Insurance News
California Commissioner Sums up Trump Battle, High on Cannabis Insurance
Tue, 19 Sep 2017
It’s David vs. Goliath. That about sums up California Insurance Commissioner Dave Jones’ feelings on his efforts to keep the remnants of Obamacare up and running in his state while President Trump does his best to repeal and replace it. …
Travelers’ Cunningham Joins Liberty Mutual to Lead National Insurance Property
Tue, 19 Sep 2017
Liberty Mutual Insurance has appointed Gregg Cunningham as executive vice president, National Insurance, and general manager, National Insurance Property. Cunningham, who has 25 years of commercial insurance experience, leads the area of Liberty Mutual that provides property insurance, inland marine …
Percent of Indiana Residents Without Health Insurance Declines
Tue, 19 Sep 2017
A U.S. Census Bureau report has found that Indiana had 373,000 fewer people without health insurance last year than three years earlier. The report released last week said about 8 percent of Indiana residents, or about 530,000 people, lacked medical …
Iowa Workers’ Comp Rate to Drop in 2018; Debate On as to Why
Tue, 19 Sep 2017
Iowa’s governor and the organization that sets workers’ compensation rates are disputing whether a new law influenced a recent rate reduction in premiums for employers. The National Council on Compensation Insurance announced an 8.7 average premium reduction for Iowa employers …
Ohio Insuretech, Bold Penguin, Appoints Metcalf as Chief Financial Officer
Tue, 19 Sep 2017
Bold Penguin, a Columbus, Ohio-based insurtech providing an online marketplace for commercial lines property and casualty (P/C) agents, has hired former Ohio Deputy Treasurer Seth Metcalf as the company’s chief financial officer (CFO). Most recently, Metcalf spearheaded several successful, award-wining …
Rain and Snow Help Montana Wildfires But Won’t End Season
Tue, 19 Sep 2017
Rain snow and cold have replaced heat and smoke after about two dry months on Montana’s fire lines, leaving crews scrambling for extra sleeping bags, heaters, coats and long underwear. While the change in weather is welcome, it brings its …
Advocates Rally Behind New Federal Bill to Fix New York’s Scaffold Law
Tue, 19 Sep 2017
The Lawsuit Reform Alliance of New York (LRANY) today will join the New York State Association for Affordable Housing (NYSAFAH), Habitat for Humanity, MWBE contractors and other construction and business organizations to applaud Rep. John Faso for introducing the Infrastructure …
M5.1 Quake Rattles Alaska
Tue, 19 Sep 2017
A Magnitude 5.1 earthquake shook Alaska about 135 miles northwest of the state’s capital city Juneau, the Alaska Earthquake Center confirmed. Coincidentally, the City and Borough of Juneau’s Disaster Preparedness Expo was winding down as the earthquake hit Saturday afternoon. …
Dietz, Gilmor & Chazen Makes 3 Partner Promotions in California
Tue, 19 Sep 2017
Dietz, Gilmor & Chazen has promoted Robert E. Robinson, Richard A. Lynn and Robert Lance to partners in the firm in California. All three newly promoted partners were previously with Dietz, Gilmor & Associates, before the firm became Dietz, Gilmor …
The Hilb Group Acquires Massachusetts’ Mid-State Insurance Agency
Tue, 19 Sep 2017
The Hilb Group LLC (THG), a property and casualty insurance and employee benefits broker based in Richmond, Va., has announced the acquisition of Massachusetts-based Mid-State Insurance Agency Inc. (MSIA). The transaction became effective September 1, 2017. MSIA is THG’s 37th …
New York’s Cuomo Proposes Regulation in Wake of Equifax Security Breach
Tue, 19 Sep 2017
In response to the recent cyberattack that exposed the personal private data of nearly 150 million consumers nationwide, New York Governor Andrew M. Cuomo has directed the New York Department of Financial Services (DFS) to issue new regulation making credit …
What If an Irma-Like Hurricane Hit the New York City Metro Area?
Tue, 19 Sep 2017
It sounds like a Hollywood disaster movie. A Category 5 hurricane churning in the mid-Atlantic suddenly veers northwest – and heads straight for New York City. The good news is that, for now, experts agree a Cat 5-sized deluge appears …
Financially-Strapped Puerto Rico Faces Hurricane Maria After $1 Billion Hit by Irma
Tue, 19 Sep 2017
Two weeks ago, Puerto Rico was spared a devastating hit when Hurricane Irma ripped up the Caribbean. This time, it may not be so lucky. The bankrupt island, already contending with the aftermath of a storm that left as much …
Ed Names Jani Chief Executive for Middle East, North America, India
Tue, 19 Sep 2017
Ed, the global reinsurance, wholesale and specialty broker, has announced the appointment of Minesh Jani as chief executive of Middle East North America (MENA), India and Indian sub-continent. Jani brings two decades of reinsurance experience to Ed. He joins from …
Autonomous Vehicle Regulation Highlights Federal vs. State Divide
Tue, 19 Sep 2017
As the U.S. Congress moves quickly to pass the first federal law governing self-driving cars, some state and city officials are pushing back over fears that the measure will limit their ability to regulate vehicle safety at the local level. …
Qatar Insurance Closes UAE Branch as Diplomatic Crisis Continues
Tue, 19 Sep 2017
A Qatari insurance company is closing its branch in Abu Dhabi because authorities there have not renewed its license, a sign of how the region’s diplomatic crisis is starting to have long-term effects on its economy. Qatar’s stock index also …
Insurers Hope Insurtech Will ‘Nudge’ Customers to Less Risky Behaviors
Tue, 19 Sep 2017
Insurers are counting on real-time technology to help them cut back payouts, from a system warning ships of nearby pirates to an app offering to buy sleepy drivers a coffee on the motorway. The lure of products promising to save …
Expert’s Advice to Florida Agents: Report Claims That Fall Below Hurricane Deductible
Tue, 19 Sep 2017
With many agents currently assisting clients in determining if they have claims and the insurance claim filing process in the aftermath of Hurricane Irma, one most common question received by the Florida Association of Insurance Agents has been: Should you …
4 West Virginians Get Prison For Roles in Staged Crashes
Tue, 19 Sep 2017
Federal authorities say a West Virginia man has been sentenced to almost three years in prison for a staged vehicle crash, faked injuries and false insurance claim for a $41,000 settlement. According to prosecutors, 34-year-old Michael Sine, of Fairmont, also …
4 Hurricane Irma-Affected U.S. Attorney Offices Form Fraud Task Forces
Tue, 19 Sep 2017
The National Center for Disaster Fraud (NCDF) along with U.S. Attorneys’ Offices in the District of Puerto Rico, Southern District of Florida, Middle District of Florida and Northern District of Florida have formed task forces comprised of local, state and …
Florida’s Insured Losses From Irma Reach Nearly $2B and Growing
Tue, 19 Sep 2017
Florida policyholders so far have filed nearly $2 billion in claims to insurers for damage from Hurricane Irma, the state’s insurance regulator said on Monday. The estimate of insured losses is based on preliminary statewide data that insurers filed with …
Markel Enhances Professional Liability Coverage for Hard-to-Place Law Firms
Tue, 19 Sep 2017
Markel Corporation has enhanced its policy form and protections for hard-to-insure law firms which can no longer secure coverage in the admitted markets. This coverage is available on an excess and surplus (E&S) lines basis using a claims-made policy form. …
Chinese Insurer ZhongAn Initiates $1.5 Billion Hong Kong IPO
Tue, 19 Sep 2017
ZhongAn Online P&C Insurance Co., China’s largest online insurer, started taking orders for a Hong Kong initial public offering that could raise as much as $1.5 billion. The Shanghai-based company is offering 199.3 million new shares at HK$53.70 to HK$59.70 …
Category 5 Hurricane Maria Slams Dominica on Way to Virgin Islands, Puerto Rico
Tue, 19 Sep 2017
Hurricane Maria caused “mind boggling damage,” ripping off roofs across the small island of Dominica before pushing on toward the U.S. Virgin Islands and Puerto Rico on Tuesday as the second top-strength storm to lash the Caribbean this month. Maria …
Sunderman Appointed President of Hotchkiss Insurance Programs
Tue, 19 Sep 2017
Hotchkiss Insurance Programs LLC, based in Dallas, has appointed Timothy Sunderman as president. He will assume operational responsibility and will report to Michael Hotchkiss, the company’s chief executive officer. Sunderman’s primary focus will be to preserve, optimize and grow Hotchkiss …
Hub International Acquires Louisiana’s Benefit Advisory Group
Tue, 19 Sep 2017
Chicago-based insurance brokerage Hub International Limited (Hub), has acquired the assets of Benefit Advisory Group LLC (Benefits Advisory Group), with offices in New Orleans and Baton Rouge, La. Terms of the acquisition were not disclosed. Benefit Advisory Group specializes in …
‘Future-Proofing’ Texas a Political, Bureaucratic Challenge for Harvey Recovery Czar
Tue, 19 Sep 2017
The man tasked with overseeing Texas’ Hurricane Harvey rebuilding efforts sees his job as “future-proofing” before the next disaster, but he isn’t empowered on his own to reshape flood-prone Houston or the state’s vulnerable coastline, which has been walloped by …
Employers Expect Above-Average Rise in Cost of Employee Benefits in 2018: Mercer Survey
Mon, 18 Sep 2017
Employers expect that their average cost per-employee for health benefits will rise by 4.3 percent in 2018, which is above the average increase of 3 percent of the past five years. Early responses from Mercer’s National Survey of Employer-Sponsored Health …
Iowa Judge: ‘Shadow Insurance’ Documents Are Confidential
Mon, 18 Sep 2017
An Iowa judge has ruled that the details of “shadow insurance” subsidiaries created by several life insurers can remain confidential. Indiana University professor emeritus Joseph Belth sought the documents last year under Iowa’s open records law, saying he believes they …
Hurricane Harvey-Caused Oil, Chemical Spills Dwarfed by Katrina’s
Mon, 18 Sep 2017
More than 22,000 barrels of oil, refined fuels and chemicals spilled at sites across Texas in the wake of Hurricane Harvey, along with millions of cubic feet of natural gas and hundreds of tons of other toxic substances, a Reuters …