Dec 23, 2010

Daily Headlines: Thursday, December 23, 2010

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

Today's Headlines

National

AIG to Pay States $146 Million In Workers Compensation Settlement

American International Group Inc. (AIG) has agreed to pay $146.5 million in fines and additional taxes to state insurance regulators for...

Democratic Congress Productive But Unpopular

Perhaps never before has a U.S. Congress done more and been liked less than the one controlled by President Barack Obama's Democrats that...

New York Suit Against Ernst & Young Fills Regulatory Gap

In choosing Ernst & Young as his target in the aftermath of the Lehman Brothers collapse, New York Attorney General Andrew Cuomo filled...

Change the Holiday Slump to the New Year Jump

Is the holiday season the slowest time for your agency? Do the distractions of the season take the focus off of identifying ways to grow the...

Best Affirms Fireman's Fund Companies 'A' Ratings; Upgrades ICR

A.M. Best Co. has upgraded the issuer credit ratings (ICR) to "a+" from "a" and affirmed the financial strength rating (FSR) of 'A'...

Ratings Recap: Beazley (U.S.), Atradius Trade Credit, HDI-Gerling America

A.M. Best Co. has affirmed the financial strength rating of 'A' (Excellent) and issuer credit rating of "a" of Connecticut-based Beazley...

12 Days of Riskmas: An Insurance Broker's Story

In giving her Christmas gifts for 12 straight days, a true love inspires his girlfriend to build a whole new life. It's a joyful story for...

From MyNewMarkets.com 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...
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East

New York Agents Plan Court Appeal over Pay Disclosure Rules

Two New York agents' groups said they have taken the first steps to appeal a decision by state court judge allowing state insurance...

Insurance Year in Review: East Edition

The touchy subject of agents' commissions dominated headlines in 2010 — particularly in New York where regulators unveiled new rules...

USI Acquires Mastors & Servan in Rhode Island

New York-based USI Holdings has closed on its acquisition of Mastors & Servant Risk Services, a Rhode Island-based brokerage that...

Johnson & Strachan Names Venus as Principal

Virginia-based agency Johnson & Strachan Inc., has named Charlie Venus as a principal and partner. He joined the firm in 2008 from...
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Midwest

An Improved Ohio Workers' Comp System Continues to Face Challenges

The Ohio workers' compensation system is by all accounts in much better shape than it was in the dark days of 2007, when the Ohio Bureau of...

RLI To Acquire Contractors Bonding Insurance Co.

Peoria, Ill.-based RLI Corp. announcedthat it will acquire Contractors Bonding Insurance Co. (CBIC) through an acquisition of its holding...

North Dakota Pushes for Graduated Driver's License Law

Several North Dakota agencies have joined forces to support a bill aimed at reducing teen traffic accidents and deaths. The North Dakota...
Southeast

Southeast's Top Stories of 2010: Disasters That Happened and 1 That Didn't

The top insurance stories in the Southeast in 2010 included several disasters that caused considerable death and destruction in the region...

Two Jailed for Bribery in Katrina Insurance Case Released from Prison

Former attorney Timothy Balducci and former state auditor Steven Patterson have been released from federal custody. U.S. Bureau of Prisons...
Texas / South Central

Insurers' Recent Success a Milestone in a Year of Chinese Drywall Litigation

A federal judge in Louisiana recently let 10 insurance companies being sued by Louisiana homeowners over property damage resulting from the...

LWCC Board Declares $22.5 Million Policyholder Dividend

The Board of Directors of Louisiana Workers' Compensation Corporation (LWCC) has declared a 2010 dividend of $22.5 million, to be paid to...

Oklahoma Legislator to Continue Push for Workers' Comp Reform

An Oklahoma state representative says he's prepared to introduce legislation to further improve the state's workers' compensation system....

TSLA, IIAA Continue Tradition of Giving to Austin Food Bank

The Independent Insurance Agents of Austin and the Texas Surplus Lines Association Inc. joined efforts recently to collect food and money...
West

Insurance Industry Comes to the Rescue of North Pole Nick

Just when you think you've seen and heard it all in the road-service business, along comes a call for road-side assistance that gives rise...

Hundreds Victim to California Rainstorms

Following a series of powerful storms that brought heavy, record-setting rain, snow and high winds to California, insurers report their...

Hawaii Lists Auto Insurance Premium Comparison

The Hawaii Department of Commerce and Consumer Affairs Insurance Division has posted its annual motor vehicle insurance premium...

Arthur J. Gallagher & Co. Acquires Tribeca Strategic Advisors

Itasca, Ill.-based Arthur J. Gallagher & Co.announced it has acquired Tribeca Strategic Advisors LLC located in Mesa, Ariz. Terms of...

Peterson Named Minnesota Labor and Industry Commissioner

Minnesota Governor-Elect Mark Dayton has appointed Ken Peterson to head the Department of Labor and Industry. Peterson brings public service...

Heffernan Insurance Brokers Names Gailey Assistant VP in Portland

Heffernan Insurance Brokers has added atthew Gailey in its Portland, Ore., office as assistant vice president. He will focus on property and...
International

Catastrophes Top 2010 List of Major Global Insurance Events

Natural and man-made catastrophes topped the list of the most significant events in 2010, with three major earthquakes, a near record number...

Willis' FINEX National Strengthens VEAGIS for UK Property Experts

FINEX National, which handles financial, professional and management liability insurance for clients of Willis Group Holdings, announced...

WSJ Reports AIG Nearing Nan Shan Buyer

Bailed-out insurer American International Group Inc is close to picking a preferred bidder for Taiwanese life insurer Nan Shan, the Wall...

Ratings: Aspen, Allianz Risk Transfer, Inter Hannover UK, Transsib Re, Jordan Insurance

Standard & Poor's Ratings Services has assigned its preliminary 'BBB+' senior debt, preliminary 'BBB' subordinated debt, preliminary...

Best Assigns Rating to Allianz Risk Transfer AG

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

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New Discussions in the Forums

Hiring agents and CSR's
Posted: Thu Dec 23 -- Since it appears you're in SoCal, there are probably plenty of well qualified account managers (CSR's) that are available. First, you need... Big Dog
Farmers E & O vs. UFAA
Posted: Thu Dec 23 -- Recently UFAA (United Farmers Agents) has been pushing their E & O against Farmers Insurance Group E & O. I don't like the hard sell that I... bartman
Branding / Name recognition
Posted: Wed Dec 22 -- I wanted to see if anyone else has run into the branding issue. We are located in sounthern CA were the usual suspects are strong. However,... JAM
National Agents Alliance? Legit or Keep Away?
Posted: Wed Dec 22 -- KEEP AWAY!!! I have only been with them 2 months, but they told me to stop asking questions. There is no training!! If it seems like MLM it... NewRecruit
VA Educational benefits for Insurance designations
Posted: Tue Dec 21 -- Hello Everyone, I am looking to apply for designation courses soon. But my question is specific to VA Eduactional benefits for veterans such... quotepro
Farmers Insurance
Posted: Tue Dec 21 -- When you say you, whom do you mean? The Current Agent? Exiting agent? Leaving client? Existing Client? Guess this popped up due to the CEO... FFA

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