Nov 1, 2010

Daily Headlines: Monday, November 1, 2010

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Insurance Journal Daily Headlines
November 1, 2010
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Today's Headlines

National

AIG Raises Enough to Pay Off New York Fed Credit Line

Bailed-out insurer AIG raised $27.71 billion cash in 10 days with the initial public offering of its Asian life business AIA and the sale of...

Halliburton's BP Defense Hurt By Criticism of Cement Work

New criticism of Halliburton Co.'s work on BP Plc's blown-out Gulf of Mexico well could make it harder for the world's second-largest...

CNA Q3 Loss Driven by Asbestos Charge

CNA Financial Corp. announced third quarter 2010 results, which included a net operating loss of $158 million, and net loss of $140...

CNA to Buy Remaining Shares of Surety Unit

CNA Financial Corp. has proposed to acquire all of the outstanding shares of common stock of CNA Surety Corp. that are not currently owned...

U.S. Equivalence for EU's Solvency II Regulations on Hold; AIA Comments

The European Commission has issued a formal letter on Solvency II equivalence to the Committee of European Insurance and Occupational...

Sources Report SCOR, RGA in Race to Acquire Aegon's Transamerica Re

French reinsurer SCOR Group and Reinsurance Group of America (RGA) are in the race to buy Dutch insurer Aegon NV's Transamerica Reinsurance...

MMD Insurance Creates Product Liability Coverage for Medical Cannabis Industry

MMD Insurance Services, in conjunction with carriers, dispensaries and select product manufacturers set out to establish new standards and...

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...
101 Sales and Marketing Ideas: Free for Download on IJ's Interactive Digital Edition Available on iPad and Online. Click here for more information.
East

Pennsylvania Woman Sues Gas Driller, Claims Water Tainted

A Pennsylvania woman is suing natural gas driller Chesapeake Energy Corp. and two of its subsidiaries, claiming that drilling near her rural...

New Jersey Man Gets Three Years in Auto Give Up Scheme

A New Jersey man has been sentenced to three years in prison for lying to police and insurance company and falsely claiming his car was...

First Niagara Acquires Summit Insurance Group

New York-based First Niagara Risk Management has acquired Summit Insurance Group and Summit Benefits, both of Pennsylvania, for an...
Midwest

New Michigan Law Targets 'Super Drunk' Drivers

A new Michigan law that doubles the jail sentences and license suspensions for first-time offenders who drive after drinking excessively is...

Illinois DOI to Increase Scrutiny of Health Insurance Premium Hikes

The Illinois Department of Insurance announced new reporting requirements for premium increases proposed by Illinois health insurers. The...
Southeast

North Carolina Alleges Granddaughter Took Grandma's Fire Insurance Funds

A North Carolina woman has been arrested on charges that she took insurance claim checks from an October 2009 house fire that destroyed her...
Texas / South Central

Former LSU Lineman Suing Lloyd's over $2M Insurance Policy

Former Louisiana State University offensive lineman Ciron Black is seeking $4 million in a lawsuit claiming that underwriters at Lloyd's of...

Dean & Draper Acquires John S. Dunn & Son Insurance Agency

Houston-based Dean & Draper Insurance Agency LP announced it has completed an agreement to acquire John S. Dunn & Son Inc., one of...

Montalvo Insurance Agency Named Weslaco's 2010 Business of the Year

Montalvo Insurance Agency in Weslaco, Texas, has been named 2010 Business of the Year by the Weslaco Area Chamber of Commerce. Montalvo...
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West

Buckner and Peterson Receive Patriot Award

The Buckner Co.'s President and CEO Terry H. Buckner and Employee Benefits Sales Executive Rich Peterson have received a Patriot Award from...
International

Haiti Braces as Hurricane Tomas Roars through Caribbean

Authorities Sunday urged hundreds of thousands of Haitians living in crowded tent camps to seek new shelter as Hurricane Tomas roared across...

Best's Katsipis Views on Reinsurance, Solvency II and U.S. Equivalence

At the conclusion of A.M. Best's Conference on the European Insurance Market, the IJ caught up with Vasilis Katsipis, the rating agency's...

CCRIF Estimates $12.8 Million in Caribbean Losses from Tomas

Whether Tomas passed through the eastern Caribbean as a hurricane or a tropical storm is rather irrelevant, as, whatever it was, it caused a...

Guernsey Signs Tax Information Exchange Agreement with China

A delegation from China, headed by Xiao Jie, Commissioner of the State Administration of Taxation, People's Republic of China, has concluded...

Zurich Finalizes Acquisition of Indonesian Life Insurer

Zurich Financial Services Group announced that its subsidiary Zurich Insurance Company Ltd has completed the acquisition of 80 percent of PT...

Endurance Promotes Anderson to Sr. VP

Endurance Risk Solutions, unit of Bermuda-based Endurance Specialty Holdings, has promoted Gina Anderson to Senior Vice President, Excess...
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

Brokers fees becoming more common?
Posted: Fri Oct 29 -- Odd question here: Are broker fees more common in some states than others? We were just referred a business whose owners live in the... marty202
Condo Association: BOP vs. Package?
Posted: Fri Oct 29 -- One item I can think of is BOPs normally require 100% insurance to value, and CPP normally is 80% coinsurance, besides maybe getting agreed... NYagent301
Agency Management System
Posted: Fri Oct 29 -- We use Partner XE, and the previous version Partner 6. previously since 2005. The system is functional and easy to use. They were having... fchelf
State Farm Commission Structure
Posted: Thu Oct 28 -- OK Rochambeau... I blew my cover! Yikes. But these aren't rants, they are TRUTH. It is inconceivable to me that Corporate State Farm in... OmniSure
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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