Nov 18, 2010

Daily Headlines: Thursday, November 18, 2010

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Insurance Journal Daily Headlines
November 18, 2010
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

Feds Urges All States to Require Motorcycle Helmets

Federal safety officials are calling on states to require all motorcycle riders to wear helmets, citing a surge in fatalities since the late...

BP Could Gain Claimants' Rights to Sue Other Oil Spill Firms

Claimants to BP Plc's $20 billion oil spill fund may soon be required to transfer to the company their right to sue other defendants, a move...

How an E&O Claim Could Affect Agency Employee's Career

Today's soft insurance market, reduced commissions and a tough economy for agency owners and their clients might be adding to agency errors...

Some Vestiges of Patent Infringement Coverage Remain

Despite multiple changes in general liability insurance forms, redefined offenses, and the addition of exclusions, there are still instances...

Property/Casualty Insurance Premiums Grew Modestly in Q3

The U.S. property and casualty industry continued to experience modest growth in premiums written while essentially breaking even on...

Chubb Enhances Insurance Package for Cultural Institutions

The Chubb Group of Insurance Companies has expanded the features available under its Customarq for Cultural Institutions package policy. The...

Aspen Insurance Adds Inland Marine, Ocean Marine Cargo Insurance

Aspen Insurance now offers inland marine and ocean marine cargo insurance products in the United States. Aspen will utilize both broker and...

From MyNewMarkets.com Global Economic Rebound Will Boost Demand for Political Risk Coverage, Say Underwriters

While the rest of the insurance market struggles to come out of what seems to be a never-ending soft market, pricing for political risk...
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East

New York Court Validates Resale of Life Insurance Policies

New York's highest court Wednesday said it was legal for residents of the state to take out life insurance on themselves and immediately...

New York Insurance Association Elects New Leadership

The New York Insurance Association elected new officers and directors at its annual meeting last week. Richard Zick, president and CEO of...
Midwest

Deaths, Injuries Among Midwest Grain Workers Hit Record

Accidents in grain silos, storage bins and other facilities killed and injured a record number of workers through October this year, a study...

Bekan Insurance Group Joins ISU Network

ISU International has added Bekan Insurance Group to the ISU Network. Founded in 1992 and owned by Jim Langen II, ISU Bekan Insurance Group...

Blue Cross Rate Increase Temporarily Blocked in Michigan

An Ingham County Circuit judge has stopped Blue Cross Blue Shield of Michigan from implementing rate increases as high as 66 percent for...
Southeast

Hulk Hogan Adds Ex-Wife as Defendant in Insurance Broker Suit

Celebrity wrestler Hulk Hogan's attorneys have added his ex-wife as a defendant to a lawsuit against his insurance broker for allegedly...

Judges' Mediation of Massey Pollution Case Fails in West Virginia

A lawyer for the plaintiffs says attempts to settle a long-running water pollution lawsuit against Massey Energy Co. have failed. Two judges...

Watters Named President of Patriot Underwriters

Patriot National Insurance Group has named Dean D. Watters as president of its subsidiary Patriot Underwriters, Inc. In his new role,...
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Texas / South Central

Lee Appointed VP, Corporate Treasurer at HCC Insurance Holdings

Houston-based HCC Insurance Holdings Inc. has promoted Jonathan Lee to vice president and treasurer. Lee has been with HCC for almost 15...

Insurance Network of Texas a Top Family Business of 2010

Insurance Network of Texas is one of Baylor University's Institute for Family Business 2010 Texas Family Business of the Year award...
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West

Washington, Oregon Rank High in Promoting Roadway Safety

Many states are making progress toward making roads safer, but Oregon and Washington do the best of promoting roadway safety with traffic...

Calif. Agent Association Wants to Phase-In New License Requirements

Insurance Brokers and Agents of the West (IBA West) is working to persuade the California Department of Insurance to phase-in implementation...

Hiscox/Employers Partner to Provide Workers' Comp to Small Businesses

Hiscox USA and Reno, Nev.-based Employers have joined forces to provide small businesses workers' compensation insurance through Hiscox...
International

'Recruitment Scam' Hits Lloyd's; Warning Issued

Lloyd's has posted a warning on its web site that it has discovered it's "subject to a recruitment scam (Recruitment Fraud) in which people...

RenaissanceRe to Sell U.S. Insurance Operations to QBE

Bermuda-based RenaissanceRe Holdings Ltd. announced that it has "entered into a definitive agreement with QBE Holdings, Inc. to sell its...

EU to Give Insurance Industry More Time to Prepare for Solvency II

European Union regulators look set to bow to insurance industry demands for more time to adjust to new solvency rules, with the head of the...

Qantas Says Global A380 Fleet Needs to Replace up to 40 Engines

About 40 Rolls-Royce engines used in the world's fleet of Airbus A380 aircraft may need to be replaced to ensure safety after one such...

CCRIF Details Payments to Members for Tropical Cyclone Tomas

The Caribbean Catastrophe Risk Insurance Facility (CCRIF) announced that it has completed insurance payments to the Governments of Barbados,...

Hong Kong Broker Houlder Insurance Joins Assurex Global

Assurex Global, the international network of independent insurance brokers, has added Houlder Insurance Brokers Far East Limited of Hong...

Best Affirms Aioi Nissay Dowa 'A' Ratings; Outlook Stable

A.M. Best Co. has affirmed the financial strength rating of 'A '(Excellent) and issuer credit rating of "a+" of Japan's Aioi Nissay Dowa...
Insurance Journal Blogs

Branding Passion

Recently, I have been working with a client on branding. When you think about creating a brand, where do you begin? The word "Brand" in our...

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William R. Berkley: Insurance Pricing Cycle Due for a Change

William R. Berkley, founder, chairman and CEO of the W.R. Berkley Corp. believes the current...

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New Discussions in the Forums

SIAA vs. Cluster?
Posted: Wed Nov 17 -- I spent many years writing personal lines as a captive agent in Massachusetts. A few years ago I opened my own independent agency (also in... mygolden
CA redsidential Earthquake
Posted: Wed Nov 17 -- Who offers residential EQ besides the CEA and Geovera? JAM
Agency Management System
Posted: Wed Nov 17 -- We have been on TAM forever as well. We currently have 5 users. We are NOT Tam online. We pay $581 per months which is in line with your... yoyowordup
Direct mail
Posted: Wed Nov 17 -- For an economy going through a downturn, marketing and advertising expenses regress across majority of industries. On the other hand, there... seo-marketing
Umbrella underlying limits
Posted: Tue Nov 16 -- ...It would be a $1m self insured retention. azcompanyman
Advice on purchasing a small agency in California
Posted: Tue Nov 16 -- The formula for 'multiple of commission' is generally used in small agency structures, where the owner/principal/agent/producer is often the... d's insurance store
Who's Covered?
Posted: Tue Nov 16 -- Well, you've asked a really great question. Actually, you've asked a few good questions here. First, renters insurance covers property that... waltmarkers
Average premium volume
Posted: Thu Nov 11 -- Depends on the competition in the area as well. Easy for someone to say you should be able to grow at 500k to 1mil pace per year. Most of... D-man

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