Oct 28, 2010

Daily Headlines: Thursday, October 28, 2010

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Insurance Journal Daily Headlines
October 28, 2010
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

Ex-Marsh Executives, Convictions Tossed, Sue for Bonuses

Two former Marsh & McLennan Cos. executives, whose criminal convictions in an insurance bid-rigging scheme were thrown out, sued their...

AIG Announces Contingency Plan for CEO Benmosche

The board of bailed-out insurer American International Group on Wednesday said Chairman Steve Miller would become interim chief executive if...

Berkley: Country's State of Mind Will Drive Economic Recovery

Economic recovery in the United States is now very dependent on the state of mind of the American public and its business leaders, according...

Oak Street Funding Sold to Private Equity Group Angelo, Gordon & Co.

Indianapolis-based Oak Street Funding, one of the largest insurance lending firms for the insurance industry and insurance agencies, has...

How Insurance Agents Help Keep the Scare In Halloweeen Events

Halloween is scary fun for kids—and for some insurance agents, too. These insurance professionals make sure their clients who manage...

Chubb Establishes Healthcare Information Technology Program

Health care reform has spawned a host of privacy, information security and other liability exposures for the emerging healthcare information...

From MyNewMarkets.com Markets in Motion: Environmental Liability Coverage

When the financial crisis and subsequent recession hit, many businesses cut back on expenses by leaving off some insurance coverages they...
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East

Virginia Firm Eyes High Tech Fix for Distracted Driving

Despite a public outcry over drivers who text, talk and e-mail that has prompted dozens of states to ban the practice, enforcing those laws...

Massachusetts Town Settles Discrimination Suit for $1M

The town of Framingham has agreed to pay $1 million to settle a discrimination lawsuit filed by a social services agency that wanted to open...

Crump Names Kagan as Carrier Relations Head

New Jersey-based insurance wholesaler Crump has hired Adam Kagan as chief market relations officer. Kagan will work with Crump's wholesale...
Midwest

Midwest Pummeled by Storms

A massive storm making its way through a big chunk of the United States brought a bit of everything: strong winds, rain, tornadoes and now...

Foremost Insurance Group Joins Trusted Choice

Michigan-based Foremost Insurance Group is the newest member to join the Trusted Choice consumer branding program for independent insurance...

Safeco Insurance Expands in Missouri

Safeco Insurance, a member of Liberty Mutual Group, has opened its new office in Fenton, Mo. Liberty Mutual also plans to hire 100...
Southeast

Mississippi Executive Wins $103 Million in Lawsuit Against Lawyer

A Mississippi businessman has been awarded $103 million in a lawsuit against the Chicago-based law firm that he accused of defrauding his...
Texas / South Central

Court Orders Employer to Pay $100K to Texas Mutual

A Travis County district court has sentenced Joffrey Majors of Parker, Texas on workers' compensation fraud-related charges. The court...

Allstate: Texas House Fires Drop by 15%

The frequency of Texas home fires dropped 15 percent among Allstate customers during the first half of 2010, when compared to the same...
West

Insurers Boost Calif. Economy By $30.1 Billion

California has a $1.85 trillion economy that ranks it as a global financial power, thanks in part to a multi-billion dollar boost from the...

Number of Californians Hit by Cars Jumps 25% On Halloween

The number of people in California hit by cars jumps 25 percent on Halloween versus the rest of October, according to Allstate Insurance Co....

Arizona Council of NAIW Elects New Officers

The Arizona Council of the National Association of Insurance Women has elected Betty Watson of Passey-Bond Co. in Mesa as Arizona Council...

The Buckner Co. Named One of Utah's Fastest Growing Companies

The Buckner Co. has been honored for the second yar in the row by the Mountain West Capital Network's Utah 100 Event. MWCN has organized the...
International

Global Regulators Call for Curbs on Credit Rating Agencies

Global regulators called on national authorities on Wednesday to curb the role of credit rating agencies in the financial system,...

Canada's Sun Life Selling Reinsurnace Unit to Berkshire Hathaway

Canadian insurer Sun Life Financial Inc. said Wednesday it would sell its reinsurance business to Warren Buffett's Berkshire Hathaway after...

ACE Q3 Net Income of $675 Million, up 37%; Operating $688 Million

ACE Limited reported net income for the quarter ended September 30 of $675 million, compared to $494 million in Q3 2009, a 37 percent gain....

Fish Processing Ship with 111 Aboard on Fire off UK

A fish processing ship with 111 people aboard was ablaze Wednesday in the Atlantic Ocean off England's southwestern tip, British coast...

RenaissanceRe Q3 Net Income $204.8 Million; Operating $90.9 Million

Bermuda-based RenaissanceRe Holdings Ltd reported net income available to common shareholders of $204.8 million or $3.70 per diluted common...

Aspen Q3 Net Down 36% at $92.8 Million; Conference Call Today

Bermuda-based Aspen Insurance Holdings Limited reported net income after tax for the third quarter of 2010 of $92.8 million and operating...

UK Insurance Broker Jailed over Costa Rican Corruption

A London-based insurance broker has been jailed after admitting making or authorizing corrupt payments worth almost $2 million to officials...

IAG Reaffirms Fiscal Year 2011 Earnings Guidance

Insurance Australia Group Limited (IAG) Managing Director and CEO, Mike Wilkins has advised the Group's shareholders that, after the...

Ratings Roundup: Dah Sing, Qualitas, Nissan Global

A.M. Best Co. has affirmed the financial strength rating of 'A-' (Excellent) and issuer credit rating of "a-" of Bermuda-based Dah Sing...
Insurance Journal Blogs

Anatamy of a large account sale

This October marks my 31stnd anniversary in the insurance industry. Many things have changed since my first insurance sale. Initially, my...

Defining Your Core Values Part II - Small Agencies In Small Towns

I have worked with a number of individuals who are great entrepreneurs whose companies have grown rapidly and out-of-control. It is so very...

Defining Your Core Values - Small Agencies In Small Towns

The question I continue to be asked is how do I make sure that employees will take care of my customers the same as I do. We have previously...

Shark Proof

Shark Proof The first 30 days following a new sale can be a very vulnerable stage in the sales cycle. Many lost clients have been won back...

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W.R. Berkley: Economic Recovery Depends on Country's State of Mind

Economic recovery in the United States is now very dependent on the state of mind of the...

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New Discussions in the Forums

Offroad Racing Insurance
Posted: Wed Oct 27 -- I compete in an offroad racing series on the east coast. Our league is wrapping up it's final season with a final race in November.... christhompson
Agency Management System
Posted: Wed Oct 27 -- Thanks for all of your feedback. It is awesome! For those that use Instar, how do u like it? I also did confirm with the sales rep it runson... koctail
State Farm Commission Structure
Posted: Wed Oct 27 -- Problem is, the retirement plan that he enjoys is loooong gone with the new contracts. Rochambeau
Insured/policyholder dies - what to do?
Posted: Wed Oct 27 -- "Call the next of kin. Tell them what policies you have on the deceased. Let them know you are the point... FFA
Massachusetts Credit Scoring
Posted: Tue Oct 26 -- I do know of a few companies that have violated the rules. EVERYTIME they have been spanked solidly and quietly by the DOI. I would suggest... mica.cooper

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