Dec 17, 2010

Daily Headlines: Friday, December 17, 2010

Insurance Journal Daily Headlines
December 17, 2010
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Today's Headlines

National

Congress Sends Tax Deal to Obama for Signing

Congress gave final approval late Thursday to the deal President Barack Obama and Republicans made to extend expiring tax cuts -- a...

Key Features of Compromise Tax Bill

The U.S. Congress approved an $858 billion tax deal between President Barack Obama and the Republicans that will boost the economy but add...

Travelers Ordered to Pay $445M for Asbestos Settlements

A bankruptcy court judge has ordered Travelers to pay at least $445 million into claims funds set up by a 2004 asbestos settlement. The...

U.S. Financial Rescue Cheap Compared to Past Crises: Geithner

The price of corporate bailouts in 2008 and 2009 looks cheap compared to past crises, U.S. Treasury Secretary Timothy Geithner said...

Study: Tort Reform May Not Curb Defensive Medicine or Fear of Suits

Physicians' fears of being sued for malpractice are out of proportion to their actual risk of being sued, according to a recent study. The...

Study: Texting Bans Don't Reduce Crashes

It's illegal to text while driving in most U.S. states yet a new study finds such bans do not reduce car accidents and may actually increase...

Might Obamacare Substitute Medicare Approach for Individual Mandate?

The courts may not get the last word after all on President Barack Obama's historic health care overhaul. A Virginia federal judge ruled...

Arthur J. Gallagher Buys Wholesale Broker Continental, Marmorstein

Arthur J. Gallagher & Co. said it has acquired wholesale insurance broker Continental Excess & Surplus, Inc., trading as...

Rating Recaps: PrimeOne, Berkshire Hathaway (Notes), Safety National

A.M. Best Co. has assigned a financial strength rating of 'B+' (Good) and issuer credit rating of "bbb-" to Michigan-based PrimeOne...

RT Specialty New Administrator for Gen Star Diet Supplement Program

R-T Specialty has been appointed as the exclusive administrator for General Star's NutraAdvantage program. NutraAdvantage offers specialty...

From MyNewMarkets.com Seniors in Assisted Living Facilities Lack Personal Liabilty Insurance, New Product Fills Gap

Senior citizens have a lot to worry about but perhaps one of the most stressful worries they face is the loss of independence. For some...
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East

Kimbell Named Vermont Commissioner

Longtime state lobbyist Steve Kimbell will serve as insurance commissioner of Vermont, incoming Gov. Peter Shumlin has announced Kimbell...

New Jersey Moving to End Liability Cap for Offshore Spills

New Jersey is moving toward making polluters pay the full cost of cleaning up offshore spills. A bill to remove a cap on liability for oil...

Massachusetts Couple Gets $2M in Malpractice Suit

A jury has ruled in favor of a Massachusetts couple and awarded them nearly $2 million in a medical malpractice suit they brought against...
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Midwest

Illinois Agents Call for Quick Action on Workers' Compensation Reform

Independent insurance agents in Illinois are urging state lawmakers to pass workers' compensation reforms in early January, before a new...

Railroad Ordered to Pay Disciplined Kansas Employee

BNSF Railway Co. has been ordered to pay $95,096 to a Kansas employee it disciplined for reporting a work-related injury. The Occupational...

Arthur J. Gallagher Buys Ohio Benefits Broker Herbruck, Alder

Illinois-based global insurance broker Arthur J. Gallagher & Co. reports it has acquired Herbruck, Alder & Co., an employee benefit...

Everest Re in Negotiations to Acquire Heartland Crop Insurance

The Bermuda-based Everest Re Group announced that it has entered into discussions with Heartland Crop Insurance, Inc. regarding a potential...
Southeast

Incoming Alabama Gov. Bentley to Keep Ridling As Insurance Chief

Incumbent Alabama Commissioner of Insurance Jim L. Ridling will continue in that role in the new administration of Governor-elect Robert...

Georgia Insurers, Incoming Commissioner Plan Fraud Crackdown

Georgia's insurance industry is teaming up with state authorities to launch an ambitious effort to crack down on the rising number of...

Families of Victims Sue in North Carolina Nursing Home Shootings

The families of two of the eight people shot and killed at a North Carolina nursing home last year have sued, saying the home didn't do...

Kentucky to Start Fining Motorists Caught Texting

If you text while you drive in Kentucky, prepare to start paying fines if you're caught. That's the message from state officials, who also...
Texas / South Central

Louisiana's Terrebonne Parish Demolishing Storm Damaged Homes

Terrebonne Parish is planning to demolish about 450 hurricane-damaged homes, mostly in low-lying bayou communities. Parish officials said...

Arkansas Doctor, Clinic Cleared in Malpractice Suit

A northwest Arkansas doctor and a women's clinic have been cleared in a medical malpractice lawsuit. A Washington County District Court Jury...
West

Moody's Affirms Rating of Fireman's Fund; Outlook Stable

Moody's Investors Service affirmed its A2 insurance financial strength rating for Fireman's Fund Insurance Co. Moody's also announced that...

Montana Workers' Comp Bill Changes Course

Members of a Montana state panel were told that their bill for workers' compensation reform was "dead on arrival" in the House and would...

The Buckner Co. Expands Idaho Operations, Hires Nielson

Salt Lake City-based The Buckner Co.has hired Bradley K. Nielson as president of The Buckner Company of Idaho. In conjunction with his...

Washington Man Pleads Guilty of Insurance Fraud

A Lynnwood, Wash., man who claimed that thieves had repeatedly made off with his collection of more than 200 silk neckties has paid back...

Nautilus Insurance Group Names Lontz Chief Information Officer

Scottsdale, Ariz.-based Nautilus Insurance Group, comprised of W. R. Berkley Corp. member companies Nautilus Insurance Co. and Great Divide...
International

Aon Benfield Releases Annual Cat Report; Insured Losses at $38 Billion

Aon Benfield, the global reinsurance intermediary and capital advisor of Aon Corporation, has released its Annual Global Climate and...

ABI Warns UK Skiers on Risks of Expensive Medical Bills

The UK may not have a lot of mountains, but that doesn't mean it doesn't have a lot of people who ski. So it's appropriate, as the holiday...

France's SCOR Group Launches Global Risk Center

French reinsurer SCOR Group has launched the SCOR Global Risk Center, as part of the Group's strategic plan for 2010-2013, "Strong...

Lloyd's Appoints Chaplin as New Head of Asia Pacific Region

Lloyd's has appointed Kent Chaplin as the new head of its Asia Pacific operations based in Singapore, replacing Keith Stern who is now...

Lloyd's Names Lang to Replace Chaplin as Head of Claims

Lloyd's has appointed David Lang, former chairman of the market's Claims Service Review Board, as the new head of claims. He replaces Kent...

Milton Joins Cooper Gay to Develop Financial Institutions Sector

London-based broker Cooper Gay announced the appointment of "professional indemnity specialist Frank Milton to develop business...

Best Affirms Ratings of Lloyd's Syndicate 2001 and Amlin plc

A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating of 'A+' (Superior) and issuer credit rating of...

Best Affirms Amlin AG's 'A' Ratings

A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating of 'A' (Excellent) and issuer credit rating of...
Insurance Journal Blogs

Planning to win in 2011

The end of 2010 is fast approaching, good luck, good health, and good fortune to all of you in 2011. Sales managers and principals; By now,...

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5 Tips to Break the Holiday Sales Slump

The end of the year sometimes brings a sales slowdown to insurance agencies. Want help to bust...

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New Discussions in the Forums

TX - Wind Coverage for Galveston County
Posted: Fri Dec 17 -- By the way - very rude on the person to put an add on your question. OK - only company to handle the Windstorm down in that area is Texas... beyert1
Credit cards for commercial
Posted: Fri Dec 17 -- I do quite a bit of business in the non-standard market along with all other lines. I actually have a different office suite for the... beyert1
Garagekeepers Legal Liability
Posted: Thu Dec 16 -- i have quoted a couple of garages lately. it would seem to me that would always want to put direct primary coverage onto the policy as... insuranceagency
TX - Commercial Auto, Limo and Livery
Posted: Thu Dec 16 -- Try LimousineGuard backed by The Hartford- Contact Jeff 860-756-7333 Limo1
TX - Galveston County Dwelling Wind Coverage
Posted: Wed Dec 15 -- Will do, Thanks for the info! okt0ber
high value homes
Posted: Tue Dec 14 -- PURE HNW (High Net Worth), or Ironshore (through Hull & Co Brokers) debbie
Agency Management System
Posted: Tue Dec 14 -- You are correct, there is a lot of information to digest when trying to figure out the best agency policy management system for your... SteveAnderson
Encompass VS. Kemper
Posted: Mon Dec 13 -- Can't comment on Encompass. The new Kemper (Unitrin company) is a preferred carrier here in Calif. Their approach is focusing on package... wariline
Commercial vs Personal CPCU
Posted: Mon Dec 13 -- It depends on what's your planned carrer path. Assuming you're a producer or CSR, I'd say go commercial if your personal & commercial split... wariline

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