Dec 21, 2010

Daily Headlines: Tuesday, December 21, 2010

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Insurance Journal Daily Headlines
December 21, 2010
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

U.S. Treasury Plans 2 Large AIG Stock Sales in 2011

The U.S. Treasury Department plans to sell a large piece of its stake in American International Group in two stock offerings next year,...

Feds Pursuing Fraud Charges Against Oil Spill Claimants in 5 States

A woman was indicted last week in the Eastern District of Louisiana for allegedly filing fraudulent claims for compensation due to the...

U.S. Treasury's AIG Fix-It Man Ready for Next Assignment

Jim Millstein is no stranger to troubled companies. With a long career as a bankruptcy lawyer and former head of Lazard Ltd's restructuring...

Endurance Coverage: Top 10 Insurance Cases of the Year

For the past 10 years I have had the privilege of publishing an end-of-year article in Mealey's Litigation Report: Insurance that discusses...

New York May Sue Accountant Over Lehman Collapse

A possible civil fraud case against Ernst & Young LLC over its role in the collapse of Lehman Brothers could be the biggest government...

Best Affirms AIG, Domestic P/C and Life Subsidiaries Ratings

A.M. Best Co. has affirmed the financial strength ratings (FSR) and issuer credit ratings (ICR) of the property/casualty and life/health...

The Hartford Selling Third Party Claims Unit for $278M

The Hartford said it has inked a $278 million deal to sell its third-party claims administration business, Specialty Risk Services (SRS), to...

Ullico Casualty Increases Fiduciary Liability Limits

Ullico Casualty Group Inc., a wholly-owned subsidiary of Ullico Inc., has increased its fiduciary liability insurance limits from $15...

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

$81M Punitive Damages in Massachusetts Cigarette Case

A tobacco company that had tried to hook black children on cigarettes was ordered to pay $81 million in punitive damages to the estate and...

Virginia School Expects $4.4M Insurance Payment for Roof Collapse

Montgomery County, Virginia says it expects to get $4.4 million from its insurance carrier for the collapse of the Blacksburg High School...

Bieber Joins ProMutual as Risk Consultant

Boston-based insurer ProMutual Group has hired Linda Bieber as risk management consultant. Bieber, a nurse, will provided physician office...
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Midwest

Exiting Wisconsin Governor Proud of Health Insurance Achievement

Wisconsin Gov. Jim Doyle, who served as governor longer than any Democrat in the state's history and along the way expanded health insurance...

J.M. Wilson Hires Craycraft as Branch Manager in Ohio

Managing general agency J.M. Wilson has added Chuck Craycraft as branch manager in Westerville, Ohio. Craycraft will oversee the staff and...
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Southeast

Insurance Vital to Alabama Coast Long-Term Plan, Says Commission

Coastal Alabama should seize the BP Gulf oil disaster as an opportunity for "resiliency planning" that will not only help the region recover...

Scientist Alleges Religious Bias Cost Him Job at U of Kentucky

An astronomer argues that his Christian faith and his peers' belief that he is an evolution skeptic kept him from getting a prestigious job...
Texas / South Central

The Republic Group's Ratings Affirmed

Dallas-based regional property/casualty insurer The Republic Group (Republic) announced that A.M. Best Company has affirmed the rating of A-...

Texas November Enforcements Result in Nearly $215K in Fines, Restitution

Enforcement actions taken by the Texas Department of Insurance that became final during November 2010 include 10 license revocations, and...

Humana Names Bagby as Louisiana Commercial Market President

Humana Inc. named Rhonda Bagby president of its Louisiana commercial operations. As Humana's senior commercial executive for Louisiana,...
West

California Rain Shatters Records; More Coming

A storm walloped parts of California with up to 7 inchesof rain and spawned minor flooding, mudslides and road closures Dec. 20, but...

Washington Hearing Possible on Calif. Gas Pipe Explosion

Federal investigators may subpoena witnesses to testify in Washington about the deadly Pacific Gas & Electric Co. natural gas pipeline...

Top Holiday Mishaps: Are Your Clients Covered?

The Rocky Mountain Insurance Information Association is warning the industry that the holiday season at times can set the stage for for a...

State Inaction Risks Loss of Surplus Lines Premium Tax Revenue

The States appear poised, through inaction, to leave untold millions of dollars in premium tax revenue "on the table" when the Nonadmitted...
International

Europe Weather Ruins Christmas for Airlines, Retailers

Snow and freezing temperatures grounded flights across northern Europe on Tuesday, while retailers fretted they would struggle to make up...

Aon Benfield Licenses ReMetrica to Bahrain's Q-Re

Aon Benfield, the global reinsurance intermediary and capital advisor of Aon Corp., has licensed ReMetrica - its flagship capital modeling...

Torus Strengthens European Service Delivery with Senior Appointments

Global specialty insurer Torus announced the appointment of Jason Mortimer as European Client Relationship and Business Development...

S&P Rates Catlin Re 'A'; Sees 'Key Benefits' from Swiss-based Subsidiary

Standard & Poor's Ratings Services has assigned its 'A' counterparty credit and financial strength ratings to Switzerland-based Catlin...

Best Rates UK's Ecclesiastical 'A'; Upgrades Ansvar Subsidiary to 'A'

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

Ratings Roundup: Lemma, Russian Re, Ghana Re, International Energy

A.M. Best Europe – Rating Services Limited has placed under review with negative implications the financial strength rating of 'B+'...
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New Discussions in the Forums

Encompass VS. Kemper
Posted: Tue Dec 21 -- I'm an Encompass agent. Our agency has represented Encompass for decades dating back to the 1960's and CNA. I serve on their NorthStar Agent... jaspy
Professional Employer Organization
Posted: Mon Dec 20 -- Any ideas on carriers writing work comp companies looking to become PEO's in California? I hear most premium start around $100,000 which is... mclureins
Farmers Insurance
Posted: Mon Dec 20 -- Farmers will charge you what they want or need to pay the bills, and if you do not pay they will sue. rwhiddon
Help pls - need info about property & casualty companies
Posted: Mon Dec 20 -- Thanks for the reply gregcw. I did met few independent insurance brokers here expecting that they can help me with this with some ready... Pavan.gaddam
Paperless Environment
Posted: Mon Dec 20 -- You absolutely must have a great management system and most importantly you need 2 monitors or more to avoid having to print documents. Ray... mclureins
SIAA vs. Cluster?
Posted: Mon Dec 20 -- As important as looking at compensation, I suggest you look VERY CLOSELY at termination terms. Just like in a marriage, you may outgrow your... Steveinsure
Agency Management System
Posted: Sun Dec 19 -- I have to tell you.... Aspire Looks great but still far from it... The system is still to new to be charging the price of a Jaguar when they... popodad

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