Dec 29, 2010

Daily Headlines: Wednesday, December 29, 2010

Insurance Journal Daily Headlines
December 29, 2010
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

Allstate Sues Bank of America Over Countrywide Mortgage Losses

Allstate Corp. has sued Bank of America Corp., its Countrywide lending unit and 17 other defendants for allegedly misrepresenting the risks...

BP Oil Spill Fund Pays $43 Million in 'Quick Pay' Claims

The administrator of BP Plc's $20 billion compensation fund has paid $43 million to residents of the U.S Gulf Coast who agree not to sue the...

Best Affirms USAA and Subs 'A++' Ratings; Outlook Stable

A.M. Best Co. has affirmed the financial strength ratings (FSR) of 'A++' (Superior) and issuer credit ratings (ICR) of "aaa" of Texas-based...

Best Affirms Progressive and Subs 'A+' Ratings; Outlook Stable

A.M. Best Co. has affirmed the financial strength rating (FSR) of 'A+' (Superior) and issuer credit ratings (ICR) of "aa" of the Progressive...

Best Puts Clarendon's Ratings on Review/Negative for Enstar Sale

A.M. Best Co. has placed under review with negative implications the financial strength rating (FSR) of 'A-' (Excellent) and issuer credit...

BIS Launches Lenders Misrepresentation Insurance

Bakerjian Insurance Services (BIS) has launched of a new insurance product designed to protect lenders against potential damage from...

From MyNewMarkets.com Top 5 Things Affecting Excess & Surplus Market in 2011

It has been a challenging few years for those in the excess and surplus (E&S) lines insurance market. An endless soft market, extreme...
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East

New Jersey Wants Seat Belt Safety to Click with Teens

New Jersey will begin a new effort next year to try to improve on a grim reality: Motor vehicle accidents remain the leading cause of death...

Connecticut Truck Safety Effort Yields 28,000 Citations

Connecticut public safety officials say nearly 28,000 violations were recorded during the first four months of a crackdown on unsafe...

Maine Reporter Sues Ski Area over Accident

A newspaper reporter is suing a Maine ski area two years after breaking her back while riding inside a giant ball down a ski trail for a...

Allstate Sues More New York Medical Firms

Allstate has filed its seventh lawsuit this year against what it says are medical corporations committing fraud in New York State. The $1.9...

Massachusetts Woman Gets Prison in Glass-Eating Scheme

A Massachusetts woman has been sentenced to more than four years in prison after admitting that she and her husband intentionally ate glass...

Gould Joins ProMutual Group

Boston-based specialty insurer ProMutual Group has named Katharine Gould as public relations specialist. Gould will assist with public...
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Midwest

Ohio Supreme Court Ruling Favors Bus Wreck Survivors

The Ohio Supreme Court says a university's insurance coverage extended to a charter bus that crashed, killing five student baseball players...

Family of Michigan Man Shot by Police Sues City

The family of a 39-year-old man who was fatally shot by three Sterling Heights police officers is suing the Detroit suburb. A civil lawsuit...

Minnesota to Recieve More Than $2M in AIG Settlement

The Minnesota Department of Commerce said it stands to receive more than $2 million in its share of a $146 million settlement with American...
Southeast

North Carolina Principal Gets Workers' Compensation After Shooting

A North Carolina middle school principal who blames his April 2009 shooting on his fight against gangs will receive workers' compensation...

Florida Citrus Zones Warming; Damage from Freeze Uncertain

Temperatures in Florida's citrus growing zones were several degrees warmer Wednesday, the National Weather Service said, giving growers some...

Kentucky Traffic Deaths Lowest in Years

Traffic deaths in Kentucky are on pace to be the lowest this year since at least the early 1990s. As of last Wednesday, there were 739...

Layden, Engles Join South Carolina's Triest Agency

Thomas Layden and Abigail Engles have joined Triest Insurance Agency in Charleston. Layden has 10 years of experience having most recently...
Texas / South Central

Houston International Insurance Sells Southwest Risk to GCP Capital

Houston International Insurance Group (HIIG) has sold its wholesale insurance broker subsidiary, Southwest Risk LP (SWR), to New York-based,...

Oklahoma State Bar Association to Reimburse Client Losses

The Oklahoma Bar Association's board of directors has voted to reimburse several Oklahomans who were the victims of deceased or dishonest...

Texas Reports 3rd-Year Decline in Private Industry Injuries, Illnesses

The Texas Department of Insurance, Division of Workers' Compensation (TDI-DWC) reports there were 213,507 total cases of nonfatal injuries...
West

Oregon Workers' Comp Claim Incidence Rate at Record Low

Oregon workers' compensation insurance claims rates in 2009 were at the lowest they've ever been, at less than 42 percent of the 1989 rate,...
International

Heavy Rains, Floods Disrupt Australia Coal Mining, Port, Freight Operations

Heavy rains and flooding in Australia's key coal-producing Queensland state have impacted mining operations and brought parts of the coal...

Flagstone Re Places $210 Million Cat Bond Using RMS Paradex Indices

Flagstone Reassurance Suisse SA and Risk Management Solutions have announced the successful placement of $210 million of multi-peril Montana...

ACE Completes Acquisition of Rain and Hail Insurance Service

ACE Limited announced from its headquarters in Zurich that it has completed its acquisition of Rain and Hail Insurance Service, Inc. for...

Fitch Affirms Brazil's Sul America's Ratings; Outlook Stable

Fitch Ratings Has affirmed today the following International and National ratings assigned to Sul America S.A. (Sasa), the holding company...
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The close of 2010

Merry Christmas to all of you. I hope you are blessedwith good health, happiness and the spirit of giving in 2011. David Connolly

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New Discussions in the Forums

CPCU 510 woes
Posted: Wed Dec 29 -- I just am looking to sign up for a 510 test in January or February of 2011. I see they changed the CPCU 510 course with the CPCU 500 course.... tbob2985
Farmers Insurance
Posted: Wed Dec 29 -- Hello guys...! Is farmers insurance a good company to work for? I just got my license and am going to start with the company, but their are... Bennet
How can a new agent obtain appointments?
Posted: Tue Dec 28 -- Thanks Bill- I definitely appreciate the input. I do have the plan, working on the marketing strategy (all while holding down a full time... MarinerFan707
Professional Employer Organization
Posted: Tue Dec 28 -- Much will depend upon what classes of business this PEO handles, along with what REAL loss control and other claims mitigating services they... Big Dog

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