Nov 2, 2010

Daily Headlines: Tuesday, November 2, 2010

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Insurance Journal Daily Headlines
November 2, 2010
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

Election Will Mean New Faces in State Insurance Commissioner Jobs

Tuesday's elections could have ramifications for a number of state insurance commissioner posts across the country. Nationwide, 11...

Treasury Says Taxpayers to Profit from AIG Bailout

Insurer American International Group will get up to $22 billion more in U.S. taxpayer funds in a restructuring that will pay off the Federal...

Can Republicans Repeal U.S. Healthcare Overhaul?

Republicans have vowed to repeal and replace President Barack Obama's healthcare overhaul -- or at least obstruct many of its provisions --...

Why Economy's Growth Isn't Easing Unemployment

An economy growing 2 percent a year might be tolerable in normal times. Today, it's a near-disaster. A growth rate of 5 percent or higher is...

Agency Saved From the Storm By Cloud Technology

"In the midst of a disaster, our customers count on us to get our jobs done ... No excuses!" That promise by County Wide Insurance, a...

Ohio Mutual Insurance to Acquire New England's Casco Indemnity

Ohio Mutual Insurance Group (OMIG) has reached an agreement to acquire N.E. Corp. and its wholly-owned subsidiary Casco Indemnity Co., a...

IronHealth Launches Protection for Risk Exposure of Government Audits

IronHealth, the specialty healthcare unit of Ironshore Inc., has introduced a government billing errors & omissions solution that helps...

Liberty Mutual Introduces Monoline Equipment Breakdown Product

Liberty Mutual expands its equipment breakdown (EB) offering with the launch of PowerPro Select, an expansive monoline product for companies...

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

Connecticut Insurance Commissioner Resigns

Connecticut Insurance Commissioner Thomas Sullivan has resigned from his position as the Nutmeg State's top insurance regulator. Sullivan, a...

Report Looks at Use of New Hampshire Insurance Group's Funds

A preliminary state report says New Hampshire's Local Government Center may have violated the law by reorganizing improperly and by failing...

AIM and Quincy Mutual Launch Underwriting Alliance

A.I.M. Mutual Insurance Companies and Quincy Mutual Group will join forces to to create the Commercial Solutions Underwriting Alliance, a...
Live webinar tomorrow - Annual Policy Reviews and Effective Cross Selling
Midwest

State Auto Reports Drop in Income, Higher Combined Ratio in Q3

State Auto Financial Corp., headquartered in Columbus, Ohio, reported third quarter 2010 net income of $0.2 million, or $0.00 per diluted...

Westrope Acquires Midwestern General Agency

Wholesale insurance broker Westrope has acquired the assets of Midwestern General Agency, a binding authority and small brokerage operation,...

Peraino Appointed Director at National Interstate Corp.

Richfield, Ohio-based National Interstate Corp. has named Vito Peraino to its board of directors upon the retirement from the board of James...
Southeast

Alabama Weighs 12.4% Drop in Workers' Compensation Costs

Alabama insurance officials will consider an industry proposal to lower workers' compensation loss costs in the state at a public hearing...

Kentucky Farm Bureau Grows to 500K Members

Kentucky Farm Bureau (KFB) in October surpassed the half-million membership mark for the first time in the organization's 91-year...
Live webinar thursday- Understanding Cyber Liability
Texas / South Central

Insurance Premiums Paid by Texans Dipped Slightly in 2009

The property/casualty insurance industry in Texas experienced a "ho hum" year in 2009 with soft market pricing and a difficult economy...

Medical Group Earns $788K Texas Mutual Dividend

Texas Mutual Insurance Co. announced a $788,170 dividend to the Texas Medical Group (TMG). The workers' compensation purchasing group...
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West

Employers Holdings Financial Strength Rating Affirmed at 'A-'

Insurance rating bureau A.M. Best has affirmed the financial strength rating of Reno, Nev.-based Employers Holdings Inc.of A- (Excellent)...

Ross Joins Gallagher Benefit Services' Denver Office

Gallagher Benefit Services Inc. of Denver announced that employee benefits expert Dutch Ross has joined the office as a senior client...

Oregon DCBS Director Leaving in January

Oregon Department of Consumer and Business Services (DCBS) Director Cory Streisinger announced she will leave her position at the end of...
International

Canadian Insurers' Earnings Results Seen Stronger, but 'Messy'

Low interest rates and write downs are expected to lead to another messy quarter for Canada's insurers, but recent stock market strength...

ABI Comments on Report on Lawyers Professional Liability Coverage

The Association of British Insurers has welcomed the publication of an independent report on the need for changes to the solicitors'...

AXIS Capital Reports $239 Million Q3 Net Income; $164 Million Operating

Bermuda-based AXIS Capital Holdings Limited reported net income available to common shareholders for the third quarter of 2010 of $239...

Flagstone Reports $37.3 Million Q3 Net Income; $82 Million for 9 Months

Flagstone Reinsurance Holdings, S.A., which is domiciled in Luxembourg, reported net income attributable to common shareholders for the...

S&P Sees No Effect on AXIS' Ratings from Change in CFO's

Standard & Poor's Ratings Services announced that its ratings on Bermuda-based AXIS Capital Holdings Ltd. (A-/Stable/--) and its...

Rogers to Lead Marsh ProBroker; Reid is Commercial Underwriting Mgr.

Marsh's London office announced the appointment of Mike Rogers as head of Marsh ProBroker, its UK community of independent brokers. He joins...

Whitaker Named Sr. VP of Marsh Global Market Relationship Team

Marsh's London office announced the appointment of Cath Whitaker to the position of senior vice president in the International Division of...
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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...

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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

Done with CPCU 510 & 540, which one next???
Posted: Tue Nov 2 -- I work for The Institutes, @foofin. First of all, I'm pleased that you're considering the CPCU program. We do offer our own SMART study aids... skryan
Massachusetts Credit Scoring
Posted: Tue Nov 2 -- What's the significance of NCOIL? Doesn't the NAIC make model laws that most commissioners agree to? kcharette
GA's binding responsibility
Posted: Mon Nov 1 -- Question: if you send a request to bind to a GA with all "subject to" documents, when should you reasonably expect the binder? i.e you sent... edmundich
State Farm Commission Structure
Posted: Mon Nov 1 -- For the uninitiated, 4521 is State-Farm-speak for Broker of Record letter, in other words the form a SF policyholder signs to change from... Rochambeau
Brokers fees becoming more common?
Posted: Mon Nov 1 -- He is either trying to run them off or squeeze more money from them. Look at how excessive the Broker Fees are and that should tell you. FFA
Condo Association: BOP vs. Package?
Posted: Mon Nov 1 -- Many companies have condo association BOPs with specially tailored coverage like D&O for the condo Board which may not be readily available... Mainemiss
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

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