Nov 3, 2010

Daily Headlines: Wednesday, November 3, 2010

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Insurance Journal Daily Headlines
November 3, 2010
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

White House to Business: Why Can't We Be Friends?

It seemed like the beginning of a beautiful friendship -- or at the very least a functional relationship. In March 2009, with the United...

The Hartford's Boosts Profits in Q3

The Hartford Financial Services Group, Inc. reported third quarter 2010 net income of $666 million. This compares to the company's third...

Ratings Recap: Chartis U.S Subs; Landcar, Prism, Pacific Pioneer

A.M. Best Co. has withdrawn the financial strength rating (FSR) of 'A' (Excellent) and issuer credit ratings of "a" and assigned an NR-5...

Travelers Enhances Identity Fraud Protection Coverage

Travelers has updated its Identity Fraud product to offer more protection against the most frequent problems identity fraud victims...

The Hanover Expands Technology Capabilities to 125 Classes

The Hanover Insurance Group, Inc. has expanded its technology capabilities, adding a suite of solutions for over 125 classes of technology...

Tierney Named Operations Chief at Chubb Personal Insurance

New Jersey-based insurer Chubb has named Kathleen M. Tierney chief operating officer of its Personal Insurance segment. Tierney joined Chubb...

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

Worker Killed by Concrete Slab Collapse in Connecticut

A town official in Greenwich, Connecticut says a man has died after a concrete slab collapsed on him, killing him instantly as he worked in...

Starbucks Defeats New York Woman's Tea Burn Lawsuit

A Manhattan woman has failed to persuade a U.S. appeals court that Starbucks Corp should be held liable for severe burns she suffered after...

PIANY Names Belser as Hudson Valley Insurance Exec of the Year

The Professional Insurance Agents of New York honored the late Camilla Belser, former vice president and regional manager of Merchants...
Live webinar thursday- Understanding Cyber Liability
Midwest

Illinois Governor's Race Too Close to Call

Illinois still doesn't know who the next governor will be. The contenders, incumbent Gov. Pat Quinn, a Democrat, and Republican state Sen....

Iowa to Spend $10M on Flood Mitigation

Iowa officials say they'll use about $10 million in federal grant money on projects that they say will manage runoff and mitigate future...
Southeast

Republican Hudgens Elected Georgia Insurance Commissioner

Republican state Sen. Ralph T. Hudgens will be the new Georgia insurance and fire safety commissioner. Hudgens defeated Democrat Mary...

Republican Scott Wins Florida Governor Race; Atwater Elected CFO

Floridians woke up this morning without knowing for certain who will be their next governor, although Republican healthcare executive Rick...

North Carolina Court Rejects Counties' Challenge to 2008 Homeowners Rates

Municipalities do not have standing to challenge decisions on insurance rates issued by the state insurance department, a North Carolina...

West Virginia Court Upholds Mine Safety Office Authority

The authority of West Virginia's mine safety office to suspend coal miners has been upheld by the state Supreme Court. The decision stems...

Court Reduces Award in University of Kentucky Football Player's Death

The Kentucky Court of Appeals has reduced the monetary award in a lawsuit over the death of a University of Kentucky football player. The...
Texas / South Central

Doak Wins Oklahoma Insurance Commissioner Race

Oklahoma will have a new insurance commissioner next year, as insurance agent John Doak joined the Republican sweep in the Nov. 2 midterm...

Texas High Court: Successor Liability Law not Retroactive

The Texas Supreme Court has ruled that a state law limiting corporations' "successor liability" for personal injury claims from asbestos...
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West

Democrat Jones Wins California Insurance Commissioner Race

California voters have elected Assemblyman Dave Jones to be the state's next insurance commissioner. Jones, a Democrat, won 51 percent of...

Washington Voters Reject Privatization of Workers' Compensation System

Voters in the state of Washington have rejected a measure to inject private insurer competition into the state's workers' compensation...

Mercury General Reports $654.7M Net Premiums in Q3

Los Angeles-based Mercury General Corp. reported net income of $96.8 million in the third quarter, compared with $157.7 million for the same...

Brown & Brown Announces Asset Acquisition of Rogers & Norman

Brown & Brown Inc. has announced the asset acquisition of Seattle-based Rogers & Norman Inc. Established in 1956, and with annual...

SullivanCurtisMonroe Adds Jewell as Account Executive

Irvine, Calif.-based SullivanCurtisMonroe has added Mark Jewell as an account executive in its Pasadena Office. Jewell joins SCM from Sun...
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International

Lloyd's Warns of Contamination Hazards from Chinese Food Imports

"China was the source of most contaminated or unsafe foodstuffs that came into Europe in 2009, according to a European Union report," as...

Lloyd's Royal British Legion Branch Hopes for $242,000 on 'Poppy Day'

The Lloyd's of London Branch of The Royal British Legion is hoping to raise £150,000 [app. $242,000] for this year's Poppy Appeal on...

Montpelier Re Reports $90 Million Q3 Net Income; Operating $61 Million

Bermuda-based Montpelier Re Holdings Ltd. reported operating income of $0.86 per share, $60.7 million total, and comprehensive income of...

Alterra Capital Posts $82.8 Mn. Q3 Net Income; $222.7 Mn 9 Months

Bermuda-based Alterra Capital Holdings Limited reported net income of $82.8 million, or $0.70 per diluted share, for the third quarter of...

Swiss Re Structures $386 Million 'European Windstorm' Notes

Swiss Re's Capital Markets Division has structured €275 million [$386 million] in notes as an alternative risk transfer vehicle,...

Esser to Assume Additional Role at Cooper Gay, as Summers Resigns

The Cooper Gay Swett & Crawford Group (CGSC) announced that the company has accepted the resignation of Jim Summers, CEO of the Group's...

Best Revises Hannover Re, Subs Outlook to Positive; Affirms 'A' Ratings

A.M. Best Europe – Rating Services Limited has revised the outlook to positive from stable for the ratings of Germany's Hannover...
Sponsored Content

Arrowhead Announces Acquisition of Alexander Anthony Insurance, LLC

San Diego, CA, 11/03/2010 – ARROWHEAD General Insurance Agency, Inc., a leading provider of property and casualty insurance programs...
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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...

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Insurance Journal TV

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Markets in Motion: Environmental Liability Coverage

When the financial crisis and subsequent recession hit, many businesses cut back on expenses...

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New Discussions in the Forums

GA's binding responsibility
Posted: Tue Nov 2 -- Thank you guys. I was thinking along these lines too. I just have a case where the GA wants to downpayment prior to binding and the account... edmundich
Done with CPCU 510 & 540, which one next???
Posted: Tue Nov 2 -- I work for The Institutes. 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
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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Focus on Professional Liability/PLUS; Habitational/Dwellings; Agents E&O Survey
November 1, 2010

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