Jan 7, 2011

Daily Headlines: Friday, January 7, 2011

Insurance Journal Daily Headlines
January 7, 2011
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

Bond Insurer Sues Goldman Sachs Over Abacus Deal

Bond insurer ACA Financial Guaranty Corp. sued Goldman Sachs Group Inc. on Thursday, alleging it was deceived into insuring a transaction...

AIG Shares Rise After Recapitalization Move

Shares in bailed-out insurer American International Group Inc. hit their highest level since early Oct. 2008 Friday after the company took a...

Best Upgrades Am. Country, Am. Service after Kingsway Public Offering

A.M. Best Co. has upgraded the financial strength rating (FSR) to 'B' (Fair) from 'B-' (Fair) and issuer credit ratings (ICR) to "bb" from...

Ratings Recap: Computer, FirstComp

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

Brooks Named Eastern Zone Vice President for Farmer's

Farmer's Insurance Group has named Todd Brooks senior vice president of its eastern zone, which comprises the states of Alabama, Illinois,...

Lydecker, Downs Named Brown & Brown Regional Presidents

Brown & Brown Inc. reports that Charles H. Charlie Lydecker has been elected regional president responsible for a number of the...

From MyNewMarkets.com MyNewMarkets.com 2011 Editorial Calendar

The MyNewMarkets.com Editorial Calendar for 2011 is now available on the site. Article Submissions: Please e-mail aoconnor@mynewmarkets.com...
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East

New York Insurers Applaud Plan to Merge State's Regulatory Arms

A key trade group for insurers in New York State applauded a proposal by Gov. Andrew Cuomo to merge the state's insurance regulatory arm...

Connecticut Woman Settles Suit Against Hospital

A New London woman and Lawrence & Memorial Hospital have settled a lawsuit in which the woman claimed the hospital failed to properly...

Weaver Named Head of Insurance Group at Mphasis

Ann Weaver has been named head of joined the Insurance Solutions Group at New York-based MphasiS, Weaver previously served as as risk...
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Midwest

Missouri Lawmakers Pledge to Aid Businesses in 2011

The Missouri Legislature convened its 2011 session on Jan. 5, 2011, with many new faces, a looming budget shortfall and a pledge from the...

Midwest Insurers Austin Mutual and Cooperative Mutual Complete Merger

Minnesota-based Austin Mutual Insurance Company, a regional property and casualty insurer, announced it has completed its merger with...

Austin Mutual Insurance Merges With Cooperative Mutual Insurance

Minnesota-based Austin Mutual Insurance Co., a regional property casualty insurer, announced that it has completed its merger with...

Krisanits Joins Old National Insurance as Regional President

Frank Krisanits has joined Indiana-based Old National Insurance as its Evansville region president. He will lead the insurance teams in the...

Minnesota Gov. Picks Rothman To Head Commerce Department

Minnesota Gov. Mark Dayton has appointed Mike Rothman the new Commissioner of Commerce. The Department of Commerce and Revenue regulates the...
Southeast

West Virginia Judge Approves DuPont $70 Million Pollution Settlement

A pollution case involving a former zinc-smelter site in West Virginia has been resolved with DuPont agreeing to pay $70 million plus fund a...

House Lets Stand Mississippi Gov. Barbour's Veto of Windpool Funds

The Mississippi House has failed to override a governor's veto of legislation that would have placed a $20 million subsidy into a state wind...

Cruise Ship Wins $24 Million in Florida Suit Against Rolls-Royce

A jury has awarded $24 million to Carnival Corp. in its lawsuit against Rolls-Royce PLC involving claims of a faulty propulsion system...
Texas / South Central

Wholesale Brokerage R-T Specialty Opens Dallas, Texas Office

R-T Specialty, LLC (RT), the wholesale brokerage arm of Ryan Specialty Group LLC (RSG) has opened a new office in Dallas, Texas. Rajan Shah...

Oklahoma Insurance Commissioner-Elect Names Staff Members

Incoming Oklahoma Insurance Commissioner John Doak has appointed 10 members of his staff to lead the Oklahoma Insurance Department. Joining...
West

Recent Calif. Regulator Actions Create Insurance Agent/Broker Concerns

Reflecting on Calif. Insurance Commissioner Dave Jones' recent emergency order to enforce medical loss ratio rules requiring insurers to...

Berte To Run AIA Western Region

The American Insurance Association (AIA) has announced that Marjorie Berte has joined the association as its new vice president for the...
International

Australia Flood Damage Seen as Long-term; Rail, Road Links Destroyed

Australia's flood-stricken coal industry may be disrupted for months after key rail and road links were washed away, while some...

Omega Raises NZ Quake Estimates to $16.8 Million; Australia Floods

Bermuda-based Omega Insurance Holdings Limited, which is also a leading LLoyd's insurer, has issued a revised estimate of the losses it...

Swiss Re Places $97 Million Windstorm Cat Bond for Groupama

Swiss Re Capital Markets has successfully structured and placed €75 million [app. $97 million] of notes issued by Green Fields Capital...

5 New Appointments Strengthen Mitsui Sumitomo at Lloyd's U/W Team

Mitsui Sumitomo at Lloyd's, a leading UK insurer, has announced a string of new appointments that continues to strengthen its underwriting...

Ratings Recap: Tokio Marine Pacific, Malaysian Re, Kazakhinstrakh, Ansvar

A.M. Best Co. has affirmed the financial strength rating of 'A+' (Superior) and issuer credit rating of "aa-" of Guam-based Tokio Marine...
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Calif. Commissioner Poizner: Insurance Agent Advice Critical to Commissioner Position

Steve Poizner was California's third elected insurance commissioner. Almost immediately upon...

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New Discussions in the Forums

Open Office Next to Geico
Posted: Thu Jan 6 -- I would do some research on how your rates compare to GEICO in your particular area. Have all employees, family & friends in the area get... NYagent301
Farmers Refuses to Pay Botched Auto Repair
Posted: Thu Jan 6 -- May I suggest you always advise the insured (in writing of course - and documented in your ams) to obtain a written, competent appraisal for... darnovak
Has anyone had a DMV audit?
Posted: Wed Jan 5 -- Most common audit findings: 1. Failure to maintain records/documents to justify and support proper use of requested information. All... Erik M. Olsen, CIC
Farmers Insurance
Posted: Wed Jan 5 -- Zurich takes more like 15 to 18% off the top, even before Farmers' light bill is paid. There is a reason most Departments of Insurance no... lonestar
Building Ordinance or Law on Commercial Building
Posted: Tue Jan 4 -- I read that 50% bonus depreciation is not available for things that have useful lives greater than 20 years. I believe that a new roof on a... prince987
2011 Planning - Growth Starts With Improved Retention
Posted: Tue Jan 4 -- I agree completely. If you can increase your retention, your income grows. An agency with $500K in commissions coming in will increase their... justthere

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