Brightway Insurance has opened an office in Redwood City, Calif. The firm this week also opened its first office in Kansas, as well as in Texas. Manny Aguilar is opening Brightway, The Aguilar Agency in Redwood City. Other Brightway openings …
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Friday, June 29, 2018
Nevada-based Insurtech Talage Offering Workers’ Comp, Liability, Property Online
Talage Inc. is an insurtech to its core – both in function and name. The Reno, Nev.-based software platform designed to help small business owners compare and quickly purchase a range of commercial insurance policies announced this week that it …
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Mulready Wins GOP Primary for Insurance Commissioner, Faces Fobbs in November
Glen Mulready, a long-time insurance professional and state representative, in the June 26 primary won the Republican nomination to be Oklahoma’s next insurance commissioner. He will face Democratic challenger Kimberly Fobbs in the November general election. Mulready has 35 years …
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Hanover Stone Names Loughridge as Sr. Advisor – Strategic Planning in Chicago
Hanover Stone Solutions, an advisory firm providing risk consulting services, including enterprise risk management (ERM), ORSA compliance and strategic planning consulting, to U.S. property/casualty and life insurance companies, has appointed Edward “Ned” K. Loughridge as a senior advisor in Chicago. …
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Beware ‘Tsunami’ Effect of Artificial Intelligence, Warns Allstate CEO Wilson
Artificial intelligence is coming for the service economy, according to Allstate Corp. Chief Executive Officer Tom Wilson. “It’s going to rip through this economy like a tsunami,” Wilson said Thursday in an interview on Bloomberg TV from Aspen, Colorado. Automation …
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XL Catlin’s Eells Joins Validus Specialty as Chief Operating Officer
Validus Specialty Underwriting Services announced the appointment of Bob Eells as senior vice president and chief operating officer of Validus Specialty, Western World and Crop Risk Services. Leading operations and business enablement will be among his chief responsibilities. Eells, who …
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Trump Administration Approves Disaster Assistance for Hawaii After Floods
President Donald Trump’s administration has approved federal disaster assistance for individuals affected by flooding on two Hawaii islands in April. People on Kauai and Oahu may apply for grants to cover damage to their homes, for disaster unemployment insurance and …
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Jury Awards $383M in Wrongful Death Suits Against Colorado Dialysis Provider
A federal jury in Denver, Colo. awarded $383.5 million to the families of three patients who died of cardiac arrest after treatments at clinics run by dialysis provider DaVita Inc. Attorneys for the families said the Denver-based company treated the …
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$47.5M Settlement for Boy Who Lost Leg During California Camping Trip
A boy who lost his leg and part of his pelvis after a tree fell on his tent during a camping trip at a public park will receive $47.5 million from a California municipality and utility in a lawsuit settlement, …
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Lloyd’s CEO Beale to Exit Next Year
Lloyd’s of London today announced that Chief Executive Officer Inga Beale will step down next year after leading the global insurance and reinsurance market for five years. An exact departure date has not yet been set. Beale joined Lloyd’s in …
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Massachusetts Raises Minimum Wage, Creates New Paid Leave Program
Massachusetts Governor Charlie Baker has signed into law an act that will mandate an annual August sales tax holiday, increase minimum wage over the next five years and create a new paid family and medical leave program in Massachusetts. The …
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Senate Passes Farm, Crop Insurance Bill with Flood Insurance Extension
The U.S. Senate passed (86-11) a Farm Bill that continues subsidies for farmers along with the federal crop insurance and food stamp programs for five years. The $867 billion Senate bill also contains an amendment to prevent the National Flood …
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Erie’s Banocy Joins Great American Insurance as Innovation Strategy VP
Great American Insurance Group has hired Christopher M. Banocy as divisional vice president for Innovation Strategy within its Property & Casualty Group. In this role, Banocy will provide leadership, strategy, and direction surrounding the company’s innovation efforts. He joins Great …
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How Workers’ Compensation Outpatient Payments Compare Across States by Fee Regulation
Hospital outpatient payments were higher and growing faster in states with percent-of-charge-based fee regulations or no fee schedules, finds a study from the Workers Compensation Research Institute (WCRI) that compares 35 states. States with percent-of-charge-based fee regulations had substantially higher …
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FERMA, LatAm’s Risk Management Assn. ALARYS Partner to Offer Rimap Certification
The Federation of European Risk Management Associations (FERMA) and Latin American risk management association ALARYS signed a memorandum of understanding to jointly promote the FERMA rimap® risk management certification program. The agreement allows ALARYS to offer the FERMA certification to …
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Employees Find Vacation Benefits Short-Lived, Don’t Offset Stressful Work Culture
Taking time off helps the majority of U.S. workers recover from stress and experience positive effects that improve their well-being and job performance, but for nearly two-thirds of working adults, the benefits of time away dissipate within a few days, …
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More Employers Offering Paid Parental Leave Benefit
More than one in three U.S. employers offers paid maternity leave beyond the amount required by law, up from one in six earlier this decade, according to new data from the Society for Human Resource Management. All 20 of the …
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Chubb Overseas General Promotes Hardy to Executive VP, Global Energy
Chubb has appointed Matthew Hardy as executive vice president, Global Energy, Chubb Overseas General. The appointment is effective July 1 and Hardy will report to Timothy O’Donnell, the newly appointed division president, Commercial Property & Casualty, Chubb Overseas General. Hardy …
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Hanover Stone Solutions Appoints Morrissey, Dubois as Senior Advisors in NYC
Hanover Stone Solutions, an advisory firm providing risk consulting services to U.S. property and casualty and life insurance companies, has appointed Joanne Morrissey and Gary Dubois as senior advisors based in New York City. The executives will have roles in …
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Connecticut College Savings Plan Accounts Breached, $1.4M Taken
State Treasurer Denise Nappier announced Wednesday that 21 Connecticut Higher Education Trust college savings accounts were recently breached, resulting in more than $1.4 million in unauthorized withdrawals. Nappier said her office was advised of the breach by TIAA-CREF Tuition Financing …
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Citibanamex, Chubb Announce Bancassurance Distribution Agreement in Mexico
Citibanamex, a subsidiary of Citigroup Inc., and Chubb Seguros México, an affiliate of Chubb Ltd., announced a definitive long-term agreement where Chubb will provide a range of non-life insurance products to Citibanamex’s consumer bank clients in Mexico, subject to regulatory …
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Official Says 30 Hospitalized After Hazmat Response at Massachusetts Plant
A possible chemical leak at a Massachusetts electronic cigarette manufacturer resulted in a hazmat response and the hospitalization of dozens of plant workers. Officials say a hazmat team was called to the e-cigarette plant in Salem Sunday afternoon to investigate …
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China Formalizes Easing of Foreign Investment Curbs on Range of Industries
China is slowly following through on pledges to open up to foreigners, as an impending trade war with the U.S. focuses attention on Beijing’s grip over doing business in the world’s second-largest economy. On Thursday the government formalized the easing …
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Chinese Tech Firms Seek to Shake Up Stake-Run Health Sector with AI and Big Data
In the eastern Chinese city of Hangzhou, an ambulance speeds through traffic on a wave of green lights, helped along by an artificial intelligence (AI) system and big data. The system, which involves sending information to a centralized computer linked …
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Mississippi County Authorities Searching for Car Thieves on ATVs
Investigators in one north Mississippi County are looking for thieves who have been riding all-terrain vehicles to break into cars at night. WHBQ-TV reports that at least two dozen vehicles in a rural area of southern Panola County have been …
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REIN, Liberty Specialty Markets Launch On-Demand Drone Coverage
REIN, an insurtech company providing insurance for risks posed by robotics, mobility and online ecosystems, has launched its first digital portal, DroneInsurance.com, offering drone insurance for commercial drone operators. DroneInsurance.com is an online automated platform for commercial drone operators. For …
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Thursday, June 28, 2018
Chocolate-Laden Trailer Goes Up in Flames in Iowa
That’s one way to burn calories. Des Moines television station KCCI reports that a semitrailer carrying chocolate from Hershey, Pennsylvania, caught fire Wednesday on Interstate 80 near Dexter in west-central Iowa. The Iowa State Patrol says the truck was headed …
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State Farm to Cut Auto Rates in North, South Carolina
State Farm Mutual Automobile Insurance Co. will decrease its auto rates in North and South Carolina, impacting more than 2 million customers in both states. According to a statement from the insurer, State Farm’s overall personal auto rate will drop …
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Family of Indiana Couple Settle Wrongful Death Lawsuit with Seattle for $13M
The family of a central Indiana couple who died after a repeat drunk driver struck them in Seattle has settled a wrongful death lawsuit against the West Coast city for $13 million. The family of Dennis and Judy Schulte settled …
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SUNUP Insurance Services Hires Westerman as President, COO
SUNUP Insurance Services has hired 35-year insurance industry veteran Jim Westerman as president and chief operating officer. In this role, Westerman will work with the SUNUP team to expand the distribution footprint across the U.S. market through the recruitment and …
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Texas Insurance Department Earns National Award for Support of Guard, Reserve Employees
The Texas Department of Insurance is one of 15 employers across the nation to earn the 2018 Secretary of Defense Employer Support Freedom Award, the highest honor given for support of National Guard and Reserve employees. TDI reported it was …
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One Man’s Solution After Harvey’s Floods? Build His Own Levee.
After Hurricane Harvey inundated David Bush’s Richmond, Texas, home with 20 inches of rain, he knew he wanted to rebuild but was worried about how his property could be protected from the next big storm. So, Bush came up with …
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Wisconsin’s Jewelers Mutual Insurance Recognizes Thomas with Legacy Award
Meredith Thomas, an independent broker of Neenah, Wisconsin-based Jewelers Mutual Insurance Group, was recently recognized for his outstanding achievements as the 2018 recipient of the company’s Legacy Award. The award was presented before an audience of his agent and broker …
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Hanover Stone Names Shew Holland Higher Education Practice Leader in Dallas
Risk management services firm, Hanover Stone Partners, has tapped Ellen Shew Holland to lead its newly established national higher education practice. She is based in Dallas. Shew Holland will lead a practice that will focus on providing a wide range …
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Fire that Destroyed 36 Homes in Florida Sparked by Controlled Burn
John Matthew Polous watched a “controlled-burn” fire for three days as it consumed foliage outside his tiny community on the Florida Panhandle. And then he watched as it quickly raged out of control. What he doesn’t understand is why it …
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8 Injured When Tornado Hits Eastern Kansas Town
The governor has declared an emergency after eight people were injured when a tornado slammed into a small town in eastern Kansas. The tornado touched down Tuesday night in the Greenwood County town of Eureka, about 60 miles (100 kilometers) …
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RHSB Adds Allen as AVP, Personal Client Services Practice
Texas-headquartered independent brokerage, RHSB, has added Lane Allen as assistant vice president in its Personal Client Services Practice. Based in Dallas, Allen will be a personal risk advisor providing concierge services to clients with emerging and established wealth who have …
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Dallas Federal Court Cuts $500M Verdict in Facebook VR Lawsuit in Half
A federal court in Dallas on June 27 halved the $500 million verdict that a jury ordered Facebook Inc., its virtual reality unit Oculus, and others to pay ZeniMax Media Inc., a video game publisher that alleged Oculus stole its …
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Despite Opposition, Oklahoma Voters Approve Medical Marijuana
Oklahoma voters on June 26 backed the medicinal use of marijuana, overcoming a late opposition campaign from law enforcement and business, faith and political leaders. State Question 788, the result of an activist-led signature drive launched more than two years …
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Missouri Brewing Company Wins Trademark Lawsuit Against Maine Brewer
A judge has ruled in favor of a Missouri-based brewery in a lawsuit alleging the company copied the name and can design of a Maine-based brewery’s signature export ale. U.S. District Judge Nanette Laughrey ruled in favor of Columbia’s Logboat …
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Wisconsin Supreme Court Caps Some Malpractice Damages at $750K
The Wisconsin Supreme Court upheld the state’s cap on noneconomic medical malpractice damages on June 27, reversing an appellate ruling that awarded $15 million to a woman who had all four limbs amputated after a mishandled infection. The court ruled …
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Senator Inserts Flood Insurance Renewal in Farm Bill
As the U.S. Senate prepared to consider amendments to its version of a farm bill, Sen. John Kennedy (R., La.) on Wednesday inserted a proposal to reauthorize the National Flood Insurance Program (NFIP) for six months. The program extension, which …
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California Commissioner Angry at Insurers for Altering Wildfire Bills
California Insurance Commissioner Dave Jones is irked that the insurance industry has worked to alter legislation he supports that he says is aimed at strengthening consumer protections for wildfire survivors. Senate Bill 894, authored by Senator Bill Dodd, D-Napa, is …
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Jury Awards Woman $31M in California Age Discrimination Lawsuit
A 58-year-old Southern California woman has been awarded $31 million in an age discrimination case against her former employer. Codie Rael of Ontario sued Washington-based Danaher Corp. and two subsidiaries, claiming that Rael’s bosses repeatedly made remarks that she was …
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California Marijuana Retailers Cut Prices Ahead of New Testing Rules
Bargain basement bud is on the menu in California, but you need to act fast to cash in on the cheap weed. Regulations being phased in six months after the state broadly legalized marijuana require that pot sold after Saturday …
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Another Building in San Francisco Appears to Be Sinking
A few blocks from the 58-story Millennium Tower, dubbed “the leaning tower of San Francisco,” another building appears to be sinking. An 18-story building in the city’s financial district appears to have settled up to three-eighths of an inch because …
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Amazon to Buy Online Pharmacy Startup PillPack as Entry Into Health Care
Amazon.com Inc. agreed to buy the online pharmacy startup PillPack, jumping into the health care business with a deal that will give the retail giant an immediate nationwide drug network. The move represents a formidable threat to pharmacy chains including …
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New Jersey’s Selective Insurance Group Announces Officer Appointments
Selective Insurance Company of America, a subsidiary of Branchville, N.J.-headquartered Selective Insurance Group Inc., has announced the following officer appointments. Maria Orecchio has been appointed to senior vice president and deputy general counsel. Orecchio joined Selective in 2014 as vice …
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Changes Urged Amid Probe of Fatal Pennsylvania Gas Explosion
Federal authorities investigating a gas explosion that leveled a Pennsylvania home last year, killing one utility worker and injuring two other workers, are urging changes to prevent incorrect installation of a gas distribution system component. The National Transportation Safety Board …
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Three Injured in Manhattan Construction Site Incident
Authorities say three people were hurt, one critically, at a Manhattan construction site when a mini crane rolled over and fell from the fourth floor to the street below. Officials said it happened Monday morning while workers were installing a …
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New Jersey Judge Injured in Fall Files $1M Claim Against City of Camden
A New Jersey judge who was injured in a fall outside a courthouse has filed a $1 million claim against the city of Camden. The Courier-Post reported Camden County Assignment Judge Deborah Silverman Katz says in her claim that she …
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Digital Insurance Agency EverQuote’s IPO Begins Today at $18 Per Share
Cambridge, Mass.-based online insurance agency EverQuote Inc. announced the pricing of its initial public offering of 4,687,500 shares of its Class A common stock at a public offering price of $18 per share. The shares are scheduled to begin trading …
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States Agree Not to Fine Equifax Over Data Breach
Equifax Inc. on Wednesday avoided fines in a deal with eight states’ banking regulators over a data breach that compromised sensitive data of more than 145 million people, as the credit reporting agency agreed to tighten up security. Equifax’s disclosure …
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Apple, Samsung Finally Settle Long-Running Patent Dispute
The biggest patent battle of the modern technology world has finally come to an end after seven years. Apple Inc. and Samsung Electronics Co. told a judge Wednesday they’d resolved the first filed but last remaining of the legal disputes …
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Generali Likely to Start Exclusive Talks to Sell German Life Book to Viridium: Source
Italy’s Generali is expected to start exclusive talks shortly over the potential sale of its 40 billion euro ($48 billion) German life insurance portfolio to private equity-backed Viridium, a person close to the matter said. Generali and Viridium declined to …
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Milliman Opens Office in Israel
Milliman Inc., the global consulting and actuarial firm, announced it is opening an office in Tel Aviv, which will provide the full gamut of insurance and actuarial consulting services. Benny Gabbay, a leading figure in the Israeli insurance industry, and …
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Auto Supplier Bosch Teams with Startup Mojio to Connect Vehicles to Digital Services
German auto supplier Robert Bosch GmbH is teaming with Canadian startup Mojio to get more vehicles connected wirelessly to a wide range of digital services, from insurance companies to emergency responders, the companies said on Wednesday. Bosch said it was …
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Malaysia Expected to Give Foreign Insurers More Time to Cut Local Stakes: Sources
Malaysia’s central bank is considering granting extensions to some foreign insurers to give them more time to trim stakes in their local ventures, people with knowledge of the matter said. Foreign insurers are expected to be given additional time to …
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China’s State-Run Insurance Funds Feel Strain of Baby Boom
Chinese President Xi Jinping wants women to have more babies. That’s proving to be a costly goal. After government-run insurance funds paying for maternity leaves suffered revenue shortfalls for the first time, Xi’s government has begun taking steps to shore …
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Florida-Based AssuredPartners Acquires B&W Brokers of London
AssuredPartners Inc., the Lake Mary, Fla.-based insurance broker, has acquired B&W Brokers Ltd. of London. Specializing in providing casualty and property insurance and placing binding authorities, B&W services clients in Canada, Australia, the United Arab Emirates (UAE) and North America. …
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JLT FAC Taps RSA’s Melbourne as Producer; Carpenter’s Vitale as Head of Casualty
JLT FAC, part of JLT Re, a global provider of reinsurance broking and consultancy, has appointed two senior executives in London and its U.S. team. In London, Nikki Melbourne will join the firm as partner. She joins from RSA where …
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Wednesday, June 27, 2018
10 Months After Harvey, Popular Texas Beach Town Still Recovering
Hurricane Harvey battered Deven Bhakta’s Port Aransas, Texas, hotel until it was uninhabitable. The Austin American-Statesman reports the Category 4 hurricane’s 130 mph winds blew out windows and stripped parts of the roof off the three-story Holiday Inn Express, while …
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Insurtech Agency CoverWallet Offers Its API for Other Small Businesses to Offer Insurance
Digital small business insurance agency CoverWallet, which is partly owned by insurers Zurich Insurance and Starr Companies, is expanding its distribution by letting other small businesses such as accountants and lenders offer its policies from leading carriers. The company is …
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North Dakota Businesses Hobbled by Trucking Delays
North Dakota businesses that rely on truck drivers for supplies have been experiencing delays due to mandated electronic logging devices. Delivery times to Dakota Gasification Co. have sometimes doubled or tripled after the Federal Motor Carrier Association began requiring the …
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Alliant Adds Hotard to Energy, Marine Group in Louisiana
Alliant Insurance Services Inc. has hired Brian Hotard as vice president within the firm’s Energy and Marine Group. He is based in Alliant’s Metairie, Louisiana, office. Hotard joins Alliant with extensive experience providing a full range of property/casualty insurance products …
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Iowa’s Holmes Murphy Taps Hurley as President, Property Casualty Brokerage
Iowa-based Holmes Murphy has named John Hurley II as president of Property Casualty Brokerage Services. Hurley was formerly senior vice president of Property Casualty, and this new title reflects the high-caliber work Hurley has done and will continue to accomplish. …
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New Nebraska Lake Expected to Reduce Flood Plain, Lower Insurance Rates
A Nebraska Natural Resources District is opening Omaha’s newest park and lake after spending nine years developing the $44 million project. The Omaha World-Herald reports that the Papio-Missouri River district will open Flanagan Lake on Wednesday. The area also includes …
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Lincoln, Nebraska, to Test All-Electric, Driverless Shuttle Technology
Lincoln officials are inviting residents to help test out an all-electric, driverless shuttle bus for a pilot program that could bring more autonomous vehicle services to the city. The public will have a chance to reserve a 15-minute ride on …
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Disaster Declaration Approved for Oklahoma Spring Fires
President Donald Trump has approved Oklahoma’s request for a disaster designation after wildfires scorched western parts of the state in the spring. Trump approved the declaration Monday and ordered federal assistance to supplement state and local recovery efforts in areas …
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Folgate Insurance Co. Gets UK License to Write Re/Insurance Business
Folgate Insurance Co. Ltd. has received approval from the UK’s Prudential Regulation Authority (PRA) to start writing primary insurance, as well as reinsurance. All business written through Folgate will be underwritten by managing general agent APC Underwriting – in a …
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Washington State University Football Player’s Brain was Damage at Suicide
The family of the Washington State University football player who died of suicide in January said the 21-year-old quarterback had extensive brain damage that’s been linked to concussions from playing the sport. Tyler Hilinski was found dead in his apartment …
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Nevada Pot Regulators Get More Money to Deal With Rampant Demand
Nevada’s marijuana regulators say they are trying to keep up with demands at recreational dispensaries, where sales continue to outpace projections. The Nevada Appeal reports the Interim Finance Committee approved an additional $1.5 million for the Department of Taxation to …
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Families of Pilots File Wrongful Death Suit in 2016 Arizona Helicopter Crash
The families of two pilots who died in a 2016 helicopter crash in western Arizona have filed a wrongful death lawsuit against the California-based manufacturer of the aircraft. The suit filed last Friday in Los Angeles County Superior Court alleges …
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Hogan Seeks Federal Disaster Declaration for Maryland Floods
Maryland Governor Larry Hogan is asking for a presidential disaster declaration following a severe storm and flooding that hit the Baltimore area last month, devastating Ellicott City. The governor announced the request Monday in a news release, which also said …
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With $30 Million in Private Equity, Agent Network Renaissance Alliance Eyes Expansion
The Massachusetts-based insurance agency partnership organization Renaissance Alliance Insurance Services (RAIS) said it has received $30 million investment from Long Arc Capital to accelerate its expansion outside the New England region. With this investment, the New York City-based private equity …
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Two Workers Killed By Falling Countertop Slabs in New York
Two workers have been killed by 800-pound slabs of countertop material that fell on them while being unloaded from a trailer in New York. The Niagara County sheriff’s office in New York says it appears 11 slabs of Corian-brand material …
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New Jersey Chiropractor Gets Prison Term for Medical Fraud Ring Role
A chiropractor involved in a medical fraud ring that bilked nearly $4 million overall from several insurers is now headed to prison. John Langeraap received a three-year sentence Friday. The 39-year-old Sparta, N.J., man had pleaded guilty to conspiracy to …
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Cycling Safety: Insurance Industry, Virginia Tech Study Assigns Safety Ratings to Biker Helmets
The next time you hop on a bicycle to head across town, consider this: your helmet may not perform well enough in an accident. A first-of-its-kind study using the latest techniques for simulating head injuries found significant variations in how …
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Safety Probe of Tesla Crash Cites Battery Fire Risk
A Tesla Inc. Model S involved in a May 8 fatal high-speed crash in Florida reignited twice after firefighters extinguished a fire in the electric vehicle, the National Transportation Safety Board (NTSB) said in a preliminary report on Tuesday. The …
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Soros See Mighty Big Gains in Investment Portfolios Made Out of Lawsuits
The billionaire George Soros has found a new way to make money from personal-injury lawsuits. Soros Fund Management is pushing into a branch of litigation finance that few hedge funds have entered. His family office is bankrolling a company that’s …
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Advent Launches Political Violence Pricing & Placing Platform for SMEs in MENA
Lloyd’s insurer Advent announced the launch of its online pricing and placing tool, PVPlus. Developed in partnership with CFC Underwriting, this solution gives low-ticket political violence (PV) businesses in the Middle East and North Africa (MENA) region access to highly …
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EU Needs to Prevent Brexit Threat to Derivative Contracts: Bank of England
The Bank of England stepped up pressure on the European Union to remove the threat that Brexit poses to trillions of pounds of derivative contracts. Unless the EU follows the U.K. government in taking action, there could be havoc in …
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Tuesday, June 26, 2018
Chicago Staffing Firm to Pay $30K to Settle Sex Harassment, Retaliation Suit
Anchor Staffing Inc., a Chicago-based staffing agency, will pay $30,000 to settle a sexual harassment and retaliation lawsuit filed by the U.S. Equal Employment Opportunity Commission (EEOC). The EEOC’s lawsuit charged Anchor Staffing with violating an employee’s federal civil rights …
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IIAT Honors Shepard for Political Action; Davis as Account Manager of the Year
The Independent Insurance Agents of Texas (IIAT) honored Harlingen independent insurance agent Bob Shepard with its Paige Eiland Political Action Award at IIAT’s 121st Annual Conference and Trade Show in San Antonio. The Paige Eiland Award recognizes an agent whose …
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Ohio Excavating Company Fined $202K Following Fatal Trench Collapse
The U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) cited JK Excavating & Utilities Inc. after an employee suffered fatal injuries in a trench collapse in Ohio. OSHA has proposed penalties of $202,201 and placed the company in …
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Texas Attorney Sentenced for Insurance Fraud Involving Roof Claims
A former Texas attorney is headed to prison on charges of insurance fraud and barratry for a scheme involving fraudulent lawsuits filed after hail storms, the state insurance department announced. A Tarrant County judge today sentenced R. Kent Livesay to …
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Vehicles Damaged, Destroyed by Storms in Southwestern Oklahoma
Emergency management officials say more than a dozen recreational vehicles and campers were overturned by winds as strong storms moved across southwestern Oklahoma. Comanche County Emergency Management spokeswoman Ashleigh Hensch says 13 vehicles were overturned and several were destroyed shortly …
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BNSF Looks to Resume Service in Iowa After Derailment
BNSF Railway Co. on Monday said it could resume service Tuesday on a stretch of northwestern Iowa track damaged when a train left the track and crude oil spilled from derailed cars. The crude oil train derailed near Doon, Iowa, …
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Washington County Settles Sexual Harassment Suit for $350K
A Washington county agreed to pay $350,000 to settle a sexual harassment lawsuit brought by two women who accused a male supervisor at the human services department of unwanted hugging, kissing and comments. The Daily Herald reports the total combined …
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Northern California Wildfires Flare Up
Thousands fled their homes as major wildfires encroached on a charred area of Northern California still recovering from severe blazes in recent years, sparking concern the state may be in for another destructive series of wildfires this summer. Severe drought …
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Vermont School District Says $50K Stolen Electronically
A Vermont school district says $50,000 was stolen electronically from one of its bank accounts. Cindy Brownell, the board chair of the Pownal Elementary School District, says officials believe the theft occurred from outside the country, but they don’t know …
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State Farm Mutual Automobile Insurance Company to Cut Rates in Penn.
State Farm Mutual Automobile Insurance Company plans to cut its rates in Pennsylvania. The total state-wide expected impact of this rate change for State Farm Mutual in Pennsylvania is approximately $49.5 million, set to affect approximately 1.7 million policyholders. As …
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Rhode Island General Assembly Passes Auto Body Shop Bill
The Rhode Island General Assembly has passed H-8013/S-2679, which aims to effectively ban the use of aftermarket parts in the repair of vehicles. The bill is now awaiting Rhode Island Governor Gina Raimondo’s action. If signed, the legislation provides that …
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International Underwriting Association Publishes Brexit Contract Continuity Clause
A Brexit clause has been published by the International Underwriting Association (IUA) to help companies manage insurance contracts as the UK leaves the European Union. The Brexit Contract Continuation Clause aims to clarify how firms will continue to pay claims …
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Old Mutual Finishes Restructuring to Focus on S. African Market
South Africa’s prodigal insurer returned home to a lukewarm welcome on Tuesday. Old Mutual Ltd. started trading its stock in Johannesburg at 28.50 rand before swinging between 28.20 rand and 29.39 rand. The listing — done in conjunction with others …
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Some Big Employers Moving Away from High Deductible Health Plans
When Carla Jordan and her husband were hit with a cascade of serious medical issues, she knew that at least her family had health insurance through her job. What she didn’t realize was that even with that coverage, a constant …
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Court Nixes Cities’ Climate Change Public Nuisance Lawsuit Against Oil Firms
BP Plc, Exxon Mobil Corp. and Chevron Corp. escaped blame for the public costs of global warming when a U.S. judge ruled that lawsuits by cities against oil companies aren’t the answer to climate change. “The problem deserves a solution …
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Fine Art Theft Is Relatively Easy – but Selling Stolen Art Is Almost Impossible
Ten days ago, a Banksy print valued at about $40,000 was stolen from a Canadian exhibit of the artist’s work. It was a seemingly effortless crime—a man walked in, took the work off the wall, and walked out—but then, most …
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EU Will Not Ease Post-Brexit Market Access for UK Insurers, Banks: Official
The European Union’s default market access for foreign financial firms will not be eased for Britain after Brexit and improvements to the equivalence regime will apply to all third countries, an EU official told Reuters. The official’s comments raise the …
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Chubb Enhances Global Cyber Incident Response Management Capabilities
Chubb announced that it has enhanced its cyber incident response management capabilities and launched two new ways of accessing the service: a mobile application and a dedicated website. As the threat of cyber risks facing commercial enterprises increases, Chubb has …
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Generali Expands Stake in India’s Future Group to 49%
Generali Group announced it has signed an agreement with Future Group to increase its stake in its insurance ventures in India to 49 percent from 25.5 percent. Generali’s presence in India is currently in the form of two joint ventures …
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Sirius Group Plans Nasdaq Listing After Merger with Easterly Acquisition
Sirius International Insurance Group, Ltd., the Bermuda-based re/insurer, plans to become a publicly listed company, trading on Nasdaq, after a planned merger with Easterly Acquisition Corp. Under the terms of the merger agreement, Easterly would merge with a subsidiary of …
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Monday, June 25, 2018
Alera Group Acquires Menath Insurance in Nevada
Alera Group has acquired Incline Village, Nev.-based Menath Insurance. Terms of the deal were not announced. Menath Insurance also has offices in Reno, and South Lake Tahoe, as well as in Susanville, Caif. Alera Group announced last week it acquired …
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BNSF: Train Derailed in Iowa; Estimated 230,000 Gallons of Oil Spilled
An estimated 230,000 gallons (870,619 liters) of crude oil spilled into floodwaters in the northwestern corner of Iowa following a train derailment, a railroad official said Saturday. BNSF spokesman Andy Williams said 14 of 32 oil tanker cars just south …
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Lessons Learned From Hurricane Harvey Highlighted in Zurich Report
An inconsistent regulatory environment and a lack of awareness by residents of the potential flooding dangers in and around Houston were among the factors that contributed to the heavy damage inflicted by Hurricane Harvey, according to a report released on …
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Missouri’s Thomas Insurance Advisors Adds Johnson as Insurance Broker
Thomas Insurance Advisors in Chesterfield, Missouri, has hired Travis Johnson as an insurance broker. Johnson will provide specialized insurance products and services to small and mid-sized businesses. He also will handle automobile and homeowners’ insurance options for both new and …
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Marsh to Acquire Houston’s Wortham Insurance
Global insurance broker, Marsh, is acquiring Houston-based Wortham Insurance. Terms of the transaction, which is expected to close in the third quarter of 2018, were not disclosed. Founded in 1915, Wortham has more than 530 colleagues based in its Austin, …
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Quy Receives IIAT’s 2018 Drex Foreman Award; Crocker Named Young Agent of Year
The Independent Insurance Agents of Texas (IIAT) honored IIAT Director Cindy Quy with its Drex Foreman Award during the group’s 121st Annual Conference and Trade Show in San Antonio on June 15. Named after Drex Foreman, who served as the …
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Missouri Commercial Insurance Modernization Bill Signed Into Law
Missouri’s General Assembly has passed, and the governor has signed, a bill that exempts some commercial lines of insurance from rate filing requirements. The summary of SB 594 on the legislative website states that it “exempts certain lines and endorsements …
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Several Lawsuits Allege Racial Profiling in Oregon Businesses
Several African Americans are suing big-box stores and restaurants in Oregon, claiming employees at those places wrongly accused them of stealing because they were “shopping while black.” A Portland law firm has filed five lawsuits alleging racial profiling at businesses …
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Honolulu Bills Aimed at Taxi, Ridesharing Companies
Officials in Honolulu, Hawaii are introducing two bills that would make regulations on traditional taxicab companies more in line with regulations on ridesharing companies. Taxi companies such as Charley’s, The Cab and EcoCab have voiced disappointment over upstart transportation companies …
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Energy Company Cited for 25 Safety Violations After Fatality at N.H. Plant
The U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) has cited EWP Renewable Corp., doing business as Springfield Power LLC, for 25 safety violations after an employee suffered fatal injuries when he was pulled into a conveyor at …
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Florida Man Sentenced to Five Years’ Probation for Workers’ Comp Fraud
A Trinity, Fla., man has been sentenced to five years’ probation, with the first six months to be served on home detention, for making a false statement in connection with his workers’ compensation benefits. As part of the sentence issued …
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Protecting the Planet from Asteroids, Comets
The U.S. government is stepping up efforts to protect the planet from incoming asteroids that could wipe out entire regions or even continents. The National Science and Technology Council released a report last week calling for improved asteroid detection, tracking …
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Flooding in Virginia Closes Airport, Traps Several Drivers
Officials say flooding and severe weather in Virginia have closed the state capital’s airport and trapped some motorists. Richmond International Airport tweeted that it was closing due to flooding for several hours Friday morning. Parts of Interstate 64 also shut …
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Residents Say Home Run Balls from Local Rhode Island Field Damage Property
Residents in a Newport, R.I., neighborhood say baseballs hit out of a field used by a collegiate summer league team are damaging their houses and cars. The Newport Daily News reports residents gathered at City Hall to discuss the errant …
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Restaurants, and Diners, Pay High Price for Food-Related Illnesses
A single foodborne illness outbreak could cost a restaurant millions of dollars in lost revenue, fines, lawsuits, legal fees, insurance premium increases, inspection costs and staff retraining, a new study from researchers at the Johns Hopkins Bloomberg School of Public …
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Here’s a Shocker: Insurance Industry Reserves Still Adequate
Although analysts at Conning didn’t actually use the word “shocked” in their latest report on the property/casualty industry’s loss reserve position, the title of the report—and the image on the front page—made it clear that the analysts didn’t see the …
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Rhode Island Quarry Blast That Injured Two Town Workers Ruled Accidental
Rhode Island officials have ruled the quarry blast that injured two town employees and damaged multiple buildings accidental. The Westerly Sun reported the state Fire Marshal’s Office found the blast at the Westerly quarry did not violate state law or …
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Florida Utility Contractor Faces Nearly $19K in Fines for Safety Hazards
South Florida utility contractor Douglas N. Higgins is facing $18,659 in proposed penalties after the U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) cited the contractor for exposing employees to cave-in and other hazards at a Naples, Fla., …
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States’ Adjuster Licensing Requirements Come Under Scrutiny
It’s time for reciprocity across states in insurance adjuster licensing, according to a new report. The study by the Pacific Research Institute into state licensing requirements,“Breaking Down Barriers,” found that the average adjuster holds between 10 and 12 different state …
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Two Injured in North Carolina Highway Patrol Helicopter Crash
Two people were injured when a North Carolina Highway Patrol helicopter crashed shortly after takeoff at a patrol facility in Raleigh. Highway Patrol First Sgt. Mike Baker told reporters the helicopter was about 6 feet in the air when the …
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11 Vehicles Damaged in Parking Lot Fire at Amusement Park
Authorities say 11 vehicles have been destroyed after a fire in the parking lot of an amusement park. The Flint Hill Fire Department said it took about 30 minutes to put out the fire Friday afternoon in the Carowinds parking …
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Canada’s Western Financial Group Acquires Ontario Broker, Axion Insurance
Western Financial Group Inc. announced that it has acquired Axion Insurance Services Inc. of Ontario. The acquisition was completed on June 19, 2018 and will add 10 Ontario-based locations and approximately 60 insurance experts to Western’s existing network of insurance …
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Modernization, Underwriting Systems & Brexit Top COO Priorities: Lloyd’s Market Assn.
Market modernization, underwriting systems upgrades and Brexit preparations are the top three 2018 priorities of Lloyd’s market chief operating officers (COOs), a survey commissioned by the Lloyd’s Market Association revealed. The survey’s research findings include: Within market modernization initiatives, delegated …
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U.K. Businesses Caution that Thousands of Jobs at Risk over Slow Brexit Negotiations
Prime Minister Theresa May faces a new onslaught over her Brexit plans from corporate Britain, after the U.K.’s five main business lobbies urged her to make progress in the negotiations or risk losing jobs and investment. After facing down a …
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AXA Belgium Partners with Car Repair Platform Fixico
AXA, the Paris based insurance & asset management firm, and Fixico, a platform for cosmetic car repairs, after several months of joint testing, have just started to provide AXA’s customers in Belgium with an innovative and fully-digital damage handling proposition, …
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Fidelis’ MGA Firestone Rebrands to Oakside
Fidelis Insurance announced it has rebranded its managing general agent (MGA), Firestone Surety Ltd., to Oakside Surety Ltd. London-based Oakside is focused on the small and medium-sized enterprises sector of the surety market and is managed through Pine Walk Capital …
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Australia’s Scandal-Ridden CBA Overhauls Business, Eyes Sale of Insurance Arm
Commonwealth Bank of Australia said it would hive off its wealth management and mortgage broking businesses, and explore whether to divest its general insurance arm, as it narrows its focus down to traditional lending. Australia’s biggest bank also unveiled a …
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Saudi Women Finally Hit the Road as Driving Ban Ends
They hit the road in celebratory packs, whooping and ululating for joy. Teenagers gathered on Riyadh’s main boulevard to gawk. Men cracked jokes about how lucky they were to no longer have to chauffeur their wives around. Saudi Arabia’s infamous …
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Uber Girds for Court Battle to Continue Operating in London
In a TV ad currently airing in the U.K., a young woman leaves a bar alone and prepares to step into an Uber. “I know his license number and he’s made 3,000 trips and speaks four languages,” she says to …
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Friday, June 22, 2018
California Workers’ Comp Rating Bureau Exploring Blockchain, Behavioral Science
One wouldn’t normally associate blockchain with workers’ compensation, two completely different industries that seem worlds apart. But as it turns out, the technology is of value to at least one very important entity in the space. The Workers’ Compensation Insurance …
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Colorado Hailstorm Carries $169M Insurance Price Tag
Thousands of Fountain and Colorado Springs, Colo. area residents have spent the past week cleaning up and meeting with insurance adjusters after an unusual early morning June 13 storm pounded vehicles and roofs golf and baseball-sized hail. The storm caused …
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Alaska Marijuana Regulators to Discuss Onsite Use
Alaska regulators are set to discuss proposed rules for allowing onsite consumption of marijuana at certain shops in August. Regulators have gone back and forth on onsite use, adopting rules in late 2015 to allow people to use marijuana at …
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How Insurance Plans Contribute to Opioid Epidemic: Johns Hopkins Study
Health care insurers including Medicare, Medicaid and major private insurers have not done enough to combat the opioid epidemic, suggests a study led by researchers at Johns Hopkins Bloomberg School of Public Health. The Bloomberg School researchers examined major insurers’ …
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Motorcyclist Hit by Police SUV in California to Get $12M
Officials in Oakland, Calif. have agreed to pay $12 million to a motorcyclist who lost a leg and was badly hurt when struck by a police vehicle that allegedly ran a red light. The East Bay Times reported that the …
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Phillies Fan Injured by Flying Hot Dog Launched by Phanatic
It was a flying frankfurter and not a foul ball that left a baseball fan with a black eye in Philadelphia. Kathy McVay says she was at Monday night’s Phillies game when the team’s mascot, the Phillie Phanatic, rolled out …
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Tropical Weather System Drenches South Texas, Flooding Reported
The entire Texas coastline has been drenched this week with heavy rains resulting in flooding in many areas with several cities reporting rainfall totals in excess of 12 inches. The Insurance Council of Texas is issuing a reminder that record …
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Police Say Uber Driver Was Streaming Hulu Before Self-Driving Car Crash in Arizona
Police in Tempe, Arizona said evidence showed the “safety” driver behind the wheel of a self-driving Uber was distracted and streaming a television show on her phone right up until about the time of a fatal accident in March, deeming …
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Most Global Organizations Fail to Learn from Cyber Mistakes: WTW Survey
A majority of executives around the world feel their organizations can do better when it comes to learning from their past cyber mistakes, according to the results of a global survey conducted by The Economist Intelligence Unit (EIU) and Willis …
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Federal Judge Rules Against Consumer Financial Bureau Structure
A federal judge in New York ruled on Thursday that the structure of the U.S. Consumer Financial Protection Bureau is unconstitutional, forbidding the agency from suing a company that advances money to people awaiting settlement payouts. The decision by U.S. …
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Chubb Announces Changes to North America Agriculture Unit Leadership
Chubb has announced leadership appointments in its North America Agriculture business, which includes commercial property/casualty insurance and the crop insurance franchise, Rain and Hail. Michael Coleman will assume the role of chairman of Chubb Agriculture and chairman of Rain and …
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Boston Approves NuTonomy Self-Driving Car Testing Citywide
A self-driving car company is getting the green light to test its vehicles on a Colonial-era street network with a reputation for aggressive human drivers. Boston city officials announced Wednesday that they’ve granted permission to NuTonomy to test its autonomous …
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Northern New England Storms Leave Many Without Power, Spark Tornado
More than 10,000 people were still without power Tuesday, a day after strong winds and rain from storms in northern New England sparked a tornado in New Hampshire and razed a historic barn in Vermont. Monday afternoon’s thunderstorms in New …
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Surgery, Not Pharma, Is Biggest Healthcare Cost Worry: Gawande
Dr. Atul Gawande, a surgeon who was named this week to head the company being formed by Amazon, Berkshire Hathaway and JPMorgan Chase to trim employee healthcare costs, on Thursday cited surgery as the single biggest U.S. healthcare cost and …
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Alliant Employee Benefits Hires Phares in Virginia
Alliant Employee Benefits has hired Beth Phares as senior vice president. The Richmond, Va.-area consultant will work with clients throughout the Eastern region to deliver strategic employee benefits solutions that address both the physical and financial health of the organization. …
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Postmates Wins New York Ruling Finding Couriers Not Employees
Postmates Inc.’s couriers aren’t employees, a New York state appeals court ruled in a decision that will fuel debate about the status of workers in the gig economy. The appeals court panel in a 3-2 decision on Thursday said a …
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Willis Towers Watson Launches Update of ResQ Reserving Software
Willis Towers Watson has launched a new version of its loss-reserving software, ResQ. ResQ 4.1 provides property and casualty (P/C) insurers with new reporting capabilities to further advance the software’s technical capability, in response to clients’ increasing need for faster …
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U.S. Missing Out on ‘Huge Economic Opportunity’ of Climate Change Fight: Canada
Canada has an environmental message for Donald Trump: you can’t stop the global campaign against climate change and you will hurt the U.S. by abandoning the battle. Canadian Environment and Climate Change Minister Catherine McKenna said countries around the world …
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Flying Cars Soon to Be Tested in Germany
Germany, land of the no-holds-barred Autobahn, is pushing the next level of transportation: flying cars. Chancellor Angela Merkel’s government signed a letter of intent with executives from Volkswagen’s Audi unit and plane maker Airbus SE to test air taxis in …
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8 Passengers Sue Southwest Airlines, Manufacturers Over Engine Blowout
Eight passengers have sued Southwest Airlines Co. over a catastrophic engine blowout in April that killed a passenger and injured several others. The plaintiffs, eight passengers from Flight 1380 on April 17 and one passenger’s husband, filed suit on Tuesday …
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XL Catlin Launches Specialty Aviation Insurance in Mexico
XL Catlin announced the launch of specialty aviation insurance in Mexico. The new product suite will initially focus on general aviation hull and liability risks. With an established presence in Latin America and aviation teams in Brazil, the United States …
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Timeline: More Than $1 Billion in Cryptocurrency Thefts Since September 2012
Investors’ shaky confidence in virtual currencies took another hit after crypto exchange Bithumb, ranked seventh in the world by traded value on Coinmarketcap.com, suffered a hack that saw about 35 billion won ($32 million) worth of coins stolen. The South …
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Thursday, June 21, 2018
AmTrust Shareholders Approve Revised $2.95 Billion Plan to Go Private
Insurer AmTrust Financial Services said that AmTrust stockholders have approved a deal for it to become a private entity for $2.95 billion, a deal negotiated after activist investor Carl Icahn opposed a previous proposal. Th deal will pay $14.75 per …
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Louisiana in May Saw a 44.4K Annual Increase in Number of Employed
Louisiana Workforce Commission said as of May the state has experienced a year-over-year increase of 44,453 in the number of individuals employed in Louisiana. Louisiana’s civilian labor force is now 2,138,975, which is the highest number of individuals in Louisiana’s …
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University of Texas to Settle Ex-Coach’s Discrimination Lawsuit
The University of Texas has agreed to settle a race and sexual discrimination lawsuit filed by former women’s track coach Bev Kearney. Kearney attorney Jody Mask on Wednesday told The Associated Press that the case will be dismissed. University spokesman …
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Russ Named Assistant VP at Wisconsin’s Church Mutual Insurance
Guy Russ has been named assistant vice president of risk control for Church Mutual Insurance Co., based in Merrill, Wisconsin. He reports to Kevin Root, executive vice president – operations. Russ joined Church Mutual in 2012 as director of program …
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Chicago’s ISMIE Indemnity Expanding Medical Professional Liability Products Nationally
Chicago-based ISMIE Indemnity, an excess and surplus line division of ISMIE Mutual Insurance Co., plans to offer medical liability insurance products in every state in the U.S. With approval from state insurance regulators, ISMIE Indemnity is positioned to deliver its …
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Flooding Leads to State of Emergency Declaration for NW Wisconsin
A state of emergency has been declared for counties in Northwest Wisconsin impacted by widespread flooding. Gov. Scott Walker declared the emergency state for Ashland, Bayfield, Burnett, Douglas, and Iron counties, where severe thunderstorms produced torrential rain, damaging wind, and …
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Heavy Rains Bring Flooding to Harvey-Impacted Areas in Texas
Heavy rains in South Texas have caused flooding in areas that were hit hard by Hurricane Harvey less than a year ago. National Weather Service meteorologist Tyler Castillo said Wednesday that up to 15 inches (38 centimeters) of rain have …
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New Liability Coverage Minimums in Nevada Go into Effective in July
Nevada’s new liability coverage minimums go into effect next month. The new standards require drivers to be covered for at least $25,000 in bodily injury per person, $50,000 per crash and $20,000 for property damage per wreck. According to the …
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Beverly Hills Doctor Sentenced to 10 Years in Workers’ Comp Scam
A Beverly Hills, Calif. doctor has been sentenced to 10 years in federal prison for his role in a massive fraud scheme. The San Diego Union-Tribune reports Dr. Ronald Grusd was convicted in December of 39 charges, including conspiracy, honest …
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OneBeacon Surety Revamps Leadership Team, Expands Capacity
OneBeacon Surety Group recently announced changes to its U.S. leadership team. In addition, it is now offering up to $250,000,000 in aggregate surety bond capacity for qualifying clients. Chad Anderson has been named head of North American Surety. Anderson will …
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Report: California Self-Insured Workers’ Comp Claims Rose Only Slightly Last Year
California public self-insured workers’ compensation claims from fiscal year 2016-2017 rose less than 0.4 percent compared to the corresponding data from the prior year despite a 2.9 percent Increase in covered employees, according to a report out from the California …
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Why Businesses Need to Plan for Aging Workforce
The demographic trend is no secret: the populations of the United States and other major industrial countries are getting older, and fast. That means workforces are aging too, but employers are doing surprisingly little to prepare to meet the challenges …
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Marijuana Sales to Be Legal in Canada Starting in October: Trudeau
Marijuana sales will become legal in Canada beginning October 17, Prime Minister Justin Trudeau said on Wednesday, making it the first major economy to legalize its recreational use. Stocks of marijuana producers, which have rallied in anticipation of legalization, extended …
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Connecticut’s Paragon Insurance Holdings Hires Fuller
Paragon Insurance Holdings LLC, a national, multi-line specialty managing general agency (MGA) based in Avon, Conn., has hired Tonya Fuller as vice president of its Winery and Brewery division. Additionally, Ashley Forslund has become a member of the Paragon team …
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Alliant Employee Benefits Hires Kristofak in Virginia
Alliant Employee Benefits has hired Bob Kristofak. Kristofak is from the Richmond, Va.-area and will serve as Alliant Employee Benefits’ new senior vice president, working with a portfolio of clients to provide strategic employee benefits that reduce spending, increase performance …
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Railroads, Airlines Seek to Bypass States’ Paid Sick Leave Laws
Fed up with state and local laws that require private employers to offer paid sick days, the airlines and railroads have filed suit, claiming that the interstate nature of their businesses should make them exempt. Airlines for America, a trade …
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Exxon Still Isn’t Complying With Climate Subpoenas, New York Says
Exxon Mobil Corp. is refusing to turn over documents crucial to New York’s investigation into whether the oil giant’s public statements about climate change misled investors, the state’s top lawyer said. Exxon hasn’t complied with subpoenas for cash-flow projections reflecting …
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Guggenheim Exploring Stakes in Munich Re’s Asset Management Unit
Guggenheim Partners is exploring the sale of a stake in its $250 billion asset-management unit overseen by Scott Minerd, according to people familiar with the matter. Guggenheim Partners Investment Management has been in talks with global insurers, sovereign wealth funds …
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EU Parliament Panel Backs Stricter Copyright Rules Opposed by Tech Leaders
Google, Facebook , Microsoft and other tech giants could face more curbs on their market power after a European Parliament committee voted in favor of tougher copyright rules on Wednesday. The copyright rules, proposed by the European Commission two years …
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Lewis Succeeds West as Leader of Chubb’s Mid-Market Commercial Lines; Rockwell Named Chief Underwriter
Chubb has appointed Paul Lewis North America Commercial Insurance Industry practice leader for its North American mid-market segment. He will be responsible for leading Chubb’s Commercial Insurance Industry practices in the United States and Canada, and will have oversight of …
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Chilton to Return to Capsicum Re Later in This Year After Leaving Gallagher Role
Capsicum Re, the London-based specialist reinsurance broker, announced that Grahame “Chily” Chilton will rejoin the business later this year. Chilton will work alongside CEO Rupert Swallow to drive global business development and help shape the strategic direction of the company …
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With Ambitions to Expand (and Disrupt Allianz), German Insurer DFV Weighs IPO
With ambitions to challenge insurance giants like Allianz SE, newcomer Deutsche Familienversicherung AG [DFV] needs 100 million euros ($116 million) in fresh funds to finance its expansion plan. An initial public offering is one path Stefan Knoll, founder and chief …
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Hamilton Underwriting Taps Chubb’s Lee-Amies as Head of Treaty at Syndicate 3334
Hamilton Underwriting Ltd., the managing agency of Syndicate 3334 and the Lloyd’s operations of Hamilton Insurance Group, announced that Neil Lee-Amies has joined the agency as head of Treaty. Lee-Amies reports to Active Underwriter Miles Osorio. Osorio and Adrian Daws …
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Wednesday, June 20, 2018
PEMCO in Washington Adds Farmer, Jameson
PEMCO Insurance has named Noel Farmer to the company’s infrastructure and operations team, where he’ll lead and manage PEMCO’s internal technical support group. PEMCO has also named Rebecca Jameson a product manager for its auto line of business. Farmer’s primary …
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Illnesses at Houston Workplace Blamed on Carbon Monoxide
About two dozen people have been treated for apparent carbon monoxide poisoning at a Houston food distribution center. Firefighters were summoned to the center along the city’s Produce Row after workers reported experiencing nausea, headache and dizziness. Authorities say they …
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State Farm Auto to Cut Auto Insurance Rates in Missouri
State Farm Mutual Automobile Insurance Co. plans to lower auto insurance rates rates in Missouri by 3 percent overall. The company said the total statewide savings for all State Farm customers affected by this rate decrease in Missouri will be …
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Buffett’s Geico to Open Service Center in Lenexa, Kansas, Create 500 Jobs
Business icon Warren Buffett plans to open a new Geico Insurance service center that will bring 500 jobs to Lenexa, Kansas. The Kansas City Area Development Council said in a news release that the center will open in August and …
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Texas Attorney Charged with Workers’ Compensation Fraud
Workers’ compensation insurer, Texas Mutual Insurance Co. reported that a Travis County grand jury has indicted attorney Leslie Casaubon of Lewisville, Texas, on three counts of workers’ compensation fraud-related charges The indictment alleges that, from 2010 to 2014, Casaubon billed …
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Weiss Ratings Names Strongest, Weakest Homeowners Insurers in Texas
Palm Beach Gardens, Florida-based Weiss Ratings has named the six strongest providers of homeowners insurance doing business in Texas that are financially ready for the 2018 hurricane season. At the same time, Weiss Ratings has identified seven weak insurance companies …
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At Least One Dead in Widespread Flooding in Northern Wisconsin
Widespread flooding in the Upper Midwest was blamed for at least one death in Wisconsin, while officials in northern Michigan were assessing damage from flash-flooding that washed out roads, damaged businesses and caused dozens of sinkholes. The body of a …
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Amwins’ Davies Tapped to Lead New Property Underwriting Facility for Ryan Specialty Group
Chicago-based Ryan Specialty Group LLC (RSG) has named Katie Davies as president and CEO of a new, yet-to-be-named property catastrophe managing underwriting facility that will be exclusive to RT Specialty. Company spokesperson Alice Topping said the facility is in its …
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Nuclear Contamination Found on Worker at New Mexico Weapons Lab
Reports from an independent safety panel show radioactive contamination was found on a worker’s hands and other places at a nuclear weapons lab in New Mexico, the latest safety lapse at the facility as it ramps up work with nuclear …
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University of Washington to Pay $123K to Settle Free-Speech Lawsuit
The University of Washington will pay $122,500 to settle a lawsuit filed after the college billed a Republican club security fees for a rally. The UW College Republicans sued, saying the bill for $17,000 to cover security costs for the …
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Wife Files Wrongful Death Suit Against Colorado Rafting Company
The wife of a Maryland man who died during a rafting trip down the Roaring Fork River filed a lawsuit accusing a Colorado rafting company of negligence and fraud. The Aspen Times reports Allison Parker filed a lawsuit against Aspen …
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Court Rules Failed California Workers’ Comp Insurer Can’t Use Special Funds for Administrative Expenses
The Appellate Court of Illinois has issued a decision supporting California Insurance Commissioner Dave Jones and the California Insurance Guarantee Association’s position that Lumbermens California workers’ compensation deposits can’t be used to reimburse overhead and administrative expenses incurred in connection …
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Canada Set to Legalize Recreational Marijuana
Canada is set to become the first Group of Seven nation to legalize recreational marijuana after a bill from Justin Trudeau’s government won the backing of the upper chamber. The Senate’s approval in a vote Tuesday night in Ottawa clears …
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Two P/C Insurance Trade Groups — AIA and PCI— Plan to Merge
Two leading U.S. property/casualty insurance carrier trade groups are talking about merging. The American Insurance Association (AIA) and the Property Casualty Insurers Association of America (PCI) said their respective boards have approved moving ahead with merger talks and due diligence, …
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Sulphuric Acid Leak at Vedanta India Copper Smelter Could Damage Environment
Vedanta Ltd. said on Wednesday a sulphuric acid leak from a tank at its southern Indian copper smelter was severe and inaction could lead to serious environmental consequences. The district administration had said on Sunday the leak was minor, and …
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Catastrophes Pushed Homeowners Insurers’ Combined Ratio Above 107 in 2017
After four years of sub-100 combined ratios for the U.S. homeowners insurers, the segment saw its combined ratio deteriorate to 107.1 in 2017 as a result of numerous catastrophes, according to an A.M. Best report. The new Best’s Market Segment …
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Boston to Sue Drug Companies Over Opioids Epidemic
Boston is retaining a law firm to sue pharmaceutical companies for damages from the deadly opioid epidemic. Democratic Mayor Marty Walsh announced Tuesday he’s tapped Motley Rice and expects the South Carolina law firm will file litigation by the fall. …
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Small Businesses That Ignore Lessons from Cyber Attack Likely to Suffer Another: Hiscox
While 47 percent of small businesses suffered at least one cyber attack in the past year, only 35 percent of them took action following a cyber security incident to mitigate against another. Forty-four percent of small businesses that reported a …
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The Hilb Group Adds Massachusetts’ BAR Insurance Brokerage
The Hilb Group LLC (THG) has added Needham, Mass.-based BAR Insurance Brokerage Inc. (BAR). The transaction became effective June 1, 2018. BAR is an employee benefits firm that provides a range of group benefits products and services to its customers. …
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Opioid Makers Endure Setback as Judge Lets New York Lawsuit Proceed
Purdue Pharma LP, Johnson & Johnson and other opioid makers faced one of the first extensive reviews of their legal defenses to claims they violated consumer-protection laws and created a public nuisance with the sale of the pain killers. They …
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Safety Agency Orders Tesla to Stop Selling Warning Reduction Feature
The Autopilot Buddy is marketed as a “nag reduction device” that can fool Tesla Inc.’s semi-autonomous driving system to circumvent a warning when a driver’s hands aren’t on the steering wheel, but U.S. regulators have another term for the product: …
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Hurricane-Proof Home Building Available But Pricey, Slow to Be Adopted
In a private waterfront resort on the northern tip of Key Largo, nestled between tropical forest and the Caribbean, Eric Soulavy is marketing luxury for the age of climate change: Coastal homes that are all but hurricane proof. The Florida-based …
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Tokio Marine to Acquire Thai, Indonesian Operations of IAG for $390M
Tokio Marine Holdings Inc. announced on June 19 it has entered into a definitive agreement to acquire Thailand and Indonesia insurance businesses of Insurance Australia Group Ltd. (IAG) for approximately A$525 million (42.8 billion Yen; $390 million) in cash. The …
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Aon Launches Updated Thai Flood Model to Support Underwriters in Market
Aon plc, the London-based professional services firm, has launched an updated Thailand flood catastrophe model to improve understanding of this peril and help insurers build resilience for businesses and communities. Following the flood of 2011 that caused more than US$15 …
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SoftBank Overhauls Top Management Team
Masayoshi Son elevated two SoftBank Group Corp. executives and one outsider to his inner circle, appointments that become official on Wednesday. The board approved the nominations of Marcelo Claure, Rajeev Misra and Katsunori Sago as executive vice presidents. Sago also …
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Toyota’s $1B Investment in Ride Hailer Grab Opens Door to Data-Driven Insurance
By pumping $1 billion into ride-hailing firm Grab, Toyota Motor Corp. stands to gain a passenger-side view of tens of thousands of cars across Southeast Asia, tracking how fast they drive, how far they travel and the time they spend …
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Liberty Mutual Taps Kelly, Dolan for Key Posts
Liberty Mutual announced that Shaun E. Kelly has been named president of Distribution for Global Risk Solutions (GRS). In this role, Kelly will lead distribution and marketing of the unit’s diversified commercial and specialty insurance and reinsurance product portfolio. Kelly …
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Hackers Steal $32M from S. Korean Cryptocurrency Exchange Bithumb
South Korean cryptocurrency exchange Bithumb said 35 billion won ($31.5 million) worth of virtual coins were stolen by hackers, the second local exchange targeted in just over a week as cyber thieves exposed the high risks of trading the digital …
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Tuesday, June 19, 2018
Alera Group Acquires Kaercher Insurance in Nevada
Alera Group has acquired Las Vegas, Nev.-based Kaercher Insurance, which includes Kaercher Campbell, Kaercher Insurance Agency and Sundance Insurance. Terms of the deal were not disclosed. Kaercher Insurance offers employee benefit services, property/casualty insurance and workers’ compensation to clients throughout …
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Health Insurers Propose Lower Premiums for Minnesota Individual Market
Health insurers in Minnesota’s individual market are proposing mostly decreased premium rates for 2019, with average proposed decreases ranging from 3 percent to more than 12 percent for consumers, according to data released Friday by the Minnesota Department of Commerce. …
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Train Derails, Bursts Into Flames in Southwest Indiana
A freight train derailed and several train cars caught fire in southwest Indiana, forcing the mandatory evacuation of nearby homes and businesses. The Gibson County Sheriff’s Office says in a statement the train derailed Sunday evening about 2,100 feet (640 …
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Patients in Louisiana Could Get More Details About Medication Costs
Louisiana lawmakers are trying to offer patients more details about what happens at the pharmacy counter and whether they’ve gotten the most affordable medication for an ailment. In the regular legislative session, lawmakers passed bills requiring more transparency about the …
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How Businesses Can Limit Costs of Work-Related Crashes
Work-related motor vehicle crashes cost employers $56.7 billion in 2017, according to a report by a Boston-based vehicle management and reimbursement platform that offers ways employers ways to limit the costs of accidents. The firm, Motus, estimates that about 40 …
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Trump Labor Chief Readies Rule to Allow Small Business Health Plans
The Trump administration wants to make it easier for small businesses to join together to offer cheaper health insurance plans that would lack some of the protections required under Obamacare. The U.S. Labor Department on Tuesday said it plans to …
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Maine Employers Are Not Required to Reimburse Employees for Medical Marijuana Use
The Maine Supreme Court has ruled that employers in the state are not required to reimburse employees for their use of medical marijuana under the Maine workers’ compensation system because federal law preempts state law. This decision vacates a previous …
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Self-Driving Waymo Part of 5-Vehicle Crash in Arizona
Mesa police say a self-driving vehicle was among five cars involved in a collision, but no serious injuries were reported. The driver of the Waymo vehicle told authorities that the car wasn’t in autonomous mode at the time of Saturday …
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EPIC Adds Crystal & Co.’s Chu as Vice President in Southern California
EPIC Insurance Brokers and Consultants has named Brian Chu in Southern California as a vice president. Chu will be based in EPIC’s Downtown Los Angeles office, reporting to Jim Gillette, president of EPIC’s Pacific South region. He will be responsible …
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Safety Agency to Watch Tesla Car Fire Exam Following California Incident
The National Transportation Safety Board is sending a technical specialist to observe Tesla Inc.’s examination of a Model S that caught fire in California on Friday, the agency said in a statement. The action is not a formal probe of …
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Allianz’ CEO Seeks Big M&A – But He Doesn’t Want to Pay for It: Opinion
The CEO of Europe’s biggest insurer is up for a big deal. He just doesn’t want Allianz SE to pay for it. Oliver Baete is going to find it hard to have his cake and eat it. Three years into …
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B3i Chooses R3’s Corda Blockchain Platform for Development of Business Network
B3i, The Blockchain Insurance Industry Initiative, has announced it will build its applications and business network on the Corda blockchain platform, supplied by software firm R3. Following an extensive evaluation, which focused on the critical success factors of data privacy, …
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Maryland Governor Seeks Federal Disaster Declaration for Recent Floods
Maryland Governor Larry Hogan is asking for a presidential disaster declaration for Maryland following heavy rainfall and flooding that hit two western counties last month. The flooding in Frederick and Washington counties was the first of two major flooding events …
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Kaplansky Insurance Acquires Massachusetts’ Kelleher & Mackey Insurance Agency
Kaplansky Insurance, a Needham, Mass.-based, independent and locally owned agency, has acquired Kelleher & Mackey Insurance Agency (K&M) in Quincy, Mass. Following the acquisition, K&M will be merging into Kaplansky’s new Weymouth, Mass., location. The addition of K&M marks the …
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Appeals Court Lets Lawsuit Over NYPD Sound Cannons Proceed
A federal appeals court in New York says a lawsuit alleging the use of sound cannons by police constitutes excessive force can proceed toward trial. The 2nd U.S. Circuit Court of Appeals said that it agreed with a lower court …
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UK Regulators, Lawmakers Get Tough on ‘Poor Performance’ of Big 4 Auditing Firms;
The U.K. accounting watchdog is ramping up misconduct fines after being called useless and toothless by lawmakers irate at the failure of the accounting industry to prevent several high-profile corporate collapses. Over two days last week, the Financial Review Council …
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School Groundskeeper’s Cancer Trial Could Signal Fate of Other Monsanto Roundup Claims
Lee Johnson’s doctors didn’t think he’d live long enough to testify in court that exposure to Monsanto Co.’s Roundup weed killer caused his deadly cancer. But the 46-year-old is now first in line to go to trial against the agrochemical …
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Insurer Liberty Faces Scrutiny from South Africa Regulator over Cyber Attack
Insurer Liberty Holdings faced questions from South Africa’s Information Regulator on Monday, a day after the company said it had become the victim of a cyber attack. The regulator said it was concerned about the data breach and wanted to …
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Young Consumers Willing to Let Insurers Spy on Digital Data – If It Cuts Premiums
The majority of people between 18 and 34 would be willing to let insurance companies dig through their digital data from social media to health devices if it meant lowering their premiums, a survey shows. In the younger group, 62 …
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KPMG’s Audit Work Is of `Unacceptable Standard:’ UK Regulator
KPMG’s audit work in the U.K. is of an unacceptable standard, Britain’s accounting regulator said, fueling calls to reform the industry, including dismantling the “Big Four” players. In an unprecedented assessment, the Financial Reporting Council said auditors at KPMG don’t …
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Monday, June 18, 2018
Last Defendant in Louisiana’s Camp Minden Explosion Case Agrees He Owes $149K
The last defendant pleaded guilty to conspiracy and agreed that he owes the federal government $149,000 in a case involving a huge explosion at a Louisiana National Guard-owned site. William Terry Wright’s plea agreement was described in news release June …
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Michigan’s Kellogg Company Recalls Honey Smacks Due to Salmonella Potential
The Kellogg Company, based in Battle Creek, Mich., is voluntarily recalling some of its Honey Smacks cereal after salmonella infected 73 people in 31 states. The Centers for Disease Control and Prevention says most of the outbreaks were in California, …
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Feds Sue G2 Corporation, Alleging Sex Harassment at Texas Facility
G2 Corporation, doing business as Screen Tight, violated federal law by subjecting a female worker in the Patio Screen Door Fabrication warehouse in Corsicana, Texas, to unwelcome physical and verbal sexual harassment at the hands of her production manager and …
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Illinois’ Amsted Rail to Pay $4.4M for Discriminatory Hiring Practices
Amsted Rail Co. Inc., which manufactures steel castings for the rail industry, will pay $4.4 million and furnish other relief to settle a class disability discrimination lawsuit filed by the U.S. Equal Employment Opportunity Commission (EEOC). The EEOC charged the …
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Appalachian Underwriters Hires Duran as Texas External Marketing Rep
Appalachian Underwriters Inc. has added Armando Duran as external marketing representative for Texas. He is based in the Dallas/Fort Worth area and will focus on agent relationships throughout the state. Duran comes to AUI with over 10 years of experience …
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4.0Mag Earthquake and Aftershock Shake Parts of Central Oklahoma
The U.S. Geological Survey says a 4.0 magnitude earthquake has shaken parts of central Oklahoma, but there were no immediate reports of damage. The USGS says the earthquake was recorded at 3:56 p.m. about 7 miles (12 kilometers) north of …
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Despite New Law, Nebraska Not Expected to See Self-Driving Cars Soon
Nebraska lawmakers may have cleared the way for companies to test self-driving vehicles with a law passed earlier this year, but don’t expect a large number to hit the streets anytime soon. Although industry officials say Nebraska has positioned itself …
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Iowa Supreme Court Reduces Liability of Governments for Road Safety
A recent Iowa Supreme Court decision involving a 2013 car accident on a northwest Iowa county road could make it more difficult for citizens to hold city, county and state officials responsible when people are hurt as the result of …
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Digital Insurance Agency EverQuote Launches IPO
Cambridge, Mass.-based online insurance agency EverQuote Inc. has commenced an initial public offering it hopes will produce $43 million in net proceeds for the company. EverQuote is offering 3,125,000 shares of its Class A common stock at an initial public …
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Oregon Marijuana Growers Turning to Hemp as CBD Extract Explodes
A glut of legal marijuana is driving Oregon pot prices to rock-bottom levels, prompting some nervous growers to start pivoting to another type of cannabis to make ends meet _ one that doesn’t come with a high. Applications for state …
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12,000-Plus Claims Filed for Hail Damage in Colorado
Insurance companies say they have received more than 12,000 claims for damage to vehicles and houses in Colorado Springs, Colo. after the city’s worst hail storm in 20 years. The Colorado Springs Gazette reported the storm also damaged about 250,000 …
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Coffee Doesn’t Need a Cancer Warning, California Agency Says
Starbucks Corp. and other coffee retailers are looking to get a reprieve in a legal battle over whether they need to post warnings in California that a cup of java contains chemicals known to cause cancer. The California Office of …
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Supreme Court to Hear Appeal Over Liability for Securities Fraud
The U.S. Supreme Court on Monday agreed to hear an appeal by a New York investment banker banned from the industry by the Securities and Exchange Commission in a case that could limit the scope of those who can be …
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Climate Change Lawsuits a Growing Threat: Opinion
Last month, a group of 10 families filed an action against the European Union at the European General Court, the EU’s second highest court. All claim to have suffered loss from climate change. Specifically, they argue that greenhouse gas (GHG) …
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Pennsylvania Allows ETP Mariner East 1 Pipeline to Resume Service
Pennsylvania’s Public Utility Commission (PUC) voted on Thursday to allow Energy Transfer Partners LP’s Sunoco Mariner East 1 natural gas liquids pipeline to return to service, reversing a suspension tied to safety concerns. The PUC stopped flows on Mariner East …
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CEO of VW’s Audi Arrested in Germany over Emissions Cheating Scandal
German authorities arrested the head of Volkswagen’s luxury arm Audi on Monday, the most senior company official so far to be detained over the carmaker’s emissions test cheating scandal. Munich prosecutors, who earlier this month widened their probe into Audi, …
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Maryland Suing EPA on Power Plant Pollution in Other States
A federal judge has ordered the Environmental Protection Agency to respond to Maryland’s request for a declaration that power plants in five upwind states are contributing to Maryland’s air quality problems. The judge on Wednesday ordered the EPA to take …
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Earthquake Hits Japan’s Industrial Heartland, Causing 3 Deaths; Trains, Factories Halted
Three people were confirmed dead and almost 100 injured after a strong earthquake hit Osaka on Monday morning, rattling one of Japan’s industrial heartlands and halting trains and factories across the region. The earthquake struck at 7:58 a.m. local time, …
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Insurer Must Defend Bill Cosby Defamation Suits, Court Says
A federal appeals court says an insurance company must pick up Bill Cosby’s tab to fight defamation lawsuits brought by women who accused him of sexual misconduct. But the ruling by the 1st U.S. Circuit Court of Appeals in Boston, …
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Custody Protection, Regulation, Insurance Paving Way for Shift to Cryptocurrencies
Hedge fund manager Kyle Samani embraces his job making multimillion-dollar bets on the wild market for cryptocurrencies, but he’s long contended with a headache: Ensuring his holdings aren’t stolen. Samani, a managing partner at Multicoin Capital, hopes to offload that …
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UK Court Rules Contractor Entitled to Employment Rights in Test Case for Gig Economy
A London plumber who claimed he was unfairly dismissed after years of working as a contractor won a court ruling Wednesday giving him employment rights, in a closely watched case testing labor rules in the so-called gig economy. Britain’s Supreme …
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Chilton to Step Down as CEO of Gallagher’s UK Operations; Succeeded by Matson
Arthur J. Gallagher & Co. announced that the head of the company’s UK-based brokerage and underwriting division, Grahame “Chily” Chilton, will be stepping down from his role as chief executive officer later this year. Subject to regulatory approval, Simon Matson, …
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South Africa Insurer Liberty Refuses to Pay Ransom Demand After Data Breach
Liberty Holdings Ltd., the South African insurer midway through an overhaul to improve profit, said it refused a ransom demand after hackers breached its information-technology infrastructure and accessed some emails. The stock fell the most in a month. “We did …
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Vermont to Require That All Have Health Insurance
Vermont is moving forward with its quest to ensure that as many residents as possible have health insurance by enacting a law that will require all to be covered or be penalized. The law, signed with no fanfare by Republican …
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Friday, June 15, 2018
Russian Industrial Plants Turn to State Reinsurer to Take More Risk after U.S. Sanctions
Dozens of industrial plants in Russia have turned to the state’s reinsurance company for cover after an extension of U.S. sanctions made it difficult to get reinsurance elsewhere, the head of that firm told Reuters. The Russian National Reinsurance Co. …
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Wisconsin Contractor Cited, Fined $120.3K for Workplace Safety Hazards
Federal safety officials have cited a Wisconsin roofing contractor for exposing employees to falls and other safety hazards at two separate job sites. Penalties proposed for Appleton roofing contractor Hector Hernandez by the U.S. Department of Labor’s Occupational Safety and …
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Tornado, or Not? Occupied Truck Lifted During Storm in Iowa
A northern Iowa man was driving through a storm when his truck was lifted in the air and carried into a farm field. The Globe Gazette reports that 22-year-old Parker Brumm left Rockford on Saturday before the storm became severe …
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Univ. of North Dakota Sued for Discrimination by Former Women’s Hockey Players
Eleven former University of North Dakota women’s hockey players have filed a discrimination lawsuit seeking to reinstate the program that was cut 15 months ago. The federal complaint filed against the North Dakota University System alleges that the university violated …
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