Nov 17, 2010

Daily Headlines: Wednesday, November 17, 2010

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Insurance Journal Daily Headlines
November 17, 2010
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

U.S. Auto Fatalities Down But Safety Efforts Lag

The United States is lagging behind nearly every other high-income country in reducing annual traffic fatalities, said a report released...

SEC Wants Fuller Disclosure of Lawsuit Costs

The U.S. Securities and Exchange Commission is asking for better disclosure from companies on potential costs of lawsuits and other...

Inside The Disaster Blaster

For those who question the intelligence of insurance companies, here's a new industry development that should answer those questions once...

Soft Commercial Lines Market to Persist: Marsh

Soft U.S. commercial insurance market conditions are expected to persist through the fourth quarter of 2010, according to preliminary rate...

Legislators, Surplus Lines Groups to Discuss a Lighter SLIMPACT

As the deadline to implement the surplus lines insurance modernization bill — or the Nonadmitted & Reinsurance Reform Act (NRRA)...

Medical Errors Take 15,000 Seniors' Lives a Month: Inspector General

Mistakes and unavoidable problems kill an estimated 15,000 elderly U.S. patients every month in hospitals, U.S. government investigators...

Chartis Expands Environmental Product to Two Additional Industries

Chartis has expanded its NextGen Protection, a suite of environmental insurance products, to additional industries. The additional industry...

Rockwood Reduces Premiums for Its Life Agent E&O Product

Rockwood Reduces Premiums for Its Life Agent E&O Product Rockwood Programs, Inc. has implemented premium reductions of about 20 percent...

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

The Hartford to Invest $7M in Neighborhood Around Its Headquarters

The Hartford announced plans to invest $7 million over five years to help redevelop the Asylum Hill section of Hartford, Connecticut,...

Massachusetts Falls Short Fighting Drunken Driving

The National Transportation Safety Board is faulting Massachusetts for not doing enough to combat what they call "hardcore'' drunken...

NJM Insurance Policyholders to Get Dividend Checks

New Jersey's largest auto insurer is issuing dividend checks averaging $107 to its policyholders. New Jersey Manufacturers Insurance Company...

NSM Acquires IDEAL Marine Insurance

Philadelphia-based program administrator NSM Insurance Group has acquired IDEAL Marine Insurance. IDEAL, based in Chicago, is a program...
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Midwest

Jury: Iowa Hotel Unlawfully Fired 'Tomboy' Worker

A federal jury in Des Moines has ruled that an Iowa hotel chain unlawfully fired an employee because of her "tomboy" appearance. The jury...

Michigan Chamber Adds Kaplan as Sr. Director of Insurance Services

The Michigan Chamber of Commerce announced that Kevin Kaplan has joined the statewide business organization as senior director of Insurance...
Southeast

Tennessee Insurance Department Easily Passes State Audit

A government audit of the Tennessee Department of Commerce and Insurance (TDCI) has found that the agency has managed to reduce costs and...

Halter to Head New Southeast Region for Patriot National

Paul Halter has joined workers' compensation specialist Patriot National Insurance Group as regional vice president of the newly created...

North Carolina's Motley, Leading Black Politician, Insurance Exec, Dies

A pioneering black political leader in Charlotte has died. Long & Son Mortuary Service said Rowe Motley died last Friday at age 84....
Texas / South Central

Do Certificates of Insurance Matter?

For many years it has been generally understood by agents, insurers and insureds that Certificates of Insurance are very limited in their...

Texas Court Halts Sale of Unauthorized Auto Insurance

Travis County, Texas, District Judge Suzanne Covington issued a permanent injunction on Nov. 15 barring SideCars Inc. of Joplin, Mo., from...

Amerisafe to Acquire Book of Business from Cooperative Mutual

DeRidder, La.-based Amerisafe Inc., a specialty writer of hazardous workers' compensation insurance, announced it plans to acquire the...

MetLife Auto & Home Expands Product Line in Texas With Package Product

MetLife Auto & Home has announced it will be supplementing its product line in Texas by introducing GrandProtect, a personal lines...
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West

Employer Leave of Absence, Return-to-Work Process a Potential Minefield

Managing multiple leaves of absence and the return-to-work process may require navigating a maze of complementary and conflicting...

Washington To Stop Construction at Sites Without Insurance

Employers dodging workers' compensation premiums in Washington can expect to face significant new consequences from the state's Department...

Coloardo Casualty's McKinnie Wins Communication Award

Jocosa McKinnie of Colorado Casualty Co. of Phoenix has competed in and won the Arizona Confidence While Communicating Speak-Off. Confidence...
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International

Ireland's Re/Insurers Not Seriously Affected by Financial Crisis

Even though Ireland's financial crisis continues to make headlines, it's not by any means a national meltdown, and it doesn't appear to pose...

Aon Benfield Warns on Perils of European 'Uncommon' Storm Tracks

Aon Benfield has issued a briefing on uncommon European winter storm tracks in conjunction with the University of Cologne. The research...

Lloyd's Comments on Approaching Implementation of EU's Solvency II

Lloyd's of London notes that "after almost a decade of development regulators are now putting the finishing touches to Solvency II, new...

AXA Seminar Details Growth, Capital Management Strategy

France's AXA Group held its Autumn Investor Seminar in Paris on Monday, at which members of the insurer's management team presented an...

Zurich Sells Stakes in Spanish Life and P/C to Unnim

Zurich Financial Services Group announced that it has entered into a definitive agreement to sell back to Spanish insurer Unnim its 50...

Reinsurance Broker UIB Asia to Use AIR Catastrophe Models

Boston-based AIR Worldwide announced that UIB Asia Reinsurance Brokers Pte Ltd, a subsidiary of UIB International/UIB Holdings UK Ltd, has...

AIA Loses Key Exec. After IPO

The AIA Group has lost a key official less than three weeks after its parent American International Group raised $20.5 billion in an initial...

Willis Appoints Lack Executive Director of Downstream Energy Team

Willis Group Holdings announced the appointment of Mike Lack as an Executive Director of its London-based downstream energy team, effective...
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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

Agency Management System
Posted: Wed Nov 17 -- Just to clarify a few things. We have been with Applied TAM Forever. We paid them very handsomely for the system years ago and we decided... koctail
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
CA WC Moving Company
Posted: Wed Nov 10 -- I have a new venture moving company I am trying to find a home for ASAP...anyone have a market for this or a direction to point me in... L&C Ins

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