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Today’s Insurance News
Source: Insurance Journal
Co-Developer of Saffir-Simpson Scale Dies
- December 22, 2014, 1:12 pm

Bob Simpson, a meteorologist who co-developed the Saffir-Simpson Hurricane Wind Scale which estimates potential property damage, has died. Peg Simpson, his daughter, said Bob Simpson died early Friday at his home in Washington. He was 102. Bob Simpson began his …

The article Co-Developer of Saffir-Simpson Scale Dies appeared first on Insurance Journal.

U.S. Seeks Up to $18B in Fines From BP Over Gulf Oil Spill
- December 22, 2014, 1:00 pm

The government wants BP Plc to pay $16 billion to $18 billion in water-pollution fines for the worst offshore oil spill in U.S. history while seeking more than $1 billion from the co-owner of the blown-out well that caused the …

The article U.S. Seeks Up to $18B in Fines From BP Over Gulf Oil Spill appeared first on Insurance Journal.

10 years after Disaster Tsunami Warning System ‘Weaknesses Remain’
- December 22, 2014, 10:48 am

In April 2012, Indonesia’s Banda Aceh, the city worst hit by the tsunami that killed at least 226,000 people on Boxing Day ten years ago, received a terrifying reminder of how unprepared it was for the next disaster. As an …

The article 10 years after Disaster Tsunami Warning System ‘Weaknesses Remain’ appeared first on Insurance Journal.

A.M. Best: Rated Middle Eastern Insurers Well-Capitalized; Reliant on Reinsurance
- December 22, 2014, 8:26 am

Insurers in the Middle East have strong levels of risk-adjusted capital, although they continue to rely heavily on reinsurance protection and carry elevated levels of investment risk. A new report from A.M. Best states that insurance markets in the Middle East are …

The article A.M. Best: Rated Middle Eastern Insurers Well-Capitalized; Reliant on Reinsurance appeared first on Insurance Journal.

A.M. Best: Ratings Stable for Western European (Re)Insurers
- December 22, 2014, 8:16 am

Insurers and reinsurers in western Europe posted solid performances in 2014 and retained their capital strength against a backdrop of economic calm, according to a new special report from A.M. Best. The report analyzes the agency’s ratings actions through the year …

The article A.M. Best: Ratings Stable for Western European (Re)Insurers appeared first on Insurance Journal.

Aspen Re Renews Special Purpose Insurer Silverton for 2015
- December 22, 2014, 7:59 am

Aspen Reinsurance, the reinsurance segment of Aspen Insurance Holdings Limited, announced that its Aspen Capital Markets division has renewed Silverton Re for 2015. Silverton Re is a Bermuda-domiciled special purpose insurer which was established in December 2013 to provide additional …

The article Aspen Re Renews Special Purpose Insurer Silverton for 2015 appeared first on Insurance Journal.

Risk Modelers Aim to Gauge Risks of ‘Cyber Hurricane’
- December 22, 2014, 7:20 am

Even as the Sony Corp. cyber attack laid bare the kinds of vulnerabilities that typically drive companies to buy insurance policies, the lack of a risk model for insurers means such protection is not always easy to get. Unlike earthquakes, …

The article Risk Modelers Aim to Gauge Risks of ‘Cyber Hurricane’ appeared first on Insurance Journal.

West Virginia Jury Awards $325K in Elder Abuse Case
- December 22, 2014, 1:17 am

A Monroe County, West Virginia jury has ordered a woman to pay $325,000 in damages in an elder abuse case. The circuit court jury found Betty B. Brown liable for fraud, conversion, unjust enrichment and breach of fiduciary duties. Jurors …

The article West Virginia Jury Awards $325K in Elder Abuse Case appeared first on Insurance Journal.

North Carolina Denies Homeowners Insurance Rate Hike
Emery P. Dalesio - December 22, 2014, 1:04 am

North Carolina insurance companies that wanted to raise the cost of homeowners coverage by an average of roughly 25 percent were told Friday the state’s regulator is instead approving a zero overall change. Insurance Commissioner Wayne Goodwin said that after …

The article North Carolina Denies Homeowners Insurance Rate Hike appeared first on Insurance Journal.

Sony Hack Reveals Need for Business, Government to Collaborate on Cyber Issues
- December 22, 2014, 12:38 am

Back-channel talks between Sony Pictures Entertainment and the White House to coordinate a response to a debilitating cyber-attack didn’t prevent a public disagreement over the studio’s decision to pull its film, “The Interview.” President Barack Obama’s rare rebuke Dec. 19 …

The article Sony Hack Reveals Need for Business, Government to Collaborate on Cyber Issues appeared first on Insurance Journal.

McDonald’s Is Joint Employer with Franchisees, National Labor Board Rules
- December 22, 2014, 12:17 am

McDonald’s Corp. wields enough control over its franchisees that it should be jointly responsible for the working conditions of their employees, according to charges by the U.S. labor board critics say threatens to upend the fast- food industry. The National …

The article McDonald’s Is Joint Employer with Franchisees, National Labor Board Rules appeared first on Insurance Journal.

U.S. Auto Recalls Set Record at 60 Million for Year
- December 21, 2014, 11:53 pm

U.S. automobile recalls surpassed the 60 million mark for the first time in a single year, largely because of the rush to prevent more deaths from defective General Motors Co. ignition switches and Takata Corp. air bags. The tally of …

The article U.S. Auto Recalls Set Record at 60 Million for Year appeared first on Insurance Journal.

Boston Children’s Hospital to Pay $40K Over Data Breach Allegations
- December 19, 2014, 7:03 pm

Boston Children’s Hospital (BCH) has agreed to pay $40,000 and take steps to prevent future security violations following allegations related to a data breach that affected patient information, Massachusetts Attorney General Martha Coakley announced Friday. The consent judgment, entered Friday …

The article Boston Children’s Hospital to Pay $40K Over Data Breach Allegations appeared first on Insurance Journal.

PCRB Proposes 5.99% Average Workers’ Comp Loss Cost Decrease in Penn.
- December 19, 2014, 6:34 pm

The Pennsylvania Compensation Rating Bureau (PCRB) has submitted a filing of Pennsylvania loss costs and related rating values with a proposed effective date of April 1, 2015. PCRB said in its Circular No. 1636 on Dec. 15 that its filing, …

The article PCRB Proposes 5.99% Average Workers’ Comp Loss Cost Decrease in Penn. appeared first on Insurance Journal.

LeapFrog, Lombard to Acquire Stakes in Thai Insurer SMK from RSA
- December 19, 2014, 5:57 pm

LeapFrog Investments, Lombard Investments, and Syn Mun Kong Insurance Public Company Limited (SMK) [SMK:Bangkok] announced today that LeapFrog and Lombard will each acquire approximately 11 percent of SMK, from Royal & Sun Alliance Insurance Plc (RSA). The venture is the …

The article LeapFrog, Lombard to Acquire Stakes in Thai Insurer SMK from RSA appeared first on Insurance Journal.

Texans Can Expect More Troopers on Patrol During Holidays
- December 19, 2014, 5:54 pm

Texas troopers will increase patrols over the more than two-week holiday period with officers on the lookout for drunken drivers. The Texas Department of Public Safety says expanded patrols begin Dec. 19 and run through Jan. 2. The period includes …

The article Texans Can Expect More Troopers on Patrol During Holidays appeared first on Insurance Journal.

Donald Gaddis Co. Acquires Chicago-Based Kelly and Elliott
- December 19, 2014, 5:51 pm

Wholesale insurance broker and general agency, Donald Gaddis Co. Inc., has purchased rights to all the renewals of Kelly and Elliott Ltd. Both companies are headquartered in Chicago. Gaddis also hired all of Kelly and Elliott’s employees. The transaction was effective …

The article Donald Gaddis Co. Acquires Chicago-Based Kelly and Elliott appeared first on Insurance Journal.

Reincke Promoted to Brokerage Manager at J.M. Wilson
- December 19, 2014, 5:49 pm

Portage, Mich.-based wholesale insurance specialist, J.M. Wilson, has promoted James Reincke to brokerage manager for the newly formed brokerage department . Reincke is responsible for developing and strengthening new and existing agency and company relationships, as well as growing the …

The article Reincke Promoted to Brokerage Manager at J.M. Wilson appeared first on Insurance Journal.

Dallas-Based Waldman Bros Promotes 5 to Vice President Positions
- December 19, 2014, 5:48 pm

Waldman Bros, a Dallas-based insurance and financial services firm, has promoted five employees to serve as vice presidents, including Leigh Bennett, Eric Goldberg, Rita Rolf, Melanie Rasansky and Tina Sparks. In their new roles, they will be responsible for developing …

The article Dallas-Based Waldman Bros Promotes 5 to Vice President Positions appeared first on Insurance Journal.

Work-Related Injuries, Illnesses Requiring Days Off Decreased in Texas in 2013
- December 19, 2014, 5:47 pm

Private industry employers in Texas reported 51,890 cases involving days away from work and an incidence rate of 66.6 injuries and illnesses per 10,000 full-time equivalent employees in 2013, the Texas Department of Insurance – Division of Workers’ Compensation (DWC) …

The article Work-Related Injuries, Illnesses Requiring Days Off Decreased in Texas in 2013 appeared first on Insurance Journal.

McGowan Installed as President of the Independent Insurance Agents of Indiana
- December 19, 2014, 5:46 pm

The Independent Insurance Agents of Indiana Inc. (Indiana Big “I”) has installed its slate of officers for 2015, including Hugh M. McGowan of the McGowan Insurance Group in Indianapolis as president. In addition to McGowan, the members of the executive …

The article McGowan Installed as President of the Independent Insurance Agents of Indiana appeared first on Insurance Journal.

Ringling Bros. Disputes OSHA Citation for Hair-Hanging Accident in R.I.
- December 19, 2014, 5:28 pm

Ringling Bros. and Barnum & Bailey Circus has contested a citation it received from federal regulators for an accident that sent eight hair-hanging acrobats plummeting to the ground during a live performance, severely injuring most of them. Stephen Payne, a …

The article Ringling Bros. Disputes OSHA Citation for Hair-Hanging Accident in R.I. appeared first on Insurance Journal.

Ringleader of Auto Insurance Fraud Scam Pleads Guilty in Massachusetts
- December 19, 2014, 5:18 pm

The ringleader of an automobile insurance fraud scheme in which dozens of New York City residents claimed they lived at fictional addresses in western Massachusetts has pleaded guilty in a deal she hopes will help her avoid deportation. Lefen Chen …

The article Ringleader of Auto Insurance Fraud Scam Pleads Guilty in Massachusetts appeared first on Insurance Journal.

Paralyzed California Teen’s Pop Warner Suit Can Continue, Judge Says
- December 19, 2014, 4:59 pm

A Los Angeles judge has refused to throw out a lawsuit by a teenager who was paralyzed while making a tackle during a Pop Warner football game. City News Service says the judge on Wednesday rejected a motion to dismiss …

The article Paralyzed California Teen’s Pop Warner Suit Can Continue, Judge Says appeared first on Insurance Journal.

Private Auto Premiums See Largest Q3 Growth in 10 Years: SNL
- December 19, 2014, 4:48 pm

Private auto insurance industry direct premiums written rose 5.13 percent in the third quarter of 2014, the largest third-quarter year-over-year growth in the past 10 years, according to an analysis by SNL Financial. The 30 largest auto writers by market …

The article Private Auto Premiums See Largest Q3 Growth in 10 Years: SNL appeared first on Insurance Journal.

Uber in a California Regulatory Standoff Over Data
- December 19, 2014, 4:39 pm

Uber argued Thursday that it should not have to turn over ride data in a California regulatory standoff that shows how the transportation service is falling afoul of officials who could threaten its expansion. The issue, which is being heard in a …

The article Uber in a California Regulatory Standoff Over Data appeared first on Insurance Journal.

Arizona Insurance Council Elects 2015 Board Officers
- December 19, 2014, 4:31 pm

The membership of the Arizona Insurance Council has elected its officers for 2015. They are: Tim Goeller, President of AIC and regional vice president for Business Insurance at State Auto Insurance; Phyllis Senseman, vice president of AIC and vice president …

The article Arizona Insurance Council Elects 2015 Board Officers appeared first on Insurance Journal.

President Obama Signs Bill Easing Insurer Capital Standards
- December 19, 2014, 2:20 pm

President Barack Obama has signed legislation intended to relax capital and liquidity standards for insurers under the Dodd-Frank Act. The law gives the Federal Reserve flexibility in setting the standard for insurers. The legislation (S.2270) was approved by the Senate …

The article President Obama Signs Bill Easing Insurer Capital Standards appeared first on Insurance Journal.

North Carolina Couple Charged with Insurance Faud
- December 19, 2014, 2:05 pm

A North Carolina couple has been charged with faking an accident and medical records in filing an insurance claim. Insurance Commissioner Wayne Goodwin last week announced the arrests of James Arnold Seals, 42, of  Fayetteville, and Lisa Renee Strickland Seals, …

The article North Carolina Couple Charged with Insurance Faud appeared first on Insurance Journal.

Executives in West Virginia Chemical Spill Facing Criminal Charges
- December 19, 2014, 1:46 pm

When state inspectors arrived at Freedom Industries asking about a licorice smell enveloping West Virginia’s capital city, the point person at the tank farm, Dennis P. Farrell, told them he knew nothing about a chemical leak. He seemed to brush …

The article Executives in West Virginia Chemical Spill Facing Criminal Charges appeared first on Insurance Journal.

Southwest Risk, L.P. celebrated our 10 year anniversary and spectacular new offices with an Open House party on April 29th.

Thank you to all who attended. Please click here to see photos from the event.