
The Arkansas Insurance Department’s Consumer Services Division (CSD) recovered $1,126,107 for Arkansas insurance customers during the first quarter of 2018, the agency announced. Recoveries are dollar amounts recovered for Arkansas consumers by CSD in excess of the amounts initially offered …
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Great American Insurance Promotes Schneider to Divisional Sr. VP
Cincinnati, Ohio-based Great American Insurance Group has promoted Ken W. Schneider to divisional senior vice president of its Specialty Equipment Services Division. Schneider will continue to oversee the division’s underwriting, product development and management, direct sales, account management and agency …
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Downfall Eases, Improving Rescue Efforts After Massive Hawaii Storm
Heavy rains on Kauai let up this week, which helped emergency workers better rescue people stranded by flooding on the Hawaiian island. By Monday afternoon, emergency crews evacuated 152 people by helicopter, 121 people by bus and others by water, …
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Train in Southern California Kills Woman on Tracks
A Southern California commuter train struck and killed a woman who fell from a platform onto tracks. Police Lt. Paul McLaughlin says the woman slipped and fell backward from the platform. McLaughlin says a man jumped onto the tracks and …
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New York Workers’ Comp Board Proposes Improvements in Care for Injured Workers
The New York State Workers’ Compensation Board (the Board) has proposed improvements in medical care for injured workers. Its proposal includes an increase in medical reimbursement to providers who treat workers’ compensation claimants and the adoption of a universal claim …
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Colorado Exxon Suit Proves Climate Change Concerns Not Unique to Coasts
Most cities suing oil companies over the impact of climate change want help paying for walls to protect against rising sea levels. And then there’s Boulder, Colo. The politically liberal town known as the gateway to the Rocky Mountains and …
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Arthur J. Gallagher Adds Four to Its Construction Practice Group for Long Island
Arthur J. Gallagher in Jericho, N.Y., (AJG) has added four professionals from SterlingRisk in Woodbury, N.Y., to its Construction Practice Group for Long Island. Joseph A Santospirito Jr. has been named area senior vice president within AJG’s Construction Practice Group. …
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DFW Capital Partners Becomes Majority Owner of New York’s ReSource Pro
DFW Capital Partners, a 35-year-old private equity firm based in New Jersey, has completed an investment in ReSource Pro, becoming the company’s majority owner. ReSource Pro, a New York-based provider of operations efficiency and business process solutions for the insurance …
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March Appoints Denny as UK Financial & Professional Practice Leader
Marsh announced the appointment of Paul Denny as UK Financial and Professional Practice (FINPRO) Leader. Denny reports to Paul Moody, CEO of Marsh’s UK Specialties Division. Denny joined Marsh in 1989 and held senior roles in the firm’s London, Boston …
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Reinsurance Capacity Remains Abundant for Mid-Year Renewals: Aon Benfield
Global reinsurer capital continued to rise in 2017, despite the US$136 billion in insured losses from natural catastrophes last year, according to a reinsurance market report published by Aon Benfield. Indeed, capital levels stood at US$605 billion at Dec. 31, …
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Regulators Had Concerns About Engine Type That Blew in Southwest Plane
European regulators this month began requiring an inspection by early next year of the type of engine that blew apart on a fatal Southwest Airlines flight on Tuesday, and a source said U.S. regulators were near a similar rule. The …
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Malaysia’s Maybank Plans to Spin Off Etiqa Insurance Unit: Sources
Malayan Banking Bhd (Maybank), Malaysia’s biggest bank, is preparing to spin off and list its Etiqa insurance arm on the local stock exchange, sources with knowledge of the matter said on Wednesday. Etiqa, which operates in Malaysia, Singapore, the Philippines …
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Explaning Ant Financial’s $150B Valuation – and Investor Enthusiasm for China Tech
Ant Financial’s rapid climb to become the world’s biggest super unicorn valued by some investors at around $150 billion showcases investor enthusiasm for the biggest Chinese tech companies and also how quickly valuations can shift. Just two months ago, bankers …
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Facebook Begins Complying with EU’s Privacy Rules; Global Users to Be Protected
Facebook Inc. is starting to comply with new privacy rules in Europe. And then, to get ahead of scrutiny everywhere else, the company said it will provide the same protections to the rest of its 2 billion users. Users in …
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Tuesday, April 17, 2018
Small Businesses Struggled with Uninsured Damage After 2017 Hurricanes: Federal Reserve
Small businesses in the United States struggled with uninsured damages and lost revenue following a record-breaking year of hurricanes and wildfires, according to a Federal Reserve survey published on Tuesday. The report by the Dallas, New York, Richmond, and San …
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Still No Arrest 5 Years After Texas Fertilizer Plant Explosion
April 17 marked the fifth anniversary of the fertilizer plant explosion that claimed 15 lives in the town of West, Texas. Despite a lengthy investigation by state and federal officials, no one has been arrested and charged with setting the …
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AssuredPartners Names Kammerer Western Region CFO
AssuredPartners Inc. has named Lisa Kammerer chief financial officer over its Western region. Kammerer will report to Randy Larsen, the newly appointed Western region president. Kammerer was originally hired as an accounting manager with Lockton, and received several promotions during …
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LP Insurance in Nevada Names Cantlon to Lead Surety Efforts
Reno, Nev.-based LP Insurance Services Inc. has named Andrea Cantlon surety sales executive. Cantlon now leads the surety efforts of LP Insurance throughout the company. The LP Insurance surety team services bonds including contract, subdivision, license and permit, court and …
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More Than 100 Airlifted After Storm Strikes Kauai
More than 100 people were airlifted from Kauai’s north shore and taken to a shelter after a weekend storm. Emergency officials are advising people who want to evacuate that it’s unknown when they’ll be able to return because of landslides …
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Cyber Analytics Firm Envelop Risk Launches Cyber MGA
Envelop Risk, a London-based cyber insurance analytics firm, announced the launch of a cyber managing general agent (MGA). Envelop Risk provides cyber underwriting to re/insurers and partners with cyber security firms to deliver custom cyber insurance products for their customers. …
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Glatfelter Expands School Bus Contractor Coverage to 8 New States
Glatfelter Public Practice (GPP), a division of Glatfelter Insurance Group, has expanded its Independent School Bus Contractor insurance program to eight additional states, bringing the total number of states it is available in to 22. This specialized program, which was …
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U. of Wisconsin-Madison Team Wins 2018 Spencer-Rims Risk Management Challenge
A team of students from the University of Wisconsin-Madison (UWM) have won the 2018 Spencer-RIMS Risk Management Challenge, the Spencer Educational Foundation reports. Case study provider Andrew Bent, risk manager at Sage Group plc announced the award during a reception …
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2 Killed in Oklahoma Wildfires, Threat Continues
Wildfires have killed two people and burned more than 400,000 acres in western Oklahoma, and dry, windy weather already hindering firefighting efforts there will only get worse as the week progresses, fire and forestry officials said. Oklahoma Department of Emergency …
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9 Tornadoes Confirmed in Arkansas from Weekend Storms
Survey teams with the National Weather Service have confirmed nine tornadoes so far from the severe storms that hit Arkansas on Friday and Saturday. The two strongest tornadoes were both rated EF2. One hit Mountainburg in northwest Arkansas while the …
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South Dakota Jury Awards $34K to Girl Bitten by Dog
A Brookings County, South Dakota, jury has awarded a girl more than $34,000 after she was attacked by a dog that had been declared vicious by county authorities twice before. The Argus Leader reports the award consists of $29,208 in …
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IICF Southeast Division Awards $473K in Grants to Nonprofits in Texas, Region
The Insurance Industry Charitable Foundation (IICF) Southeast Division has awarded $473,000 in community grants to 24 nonprofit organizations that champion the causes of children at risk, education and military veterans. Representatives of these nonprofits received their grant checks from members …
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Senefsky Joins IIAT as E&O Sales Executive
The Independent Insurance Agents of Texas (IIAT) has added Cari Senefsky as E&O sales executive. Senefsky has more than a decade of insurance sales experience and success, with five of those years dedicated to Independent Insurance Agents E&O coverage development …
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Insured Losses from Europe’s Storm Friederike Rise to €1.63B (US$2.0B): PERILS
PERILS AG has issued its second loss estimate of €1.63 billion for Europe’s windstorm Friederike, also known as David. Friederike caused property damage in the British Isles, Belgium, the Netherlands and Germany on Jan. 17-18, 2018, said PERILS, the independent …
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California Governor Suspends Mobile Home Regulations to Help Fire Victims
Gov. Jerry Brown has signed an executive order removing barriers to mobile home construction and placement in an effort to help residents displaced by the recent Southern California mudslides and wildfires. The order suspends for three months all regulations included …
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Nevada Trial Begins in Case Focused on David Copperfield Show
The tricks behind a disappearing act that magician David Copperfield performed for years in Las Vegas were revealed in court last week, the start of trial in a civil case brought by a British tourist who claims he slipped, fell …
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Family of Man Shot by Police Files Suit Against Washington City
The family of a Native American man fatally shot by police who mistook a cellphone for a gun has filed a federal lawsuit against the city of Lakewood, Wash. and police involved in the 2015 shooting. The Seattle Times reported …
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Indonesia MPs Grill Facebook Executives on Potential Data Misuse
A Facebook official apologized to Indonesian members of parliament on Tuesday during a five-hour grilling at a public hearing on issues ranging from the misuse of personal data to the oversight of content by the social media giant. Facebook has …
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U.K. Insurance Exec Denies Misuse of His Firms’ Data to Influence Brexit Vote
A prominent campaigner to leave the European Union, Arron Banks, denied allegations on Tuesday by a former employee of political consultancy Cambridge Analytica that he had misused personal data for political purposes. Brittany Kaiser testified to a committee of British …
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After Amazon Conquers Banking, Insurance Could be Next
Tech companies pose a clear challenge to banks and none more so than Amazon, which is reported to be in talks with JPMorgan Chase and other big retail banks to create a checking-account-like offering aimed at younger adults and those …
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U.K. Businesses Against Uncertainty of Second Brexit Referendum
The plot to reverse Brexit is missing a key ally: U.K. business. Companies have been among the most outspoken critics of the split from the European Union, and many have much to lose from the divorce. But as a group …
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Plymouth Rock Assurance Entering N.Y. Insurance Market With Latest Acquisition
Plymouth Rock Assurance Corporation (PRAC) is entering the New York insurance market with its acquisition of 21st Century National Insurance Company (National). PRAC previously brought its insurance portfolio to Pennsylvania in August of last year. This comes after the New …
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Terrorist Attack Victims Seek to Restart Lawsuit Against Facebook After Zuckerberg Testimony
A lawyer for victims of terrorist attacks in Israel on Monday urged a federal appeals court to revive their lawsuit against Facebook Inc., saying Mark Zuckerberg’s congressional testimony undermined the social media company’s argument that it bore no responsibility for …
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Technology Is Outpacing Risk Management: Marsh-RIMS Report
Emerging technologies continue to rapidly change the way businesses operate and interact with customers, yet risk management processes are not keeping pace with the associated risks, according to a report published today by global insurance broker Marsh and the risk …
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Delaware Lawmaker, Wife Press Legal Fight Over Home Improvement
A Delaware lawmaker and his wife, who serves as Wilmington’s city treasurer, are continuing their fight in a long-running legal battle stemming from a home-improvement contract. A judge was to hear arguments Monday on the city’s motion to dismiss a …
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Plane Crashes in Virginia, Fatalities Unknown
Emergency service units were responding to reports of an aircraft crash in Virginia. The Daily Progress reports that just before 9 p.m. on Sunday multiple rescue crews from Charlottesville and Albemarle County responded to a crash and a large fire …
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U.S. & U.K. Blame Russia for Global Cyber Attacks on Governments, Businesses
The United States and Britain on Monday accused Russia of launching cyber attacks on computer routers, firewalls and other networking equipment used by government agencies, businesses and critical infrastructure operators around the globe. Washington and London issued a joint alert …
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Monday, April 16, 2018
Nationwide Switching to Independent Agency Distribution Model by 2020
Independent agents take note – Nationwide may be on your side. Nationwide on Monday announced its intention to shift to an independent agency distribution model over the next two years. The Columbus, Ohio-based carrier, which provides a range of insurance …
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Willis Towers Watson Partners with IBM Security to Expand Cybersecurity Services
Willis Towers Watson will begin integrating IBM Security’s suite of services – from security testing and technical assessments to incident response and cyber resiliency services – to help clients assess, protect and recover from cybersecurity threats. According to Willis Towers …
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Insurance Helps Michigan Company Rebuild After $20M Fire Loss
A “horrific” fire that started on March 14, 2017, has made one Muskegon, Michigan, company “stronger.” The foundry fire at Muskegon Casting Corp. rendered the 75,000-square-foot building and all equipment inside a total loss, said John Essex, CEO of Port …
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Buildings Damaged as Tornadoes Hit Southern Missouri County
The National Weather Service says two tornadoes hit sparsely-populated rural areas of Wright County in southern Missouri as strong storms raked states from Texas north to Iowa. Springfield television station KOLR reports that the tornadoes hit Friday night. The first …
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Marsh Develops Commercial Blockchain Solution for Proof of Insurance
Marsh announced it is collaborating with IBM, ACORD and its client, ISM, to develop a commercial blockchain solution for proof of insurance. By using blockchain, or distributed ledger technology, Marsh said the certificate of insurance process will be transformed “from …
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Study: Louisiana Medicaid Expansion Brought Jobs, $3.5B Impact
Louisiana’s Medicaid expansion program has helped create or support nearly 19,200 jobs across the state and $178 million in state and local taxes, according to a new economic analysis. The three LSU professors hired by the state health department to …
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4 Injured as Twister Roars Through Northwest Arkansas Town
A tornado ripped through a tiny town in the Ozark Mountains of northwestern Arkansas on Friday, injuring at least four people. The twister struck Mountainburg, Arkansas, around 4 p.m. Friday as a line of severe thunderstorms rumbled across eastern Oklahoma …
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Dozens of Wildfires Burn Hundreds of Square Miles in Oklahoma, Texas
Strong winds are fueling more than two dozen wildfires burning across Oklahoma and Texas. Authorities say one blaze in western Oklahoma is estimated to be nearly 40 miles across at its widest point. Oklahoma Forestry Services spokeswoman Michelle Finch-Walker says …
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Indiana Mulch Fire Shuts Schools; Dozens Treated for Smoke-Related Issues
Dozens of people have sought treatment for smoke-related issues due to a large mulch fire burning in southern Indiana that shut some schools Friday and prompted authorities to urge people to stay indoors. Firefighting crews from across the area responded …
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Trendy e-Scooters for Transportation Seized in Northern California
San Francisco has pulled the plug on electric scooters that authorities say were blocking sidewalks and building entrances. The San Francisco Chronicle reported that Public Works inspectors impounded about 66 scooters last week. The crackdown comes about two weeks after …
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New Mexico Utility Says Insurance to Help Pay for Coal Silo Failure
The investigation into the cause of a structural failure of a coal silo at a power plant in northwestern New Mexico is ongoing, but the plant’s operator says repairs are underway. Officials with Public Service Co. of New Mexico say …
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Chubb Appoints Lee as Head of Bancassurance for Asia Pacific
Chubb announced the appointment of Jin Lee as the head of Bancassurance for Asia Pacific. In her new role, Lee’s primary responsibility will be to oversee the DBS Bank-Chubb partnership which spans across Singapore, Hong Kong, Taiwan, Indonesia and China. …
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Family of Oregon Cyclist Files $32.5M Wrongful Death Suit
The family of a central Oregon woman killed while on her bicycle has filed a $32.5 million wrongful death lawsuit against the driver of a pickup who has also been charged with manslaughter in connection with the death. KTVZ-TV reported …
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Generali Completes Sale of Panama & Colombia Operations to ASSA & Talanx
Assicurazioni Generali SpA announced the closing of the sale of its operations in Panama and Colombia. These two transactions, which were originally announced during the second half of 2017, are part of the group’s overall strategy to rationalize its international …
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HWI International Launches MGA with Asian Focus: NuVu Underwriting Hong Kong
HWI International Group, the privately owned insurance business, has announced the launch of NuVu Underwriting Hong Kong Ltd., a new managing general agent (MGA) in Hong Kong, headed up by industry veteran Jeremy Austen. Subject to regulatory approval, NuVu Underwriting …
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Erie City Council President Indicted on Theft From Nonprofit
A grand jury has indicted the Erie, Penn., city council president on allegations she stole more than $70,000 over seven years from an anti-violence nonprofit she runs. The U.S. Attorney’s office for the Western District of Pennsylvania announced the 33-count …
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Virginia Business Owner Must Pay Back $4M for Fraud Scheme
A Virginia business owner who spent business loans on personal expenses, including his rock band, will pay more than $4 million in restitution, in addition to serving a 10-year federal prison sentence. The Virginian-Pilot cites a U.S. Department of Justice …
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AXIS Launches Cyber Center of Excellence to Help Mitigate Cyber Risks
AXIS Capital Holdings Ltd. has launched the AXIS Cyber Center of Excellence, which aims to provide commercial insurance products and solutions for mitigating cyber risks. The AXIS Cyber Center of Excellence is intended to address the more than $445 billion …
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Connecticut Man Awarded $82K After Crash with Truck
A Connecticut man injured when the vehicle he was in crashed with a truck carrying portable toilets has been awarded $82,000 in a lawsuit. The Connecticut Post reports that 52-year-old Randall Ryan, of Bridgeport, Conn., claimed he suffered physical and …
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Markel Revamps Excess Casualty Leadership Team
Markel Corp. has reorganized the leadership structure of its excess casualty team, the underwriting unit with teams in the U.S., Bermuda, Dublin and London. Matt Mullen and Colin Shaw, both managing directors, Casualty, reporting to Alan Rodrigues, executive underwriting officer, …
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Friday, April 13, 2018
Workers’ Comp Written Premium in California Fell Slightly in 2017
Written premium in California workers’ compensation fell slightly last year, the first time that’s happened in seven years, according to a new report out. The Workers’ Compensation Insurance Rating Bureau released its quarterly experience report on Friday. The report is …
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Octo Telematics’ Execs to Buy 20% of Russian Shareholder Stake, Paving Way for IPO
Italy’s Octo Telematics announced that its chairman and chief executive have signed a binding agreement to purchase 20 percent of Octo’s shares from Russian company Renova Holdings. This share purchase will reduce Renova’s shareholding in the company to 48.55 percent, …
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Accused of $211K Insurance Fraud, Arkansas Suspect Surrenders
An Arkansas insurance firm owner has surrendered to authorities on warrants in Pulaski County for felony insurance fraud, theft and forgery, the Arkansas Insurance Department announced. Joshua Eric Casada, owner of the Little Rock-based Casada Insurance Group, surrendered following an …
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Massachusetts Top Court Rules Against Exxon in Climate Change Probe
Massachusetts’ top court on Friday rejected Exxon Mobil Corp’s bid to block the state’s attorney general from obtaining records to investigate whether the company for decades concealed its knowledge of the role fossil fuels play in climate change. The Massachusetts …
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Oregon County Wants to Increase Marijuana Enforcement
An Oregon county is trying to crack down on illegal marijuana production by hiring two enforcement officers, and to limit new legal grows by considering a pause on the processing of applications to produce cannabis. The move this week by …
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California Oil Company Slapped With $12.5M Fine
A California oil company with a long history of safety violations and regulatory lapses was hit with a record $12.5 million fine by state regulators for nearly 1,500 violations in the past year at an oil field in Orange County. …
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