Scientists are sending additional sensors to south Alabama and the Florida Panhandle with aims of solving the mystery of what caused a spate of recent earthquakes. Five earthquakes have been detected in the region within a three-week span. Government researchers …
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Sunday, March 31, 2019
North Carolina Personal Auto Rates to Increase by 1.6%
The North Carolina Rate Bureau has reached a settlement with the North Carolina Department of Insurance to raise personal auto insurance rates by 1.6 percent, according to a statement by NCDOI. The NCRB, which is not a part of NCDOI …
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1 Million Acres of Midwest Farmlands Flooded as Corn Planting Deadlines Approach
At least 1 million acres (405,000 hectares) of U.S. farmland were flooded after the “bomb cyclone” storm left wide swaths of nine major grain producing states under water this month, satellite data analyzed by Gro Intelligence for Reuters showed. Farms …
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Big Settlements Drove Value of Securities Class Actions Above $5 Billion in 2018
The total settlement value of securities class actions rose sharply to $5 billion in 2018, driven by five settlements of at least $100 million, according to a report by Cornerstone Research. The report, Securities Class Action Settlements—2018 Review and Analysis, …
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How Disasters, Tax Reform Affected P/C Insurers’ Performance in 2018
Mainly due to above-average catastrophe losses, the aggregate financial performance of U.S. publicly traded property/casualty insurers deteriorated slightly in 2018, according to a new A.M. Best special report. The catastrophe losses counteracted gains from the implementation of tax reform, according …
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Insurer Introduces Revolutionary 3-Word Personal Insurance Policy
APRIL 1, 2019 — An insurance company that says it wants to simplify insurance has whittled its personal insurance policies for families down to three words. The new product, named TriWord, bundles property and casualty coverages for auto, home and …
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EPIC Adds Knight, Smiley in Atlanta
EPIC Insurance Brokers and Consultants, a retail property, casualty insurance brokerage and employee benefits consultant, has added two senior vice presidents in its Atlanta office. Chris Knight has joined EPIC’s growing Integrated Risk Solutions Consulting Practice as senior vice president, …
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Judge Nixes Trump Administration’s Low-Cost Association Health Plans for Small Firms
A federal judge has struck down a small-business health insurance plan widely touted by President Donald Trump, the second setback in a week for the administration’s health care initiatives. U.S. District Judge John D. Bates wrote in his opinion late …
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Friday, March 29, 2019
Fire Knocks Out Power to 22K People in South Florida
Authorities in Florida say a fire at a power utility substation left thousands of people without power in Broward County. News outlets report an explosion at a Florida Power & Light substation in Fort Lauderdale late Tuesday interrupted service and …
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Strong Storm Causes Hail Damage in Central Florida
A series of hail storms in central Florida dinged up car windshields and blew off pool screens in an unusual sight for the Sunshine State. In tiny Trenton, the streets were covered in so much hail that it resembled a …
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New Investment Management Coverage from Berkley Targets Asset, Fund Managers
Berkley Professional Liability, a Berkley Company, has expanded its product offerings to include a primary management liability policy for investment advisors and funds. The new customizable policy offers a choice of coverage options, including investment adviser professional liability, fund professional …
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Missouri Bill Could Exempt 1M Vehicles from Safety Inspections
Mandatory safety inspections would no longer be required for more than a million vehicles on Missouri’s roads under legislation passed by the state House. Safety inspections currently are required every other year for all vehicles more than five years old. …
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CEO of Texas Petrochemical Tank Facility Apologizes for Fire
The chief executive of a Houston-area petrochemical storage company has apologized more than a week after a fire erupted, causing school closures, an order for residents to stay indoors and the partial closure of a critical commercial waterway. Intercontinental Terminals …
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Rare Manuscript Museum in St. Louis Badly Damaged by Fire
A 107-year-old St. Louis, Missouri, building that houses rare manuscripts was badly damaged in a fire, but the museum’s owner says the manuscripts were spared and he plans to rebuild. The fire broke out Tuesday night at the Karpeles Manuscript …
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Michigan’s Unique Auto Fee Will Rise to $220 per Vehicle in July
Michigan’s mandatory fee to cover unlimited medical benefits for catastrophically injured drivers is rising to a record $220 per vehicle, which is more than double what it was a decade ago. The Michigan Catastrophic Claims Association, a state-created entity that …
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Surplus Lines Windstorm/Hail Bills Move Forward in Texas Legislature
Legislation clarifying that eligible surplus lines insurers can provide windstorm and hail insurance, despite available coverage from the Texas Windstorm Insurance Association (TWIA), has moved forward in the Texas legislature, the Surplus Lines Stamping Office of Texas (SLTX) reported. The …
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Update: Truck That Exploded in Arkansas Was Carrying Ammonium Nitrate
A commercial truck hauling a chemical commonly used as fertilizer exploded Wednesday on a highway in Arkansas, killing the driver and creating a massive crater in the road, authorities said. The explosion happened west of the city of Camden, or …
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2 Killed When Boulder Falls from Truck in Oklahoma
Oklahoma authorities say a large boulder fell from a truck and went through the windshield of a passing SUV, killing two women who were passengers in the smaller vehicle. The Oklahoma Highway Patrol says the deadly accident happened Tuesday near …
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Brexit Crisis Deepens as UK Parliament Again Rejects Prime Minister’s Deal
Lawmakers rejected Prime Minister Theresa May’s Brexit deal for a third time on Friday, sounding its probable death knell and leaving Britain’s withdrawal from the European Union in turmoil on the very day it was supposed to leave the bloc. …
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Vermont Sues Two Prescription Opioid Distributors
Vermont filed a lawsuit against two pharmaceutical distributors, accusing them of selling ever-increasing amounts of prescription opioids in the state while failing to effectively monitor and control the sales and acknowledge the quantity of pills was outpacing the need. The …
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Cal/OSHA Cites Contractor After Workers Hospitalized for Valley Fever
Cal/OSHA has issued serious health and safety citations to Underground Construction Co. Inc. of Benicia, Calif. after two of its employees contracted Valley Fever. The workers were reportedly exposed to the fungal disease while using hand tools to dig trenches …
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Los Angeles to Pay $12M in Wrongful-Conviction Case
The Los Angeles City Council has agreed to pay $12 million to a woman who spent 17 years in prison on a murder conviction before a judge declared her innocent. Susan Mellen was convicted of the 1997 beating death of …
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Bolder Insurance in Colorado Names Mckeon Insurance Advisor
Bolder Insurance has named Patrick Mckeon a business and personal insurance advisor. Mckeon previously worked as an intern at Philadelphia Insurance and The Maguire Foundation. Bolder Insurance is an independent insurance advisor. The firm has offices in Boulder and Louisville.
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Cavignac & Associates in California Names Schuman Account Manager
San Diego, Calif.-based Cavignac & Associates has named Bree Schuman an account manager in the company’s commercial department Among other duties, Schuman is responsible for endorsement processing, billing and cancellation issues, reconciling audits and contract review. Schuman has 10 years …
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AIG Exits Individual Personal Lines Business in Canada
American International Group (AIG) has decided to stop underwriting new policies in its individual personal insurance lines of business in Canada, namely auto and homeowners. “We continually review our operations to make sure that AIG Canada provides clients and partners …
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Massachusetts Insurance Agency CEO Charged in $270K Insurance Fraud Scheme
The president and CEO of a Taunton, Mass., insurance agency has been indicted in connection with an alleged embezzlement scheme that left client companies uninsured. David Pietro of Sandwich, Mass., and his company, DGP Miles Insurance Agency of Taunton, were …
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FDA Medical Panel Opposes Restrictions on Breast Implants at This Time
Government medical advisers said this week it’s too soon to ban a type of breast implant that has recently been linked to a rare form of cancer, saying more information is needed to understand the problem. The Food and Drug …
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Purdue Pharma Owners Sued by New York Over Opioid Addiction Epidemic
The billionaire owners of Purdue Pharma LP were sued by New York state for allegedly triggering a U.S. addiction epidemic with their marketing of the Oxycontin painkiller, just two days after the company agreed to pay $270 million to settle …
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Alliant Hires Rossi Capital Partners’ Rossi as Vice President in New York
Alliant has hired Francis Rossi as vice president. In this new role, the New York-based property and casualty insurance veteran will deploy his experience in finance, insurance and risk management to a portfolio of clients. Prior to joining Alliant, Rossi …
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Swedbank Fires CEO on Growing Investor Criticism of Handling of Laundering Scandal
Swedbank dismissed Birgitte Bonnesen as chief executive on Thursday only an hour before its annual meeting after disgruntled shareholders rounded on her handling of a rapidly-growing money laundering scandal. The lender had repeatedly said it had faith in Bonnesen to …
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Judge Allows Suit Challenging Nestle Claim Its Poland Spring Water Is From Natural Spring
A federal judge on Thursday rejected Nestle SA’s bid to dismiss a revised lawsuit claiming that it defrauded consumers by filling bottles of its Poland Spring water with ordinary groundwater. U.S. District Judge Jeffrey Alker Meyer said consumers from eight …
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Mozambique City of Beira Tried to Battle Climate Change – Then Cyclone Idai Hit
Long before Cyclone Idai roared in and tore apart Mozambique’s seaside city of Beira, the mayor dreamed of protecting his people from climate change. It would be a huge challenge. Large parts of the city of 500,000 residents are below …
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Africa RE Joins World Bank’s IFC to Build Insurance Market for Nigeria’s Farmers
The International Finance Corp. (IFC), a member of the World Bank Group, announced it has signed an agreement with Africa RE, the pan-African reinsurance company, to help small holder Nigerian farmers more easily access insurance to protect their crops and …
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Lloyd’s Announces Chief Risk Officer Weaver Leaving Market After 16 Years
Lloyd’s of London announced that Hilary Weaver, the corporation’s chief risk officer, is leaving at the end of March 2019 after 16 years. Weaver joined Lloyd’s in 2004 as head of Internal Audit and became chief risk officer in April …
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Chubb Bermuda Names Porter Head of Financial Lines
Chubb Bermuda has named Richard Porter as senior vice president, head of Financial Lines. In this role, Porter is responsible for leading Chubb Bermuda’s Financial Lines division, which includes directors and officers liability, cyber, transactional risk, errors and omissions, and …
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Shareholder Accuses Argo Group of Illegally Appointing Two Board Members
An Argo Group shareholder accusing the company and CEO Mark Watson III of extravagant spending practices now claims that the carrier illegally appointed two board members. Argo disagreed, continuing a very public battle between Voce Capital Management LLC and itself …
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Thursday, March 28, 2019
Miami Insurance Agent Arrested for Stealing $620K in Premiums
A former licensed insurance agency owner was arrested in Florida after allegedly stealing more than $620,000 in insurance premiums, according to a statement from Florida Chief Financial Officer (CFO) Jimmy Patronis. Orestes Valentin Rodriguez, owner of Blue Guard Insurance Group …
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Duke University to Settle Whistleblower Suit Over Faked-Research for $112M
Duke University will pay $112 million to settle a whistleblower lawsuit after federal prosecutors said a research technician’s fake data landed millions of dollars in federal grants, the school and the government said Monday. The private university in Durham submitted …
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North Carolina-Based AmWINS Group Names Kiley as SVP
AmWINS Group, Inc., a global distributor of specialty insurance products and services, has named Alycia Kiley as senior vice president at the company, focused on building strategic partnerships with the firm’s retail clients. AmWINS works with retail insurance agents, brokers …
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Final Four a ‘Big-Ticket’ for Insurers Covering NCAA Tournament
If the NCAA’s Final Four basketball games were to be cancelled or postponed for any reason, that would be really, really bad news, not only for the collegiate sports association and fans but also for the panel of insurers that …
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House Committee Passes Bill to Protect Financial Firms Serving Marijuana Businesses
A House committee has advanced a bill to protect financial institutions from criminal prosecution for providing services to legal marijuana businesses. The House Financial Services Committee voted 45 to 15 in favor of the SAFE Banking Act, which promises to …
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Rates, Lower Loss Frequency, Innovation Drove Personal Auto Market Turnaround
After a weakened performance in 2015-2016, the U.S. private passenger auto segment has turned around as rate actions and underwriting initiatives have driven a 3.8-point year-over-year improvement in the sector’s combined ratio in 2017. A 4.7-point loss ratio reduction through …
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Court Rules Dating App Not Liable for Harassing Content
A U.S. federal appeals court refused to hold Grindr liable to a New York man who said his former boyfriend used the gay dating app to post fake profiles, in a harassment campaign that caused more than 1,000 men to …
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California Commissioner Yet to Move on Petition from Climate Activists for More Insurer Regs
Nobody’s saying much as California Insurance Commissioner Ricardo Lara considers how he will respond to a petition submitted by climate change activists urging him to place new regulations on insurers to disclose what fossil fuel projects can companies in the …
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Against Storage Tank Owner Sued by State, County Over Texas Chemical Fire
Texas officials on Tuesday sued owners of a Houston area petrochemical storage facility over a fire last week, alleging violations of environmental laws and seeking damages to cover response costs for the disaster that burned for days, releasing chemicals into …
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Nebraska Alcohol Retailers Told to Destroy Inventory Touched by Flood
Nebraska retailers who were hoping to salvage alcohol that was touched by floodwaters are out of luck. The Nebraska Liquor Control Commission said that stores must destroy any alcohol in containers that came into physical contact with floodwater. Stores are …
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Minnesota Truck Repair Shop Contests OSHA Fines Tied to Explosion Injuries
A truck service shop in North Mankato is contesting federal fines levied after a natural gas explosion last November that injured two workers. The explosion happened Nov. 14 at Allstate Peterbilt when natural gas that leaked from a garbage truck …
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Wisconsin Manufacturer Again Cited for Workplace Hazards; Faces $188K in Fines
A wood pallet manufacturer in Beloit, Wisconsin, has been cited by workplace safety regulators for safety and health violations and now faces more than $188,000 in penalties. The U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) reported it …
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1 Killed When Truck Carrying Chemical Explodes on Arkansas Highway
Authorities say a commercial truck carrying an unknown chemical has exploded on a highway in south Arkansas, killing one person and creating a massive crater in the road. The Arkansas Department of Emergency Management says one person was killed in …
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Hundreds File Claims Against Company in Wake of Texas Petrochemical Fire
A Houston-area petrochemical storage company that was heavily damaged by fire has received hundreds of compensation claims from residents seeking lost wages and other damages, a company executive said. Brent Weber, a senior vice president for Intercontinental Terminals Company, told …
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Mine Operator Cited for Safety Issues in Fatality at Nevada Gold Mine
Federal mine safety officials have cited an Idaho-based company for inadequate safety controls at a gold mine it operates in northeast Nevada where a worker was killed in an underground collapse in October. The U.S. Mine Safety and Health Administration …
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Oregon Ponders Grants Driving Privileges to Undocumented Immigrants
Every time Mariana Alvarez leaves her home, she crosses herself in prayer in hopes she will be able to return to her three children. Alvarez moved to Salem from Mexico, and lives in Oregon without proof of legal residence. Under …
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California Jury Awards $9M to Family of Woman Shot to Death
A California jury has awarded $9 million to the family of a woman fatally shot seven times by police in Long Beach in 2017 in what the family’s attorneys say is the largest such award in city history. The federal …
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Alera Group Acquires New York City’s Phalanx Healthcare Solutions
Alera Group, a national insurance firm, has acquired Phalanx Healthcare Solutions LLC, effective March 1, 2019. Located in New York City, Phalanx is an insurance and reinsurance broker of medical malpractice insurance for healthcare facilities, large physician groups and individual …
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New Jersey Men, Associated Companies Charged in $1.4M Insurance Fraud Scheme
Four New Jersey men and six of their associated businesses were charged with first-degree conspiracy and money laundering in connection with a bank scheme involving the deposit of nearly $1.4 million in phony or forged checks related to insurance claims. …
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New Hampshire’s The Concord Group Promotes McCabe, Nolin
The Concord Group Insurance Companies has appointed Daniel L. McCabe as the president and CEO of the Concord, N.H.-based company. McCabe will serve on the board and executive committee. Most recently, McCabe acted as senior vice president and chief operating …
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Brexit Political Impasse Deepens Even with Prime Minister’s Offer to Quit
Britain’s political standoff over Brexit escalated further, with even Theresa May’s announcement that she’ll quit as prime minister doing nothing to move closer to a resolution. It leaves the country entering another critical 48 hours after Parliament signaled it’s more …
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Supreme Court Could Overturn Tradition of Courts Deferring to Regulatory Agencies
The U.S. Supreme Court’s conservative justices expressed doubts about a precedent that business groups and the Trump administration say gives federal agencies too much power to change regulations without notice. In an hour-long argument in Washington on Wednesday, the court …
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HDI Global Specialty to Launch Australia General Aviation Team, Led by QBE’s Bowes
HDI Global Specialty SE – Australia, the new specialty lines insurer, has recruited Jamie Bowes as head of Aviation as a first step to developing a general aviation footprint in the Asia Pacific markets. Bowes, a 20-year veteran in insurance …
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UK Insurers Pay Record £1 Million ($1.3 Million) Each Day for Vehicle Thefts: ABI
A surge in vehicle thefts, including keyless car crime, has led to motor insurers paying out a record £1 million (US$1.3 million) every day, according to figures published by the Association of British Insurers (ABI). See below for ABI’s explanation …
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SCOR Investment Partners Promotes Rostan as Head of Insurance-Linked Securities
SCOR Investment Partners announced the promotion of Sidney Rostan as head of Insurance-Linked Securities (ILS), effective April 1, 2019. Sidney Rostan replaces Vincent Prabis, who is leaving the company to take a different career path. Rostan, 47, will be in …
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Neon Leads New London Political Risks Consortium, Offering $100M Limit Per Policy
Specialist Lloyd’s insurer Neon announced it will lead a newly established London Political Risks Insurance Consortium, with MS Amlin becoming a joint agreement party. Spearheaded by Neon’s recently promoted head of Specialty, Nicholas Robinson, the consortium has been created in …
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Engine Failure on Luxury Cruise Ship Blamed on Low Level of Engine Lubricating Oil
The engines of a luxury cruise ship that narrowly escaped disaster during a storm off Norway on Saturday failed because of relatively low levels of lubricating oil in the engines, the Norwegian Maritime Authority said on Wednesday. The Viking Sky, …
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China to Expand Market Access for Foreign Investors in Banking, Insurance Sectors
China will sharply expand market access for foreign banks and securities and insurance companies, especially in its financial services sector, Premier Li Keqiang said on Thursday. The government will also work on more favorable policies for foreign investors to trade …
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Wednesday, March 27, 2019
Seeman Holtz P&C Acquires Assets of Wisconsin’s Prey Insurance Services
Florida-based Seeman Holtz Property & Casualty LLC announced the asset acquisition of Prey Insurance Services LLC, headquartered in Shawano, Wisconsin. Led by Mike Prey and his team, Prey Insurance Services has been serving the state of Wisconsin for more than …
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Sayata Labs Raises $6.5M in Funding for Small-Medium Business Cyber Risk Underwriting Service
Tel Aviv-based Sayata Labs has raised $6.5 million in seed funding for its cybersecurity and data science capabilities that give insurers and brokers the ability to assess the cyber risk of small and medium sized businesses and provide these businesses …
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Distracted Driving Habit Is Proving Tough for Americans to Break
Nearly eight in 10 consumers talk on the phone while driving and more than 30 percent admit to having been in a near-miss crash because they were distracted. Also, although distracted driving poses potential liability risks for companies, many expect …
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How One Company, AT&T, Is Using Models to Prepare for Natural Disaster Costs
By 2050, residents of southern Florida could become familiar with storms borne on 90-mph winds. Water levels during floods will rise by an average of 5 percent across the Southeast. And it will not be out of the ordinary for …
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Florida’s Citizens: $200M Reinsurance Buy Needed to Protect Personal Lines Surplus
Citizens Property Insurance Corp. plans to purchase approximately $200 million in traditional reinsurance coverage for the 2019 hurricane season to protect its Personal Lines Account (PLA) surplus it says is exposed to storm risk in areas located away from the …
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Lockton Affinity to Administer Westport Lawyer PL Program in Pennsylvania
Lockton Affinity will be the new program administrator for the Westport/Swiss RE’s Lawyer Professional Liability insurance in Pennsylvania, effective June 1, 2019. This program offers a comprehensive professional liability product for lawyers through Westport with program administration from Lockton Affinity. …
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Zurich Sues Insured After Deadly Plane Crash in Georgia
An insurance company is suing a business whose chief executive was flying a plane that crashed in Georgia, killing him and three passengers. Federal court records show Zurich American Insurance Co. of Illinois is suing Sunshine International Corp. in relation …
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United Heartland Promotes Pierce to Regional Director in North Carolina
United Heartland, a national workers’ compensation insurance company, has promoted Dana Pierce to regional director in Charlotte, N.C. Pierce began his United Heartland career in Underwriting in 2007. Most recently, he was regional manager of Business Development. Pierce is a …
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Storms Cause High Winds, Damage in Central Alabama
Some buildings were damaged in central Alabama as storms moved across the state. Chilton County Emergency Management Director Derrick Wright told news outlets the damage in downtown Clanton on Monday afternoon appears to be from straight-line winds, not a tornado. …
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Jury Clears Johnson & Johnson in Talc Asbestos Case; J&J Settles 3 Other Cases
A New Jersey jury on Wednesday cleared Johnson & Johnson of liability in a lawsuit brought by a man who said that asbestos in the company’s talcum powder products caused his mesothelioma. The jury delivered its unanimous verdict in Middlesex …
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Bayer Must Pay $80 Million in Roundup Cancer Trial, Says Jury
A U.S. jury on Wednesday awarded $80 million to a man who claimed his use of Bayer AG’s glyphosate-based weed killer Roundup caused his cancer, in the latest legal setback for the company facing thousands of similar lawsuits. The jury …
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Holmes Murphy Moves Denver Office
Holmes Murphy has moved to a new location in the firm’s Denver, Colo. market. Executives said one reason for the move was to accommodate the firm’s growth. Nearly 40 employees occupy the new location. Including its office in Denver, Holmes …
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UPS, Drone Maker Kick Off U.S. Commercial Flights in North Carolina
United Parcel Service Inc. and a startup drone partner began the first continuing commercial drone deliveries in the U.S., making a short flight carrying a medical sample between North Carolina hospitals on Tuesday. The deliveries, using a drone made by …
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Report: Farm Income Continues to Drop in Minnesota
A report finds Minnesota farm income continues to drop and hit a new low last year. University of Minnesota Extension and Minnesota State tracked the past 23 years of data and found after adjusting for information, Minnesota farms in 2018 …
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14 Troopers Hit This Year in Illinois Despite Move Over Law
Fourteen Illinois State Police officers or their vehicles have been struck in roadside crashes this year. That’s double last year’s total of eight. Gov. J.B. Pritzker and the Illinois State Police on Monday urged motorists to observe the “Mover Over …
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Environmental, Economic Damage a Concern Following Texas Petrochemical Fire
Businesses and residents expressed concern on March 25 about the environmental and economic fallout from a fire at a Houston-area petrochemical storage farm that sent huge plumes into the air for days and prompted the partial closure of one of …
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Credit Ratings Assigned to Midwest Insurance Group by AM Best
AM Best has assigned a Financial Strength Rating of A- (Excellent) and Long-Term Issuer Credit Ratings of “a-” to Midwest Insurance Co. of Springfield, Illinois, and its affiliate, West River Insurance Co. in Sioux Falls, South Dakota, collectively known as …
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Natural Disasters Drive £1 Billion (US$1.3 Billion) Loss at Lloyd’s During 2018
Lloyd’s of London reported a £1 billion (US$ 1.3 billion) loss for 2018, attributed to an above-average number of major natural catastrophes such Hurricanes Florence and Michael, Typhoon Jebi in Japan, as well as the Californian wildfires in the fourth …
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Tokio Marine HCC Names Skarinka President, Public Risk Group
Houston-based Tokio Marine HCC has promoted Christopher Skarinka, chief operating officer for its Professional Lines and Public Risk Groups, to president of the Public Risk Group, effective April 1. He succeeds Thomas Harmeye,r who will continue to serve the division …
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Louisiana Firm to Pay $70K to Settle Disability Discrimination Lawsuit
A packaging company in Monroe, Louisiana, has agreed to pay $70,000 in lost wages and damages, and provide other significant relief to settle a federal disability discrimination lawsuit. The suit filed by the U.S. Equal Employment Opportunity Commission (EEOC), alleges …
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Ohio Company Faces $1.3M in OSHA Penalties for Workplace Hazards
Federal safety officials have fined a metal heat treatment company based in Bowling Green, Ohio, $1,326,367 for exposing its employees to severe workplace hazards. The U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) said Dowa THT America Inc. …
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Lawsuit Blames Nevada Casino Restaurant for Salmonella
A Nevada man is suing the corporate owner of a casino restaurant in Elko where he says he was infected with salmonella after eating contaminated ham or eggs there earlier this month. Harry Wiseman of Elko says he is one …
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Oregon Confirms Data of 1.6M Residents Exposed in Breach
The Oregon Department of Human Services says that a data breach may have exposed the personal information of the 1.6 million residents the department serves. The department said on Thursday it isn’t sure exactly how many people had their information …
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New York’s Cybersecurity Regulation: A Compliance Framework
This writing presents a framework that if adopted by insurance agencies and carriers could simplify and minimize the cost of complying with the New York Department of Finance Regulation 23 NYCRR Section 500.11 “Third-Party Service Provider Security” while simultaneously deploying …
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Pennsylvania Treatment Firm Accused of Exploiting Addicts, Insurers
The Pennsylvania attorney general’s office charged the co-founder and former executives of an addiction treatment firm and accused them of profiting off addicts by fraudulently billing insurance companies for tens of millions of dollars, with seeming little regard for the …
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Supreme Court Upholds SEC on Scope of Securities Fraud Liability
The U.S. Supreme Court safeguarded investor-protection laws on Wednesday by refusing to further narrow the scope of who can be held liable for securities fraud, upholding a lower court ruling against a New York investment banker banned from the industry …
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Coface Appoints Haigley as Vice President
Coface, a global credit insurer, has appointed Paul C. Haigley III as its vice president of broker and financial institutions relationship management in the U.S. In this new role, Haigley will be leading a team that is focused on driving …
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Every Day, More Than 200 Cars with Keys Inside Are Stolen in U.S.: NICB
U.S. motorists appear to forgetting one of the earliest lessons of car ownership: Don’t leave the keys in the car. The National Insurance Crime Bureau reports that the number of vehicles stolen because drivers left their keys or fobs in …
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Liberty Mutual Names Proctor as Branch Executive in the Mid-Atlantic Region
Liberty Mutual has named Kelly B. Proctor as branch executive in the Mid-Atlantic region, serving Maryland, Washington, D.C., and Virginia. In this role, Proctor will partner with key brokers in her territory to provide a range of commercial and specialty …
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Lloyd’s Will Name and Shame Sexual Harassers Who It Bans from the Market: CEO
Lloyd’s of London will publicly name and shame anyone it bans from its insurance market for sexual harassment, according to Chief Executive Officer John Neal. “When we do see instances of bad behavior, and let’s hope they are infrequent, we …
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Report Finds Rise in State-Sponsored Cyber Attacks on Financial Firms
Cyber attacks on financial institutions are increasingly being linked to nation-states, resulting in destructive and disruptive damages rather than just theft, according to a report by the Carnegie Endowment for International Peace. Out of 94 cases of cyber attacks reported …
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FDA Vows Tougher Testing as More Manufacturers Outsource
U.S. regulators plan to revamp rules governing how medicines are manufactured, in an effort to ensure the safety of the nation’s drug supply as recalls of contaminated imports from developing countries widen. “We’ve seen a lot of instances of adulterated …
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Hong Kong Grants Online Banking Licenses to Insurer ZhongAn, 2 Bank Joint Ventures
Hong Kong has issued online-only banking licenses to three groups, including joint ventures (JVs) of Standard Chartered and BOC Hong Kong, in what could be the biggest shake up in years in the city’s retail banking sector dominated by old-guard …
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Global Carbon Emissions Hit Record in 2018 on Higher Fossil Fuel Consumption
Carbon emissions from fossil-fuel use hit a record last year after energy demand grew at its fastest pace in a decade, reflecting higher oil consumption in the U.S. and more coal burning in China and India. Those findings from the …
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Hamilton Hires Barrett, Garber to Fill New Leadership Slots; O’Donohoe to Depart
Hamilton Insurance Group, moving full-speed ahead with its growth strategy, is hiring two executives in newly-created roles, and a third leader is leaving the company. The Bermuda-based insurance and reinsurance holding company said it had hired Peter Barrett, a former …
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Hannover Re Offers Match-Making Service for Insurtechs, Insurers Called ‘hr | equarium’
Insurtech companies across the globe have created an abundance of innovative solutions and services that span the insurance value chain. However, the challenge for both insurers and insurtechs is how to find the best match. That’s why Hannover Re has …
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Tuesday, March 26, 2019
ISO Releases Policy Rule, Rating Factors for Insuring Vehicles with Driver Assistance Features
ISO has introduced a new policy manual rule and rating factors to help auto insurers underwrite and price coverage for the growing number of cars with advanced driver assistance systems (ADAS). ISO is a Verisk business and a leading provider …
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5th Earthquake This Month Strikes Near Alabama-Florida State Line
Another weak earthquake has struck near the Alabama-Florida state line. News outlets report it’s the fifth small quake in the area this month. There has been no damage or injuries. The U.S. Geological Survey said a 2.7 magnitude quake hit …
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FAA Plans Major Overhaul of Aviation Safety
The U.S. aviation regulator will significantly change its oversight approach to air safety by July following two fatal Boeing Co MAX 737 passenger plane crashes, according to written congressional testimony seen by Reuters. At a U.S. Senate Commerce subcommittee hearing …
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Despite Licensing Hassles, More Doctors Moving to Telemedicine
Most doctors have a license to practice medicine in just one state. Lindsey Mcilvena can practice in 26. “I’ve lost track a little bit,” she said of all her medical licenses. Mcilvena is a telemedicine doctor, one of a growing …
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Trump Now Sides With Those Hoping to Pull Plug on All of Obamacare
The Trump administration is siding with Obamacare opponents who argue that it is unconstitutional and should be scrapped entirely, initiating a new, more aggressive assault on the health care law that will assure the issue will be squarely at the …
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Marsh Partners with Insurers on Program to Help Firms Pick Best Cybersecurity Products
What the insurance industry has done for auto and building safety products, insurance broker Marsh wants to extend to cybersecurity products. That is, recommend the cybersecurity products that are the most effective. The program, named Cyber Catalyst, calls on leading …
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25 Homes Destroyed by Fire at Apartment Complex in Atlanta Area
A fire at an Atlanta area apartment complex destroyed more than two dozen units. The American Red Cross was working to help more than 40 people displayed by the fire at the Gallery Apartments in Marietta late Saturday afternoon. No …
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MedMal Direct of Florida Appoints Dupre as VP of Claims
Jacksonville, Fla.-based MedMal Direct Insurance Co. has appointed Dan Dupre as vice president of Claims. Dupre succeeds Tim Bone, MedMal Direct’s co-founder and chief claims officer, who retired on Jan. 1, 2019. Bone will continue to serve on the company’s …
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CSAA in California Names Allstate’s Troy President and CEO
The board of directors of the CSAA Insurance Group, a AAA insurer, has named Thomas M. Troy to succeed Paula F. Downey as the company’s chief executive officer and a member of its board of directors. The promotion is effective …
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Washington Insurance Commissioner Issued $80K in Fines in February
Washington Insurance Commissioner Mike Kreidler disciplined and issued fines in February totaling $79,400 against insurance companies, agents, brokers and others who violated state insurance regulations. Insurance companies Asuris Northwest Health, Seattle; fined $20,000 The company retroactively denied coverage for a …
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California Disaster Insurance Act Passes Key Committee
Legislation by that could lead California to consider buying insurance in the private market to cover rapidly increasing costs of fighting wildfires due to climate change cleared a key committee vote Tuesday. Senate Bill 290, called the California Disaster Insurance …
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Berkley FinSecure Launches Embezzlement Insurance for Investors
Berkley FinSecure, a Berkley Company, has launched Capital Shield, an insurance product that covers individuals for embezzlement of their invested assets. The product has been launched with Capital Shield Inc. and Capital Shield Insurance Services and covers individual investors in …
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Trump Eyes Bipartisan Deals on Infrastructure and Drug Prices
U.S. President Donald Trump is willing to work with congressional Democrats to lower drug prices for Americans and on infrastructure funding, White House adviser Kellyanne Conway said on Tuesday. Conway said the Trump administration considered those two issues as areas …
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Lloyd’s Forms Plan to Create Safe, Inclusive Working Environment After Harassment Reports
Lloyd’s announced “a robust plan of action to address reports of sexual harassment in the Lloyd’s market and create a safe and inclusive working environment.” The plan has been developed in collaboration with and endorsed by Lloyd’s Board and Council, …
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In ‘Trump Country’ Farm Belt, Flooding Woes Add to Trade War Stress
Nebraska grain farmer Ryan Ueberrhein was barely breaking even after the U.S.-China trade war pushed prices for his soybean crop to a decade low. Then the nearby Elkhorn River burst its banks as flooding swept across the U.S. farm belt. …
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Universal Insurance Holdings Enters Illinois’ Homeowners Market
Universal Property & Casualty Insurance Co. (Universal Property), a subsidiary of Universal Insurance Holdings Inc., has entered the market for homeowners insurance in Illinois. The company is now offering homeowners insurance in 18 states. Universal Property policies may be purchased …
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Shipping Resumes in Houston Channel Closed After Chemical Tank Fire
The U.S. Gulf Coast’s most important industrial waterway partially reopened on Monday after it was polluted with cancer-causing benzene and toxic runoff from the region’s worst chemical disaster in more than a decade. A two-mile (3.2-kilometer) stretch of the Houston …
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Arkansas Insurance Department Warns of Fake Auto Policy Scam
Arkansas Insurance Commissioner Allen Kerr is warning consumers in his state to be wary of individuals posing as car insurance agents to sell fraudulent policies at car dealerships. In a media release, Kerr said the Criminal Investigation Division at the …
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Normandy Insurance Expands Workers’ Comp Coverage to Arkansas
Deerfield Beach, Florida-based workers’ compensation carrier Normandy Insurance Co. is now offering workers’ compensation insurance to small, mid-size and large businesses in Arkansas. The company said it has entered four new states in 2019. In addition to Arkansas, Normandy now …
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California Grower Recalling Avocados Over Listeria Fears
A Southern California company is voluntarily recalling whole avocados over possible listeria contamination. Henry Avocado, a grower and distributor based near San Diego, said Saturday that the recall covers conventional and organic avocados grown and packed in California. The company …
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Washington City Planning Big Driver Bike, Pedestrian Safety Changes
A Washington city is planning changes to make streets safer for drivers, bicyclists and pedestrians. Bellingham residents can expect to see substantial changes to thoroughfares over the next few months as the city continues work on its long-term effort to …
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California to Waive Environmental Rules to Prep for Wildfire Season
California Gov. Gavin Newsom has moved to bypass environmental regulations to prepare for the next wildfire season, a move he said was necessary to prevent further loss of life even as it frustrated activists in a state viewed as a …
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New Jersey Legal Marijuana Bill Pulled Over Lack of Support
New Jersey’s planned legislative vote on legalizing recreational marijuana was canceled as Senate President Steve Sweeney said it didn’t have enough support to pass. The bid to end the state’s prohibition was supported by Governor Phil Murphy, fellow Democrats who …
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Bills on Tap at Massachusetts Statehouse Target Lead in School Water
Lawmakers on Beacon Hill are pushing legislation aimed at improving the safety of drinking water in schools in part by requiring schools and child care centers to test every drinking water outlet each year for elevated lead levels. Legislation on …
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NTSB Says Plane Didn’t Slip; It Entirely Missed Maine Runway
The National Transportation Safety Board says a United Express regional jet didn’t slide off a runway in Maine – it missed the runway altogether. A preliminary report indicates the 50-seat Embraer 145 approached to the right of the runway on …
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African Bank Expands into Digital Banking, with Plans to Offer More Insurance Products
African Bank Holdings Ltd. is joining the rush into digital banking to fail-proof the business and provide an exit for shareholders that resurrected the South African lender from its collapsed former parent. The firm’s unusual owners, which includes the South …
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Norsk Hydro Returns Major Production Division to 60% of Capacity After Cyber Attack
Norsk Hydro, one of the world’s largest aluminum producers, said on Monday one of its major divisions was back up to 60 percent of capacity after a cyber attack earlier in March. The cyber attack forced the company to shut …
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Tropical Cyclone Idai Destroyed More Than $1B of Southern Africa Infrastructure: UN
A cyclone that tore across southern Africa this month may have destroyed more than $1 billion of infrastructure, the United Nations said, as the death toll from the storm climbed to more than 700. After devastating Mozambique’s port city of …
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UK Parliament Seizes Control of Brexit Process from Prime Minister May
The U.K. Parliament seized control of the Brexit process from Prime Minister Theresa May and will now seek to decide how Britain exits the European Union. In a vote late Monday, the House of Commons split 329 to 302 to …
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French Activist Fund Aims to Remove SCOR CEO Kessler from Board
French activist fund CIAM will ask reinsurance company SCOR’s CEO Denis Kessler to surrender the chairmanship of the company’s board after he thwarted a takeover attempt earlier this year. CIAM, which has just under one percent of SCOR, will ask …
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Monday, March 25, 2019
Illinois’ SBJW Insurance Joins Valley Insurance Agency Alliance
SBJW Insurance in Quincy, Illinois, has joined Valley Insurance Agency Alliance (VIAA), a cohesive family of over 120 independent insurance agencies in Missouri and Illinois. SBJW Insurance was founded in 2019 by owner Sara Bruns, who has more than 15 …
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Governor Signs South Dakota Law That Targets Labeling of ‘Fake Meat’
Gov. Kristi Noem has signed legislation that requires “fake meat” products to be correctly labeled, hoping to reduce the impact of lab-cultured products on the local beef market. A product is misbranded if it intentionally labels products in a false, …
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Vanderbilt University Hospital Sued for $25M for Operating on Wrong Kidney
A Tennessee woman says Vanderbilt University Medical Center operated on the wrong kidney during her surgery in what federal officials call a “never event.” The Tennessean reports Carla Miller says the error damaged her urinary system and she now needs …
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Tennessee Gov Requests Federal Aid for Flood Damage
Tennessee Gov. Bill Lee is asking President Donald Trump’s administration to make federal assistance available for government efforts to address recent flooding and storms, citing a $151.3 million impact through local and state emergency responses, and infrastructure and road damage. …
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U. of Minnesota Worker Charged with Stealing $134K in Computers from School
A former University of Minnesota employee who admitted to stealing iPads from Target is also accused of the using school funds to purchase 78 computers over 14 months and sell them for personal profit, according to authorities. Hennepin County District …
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J&J, Bayer Deny Liability But Settle 25,000 Xarelto Lawsuits for $775 Million
Bayer AG and Johnson & Johnson have agreed to settle more than 25,000 U.S. lawsuits alleging that their blockbuster blood thinner Xarelto caused unstoppable and in some cases fatal bleeding for a total of $775 million, court documents on Monday …
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California Judges Target Class Actions That Benefit Lawyers Over Consumers
Federal judges in California are cracking down on warped incentives in class-action lawsuits, exerting tighter oversight of settlements that provide hefty fees for plaintiff lawyers but no meaningful benefit for those harmed by corporate misdeeds. A recent example was the …
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Oklahoma Supreme Court OKs Start of Landmark Trial Against Opioid Makers
Oklahoma’s top court on Monday declined to delay a landmark trial set for May in a multibillion-dollar lawsuit accusing OxyContin maker Purdue Pharma LP and two other drugmakers of helping fuel an opioid abuse and overdose epidemic in the state. …
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Employers Using Robots to Catch Fraud in Expense Reports
It sounds like it should have been impossible to miss, but it took more than a year for an industrial equipment company to discover $12,000 worth of doggie day spa charges on an employee’s expense reports. Level upon level of …
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Supreme Court Rejects Copyright Claim Against Nike’s Michael Jordan Image
The U.S. Supreme Court rejected an appeal from a photographer who said Nike Inc. stole key aspects of his iconic photo of basketball star Michael Jordan and used them to sell billions of dollars in shoes and other merchandise. The …
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How to Turn Today’s Confusion Into a Sustainable Cyber Insurance Market
There has been plenty of talk about how cyber continues to evolve in an ever-changing technology landscape, how cyber risks have become increasingly sophisticated and how the insurance industry needs to keep pace. Meanwhile, the question of how to transform …
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Cohen & Co. Insurance Acquisition Corp. Raises $150 Million in IPO
Insurance Acquisition Corp., company sponsored by Cohen & Co. and formed for the purpose of acquiring or merging with insurance firms, completed an initial public offering that raised gross proceeds to the company of $150,650,000. Insurance Acquisition Corp. is a …
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Florida Insurtech HoneyQuote Rolls Out Real-Time Rating Engine, Adds Heritage to Platform
HoneyQuote.com has added a new carrier partner and launched its real-time rating engine, which lets Florida homeowners compare multiple home insurance quotes and purchase a policy online. The application is backed by proprietary technology that allows users to see in …
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Western Growers in California Names Floyd Employee Benefits Director
Western Growers has promoted Darcie Floyd to the insurance services team as the director of employee benefits. Floyd will be responsible for supporting the production employee benefits to new and existing customers. She will also oversee employee benefit account executives. …
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West Virginia to Receive $14.6M in Federal Funds to Fight Opioid Addiction
West Virginia will receive $14.6 million in federal funds to fight opioid addiction. U.S. Sens. Joe Manchin and Shelley Moore Capito announced the funding in a news release Thursday from the U.S. Department of Health and Human Services. The grant …
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Arkansas Plant Board Bans Older Dicamba Formulas After Mid-April
A state panel has voted to ban use of older versions of an herbicide, clarifying rules it previously agreed upon in February. The Arkansas Democrat-Gazette reports the state Plant Board on Friday unanimously approved an emergency rule to ban the …
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Midwest Flood Risk Might Last for Months, Experts Say
Even as floodwaters receded in hard-hit places in in the Midwest, experts warned Saturday that with plenty of snow still left to melt in northern states, the relief may only be temporary. Rainfall and some snowmelt spurred flooding in recent …
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Escalating War Over Ads, MillerCoors Sues Anheuser-Busch in Wisconson
A fight between beer giants escalated after MillerCoors filed a lawsuit against Anheuser-Busch that accused its rival of trying to “frighten” consumers into switching to Bud Light with “misleading” Super Bowl ads. MillerCoors said in the lawsuit filed in Wisconsin …
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Errors a Problem for Oklahoma Program Targeting Uninsured Drivers
Nearly 5 percent of vehicles flagged as uninsured in Oklahoma were identified by error, according to a prosecutor who leads a new program that includes automatic license plate readers. The Oklahoma District Attorneys Council sent warning letters to at least …
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Company in Fatal Missouri Sinking Stops Duck Boat Operations for 2019
The company that owns a duck boat that sank on a Missouri lake last summer, killing 17 people, announced that it won’t operate the vessels this year because of the ongoing investigation and will instead open a replacement attraction in …
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Weather Service Reports Record Gust During Colorado Springs Blizzard
The National Weather Service says winds reached a record 96 mph in Colorado Springs during last week’s blizzard. The 96-mph gust was measured at 1:04 p.m. on March 13 during the bomb cyclone storm that hit the state. The previous …
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Washington Teacher Agrees to $850K to Withdraw Discrimination Suit
The Sequim School District in Washington has agreed that a former middle school teacher and athletic director will receive $850,000 to withdraw her sexual orientation discrimination lawsuit. The Peninsula Daily News reports the settlement agreement and a school district investigative …
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PG&E Pushes Back on Judge’s Proposals to Prevent Wildfires
Pacific Gas & Electric Co. is pushing back on a U.S. judge’s revised proposals to prevent the utility’s equipment from causing more wildfires, saying it could not “monitor every tree at every moment of every day” to ensure they don’t …
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Supreme Court Denies Amazon’s Bid to Halt Suit Over Hack of Zappos
The U.S. Supreme Court turned away an appeal by Amazon.com Inc.’s Zappos unit, letting a lawsuit proceed over a 2012 hack that exposed the personal information of 24 million customers. The online shoe and clothing retailer argued unsuccessfully that the …
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Analysis: Warren Buffett Champions an Inferior Product in THREE Policy
Warren Buffett, often ahead of the curve, sounded like a disrupter in a 2004 shareholder letter. Fifteen years ago, Buffett wrote, “Insurers have generally earned poor returns for a single reason: They sell a commodity-like product. Policy forms are standard, …
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Arthur J. Gallagher & Co. Acquires Virginia’s McLean Insurance Agency
Arthur J. Gallagher & Co. has acquired Potomac Falls, Va.-based McLean Insurance Agency Inc. Established in 1971, McLean Insurance Agency offers retail property and casualty, life and employee benefit brokerage and consulting services to businesses and individuals throughout the Eastern …
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Vermont Hospital Email Hack Exposes Info of More Than 72,000
Officials at a Vermont hospital say the information of more than 72,000 people may have been exposed during an email hack. Rutland Regional Medical Center says the email accounts had information such as patient names, medical records and contact information, …
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New Jersey Sues California Company Over ‘Ghost Guns’
New Jersey’s attorney general announced a lawsuit Friday against a California company that sells mail-order firearms parts that can be turned into working weapons, the first such action the state has taken since it banned so-called ghost guns last year. …
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This Corn Syrup Lawsuit from MillerCoors Is For You, Bud Light
MillerCoors, maker of Miller Lite and Coors Lite beers, has sued Anheuser-Busch InBev, maker of Bud Light, claiming that Bud Light’s ads that debuted during this year’s Super Bowl over corn syrup are false and misleading advertising. The Bud Light …
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NTSB Says Impaired Truck Driver Likely Cause of GOP Train Crash in Virginia
A trash truck driver who had marijuana in his system likely caused a fatal collision last year with an Amtrak train that was carrying Republican lawmakers, federal investigators concluded. The National Transportation Safety Board’s final report said the crash in …
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UK Financial Services Firms Share Gloomiest Outlook Since 2008 Crisis: Survey
Optimism about the business outlook among Britain’s financial services firms has fallen at its fastest rate since the 2008 financial crisis amid concerns about Britain’s exit from the European Union, a survey showed on Monday. Business volumes among the 84 …
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Brazil Mining Giant Vale Warns Another Tailings Dam Could Collapse
Brazilian mining giant Vale said Saturday [March 23] that communities in the southeastern state of Minas Gerais have been ordered to evacuate after independent auditors found that one of its dams could collapse at any moment. On Friday, the company …
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Willis Re Names Claims Veteran Robson as Head of London Market Reinsurance Claims
Claims veteran Steve Robson has joined Willis Re as head of London Market Reinsurance Claims, effective immediately. He brings extensive client-side experience and perspectives, and supports the closer alignment of the servicing and placement teams of Willis Re, the reinsurance …
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Marsh & McLennan Cos. Clears Final Regulatory Hurdle to Buy Jardine Lloyd Thompson
Marsh & McLennan Cos. (MMC) announced on Friday, March 22 that the European Commission approved its $5.6 billion acquisition of Jardine Lloyd Thompson Group plc. All regulatory and competition authority approvals required to close the transaction have now been satisfied, …
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RenaissanceRe Completes $1.5B Acquisition of Tokio Millennium Re
RenaissanceRe Holdings Ltd. announced it has concluded its acquisition of Tokio Marine Holdings’ reinsurance platform for $1.5 billion in cash and RenaissanceRe common shares. The acquisition of Tokio Millennium Re AG and Tokio Millennium Re (UK) Ltd. (collectively known as …
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Massive Explosion at Chinese Pesticide Plant Kills at Least 64
Rescuers in eastern China pulled a survivor from rubble early on Saturday [March 23], two days after a massive explosion at a pesticide plant killed at least 64 people, flattening nearby buildings and shattering windows more than a mile away. …
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Lloyd’s to Include Women on Governance Committee After Harassment Reports: Times
Lloyd’s of London plans to appoint women to its all-male nominations and governance committee to improve diversity and will convert the pub beneath its offices into a coffee shop in an attempt to phase out its drinking culture, the Sunday …
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Australia Mining Firms Report Some Impact from Cyclones as Clean Up Begins
Mining giants Rio Tinto, BHP Group and Fortescue Metals said their Australian operations had suffered some impact after two cyclones hit the country over the weekend, with clean up starting on Monday in the wake of the storms. Cyclone Veronica …
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Sunday, March 24, 2019
FEMA Gave Private Contractor Personal Data on 2.3 Million Hurricane, Wildfire Survivors
The Federal Emergency Management Agency wrongly released to a contractor the personal information of 2.3 million survivors of devastating 2017 hurricanes and wildfires, potentially exposing the victims to identity fraud and theft, a government watchdog reported Friday. The Homeland Security …
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Microsoft Exec Says It’s Time to Revisit Big Tech’s Responsibility for Its Content
Microsoft Corp. President Brad Smith has called for a broad effort by the technology sector to do more to halt posting and accessing of violent materials like the videos of killings from the recent terrorist attacks in New Zealand. “Words …
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Relationship Between Boeing, FAA Safety Regulators Under Scrutiny
Soon after Lion Air Flight 610 plummeted into the Java Sea last October, killing all 189 people aboard, Boeing Co. began to point gingerly toward mistakes the airline may have made. A preliminary report by Indonesian authorities recounted the trouble …
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Kentucky Investigating Drug Overcharges by Pharmacy Benefit Managers
Kentucky Attorney General Andy Beshear said on Thursday he had launched an investigation into allegations that pharmacy benefit managers (PBMs) had overcharged state health insurance programs for drugs and discriminated against independent pharmacies. The investigation comes against the backdrop of …
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Alabama High Court Backs $1.25M Wrongful Termination Settlement
The Alabama Supreme Court has upheld a lower court’s ruling that an Alabama man who was wrongfully terminated is entitled to seek lost future earnings totaling $1.25 million. The Hattiesburg American reported that the justices said Merchants Foodservice used faulty …
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BRP of Florida Appoints Galbraith as Chief Operating Officer
Baldwin Risk Partners (BRP), a Tampa-headquartered insurance distribution and consulting holding company, has appointed Dan Galbraith as chief operating officer. Galbraith joins BRP with more than 15 years’ of operational and sales experience across multiple business lines. He comes to …
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Part of Houston Port Closed for Third Day, Texas Sues ITC as Chemical Fire Cleanup Continues
Ship traffic was halted for a third day on Sunday along a key stretch of the United States’ busiest oil port as emergency workers siphoned fuels from the Houston Ship Channel that leaked from a massive fire at a nearby …
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Friday, March 22, 2019
California Worker’s Compensation Institute Elects 2019 Board
Rose Barrett of the Berkshire Hathaway Group was reelected as the chair of the California Workers’ Compensation Institute board of directors for 2019. Barrett, who has served on the CWCI board since 2014 and has been a member of the …
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Lockton’s Noonan, Children’s Bureau Honored by Insurance Industry
Service was at the heart of Timothy J. Noonan’s main message. The Lockton Cos. president and CEO was talking about the service insurance professionals give to their clients and about the service the industry gives to communities. “Lockton associates are …
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New Coalition Cyber Policy for Manufacturers Covers Security Failures, Data Breaches
Coalition, a cyber insurance company for small and midsize businesses, has launched a full-spectrum coverage to insure manufacturers against security failures and data breaches. The Coalition policy encompasses the physical, technological, and financial damages – including bodily harm, property damage …
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Cyber Insurance Specialist, CFC, Comments on Lessons of Norsk Hydro Cyber Attack
Norsk Hydro, one of the world’s largest aluminum producers, is still struggling to return to full production, after a ransomware attack shut down its operations on Monday. “We are continuing to make progress towards a resolution, but the situation remains …
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Bill Limiting Suits Against Mississippi Property Owners Heads to Governor
A bill that would make it harder for people to sue Mississippi property owners for some injuries is headed to Gov. Phil Bryant for his signature or veto. The state Senate on Tuesday voted 31-21 to concur with changes that …
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Blue Cross/Blue Shield of Texas to Pay $75K to Settle Disability Discrimination Suit
Federal employment regulators say BlueCross/Blue Shield of Texas (BCBS), based in Dallas, will pay $75,000 and furnish other relief to settle a disability discrimination lawsuit. According to the suit filed by the U.S. Equal Employment Opportunity Commission (EEOC), Sheryl Meador, …
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Arkansas ‘Truth in Labeling’ Bill Signed by Governor
Food manufacturers will soon have to comply with “truth in labeling” legislation that aims to protect Arkansas’ meat and rice producers from outlets who, the bill’s sponsor says, mislead consumers into thinking their products are something they are not. The …
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Missouri, Kansas Residents Rush to Fill Sandbags as Floodwaters Move Downstream
Floodwaters that devastated swaths of Nebraska and Iowa rolled downstream on Thursday, swamping more Midwestern farmland as waterfront communities in Missouri and Kansas hurried to shore up strained levees. Flooding of the Missouri River triggered by last week’s so-called “bomb …
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Bitter Debate Over Health Reinsurance Plan Erupts in Minnesota House
A bitter, partisan debate erupted on the Minnesota House floor on March 20 when Republicans tried to bring up a health care reinsurance bill that House Democrats oppose as a giveaway to the insurance industry. Back in 2017, when Republicans …
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PURE’s Johanson Joins Executive Team at H.W. Kaufman Group
H.W. Kaufman Group, a global network of companies headquartered in Farmington Hills, Michigan, has added Kori M. Johanson to its executive team as corporate vice president and chief compliance officer. She will be based at the company headquarters. In this …
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Indiana’s Give Away Goal:10,000 Smoke Alarms Within 2 Years
The state of Indiana has announced a free smoke alarm program with a goal of installing 10,000 of the lifesaving devices in homes within two years. The Get Alarmed program managed by the Indiana Fire Marshal offers up to three …
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Texas Senate Passes Harvey Relief Package
Texas state senators unanimously approved a multi-billion dollar Harvey aid package aimed at helping communities still struggling to recover after the historic storm and prepare for the next one. “It’s been 20 months and we’re finally understanding the total impact …
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While You Were Busy, You May Have Missed These
“The problem is that those of us who are lucky enough to do work that we love are sometimes cursed with too damn much of it.” ― Terry Gross, All I Did Was Ask: Conversations with Writers, Actors, Musicians, and …
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Lloyd’s Comments on Reports of Rampant Sexual Harassment in the Marketplace
In the era of #MeToo when the ills of sexual harassment are regularly in the news, a recent article published by Bloomberg Businessweek indicates that some men working in the London insurance market still haven’t gotten the message about appropriate …
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Paralyzed California Man Settles Shooting Lawsuit for $2.5M
Three California police departments have reached a settlement with a man who was paralyzed after being shot by officers. The Fresno Bee reported this week that 19-year-old Adonis Serna has reached a $2.5 million settlement over injuries sustained when he …
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Q&A: Mitchell International’s Hatamian Talks Workers’ Comp’s Tech Transformation
Mitchell International’s product management and strategy group leader, Shahin Hatamian, recently spoke with Insurance Journal’s Elizabeth Blosfield about how technology has been transforming the workers’ compensation industry. “There’s going to be a lot more technology coming down the pipeline for …
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Mullen Named CEO of Artex; McManus Becomes Chairman
Artex Risk Solutions, the Bermuda-based alternative risk management solutions provider, announced that Peter Mullen has re-joined the company as chief executive officer, with David McManus assuming the new role of chairman. The move was first announced in March 2018. Artex …
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New Jersey’s NJM Insurance Group Names Malone as CFO
NJM Insurance Group, a property and casualty insurer in the Mid-Atlantic region, has named Chris Malone as chief financial officer. Malone joins NJM with more than twenty-five years of financial and leadership expertise. In this role, he will oversee the …
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New York’s SterlingRisk Insurance Hires McLaughlin as Program Sales Executive
SterlingRisk Insurance, a Woodbury, N.Y.-based independently owned insurance brokerage, has hired Debbie McLaughlin as program sales executive. In this position, McLaughlin will conduct market outreach on behalf of SterlingRisk Program Products. Founded in 1932, SterlingRisk has offices in New York, …
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New York Man Arrested for Alleged Car Dealership Insurance Fraud Scheme
A Bronx County, N.Y., man has been arrested and arraigned on a felony complaint for an alleged insurance fraud scheme. Barrington Mayne, who is not an insurance broker, allegedly used his position and contacts at various car dealerships throughout Brooklyn, …
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Swiss Re-Backed FWD in Talks for Biggest-Ever Southeast Asian Insurance Deal
FWD Group, backed by billionaire Richard Li, has revived talks about a potential acquisition of the life insurance operations of Thailand’s Siam Commercial Bank Pcl after a two-year hiatus. Siam Commercial reached a preliminary pact with FWD on a potential …
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Australia Braces for 2 Cyclones, Disrupting Mining, Shipping Operations
Commodity giant Glencore on Friday said it had suspended operations at its McArthur River zinc mine in northern Australia as a cyclone approaches. Authorities have declared a state of emergency in the region as Tropical Cyclone Trevor nears, with the …
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Pasquesi to Become Arch’s Next Chairman, Succeeding Iordanou
John Pasquesi will replace Constantine “Dinos” Iordanou as Arch Capital Group Ltd.’s chairman of its board of directors in September when Iordanou completes his term. Iordanou joined Arch in 2002 to create its insurance segment and went on to serve …
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Bank of England to Issue Rules for How Banks, Insurers Should Manage Climate Risk
The Bank of England will soon spell out how it wants banks, insurers and investment companies to manage the financial risks from climate change, Governor Mark Carney said on Thursday. The central bank under Carney has been vocal in highlighting …
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EU Gives UK Prime Minister Two Extra Weeks to Avoid No-Deal Brexit
European Union leaders staved off the threat of the U.K. crashing out of the bloc without a deal next Friday by giving Theresa May an extra two weeks to work out what to do. At a summit in Brussels on …
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Thursday, March 21, 2019
Florida CFO: More Than $40M Recovered for Insurance Consumers in 2018
More than $40.5 million was recovered for Florida insurance consumers in 2018, including $17.4 million recovered for Hurricane Michael victims, by the state’s Insurance Consumer Helpline, according to a statement from Florida CFO Jimmy Patronis. Patronis said the Florida Department …
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W. Virginia Electric Company Worker Killed in Accident at Customer Home
Police in West Virginia say an electric company employee has died in an accident at a customer’s home. News outlets report the accident happened Wednesday morning in the Harts community of Lincoln County. State police say an Appalachian Power truck …
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Most of Country at Risk for Major Flooding This Spring
The deluge that devastated so much of the Midwest over the last week could be a preview for one of the worst years for flooding in the U.S., according to federal weather officials. Now flooding is occurring at St. Joseph, …
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Analysis: Jury Upends Bayer’s Roundup Defense Strategy
Bayer AG had hoped a new trial strategy focusing jurors on scientific evidence could stem a burgeoning tide of U.S. lawsuits over its glyphosate-based weed killer Roundup, but a second jury finding on Tuesday that the product caused cancer has …
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Only Few Who Need Them Get Medicines for Opioid Addiction, Says Medical Group
Medicines proven to treat opioid addiction remain vastly underused in the U.S., the nation’s top medical advisers said Wednesday. Only a fraction of the estimated 2 million people addicted to opioids are getting the medications, according to a report by …
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Mine Worker Advocates Worried Coal Firm’s Tax Cut Jeopardizes Black Lung Fund
The Trump administration and coal industry allies are insisting that a federal black lung trust fund will continue to pay benefits to sick miners despite a drastic cut in funding. But the expected shortfalls will be covered by taxpayers instead …
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Why Science Can’t Prove Roundup Weed Killer Causes Cancer: Viewpoint
Scientists can’t, for the most part, prove that a given product caused a particular person to get cancer – not the way you can prove, say, that a car with faulty brakes caused a fatal crash. And so when a …
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9 Insurance Agency Start-Ups: Why and How They Set Out on Their Own
What motivates people to take a risk in an industry dedicated to managing risk? New independent agencies are born of various circumstances. Sometimes it’s about seizing an opportunity that comes along; other times, it’s about creating something out of necessity. …
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Worldwide Facilities Taps Holden as SVP, Property Broker in Atlanta
Worldwide Facilities has added Shane Holden to its Atlanta team as senior vice president/Property broker. Holden brings 25 years of insurance and risk management experience to his position at Worldwide Facilities. With various positions in the insurance industry, his previous …
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Climate Activists Petition for Carriers in California to Reveal Fossil Fuel Insureds
More than 60 environmental, consumer and social justice organizations on Thursday delivered a petition to California Insurance Commissioner Ricardo Lara seeking what is believed would be the first regulations in the nation requiring insurance companies to disclose the fossil fuel …
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Stone Creek Adds Wagner in Washington
Stone Creek Insurance Agency has hired Jamison Wagner to manage its Spokane, Wash. office. Wagner began his insurance career in 1999 with Safeco Insurance. He was previously with Travelers Insurance as a commercial underwriter and as an agency program manager. …
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Hailstorm That Slammed Southern California Unusual, Though Not Unheard of
A rare hailstorm hit normally sunny Southern California on Wednesday, as residents flocked to social media to post pictures of driveways, lawns and roofs blanketed in white nickel-size ice chunks. The National Weather Service reported 1.57 inches of rain was …
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California Contractor Cited for Accident That Fatally Crushed Worker
Cal/OSHA has cited a Bay Area contractor for serious safety violations after a worker was fatally crushed at a San Rafael construction site on Sept. 18, 2018. Investigators determined that West Coast Land and Development Inc. did not follow regulations …
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Benzene Levels Rise near Petrochemical Fire Site; Residents Told to Shelter-in-Place
Tens of thousands of people east of Houston are being told to stay indoors after benzene and other volatile organic compounds were found in the air within the city limits of Deer Park, one day after a fire that broke …
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Ohio Judge Sides with Dum-Dum Makers in Lollipop Lawsuit
A federal judge is siding with the makers of Dum-Dums lollipops in its lawsuit against a rival candy maker. A preliminary injunction handed down in Ohio says Tootsie Roll Industries must at least temporarily stop using its new packaging for …
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QBE NA Appoints Zimmerman Health Care Risk Lead in Nebraska
QBE North America, an integrated specialist Insurer, has appointed Theresa M. Zimmerman global risk solutions lead for QBE Integrated Advantage for Healthcare. She is based in Omaha, Nebraska. The newly created role supports the recently launched QBE Integrated Advantage for …
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Houston-Area Petrochemical Blaze Probe Weighed by Federal Investigators
Federal and local investigators are weighing a probe of the Houston chemical blaze as hazardous compounds waft near the burned-out site. The U.S. Chemical Safety Board “is following up on the incident and should be making a decision to send …
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EPIC Insurance Brokers Adds Wells and Pitzer in Dallas
EPIC Insurance Brokers and Consultants has hired JoBeth Wells in Dallas as a principal in its property/casualty operations. EPIC also added Stephanie Pitzer in the Dallas property/casualty group as client executive. Both Wells and Pitzer report to EPIC Managing Principal …
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Anchorage Planning to Spend $36M to Fix Schools Damaged in Big Quake
Anchorage school officials have approved a plan calling for $36.3 million to repair two schools damaged by the magnitude 7.1 earthquake that shook south-central Alaska. The school board voted Monday for the plan to fix Gruening Middle School and Eagle …
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Washington High Court Hears Case on Carbon Pollution
The Washington Supreme Court heard arguments this week on whether the state Department of Ecology has the authority to cap carbon pollution from major industrial emitters, something business groups and utilities have argued can only be done by the Legislature. …
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Norsk Hydro Unit Begins Operating at 50% of Capacity After Cyber Attack
Norsk Hydro, one of the world’s largest aluminum producers, said a key unit is operating at only 50 percent of capacity following a cyber attack on the company this week. “Extruded Solutions is working hard to enable further restarts during …
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Officials Say Temple University Mumps Outbreak Swells to 67 Likely Cases
Philadelphia health officials say they now believe 67 people have contracted mumps at Temple University. City Department of Health spokesman James Garrow said the total number of probable cases stands at 67 – up from 54 cases a day before. …
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Massachusetts Man Charged in Connection with Workers’ Comp Fraud Scheme
The owner of a Revere, Mass.-based contracting company has been indicted in connection with a workers’ compensation insurance fraud scheme. Anner Valentin Amaya of Revere, Mass., was indicted by a Suffolk County Grand Jury on five counts of workers’ compensation …
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Mozambique Flood Deaths Climb in Wake of Cyclone Idai
Deaths from flooding in the wake of Cyclone Idai climbed to more than 300 as Mozambique’s government battled to deal with the devastation wrought by one of southern Africa’s most deadly recorded storms. The toll may rise dramatically. Almost a …
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Liberty Mutual Opens European Headquarters in Luxembourg in Preparation for Brexit
Liberty Specialty Markets, part of Liberty Mutual Insurance Group, said it has re-domiciled its European insurance company Liberty Mutual Insurance Europe SE (LMIE) to Luxembourg, the home of its European headquarters. Liberty Specialty Markets will maintain its branch network in …
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AmWINS Announces New Hires, Promotions Across Country
Wholesale specialty insurance broker AmWINS Group Inc. has announced new hires and promotions to its Specialty Logistics and AmWINS Access Personal Lines and Commercial teams, as well as several new branch leaders. Herman Cruz has joined AmWINS Specialty Logistics Underwriters, …
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UK on Brink of No-Deal Divorce with EU as Brexit Endgame Nears
Theresa May gambled on a desperate bid to get her Brexit deal approved by Parliament, as a standoff with the European Union drove Britain to the brink of an economically disastrous no-deal divorce. The premier heads to the European Council …
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SCOR Global P/C Makes Appointments to Reinsurance, Specialty Insurance Teams
SCOR Global P&C announced the following reinsurance appointments, effective April 1, 2019: Michel Blanc has been promoted to CEO of Reinsurance, following Jean-Paul Conoscente’s appointment as CEO of SCOR Global P&C with effect from April 1, 2019. Blanc currently serves …
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Volvo Hopes to Deploy Sensors to Detect Drunk Drivers, Making Insurance Less Pricey
Volvo Cars is planning to fit its next generation of autos with cameras and sensors that will detect drunk or distracted drivers and intervene to stop dangerous rides. From the early 2020s, Volvos will have the ability to notice if …
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AXA XL’s McGavick Looks Ahead to ‘The Golden Age of Insurance’
Mike McGavick’s turnaround experiences have led him to think carefully about changes that are needed for the insurance industry. “First, cost has got to come down. It’s absurd that approximately 60 cents on every dollar is what the customer gets …
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Thinking Past the Obvious: Former CEO of XL Group McGavick Looks Back
The former chief executive officer of XL Group, Mike McGavick, admits that frequently during his career he has taken on leadership roles that some of his contemporaries considered too hot to handle—such as the turnarounds he led at XL Group …
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Wednesday, March 20, 2019
Hands-Free Phone Use While Driving Bill Passes Minnesota House
Minnesota motorists would be required to use hands-free devices when talking on the phone while driving under a bill that passed the state House on Monday night, after sponsors said the measure will cut down on distracted driving and save …
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Hurricane Michael, Other Challenges Impacting Georgia’s Timber Industry
Georgia’s timber industry is facing many headwinds as it seeks to recover from the severe damage wrought by Hurricane Michael late last year. The storm erased three-quarters of a billion dollars in timber, The Columbus Ledger-Enquirer reported. Aside from Hurricane …
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16 Tornadoes Confirmed in Alabama During Recent Storms
The National Weather Service has confirmed a 16th tornado from an outbreak that left damage across Alabama last week. Forecasters say a small twister with winds of up to 65 mph (105 kph) was on the ground for a little …
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IPO-Bound Lyft Tells Investors Lowering Insurance Costs Is Priority
Lyft Inc. executives are focused on cutting insurance costs and will phase in self-driving vehicles on simple routes first, they said at a road show for investors ahead of the ride-hailing company’s initial public offering set for next week. Reducing …
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Those Who Name Hurricanes Retire Michael, Florence Names
Hurricanes Florence and Michael will never ravage the Americas again. The two names have been stricken from the official list of Atlantic storms after killing nearly 100 people in the U.S. South last year, the National Hurricane Center said in …
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Union Claims Amazon Illegally Fired Activist Employee
A union organizing Amazon.com Inc. employees in New York has filed a complaint accusing the company of illegally firing one of the labor group’s most prominent supporters. The Retail, Wholesale, and Department Store Union submitted a complaint Wednesday to the …
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Supreme Court Casts Doubt on $8.5 Million Google Privacy Settlement
The U.S. Supreme Court on Wednesday put in jeopardy an $8.5 million settlement Google made with users to resolve a class action lawsuit accusing it of violating their privacy by sharing users’ search queries with other websites. The justices, in …
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Family Behind Purdue Pharma Facing Second Suit Over Role in Opioid Crisis
The billionaire family that owns opioid-maker Purdue Pharma LP has been accused by local governments in a new lawsuit of causing the nationwide public-health crisis involving pain-killing medicines that has left hundreds of thousands of Americans dead from overdoses. More …
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Judge Grants NRA Bid to Question N.Y. Ex-Official Over Insurance Inquiry
The National Rifle Association won permission from a judge to question a former New York regulatory official under oath in a lawsuit claiming the state illegally discouraged banks and insurers from doing business with the organization after a spate of …
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Conservation, CarFax-Like Disclosure, Means-Tests in Mix of Flood Insurance Reforms
The federal flood insurance program has a knack for inspiring ideas from reformers across the political spectrum on how to improve government. If some of today’s reformers get their way, flood insurance will become a mandatory topic at real estate …
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Main Street American Group Promotes Kusch, Listau in Florida
The Main Street America Group, a super-regional property/casualty insurance company, has announced the promotions of Jeff Kusch and Chris Listau to president roles of their respective divisions. Kusch, president of field operations, and Listau, president of Main Street America’s insurance …
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‘Devastation is Everywhere’ in Flooded Communities Along Missouri River
A string of small Missouri towns prepared for the next deluge along the raging Missouri River on Wednesday after flooding wreaked nearly $1.5 billion in damage in Nebraska, killing at least four people and leaving another man missing. High water …
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Burning Down a House to Show How to Build for Wildfire Defense
After only a year into his job as CEO and president of the Insurance Institute for Business and Home Safety, Roy Wright is setting the place on fire. The IBHS conducted a demonstration in early March simulating an active wildfire …
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Relation Names Brennan Account Executive in California
Relation Insurance Services has named Sean Brennan an account executive at Pan American Insurance Services, a Relation company. Brennan will be based in Relation’s Walnut Creek, Calif., office. He will work on increasing Pan American’s footprint in the San Francisco …
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Study Examines Impact of California Workers’ Comp Formulary
Since California implemented its workers’ compensation formulary last year, an increasing share of drugs prescribed to injured workers are either “Exempt” from prospective utilization review or “Not Listed” in the formulary, while “Non-Exempt” drugs that require UR before they can …
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Texas Body Shop Owner Sentenced in Auto Insurance Fraud Case
A Travis County body shop owner has been sentenced to 10 years of probation after pleading guilty to reporting wrecks that never took place and damaging vehicles to increase insurance payouts, the Texas Department of Insurance reported. The fraud took …
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FMH Insurance Collaborates With Start-Up FindBob to Offer Agents Perpetuation Tool
Farmers Mutual Hail Insurance Co. of Iowa (FMH) has a new web-based tool designed to help FMH insurance agencies identify growth opportunities. The new tool, called FMH Bridge, was developed in collaboration with FindBob, a tech start-up company focused on …
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Farm Bureau: Flooding-Related Ag Losses in Nebraska Nearing $1B
The Nebraska Farm Bureau president says farm and ranch losses to the devastating flooding could reach $1 billion in the state. President Steve Nelson estimates $400 million on crop losses because of crops that will be planted late _ if …
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Houston-Area Petrochemical Blaze Extinguished, Company Says
Firefighters on Wednesday extinguished a fire at a Mitsui & Co. petrochemical storage site outside Houston that has been billowing acrid smoke for days, the company said. The blaze at Mitsui unit Intercontinental Terminals Co. in Deer Park, Texas, was …
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Ohio Sues Pharmacy Benefit Manager over $16M in Alleged Drug Overcharges
Ohio is suing a company that managed prescription benefits for the state Bureau of Workers’ Compensation, seeking to recover nearly $16 million in alleged overcharges for the fund for injured workers. Attorney General Dave Yost says OptumRx Administrative Services managed …
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White Named VP, Chief Internal Auditor at LWCC
Baton, Rouge, Louisiana-based workers’ compensation insurer, LWCC, has hired David White as vice president, chief internal auditor. White brings over 40 years of audit experience in the insurance, reinsurance, telecommunications and retail industries, and expertise across multiple disciplines such as …
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