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Today’s Insurance News
Source: Insurance Journal
Loeb’s Third Point Re Reports Q1 Loss of $51.1M – 4th Loss in 7 Quarters
- May 6, 2016, 8:17 am
Third Point Reinsurance Ltd., the company that counts on hedge fund manager Dan Loeb to oversee investments, posted its fourth loss in seven quarters as the portfolio slumped and underwriting was unprofitable. The first-quarter net loss was $51.1 million, or …
Fosun to Focus Investments in Emerging Markets, Backing Off from U.S., Europe
- May 6, 2016, 8:09 am
Guo Guangchang, the Chinese billionaire and self-styled disciple of Warren Buffett, is looking to invest in emerging markets for the first time as his conglomerate backs off from its buying spree in developed nations. “There are fewer and fewer investment …
Specialist Lloyd’s Insurer Marketform Hires Kelsh to Build Broker Relationships
- May 6, 2016, 7:47 am
Marketform, the London-based specialist Lloyd’s insurer, has appointed Martin Kelsh to the newly created role of production & distribution director. Kelsh joined Marketform on May 3 to develop and enhance the level of engagement with the company’s key brokers, Marketform …
Alberta Wildfire Insured Losses Could Total $7.3B, Covering Area Bigger Than NYC
- May 6, 2016, 7:27 am
The wildfires ravaging Canada’s oil hub in northern Alberta have rapidly spread to an area bigger than New York city, prompting the air lift of more than 8,000 evacuees as firefighters seek to salvage critical infrastructure. The inferno around Fort …
Willis Towers Watson, Chubb to Offer Global Coverage for Oil & Gas Industry
- May 6, 2016, 6:09 am
Willis Towers Watson has launched Risk Protect, an insurance and risk management product for companies serving the global oil and gas industry. Risk Protect applies industry specific insurance policy wording, underwritten exclusively by Chubb, that addresses current and emerging risks …
Judge Grants Class Action Status to West Virginia Miner Lawsuit
- May 6, 2016, 5:59 am
A lawsuit filed by miners in West Virginia who say they were unlawfully laid off in Wyoming County has been certified as a class action. The Register-Herald reports Judge Irene Berger granted the certification Tuesday in Beckley federal court. The …
U.S. Justice Dept. to North Carolina: LGBT Law Violates Federal Civil Rights Act
- May 6, 2016, 5:53 am
A North Carolina law limiting protections to LGBT people violates federal civil rights laws and can’t be enforced, the U.S. Justice Department said Wednesday, putting the state on notice that it is in danger of being sued and losing hundreds …
Arkansas Regulators: In Separate Cases 2 Plead Guilty to Auto Insurance Fraud
- May 6, 2016, 5:32 am
Arkansas Insurance Commissioner Allen Kerr announced two recent guilty pleas resulting from separate criminal investigations of insurance fraud. On May 2, Becky Brand, 34, of Lonoke entered a guilty plea to one count of Criminal Attempt — a Class A …
HSB Extends Identity Theft Insurance to Small Business Owners for Employees
- May 6, 2016, 5:25 am
The Hartford Steam Boiler Inspection and Insurance Co. (HSB) is extending the availability of its identity theft insurance and services to the employees of small to mid-sized businesses as a standalone policy for employers. HSB Identity Recovery insurance has expense …
FEMA Extends Deadline for Mississippi Flood Victims to File Proof of Loss Form
- May 6, 2016, 4:46 am
Mississippi victims of March flooding now have more time to file their required Proof of Loss form, according to a statement from the Mississippi Insurance Department. Mississippi’s Commissioner of Insurance Mike Chaney announced that Federal Emergency Management Agency (FEMA) has …
Leavitt Group in Utah Names Woolsey VP of Personal Lines
- May 5, 2016, 9:45 pm
Leavitt Group in Utah has named Rachael Woolsey vice president of personal lines. Woolsey worked for MetLife prior to Leavitt Group for nearly 17 years counseling independent agencies and serving in a variety of capacities. Her experience includes helping independent …
Nevada Worker Fired For Not Accepting Scientology, Suit Says
- May 5, 2016, 9:39 pm
A Catholic woman fired from her job at a bottled water company led by a Nevada lawmaker has filed a federal lawsuit against the business, saying she was pressured to watch videos on Scientology and was denied pay raises because …
Earthquake Resilience Topic at Southern California Conference
Don Jergler - May 5, 2016, 9:24 pm
Most people aren’t prepared for the big one. If there was one common theme at a three-day earthquake conference in downtown Long Beach, Calif., that was it. The National Earthquake Conference, which runs through Friday, is a quadrennial event bringing …
Worldwide Facilities Acquires Sloan Mason in California
- May 5, 2016, 8:22 pm
Worldwide Facilities LLC has agreed to acquire San Diego, Calif.-based Sloan Mason Insurance Services. Paul Mason, founder and president, and his team will join Worldwide Facilities. Mason will assume a leadership position as executive vice president with Worldwide Facilities in …
As Once-Mighty Politician Gets Prison, Albany Moves On
- May 5, 2016, 5:00 pm
As former New York Assembly Speaker Sheldon Silver was being sentenced to 12 years in prison for corruption, many of the politicians he once served with were passing legislation to outlaw commercial bass fishing in the Hudson River. Significant proposals …
The Hanover’s Q1 Net Income Jumps 42% to $78M
- May 5, 2016, 4:58 pm
The Hanover Insurance Group Inc. reported net income of $78.2 million for the 2016 first quarter, a 42 percent increase from net income of $54.9 million in the first quarter of 2015. The latest earnings benefited from lower catastrophe losses. …
New Jersey Shore Towns Challenge Sand Dunes Plan as Storms Gather
- May 5, 2016, 4:14 pm
New Jersey Governor Chris Christie’s warning of Hurricane Sandy-like destruction of the shore will be tested as the worst storm season in three years approaches and beachfront homeowners delay his building protective dunes along all 127 miles of the state’s …
JLT Re Enters U.S Mortgage Insurance Market
- May 5, 2016, 4:11 pm
Reinsurance broker JLT Re has launched a new operation in North America – JLT Re Global Mortgage Solutions — to offer  insurance and reinsurance to government-sponsored entities, mortgage insurers, mortgage lenders and builders. Steve Rance has been appointed executive vice …
Settlement Reached Over Kansas Discrimination Claim
- May 5, 2016, 3:41 pm
Saline County in Kansas and a former interim director of the Saline County Health Department have reached a $75,000 settlement over a sexual discrimination claim. The Salina Journal reported the county said that it denied liability associated with the claim, …
Boston Duck Tours Says Driver in Crash Had ‘Exemplary’ Record
- May 5, 2016, 3:39 pm
Boston Duck Tours says the driver of the amphibious sightseeing vehicle that collided with a scooter in Boston, killing a woman, had an “exemplary record” during his six years with the company. A Boston Duck Tours spokesman said in a …
Natural Disaster Losses Hit Five-Year High in April: Aon Catastrophe Report
- May 5, 2016, 3:18 pm
The global economy suffered the worst April natural disaster losses for five years, according to Impact Forecasting, Aon Benfield’s catastrophe model development team. Earthquakes, convective storms and flooding contributed to the worldwide devastation, said Impact Forecasting, noting that a significant proportion of …
Main Street America Promotes Osman; Appoints 4 Officers
- May 5, 2016, 2:56 pm
The Main Street America Group announced the promotion of one company officer to assistant vice president and the appointment of four new company officers, all of whom will be an assistant secretary of the super-regional property/casualty insurance carrier. They are: …
USI Insurance Acquires Hanratty & Associates in Minnesota
- May 5, 2016, 2:51 pm
USI Insurance Services has acquired Hanratty & Associates Inc. in Plymouth, Minn. The employees will remain at their current Plymouth location. Terms of the deal were not disclosed. Hanratty & Associates has been providing employee benefits and consulting for nearly …
Ferragamo SpA Sues Ex-Los Angeles Rams QB Over Winery Name
- May 5, 2016, 2:42 pm
Salvatore Ferragamo SpA, the Italian luxury goods maker, on Wednesday sued former Los Angeles Rams football quarterback Vince Ferragamo, saying he infringed its trademarks by operating his namesake winery in southern California. Consumers are likely to be confused into thinking …
U.S. Insured Catastrophe Losses from 13 Events in Q1 Add Up to Worst in Decade
- May 5, 2016, 2:39 pm
Catastrophe activity in the U.S. led to $3.8 billion in insured losses in 29 states during the 2016 first quarter, with much of the damage hitting Texas. Those events were the worst in a decade in terms of frequency and …
Judge Rejects Uber’s Independent Contractors Claim in Sex Attacks Suit
- May 5, 2016, 2:36 pm
Uber Technologies Inc.’s denial of responsibility for sexual assaults by drivers failed to derail a lawsuit brought by two women who say they were attacked last year. A San Francisco federal judge on Wednesday rejected the company’s claim that it …
Takata Ordered to Expand Recall in U.S. to 40 Million Air Bags
- May 5, 2016, 2:01 pm
Takata Corp. has been ordered to replace as many as 40 million additional air bags linked to deadly malfunctions, more than doubling what was already the biggest auto recall in U.S. history and putting more pressure on the troubled parts …
Gallagher’s Artex Acquires Quest Holdings (Gibraltar), Expanding Europe Foothold
- May 5, 2016, 12:48 pm
Bermuda-based Artex Risk Solutions* announced that it has acquired Quest Holdings (Gibraltar) Ltd., the largest insurance manager in Gibraltar. Founded in 2004, Quest specializes in providing services to insurance companies in Gibraltar, which provided the ability to operate throughout the …
U.S. Consumer Rules Would End Mandatory Arbitration Clauses That Limit Class Actions
- May 5, 2016, 12:30 pm
A U.S. consumer watchdog on Thursday proposed new rules to block credit card companies, banks and other companies from forcing customers to waive their rights to join class action lawsuits and only settle disputes through arbitration. The Consumer Financial Protection …
Meteorologists Retire Names of Deadly Erika, Joaquin, Patricia
- May 5, 2016, 11:59 am
The organization that names tropical storms and hurricanes says it will retire the names Erika, Joaquin and Patricia following the 2015 season. The World Meteorological Organization announced this week that Elsa and Julian will be used for future storms in …
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