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Today’s Insurance News
Source: Insurance Journal
Tornado Causes Extensive Damage in Coastal City of Revere, Mass.
- July 29, 2014, 4:56 pm

A storm system that wreaked havoc across the eastern U.S. spawned a tornado just north of Boston on Monday, causing extensive damage in the coastal city of Revere, where roofs were ripped off buildings and dozens of large trees were …

The article Tornado Causes Extensive Damage in Coastal City of Revere, Mass. appeared first on Insurance Journal.

Cost Of Fighting Washington Wildfires So Far: $50 Million
- July 29, 2014, 4:38 pm

The cost of fighting this season’s wildfires in Washington, including the largest one in the state’s history, has crossed the $50 million mark. Bolstered by the nearly 400-square-mile wildfire in north-central Washington, this year’s wildfire season has been widespread, with …

The article Cost Of Fighting Washington Wildfires So Far: $50 Million appeared first on Insurance Journal.

Boating, Rafting Operators at Tahoe Put out by Drought
- July 29, 2014, 4:35 pm

After first putting a damper on skiing and snowboarding in the winter, the drought now is taking a toll on boating and rafting around Lake Tahoe. Larry Boerner, owner of the paddlewheeler Tahoe Gal, said he can offer sightseeing cruises …

The article Boating, Rafting Operators at Tahoe Put out by Drought appeared first on Insurance Journal.

IFG Companies Names Doyle Managing Director in California
- July 29, 2014, 4:28 pm

IFG Cos. named Dennis P. Doyle as managing director in its property department. Doyle will be based in the Los Angeles, Calif. area and will participate in the opening of IFG’s new office in that region. He will help lead …

The article IFG Companies Names Doyle Managing Director in California appeared first on Insurance Journal.

Louisiana Parish Audit Finds Most School Bus Drivers Not Drug-Tested
- July 29, 2014, 4:27 pm

An internal audit has found that the Caddo Parish school system has been testing far fewer bus drivers than it should for drugs and alcohol. Federal regulations require random testing each year of at least half the employees with a …

The article Louisiana Parish Audit Finds Most School Bus Drivers Not Drug-Tested appeared first on Insurance Journal.

Louisiana Commissioner to Ridesharing Drivers: Check Insurance Coverage
- July 29, 2014, 4:25 pm

Louisiana Insurance Commissioner Jim Donelon is urging potential drivers for ridesharing services like Uber to make sure they closely check their insurance policies before signing up with one of the companies. The companies use mobile application software to link people …

The article Louisiana Commissioner to Ridesharing Drivers: Check Insurance Coverage appeared first on Insurance Journal.

Fireman’s Fund names Low National Practice Leader for Admitted Excess
- July 29, 2014, 4:20 pm

Fireman’s Fund Insurance Co. has named Mike Low as national practice leader in field underwriting for admitted excess for commercial lines. Low will direct agency relationships and ensure customer service in the admitted excess space. Low comes to Fireman’s Fund …

The article Fireman’s Fund names Low National Practice Leader for Admitted Excess appeared first on Insurance Journal.

Ohio-Based Motorists Insurance Group Promotes King, Kessler
- July 29, 2014, 4:20 pm

The Motorists Insurance Group has announced that two members of its executive team with responsibilities across the group of companies have been promoted to senior vice president. Anne King has been promoted to senior vice president, chief human resources officer …

The article Ohio-Based Motorists Insurance Group Promotes King, Kessler appeared first on Insurance Journal.

Brannan Appointed New Texas Workers’ Comp Commissioner
- July 29, 2014, 4:15 pm

Gov. Rick Perry appointed Ryan Brannan of Austin as commissioner of Workers’ Compensation at the Texas Department of Insurance (TDI), effective Aug. 1, 2014, for a term to expire Feb. 1, 2015. Brannan replaces Rod Bordelon, who is leaving the …

The article Brannan Appointed New Texas Workers’ Comp Commissioner appeared first on Insurance Journal.

Arthur J. Gallagher Appoints Jain as Chief Service Officer
- July 29, 2014, 4:06 pm

Itasca, Ill.-based Arthur J. Gallagher & Co. has appointed Vishal Jain as chief service officer and corporate vice president. Jain currently oversees the company’s service center operations. In this new role, he will lead Gallagher’s ongoing efforts to enhance customer service …

The article Arthur J. Gallagher Appoints Jain as Chief Service Officer appeared first on Insurance Journal.

Berkshire Hathaway GUARD Adds BOP Product in Illinois
- July 29, 2014, 3:17 pm

Berkshire Hathaway GUARD Insurance Companies (formerly known as GUARD Insurance Group) has begun offering businessowner’s policy (BOP) and umbrella coverage in Illinois.  The company already has an established presence in the state with workers’ compensation premium totaling about $10.5 million …

The article Berkshire Hathaway GUARD Adds BOP Product in Illinois appeared first on Insurance Journal.

Energi, HDI-Gerling America Extend Partnership for the U.S. Energy Industry
- July 29, 2014, 3:11 pm

Energi and HDI-Gerling America have entered into a multi-year agreement to extend their risk management and insurance programs to certain segments of the United States downstream, midstream and upstream energy markets. Energi provides distribution management, underwriting, policyholder services and loss control/engineering, while HDI-Gerling …

The article Energi, HDI-Gerling America Extend Partnership for the U.S. Energy Industry appeared first on Insurance Journal.

Marsh Revenue Grew 7% in Q2
- July 29, 2014, 2:58 pm

Marsh & McLennan Companies Inc., the global insurance and professional services provider, reported revenue growth of 7 percent in the second quarter. “This was our strongest quarterly revenue performance in two years, with all operating companies contributing,” said President and …

The article Marsh Revenue Grew 7% in Q2 appeared first on Insurance Journal.

New York Lawmakers Push for Airline Safety Devices
- July 29, 2014, 2:55 pm

Two U.S. legislators urged the government to study whether American passenger jets should be equipped with devices protecting them against missiles like the one that brought down a Malaysian airliner over Ukraine and projectiles fired near Tel Aviv’s airport. U.S. …

The article New York Lawmakers Push for Airline Safety Devices appeared first on Insurance Journal.

NCAA Offers $70 Million to Settle Sports Concussion Suits
- July 29, 2014, 2:36 pm

The National Collegiate Athletic Association would provide $70 million for concussion testing and diagnosis of current and former NCAA athletes as a part of an agreement to settle claims in several head-injury-related lawsuits. The settlement, which also includes educational initiatives …

The article NCAA Offers $70 Million to Settle Sports Concussion Suits appeared first on Insurance Journal.

West Virginia Drawing Up List of Dangerous Animals
- July 29, 2014, 2:18 pm

A board tasked with compiling a list of animals that are illegal to keep as pets in West Virginia will consider one that’s shorter than a list suggested earlier. Media outlets report the state Wild and Dangerous Animal Board will …

The article West Virginia Drawing Up List of Dangerous Animals appeared first on Insurance Journal.

Weekend Storm Destroys Homes in Tennessee; No Injuries Reported
- July 29, 2014, 2:13 pm

Powerful storms that raked across several states in the eastern U.S. on Sunday destroyed at least 10 homes in Tennessee, but there were no immediate reports of any deaths or injuries, authorities said. Spokeswoman Gina Breeding with the office of …

The article Weekend Storm Destroys Homes in Tennessee; No Injuries Reported appeared first on Insurance Journal.

Viewpoint: Systemically Risky Insurers Merit More Oversight But Not Bank Rules
- July 29, 2014, 1:47 pm

Could Warren Buffett’s Berkshire Hathaway Inc. threaten the stability of the financial system? The U.S.’s top regulators are asking themselves this question as they consider whether Berkshire and other large insurers should come under Federal Reserve oversight. The answer is …

The article Viewpoint: Systemically Risky Insurers Merit More Oversight But Not Bank Rules appeared first on Insurance Journal.

Total Cost of Risk for Businesses Rose 2% in 2013: RIMS
- July 29, 2014, 1:38 pm

The average total cost of risk (TCOR) for businesses rose two percent from $10.70 per $1,000 of revenue in 2012 to $10.90 per $1,000 of revenue in 2013. It is the third year in a row the cost trend has …

The article Total Cost of Risk for Businesses Rose 2% in 2013: RIMS appeared first on Insurance Journal.

Mass. Auto Insurance Rates Climb Back Up Despite Deregulation
- July 29, 2014, 1:09 pm

Auto insurance rates that fell sharply after deregulation in Massachusetts are climbing again. The Boston Globe reports that five years after Massachusetts began to allow insurers to set their own rates, the average premium was about the same as it …

The article Mass. Auto Insurance Rates Climb Back Up Despite Deregulation appeared first on Insurance Journal.

Obesity Linked to Increased Fatigue in the Workplace
- July 29, 2014, 12:20 pm

U.S. workplaces may need to consider innovative methods to prevent fatigue from developing in employees who are obese. Based on results from a study published in the Journal of Occupational and Environmental Hygiene (JOEH), workers who are obese may have …

The article Obesity Linked to Increased Fatigue in the Workplace appeared first on Insurance Journal.

Montpelier Reports $37 Million Q2 Net Income; $36 Million Operating
- July 29, 2014, 10:36 am

Bermuda-based Montpelier Re Holdings Ltd. reported operating income for the second quarter of $36 million, or $0.76 per common share. Net income was $37 million, or $0.78 per common share, which “included $12 million of realized and unrealized investment gains …

The article Montpelier Reports $37 Million Q2 Net Income; $36 Million Operating appeared first on Insurance Journal.

XL Group Posts $279.3 Million Q2 Net Loss; $279.6 Operating Income
- July 29, 2014, 10:32 am

The XL Group announced that its operating net income for the second quarter of 2014 was $279.6 million, or $1.02 per share, which produced “a net loss attributable to ordinary shareholders of $279.3 million including the loss on sale of …

The article XL Group Posts $279.3 Million Q2 Net Loss; $279.6 Operating Income appeared first on Insurance Journal.

Independent Agents Drawn to Tablet Applications: Channel Harvest
- July 29, 2014, 10:30 am

Many independent insurance agents say that tablet devices are going to be more important in the next couple of years — particularly for sales presentations and accessing carrier-based training. This is among the many findings in a new national survey …

The article Independent Agents Drawn to Tablet Applications: Channel Harvest appeared first on Insurance Journal.

S&P Report Finds Volume Increases as Prices Drop in the ILS Market
- July 29, 2014, 10:26 am

Standard & Poor’s Ratings Services will publish its annual “Global Reinsurance Highlights” publication to coincide with the 2014 Reinsurance Rendez-Vous in September. S&P said the report would “provide a detailed perspective on the market, focusing on the competitive pressures that …

The article S&P Report Finds Volume Increases as Prices Drop in the ILS Market appeared first on Insurance Journal.

Aon Benfield Analytics Releases Report on Lloyd’s
- July 29, 2014, 10:20 am

Aon Benfield Analytics’ Market Analysis team has launched its latest Lloyd’s Update report, covering the market’s business position in 2014, strategy over the next three years and financial results in 2013. The “key findings” in the report include the following: …

The article Aon Benfield Analytics Releases Report on Lloyd’s appeared first on Insurance Journal.

New IFRS Standard to Significantly Change Insurers’ Financial Reports: A.M. Best
- July 29, 2014, 10:12 am

“The emerging international accounting standard for insurance contracts will change the data that form one part of the material used by A.M. Best in the insurance sector,” the rating agency said in a Special Report. “The standard, known as Phase …

The article New IFRS Standard to Significantly Change Insurers’ Financial Reports: A.M. Best appeared first on Insurance Journal.

El Nino Odds Reduced by Australia as Tropical Pacific Cools
- July 29, 2014, 10:04 am

Australia cut the odds of El Nino, which brings drought to Asia and heavy rain to South America, after parts of the tropical Pacific Ocean cooled. The chance of the pattern developing this year is about 50 percent, the Bureau …

The article El Nino Odds Reduced by Australia as Tropical Pacific Cools appeared first on Insurance Journal.

QBE Falls Most in 7 Months Amid 18% Profit Decline Forecast
- July 29, 2014, 10:01 am

Australia’s QBE Insurance Group Ltd. slumped the most in seven months after forecasting an 18 percent decline in first-half earnings due to higher claims in Latin America and competition with other insurers. Net income will drop to around $390 million …

The article QBE Falls Most in 7 Months Amid 18% Profit Decline Forecast appeared first on Insurance Journal.

Hiscox Writes Less Reinsurance as Competition Hurts Pricing
- July 29, 2014, 9:56 am

Hiscox Ltd. Chairman Robert Childs said the Lloyd’s of London insurer is writing less “big ticket” reinsurance as excess capital pushes rates lower. The second-largest Lloyd’s insurer by market value reported a 22 percent drop in gross written premiums at …

The article Hiscox Writes Less Reinsurance as Competition Hurts Pricing 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.