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Today’s Insurance News
Source: Insurance Journal
ITC Agent Conference to Feature Panel of Online Insurance Aggregators
- February 5, 2016, 7:36 pm
Insurance Technologies Corporation (ITC), a Carrollton, Texas-based provider of agency marketing, rating and management software and services, announced that a panel of online aggregators will present the keynote address at ITC Agent Conference 2016. The panelists include Google Compare, Compare.com, …
Delaware Officials Look at Health Exchange Enrollment
- February 5, 2016, 5:59 pm
Delaware officials are still awaiting final numbers from the federal government, but say enrollment on Delaware’s health insurance exchange appears to be increasing. Sunday was the deadline to sign up for exchange coverage this year under the Affordable Care Act. …
The Hanover Insurance Group Posts $77M Q4 Profit
- February 5, 2016, 5:58 pm
The Hanover Insurance Group Inc. posted Thursday net income of $77.6 million for the 2015 fourth quarter, down 13 percent from $89.9 million net income during the 2014 fourth quarter. The Worcester, Massachusetts-based insurer said net income for the full-year …
Federal Disaster Declaration OK’d for 3 More Oklahoma Counties
- February 5, 2016, 5:55 pm
Oklahoma Gov. Mary Fallin says the federal government has approved the state’s request for disaster assistance to three more counties as a result of damage from a November ice storm. Fallin said that the Federal Emergency Management Agency agreed to …
Fatal Explosion at ‘Texas’ Musical Venue Leads to OSHA Citations
- February 5, 2016, 5:45 pm
Federal safety regulators have cited a performing arts employer after 21-year-old worker died following a pyrotechnics explosion at a musical venue in Canyon, Texas. Texas Panhandle Heritage Foundation Inc. was cited for six serious violations as a result of the fireworks explosion at …
Chicago’s Metra Rail to Miss 2018 Rail Safety Technology Deadline
- February 5, 2016, 5:42 pm
The Metra commuter railroad will miss a 2018 deadline for installing safety technology on all of its Chicago-area routes, but said it still expects to meet its obligations under a federal law requiring the expensive and complex updates. Metra is …
Missouri Governor: 96% of St. Louis Area Flood Debris Removed
- February 5, 2016, 5:41 pm
Missouri Gov. Jay Nixon says the vast majority of debris that resulted from flooding in the St. Louis area has been cleared. Nixon said Feb. 3 that 96 percent of identified flood debris has been removed from the St. Louis …
Chicago Area Roofer Fined $115K for Multiple Safety Violations
- February 5, 2016, 5:39 pm
The U.S. Department of Labor’s Occupational Safety and Health Administration has cited a Norridge, Ill., roofing contractor after inspectors saw employees working on residential roofing projects without fall protection at two Chicago area job sites within a month. The agency issued three repeated, one willful and …
Illinois-Based The Insurance House Adds Edwards
- February 5, 2016, 5:37 pm
The Insurance House, located in Marion, Ill., has hired Meagan Edwards as a customer service representative. Edwards has been a licensed insurance agent for nearly 10 years. Founded in 1936, The Insurance House handles a variety of insurance products including home, …
Hartford Steam Boiler Launches Cyber Product for Mid-Size Companies
- February 5, 2016, 5:34 pm
The Hartford Steam Boiler Inspection and Insurance Co. (HSB), part of Munich Re, has introduced HSB Total Cyber, a stand-alone insurance product that offers mid-size companies direct coverage for multiple types of data and cyber exposures. The coverage is designed …
Numerous Tornadoes Strike Southeast, Damage More Than 90 Homes
- February 5, 2016, 5:28 pm
The National Weather Service says at least four tornadoes struck rural areas of western Alabama on Tuesday. NWS reports four tornadoes also touched down Tuesday in eastern Mississippi. Officials say an EF2 tornado struck the McMullen community in Pickens County, …
Viewpoint: Tremendous Opportunity for N.Y.’s Department of Financial Services
- February 5, 2016, 5:22 pm
The New York State Senate will be considering Governor Andrew Cuomo’s nominee Maria Vullo for the position of financial services superintendent. This nomination is only the start of a wave of potential change at the Department of Financial Services (DFS) …
New Jersey Manufacturers Insurance Co. Ratings Downgraded a Notch
- February 5, 2016, 4:49 pm
New Jersey Manufacturers Insurance Company’s stellar financial strength rating has been downgraded a notch by A.M. Best, based on concerns about its underwriting and operating performance. The workers’ compensation and commercial auto insurer now has a financial strength rating of …
12.7 Million Sign Up for Coverage on Health Insurance Exchanges: HHS
- February 5, 2016, 3:27 pm
About 12.7 million Americans signed up for 2016 health insurance coverage through the government insurance exchanges, surpassing its expectations, U.S. Health and Human Services Secretary Sylvia Burwell said on Thursday. The government began offering subsidies for individual insurance in 2014 …
Ironshore Promotes Shapiro to Head Public Entity Practice
- February 5, 2016, 3:14 pm
Ironshore Inc.’s Specialty Casualty unit has named Merle E. Shapiro to the position of product line manager for Public Entity lines.  She will be responsible for expanding Ironshore’s Public Entity practice and building upon its platform of serving municipal and …
UK’s RSA Forms Partnership with Wipro to Provide IT Infrastructure
- February 5, 2016, 2:57 pm
UK-based RSA announced a new, seven-year partnership with Wipro Ltd. to deliver its IT infrastructure requirements across the UK, Ireland and Scandinavia. Bangalore, India-headquartered Wirpo, a global information technology, consulting and business process services company, will provide infrastructure for mainframe, …
P/C Commercial Rates Fell 4% in January
- February 5, 2016, 2:23 pm
Rates for commercial property/casualty insurance fell four percent in the first month of the new year, continuing a downward trend that is unlikely to halt anytime soon, according to Richard Kerr, CEO of MarketScout. “Commercial property insurers are getting ready …
Aon Reports 27% Rise in Q4 Net Income; 1% Decline During Full Year
- February 5, 2016, 2:19 pm
London-based Aon plc reported net income attributable to Aon shareholders in the fourth quarter of 2015 was $584 million, or $2.09 per share, a 27 percent increase from $459 million, or $1.56 per share, reported during for the prior year …
P/C Insurer Results: Profit Inched Up in First 9 Months of 2015
- February 5, 2016, 1:54 pm
Private U.S. property/casualty insurers’ net income after taxes grew to $44.0 billion in the first nine months of 2015 from $37.8 billion in nine-months 2014, with insurers’ overall profitability as measured by their rate of return on average policyholders’ surplus …
In MetLife Breakup, Who Gets Snoopy the Dog?
- February 5, 2016, 1:36 pm
Breaking up is hard, especially when long- time partners have to decide who gets financial assets, property or even a pet. The split could be trickier, still, when one of the world’s most beloved dogs is involved. MetLife Inc. Chief …
India Joins Nuclear Liability Pact, Opening Door to Foreign Reactor Investments
- February 5, 2016, 1:11 pm
India’s decision to join a global treaty on nuclear accident liability may help it woo reactor suppliers, including Westinghouse Electric Co. and General Electric Co., that have been reluctant to sell technology to the nation. The country ratified the Convention on …
Insured Property Loss from UK Storms Eva & Frank Estimated at $767.7M: PERILS
- February 5, 2016, 12:25 pm
The initial estimate of the insured property market loss for UK flood damage during the period from Dec. 25, 2015 to Jan. 14, is £526 million ($767.7 million), according to PERILS, the independent Zurich-based organization providing industry-wide catastrophe insurance data. …
Chubb Names Country Presidents to Lead Continental European Operations
- February 5, 2016, 11:12 am
Chubb has appointed the country presidents who will lead its operations in Continental Europe, with immediate effect. The country presidents will report to Jeff Moghrabi, division president, Continental Europe. These and other appointments in the region are listed below: France. …
Chinese Industrial Firms Will Lead Insurance M&A in 2016, to Grow Beyond Asia
- February 5, 2016, 10:16 am
China’s biggest industrial companies want to buy insurers in 2016 as they seek to grow outside Asia as the domestic economy slows and falling insurance rates prompt more firms to do deals, according to Willis Towers Watson Plc. “We’ve been pretty active …
Oklahoma Utility: Poor Workmanship on Gas Pipeline Caused House Explosion
- February 5, 2016, 6:54 am
A gas utility has said bad workmanship was the cause of a Jan. 2 pipeline explosion that obliterated a northwest Oklahoma City home, damaged dozens of others and severely injured a man. Oklahoma Natural Gas cited a 3.5 inch crack …
Tennessee Disciplines 3 Insurance Agents for Violations, Fraudulent Conduct
- February 5, 2016, 6:36 am
The Tennessee Department of Commerce & Insurance (TDCI) announced disciplinary actions against three former Tennessee licensees for the intentional misrepresentation of policy terms, forgery, and the use of fraudulent conduct in the business of insurance. The punishments were the result …
Aspen MGA to Acquire Midlands Management’s Texas Personal Auto Book
- February 5, 2016, 6:09 am
Aspen Managing General Agency (MGA) and Midlands Management of Texas announced that Aspen MGA has acquired the renewal rights of the Texas personal auto business currently managed by Midlands Management. Richard Bird, chief operating officer of Midlands Management, commented saying …
Jury Awards $23M to Unarmed Man Shot by Florida Cop
- February 5, 2016, 6:04 am
A federal jury awarded $23.1 million on Wednesday to a 22-year-old black man who was unarmed when he was shot and paralyzed by a sheriff’s deputy, but Florida lawmakers will have to approve any award above $200,000. The six-woman, two-man …
Florida Declares Emergency After at Least 9 Reported Cases of Zika Virus
- February 5, 2016, 5:39 am
Florida Gov. Rick Scott declared a health emergency in four counties Wednesday after at least nine cases of the mosquito-borne Zika illness were detected in Florida. Health officials believe all of the cases are from people who contracted the disease …
California Commissioner Explains Call for Insurer Divestment from Coal
Don Jergler - February 5, 2016, 12:32 am
One can say California Insurance Commissioner Dave Jones has a beef with coal. Jones made a bold move on Jan. 25 when he asked all insurance companies doing business in California to voluntarily divest from their investments in thermal coal …
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