Insurance News
Why It’s Difficult to Insure Iconic Properties Such as Notre Dame
Mon, 22 Apr 2019
Rebuilding Notre Dame, the 800-year-old Paris cathedral devastated by fire last week, will cost billions of dollars as architects, historians and artisans work to preserve the medieval landmark. But contrary to what one might think, little of the money will …
SLTX: Surplus Lines Insurance Bills Advancing in Texas
Mon, 22 Apr 2019
The Surplus Lines Stamping Office of Texas (SLTX) reported that several bills that would affect the surplus lines insurance industry in the state have advanced in the state Legislature. HB 1940, relating to the eligibility of surplus lines insurers to …
Louisiana Company to Pay $25K to Settle Federal Disability Lawsuit
Mon, 22 Apr 2019
Federal regulators say a Louisiana company that operates a fleet of off-shore work boats in the Gulf of Mexico discriminated against and fired employee due to perceived disability. The U.S. Equal Employment Opportunity Commission (EEOC) filed a disability lawsuit against …
Wuthrich Named Executive Director of Houston Independent Agents Group
Mon, 22 Apr 2019
The Independent Insurance Agents of Houston (IIAH) has named David Wuthrich as the group’s new executive director. Wuthrich is a native Houstonian and has worked in the insurance industry for many years. Most recently, Wuthrich has been developing and implementing …
Suits Against Gun Seller Tied to Kansas Business Shootings Settled for $2M
Mon, 22 Apr 2019
The families of victims of a mass shooting at a central Kansas business in 2016 have won a $2 million legal settlement from a pawn shop that sold the firearms to the shooter’s girlfriend. The settlement of three lawsuits in …
Wisconsinites Push for Safeguards in Prescription Drug Step Therapy Process
Mon, 22 Apr 2019
People struggling with chronic diseases joined doctors and other advocates in making the case on April 17 for a bipartisan proposal in the Wisconsin Legislature designed to make it easier for patients to get needed prescription drugs even when insurance …
Fitch Keeps Stable Outlook for P/C Insurers After Underwriting Profit in 2018
Mon, 22 Apr 2019
After two consecutive years of combined ratios above 100, the U.S. property/casualty industry returned to a modest statutory underwriting profit in 2018 as catastrophe losses slowed, premium growth accelerated and several key product segments enjoyed favorable results, according to Fitch …
NFP Names Wentz Plan Advisor in Utah
Mon, 22 Apr 2019
NFP has named Brandi Wentz a plan advisor for retirement services. Wentz will work in the Utah market with retirement plan committees and administrators on delivering NFP’s suite of retirement plan advisory, and other investment services. Wentz has with her …
Fight Against Floods Enlists Supercomputers, Drones, Sonar
Mon, 22 Apr 2019
An arsenal of new technology is being put to the test fighting floods this year as rivers inundate towns and farm fields across the central United States. Drones, supercomputers and sonar that scans deep under water are helping to maintain …
Travelers’ Close to Lead Valent Group’s Alabama P&C Brokerage, Service Dept.
Mon, 22 Apr 2019
Valent Group, the risk consulting and insurance division of EBSCO Industries (EBSCO), has hired Kurt Close to lead its Birmingham, Ala.-based property and casualty broking and service departments. Close comes to Valent Group after from Travelers Insurance, where he oversaw …
AssuredPartners Acquires Premier Insurance Corp. of Florida
Mon, 22 Apr 2019
AssuredPartners, Inc. is has acquired Premier Insurance Corporation, Inc. of Cape Coral, Fla. Premier specializes in property and casualty insurance, workers compensation, employee benefits, and life insurance. Premier and their team of seven employees will continue to be managed and …
Lower Catastrophe Losses Help Boost Q1 Profit for Travelers
Mon, 22 Apr 2019
Insurer Travelers Companies Inc.’s quarterly profit beat analysts’ estimates on Thursday, as improved underwriting and lower catastrophe losses offset a decline in net investment income, sending its shares to a more than one-year high. Shares of the Dow-component rose as …
Car Sharing Lobbyists Battle Car Renting Lobbyists, Driving State Lawmakers Crazy
Fri, 19 Apr 2019
The bill that turned Illinois into the focal point of a bitter debate over car-sharing last year started as a proposal about what happens when a rental car is stolen. The legislation, which would allow rental companies to punish customers …
Official ESG Evaluations from S&P Coming Soon to Insurance Sector
Thu, 18 Apr 2019
If you’re among those who regard “environmental, social and governance” as just another in a long line of trendy buzz-phrases, then you may want to rethink. ESG standards, which companies use to highlight operations that interest socially conscious investors, will …
Island Insurance in Hawaii Names Tanoue Vice President, General Counsel
Thu, 18 Apr 2019
Island Insurance Company Ltd. in Hawaii has named Michael Tanoue vice president and general counsel. In this Tanoue is responsible for strategic initiatives, policy management, legal strategy, compliance and regulatory filings. He has nearly 35 years of legal experience, most …
Oklahoma Prescription Drug ‘Step Therapy’ Bill Signed Into Law
Thu, 18 Apr 2019
A bill intended to protect patients from a harmful insurance practice known as ‘step therapy’ has been signed into law by Governor Kevin Stitt. Senate Bill 509, authored by Rep. Cyndi Munson (D-OKC) and Sen. Dave Rader (R-Tulsa), requires any …
Oklahoma Bill Increasing Highway Speed Limits Signed by Governor
Thu, 18 Apr 2019
Gov. Kevin Stitt today signed a bill into law that will increase the speed limit on Oklahoma turnpikes from 75 to 80 miles per hour and on certain state highways from 70 to 75 miles per hour. Rep. Daniel Pae, …
U.S. Senate Hearing Focuses on Missouri River Flood Prevention
Thu, 18 Apr 2019
The federal agency that manages dams along the Missouri River received stern criticism from several U.S. senators Wednesday during a hearing held in Iowa to examine the massive spring flooding this year that caused more than $3 billion in damage …
Waco Surf Park Hit with Suit Over Man’s Death From ‘Brain-Eating Amoeba’
Thu, 18 Apr 2019
The mother of a New Jersey man who died of a rare “brain-eating amoeba” after visiting a Texas surf resort has filed a wrongful death lawsuit against the water park. Health officials say testing found evidence of the rare but …
ASSP Names Ballman Director of Professional Development
Thu, 18 Apr 2019
The American Society of Safety Professionals (ASSP), based in Park Ridge, Illinois, has named Chris Ballman director of professional development. Ballman will oversee the Society’s comprehensive educational offerings that advance the careers of occupational safety and health professionals worldwide. He …
Stolen High-End Cars Recovered in Chicago Car-Sharing Fraud
Thu, 18 Apr 2019
Daimler AG and BMW AG’s joint car-sharing and mobility business has suspended service in Chicago after a fraud incident. Some vehicles may have been rented using deceptive means through Share Now’s mobile app, according to the Chicago Police Department. Multiple …
LA Archdiocese to Pay $8M Payment in Sex Abuse Case
Thu, 18 Apr 2019
The Archdiocese of Los Angeles has agreed to pay $8 million to a teenager who was sexually abused by the athletic director at her Catholic high school who had continued to work despite prior allegations of misconduct, it was announced …
AIG Settles Another Claim Against Cosby, Who Again Blasts Insurer
Thu, 18 Apr 2019
Bill Cosby’s insurance company has settled another lawsuit filed by a female accuser a week before the imprisoned comedian was set to give a deposition in the case, prompting Cosby to call the insurer “complicit” in a scheme to destroy …
FAA Board Says Boeing 737 Max Software Fix Won’t Require Added Training
Thu, 18 Apr 2019
A board of pilot experts appointed by U.S. aviation regulators has reviewed Boeing Co.’s proposed software fix for the grounded 737 Max aircraft and concluded that pilots won’t need additional simulator training once the plane is returned to service. The …
Investors Sue Lyft, Alleging IPO ‘Overhyped’
Thu, 18 Apr 2019
Lyft Inc. was sued by investors who claim the ride-sharing company overstated its market position when it went public last month, leading to a dramatic plunge in its stock price. Two separate class-action complaints against Lyft, as well as its …
Tsunami-Wrecked Fukushima Nuclear Plant Begins Fuel Removal in Melted Reactor
Thu, 18 Apr 2019
The operator of the tsunami-wrecked Fukushima nuclear plant began removing fuel Monday [April 15] from a cooling pool at one of three reactors that melted down in the 2011 disaster, a milestone in what will be a decades-long process to …
Driving in Georgia While Sitting in California; Remote Control Beats Autonomy
Thu, 18 Apr 2019
For four days in February, Ben Shukman showed up to his office at Phantom Auto in Mountain View, California, sat down in front of a bank of computer screens with a steering wheel in a darkened room, and began driving. …
Munich Re Syndicate Singapore Partners with Lloyd’s Coverholder Nectar Specialty Risk
Thu, 18 Apr 2019
Munich Re Syndicate Singapore (MRSS) has formed a partnership with Nectar Specialty Risk Pte Ltd. (Nectar), a Singapore incorporated limited liability company and Lloyd’s coverholder that provides tailor-made re/insurance solutions. Nectar’s professional line products are offered under the trading name …
New York Contractors Arrested in Workers’ Compensation Fraud Scheme
Thu, 18 Apr 2019
Two New York state contractors were arrested on charges they filed fraudulent applications for a roofing project in Amsterdam, N.Y., as part of a workers’ compensation fraud scheme. Jose A. Sanchez, owner of Sanchez Partners Construction, was charged with offering …
Vermont Officials Assess Spring Flood Damage
Thu, 18 Apr 2019
Vermont state and local officials are assessing damage from flooding caused by heavy rains and snowmelt that led to road closures, some evacuations and a rescue from a flooded parking lot. Some roads remained closed Tuesday, but most of the …