Nov 23, 2010

Daily Headlines: Tuesday, November 23, 2010

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Insurance Journal Daily Headlines
November 23, 2010
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

Health Insurance Brokers May Ask Congress to Protect Commissions

As insurance brokers feared, the Obama Administration has not exempted broker commissions from the formula for the medical loss ratio that...

Health Insurers Win Some Breaks with Medical Loss Ratio Rule

New U.S. health insurance spending rules aimed at ensuring more customer dollars go toward medical care were finalized on Monday, ending a...

Insurance Journal Magazine Unveils Android Phone Application

Insurance Journal, the leading news source for the property/casualty insurance industry, has launched a new Android phone application, that...

Black Friday, Cyber Monday: Holiday Shopping Rush Brings Risks

Americans' spending hits a fever pitch during the holidays and two days in particular – "Black Friday" and "Cyber Monday" –...

Zimmerman Joins Brown & Brown

Insurance broker Brown & Brown has named Paul J. Zimmerman as director of acquisitions. Zimmerman is a 40-year industry veteran who most...

AIG Names Schreiber, Gender to Financial Positions

American International Group, Inc. (AIG) has named Brian T. Schreiber as executive vice president, Treasury and Capital Markets, and Robert...

National Premium Finance Association Names Mangia President

Angelo Mangia, president and CEO of Long Island, N.Y.-based Standard Funding, has been elected president of the National Premium Finance...

From MyNewMarkets.com Why Restaurant Insureds Should Invest in Cyber Risk Coverage

The Internet has dramatically changed the way most companies operate. For many businesses, their insurance may not have kept pace with their...
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East

USI Acquires Kinloch's New Jersey Business

New York-based insurance broker USI Holdings has acquired the New Jersey operation of Kinloch Holdings Inc. The unit, based in West Orange,...

NYMAGIC Shareholders OK Merger

Shareholders of NYMAGIC approved its acquisition by ProSight Specialty Insurance Holdings Inc. at a special meeting yesterday, clearing the...
Midwest

Best Affirms Fremont's 'A-' Ratings

A.M. Best Co. has affirmed the financial strength rating of 'A-' (Excellent) and issuer credit rating (ICR) of "a-" of Fremont Insurance...

Ohio Workers' Comp Administrator Resigns

Ohio Bureau of Workers' Compsnation Administrator Marsha Ryan has resigned, effective Jan. 9, 2011. Ryan was appointed by Governor Ted...

Workplace Chaplains Offer Wis. Employees Support

Renee Lubinski moved among the machines and production lines that produce pizza crust and tortillas at TNT Crust's Elizabeth Street Plant in...

CIS Group Acquires Indiana's Cornerstone Appraisal

CIS Group LLC, a subsidiary of CIS Holdings LLC and an affiliate of CEP, has completed its acquisition of Cornerstone Appraisal Services of...
Southeast

BP Claimants Face Deadline, Choice to Settle Now or Later

Fishermen and business owners stung by a summer of lost revenue from the Gulf of Mexico oil spill have until Wednesday to file their...

DuPont Worried About Publicity in West Virginia Zinc-Smelting Case

DuPont will likely seek to sequester jurors in a 2011 trial that could determine whether it must pay hundreds of millions of dollars in...

Florida Retail Workers' Comp Fund Becomes Stock Company, RetailFirst

The Florida Retail Federation Self Insurers Fund reported that a majority of its members has voted in favor of converting to RetailFirst...
Texas / South Central

Louisiana Citizens Sheds Homeowners Policies

Louisiana Citizens Property Insurance Corp. (Citizens) has held a fourth depopulation offering in which 13,500 policies have been assumed...
West

Hub International to Acquire Assets of Byars Thompson Buchanan Insurance

Chicago-based Hub International Ltd., an insurance brokerage firm, announced that it has signed a definitive agreement to acquire the assets...

Breckenridge Insurance Acquires International Placement Service

Breckenridge Insurance Services, a Breckenridge IS Inc. company, has acquired the assets of International Placement Services LC, a wholesale...

Calif. Court Rules Federal Proceedings Equivalent to CGL-Covered Lawsuit

The California Supreme Court has ruled that the term "suit" in a comprehensive general liability policy includes federal administrative...

Wyoming Gov-Elect Selects Mead for Attorney General

Governor-elect Matt Mead announced he will appoint Greg Phillips as the state's attorney general. Phillips has worked as an assistant U.S....

Sierra Specialty Names Silberstein Broker in Hawaii

Sierra Specialty of Clovis, Calif., has added Jean Silberstein as a broker to expand the company's presence in Hawaii. Silberstein moved to...
International

North Korea Shells South in Fiercest Attack in Decades

North Korea on Tuesday fired dozens of artillery shells at a South Korean island, killing two soldiers and setting houses ablaze, in one of...

Swiss Re: Investment Managers Face 'New, Challenging Environment'

Swiss Re's latest sigma study, #5/2010, - "Insurance investment in a challenging global environment" - warns that a "low yield environment...

Melting Siberian Permafrost Raises Tricky Climate Issue

The Russian scientist shuffles across the frozen lake, scuffing aside ankle-deep snow until he finds a cluster of bubbles trapped under the...

FERMA, BIPAR Conclude Business Intermediary Transparency Protocol

The Federation of European Risk Management Associations (FERMA) and the European Federation of Insurance Intermediaries (BIPAR) announced...

10 Alleged Somali Pirates Go on Trial in Germany

Ten Somalis are going on trial in Hamburg on piracy charges for allegedly hijacking a German container ship earlier this year. The men face...

AIA Group Loses 2nd Senior Executive in a Week

AIA Group Ltd, the recently spun off Asia life insurance arm of American International Group <AIG.N>, has lost another key executive...
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A Windfall for Storm Claims

The insurance industry just unveiled a giant, $40 million wind chamber that is capable of...

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New Discussions in the Forums

Umbrella underlying limits
Posted: Mon Nov 22 -- ladybroker, you are correct. Technically it is not a SIR in the context of the policy and I should have clarified further. My point was that... azcompanyman
SIAA vs. Cluster?
Posted: Mon Nov 22 -- My Golden, I am a regional manager in MA for The Iroquois Group. We are one of the lagest Clusters/Agency Networks in the country. You are... nnabro3
State Farm Commission Structure
Posted: Mon Nov 22 -- There are different structures they can use for new agents. It varies with the number of policies they start you off with. If you are taking... magazine
Ex-Dates
Posted: Fri Nov 19 -- Jimmy, Was wondering if you could give us an update on the program you mentioned now that it's well over a year later? Are you still using... hfiagency

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