Jan 10, 2011

Daily Headlines: Monday, January 10, 2011

Insurance Journal Daily Headlines
January 10, 2011
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

Jan. Reinsurance Renewals Saw 'Orderly Rate Softening,' Says Towers Watson

Record reinsurer capital levels, strong reinsurer capacity, an absence of major catastrophe losses in the U.S. and competitive pressures...

Liberty Mutual Continues Fight with AIG As Other Insurers Settle

American International Group has negotiated a $450 million settlement with seven of its competitors in the protracted litigation over its...

Starr Indemnity Launches Primary Commercial Auto Facility

Starr Indemnity & Liability Company, Inc. (Starr Indemnity) has launched primary commercial auto to complete their primary casualty...

From MyNewMarkets.com Small Niche Market of Art Title Insurance Making Big News

Incidents involving alleged stolen artwork have sparked a new wave of interest in art title insurance. Most recently is the case of a...
East

New Jersey Passes Captive Insurance Legislation

New Jersey will soon allow captive insurers under a bill passed by the state's legislature and expected to be signed by the state's governor...

Personal Crusade for Tractor Safety in Pennsylvania

Though it's been nearly five years since her grandfather died, Alyssa Fodor still remembers the suffering her family experienced when he...

Countryway Acquired by Virginia Farm Bureau

Virginia Farm Bureau Mutual Insurance Co., is acquiring New York-based Countryway Insurance. Countryway, with headquarters in Syracuse,...
Midwest

Conifer Holdings Acquires Mid-Continent Insurance Co.

Michigan-based insurance holding company Conifer Holdings (Conifer) announced the closing of its acquisition of Mid-Continent Insurance Co....

Toyota to Open Safety Research Center in Michigan

Toyota Motor Corp. has announced it is launching a safety research center in Michigan that will focus on finding ways to reduce driver...

Reinsurance Broker Holborn Adds Frank, Knutzen in Midwest

Holborn Corporation, an independent provider of reinsurance brokerage services headquartered in New York, announced that Thomas Frank and...

Iowa Actuaries: Wellmark's Proposed Increase Too High

A proposed 11 percent rate increase by Wellmark Blue Cross and Blue Shield for Iowa customers who buy their own policies is too high,...

Illinois Work Comp Commission Shuts Down Business Located in Its Building

On Jan. 4, 2011, the Illinois Workers Compensation Commission (IWCC) shut down a restaurant located in the same building as IWCC offices for...
Southeast

Texas Insurer Alleges Vendetta by Florida Regulator McCarty

A Texas insurance company and its owner are suing Florida Insurance Commissioner Kevin McCarty, accusing him of being vindictive and...

USAA Reworking Wind Coverage Accounts on Mississippi Coast

USAA, a banking and insurance company that caters to military personnel, is dropping wind coverage from its homeowners' policies in...

GUARD Introduces BOP in Georgia

GUARD Insurance Group has begun offering businessowner's policy (BOP) coverage in Georgia. This new line complements the company's...

Former Insurance Chief to Head South Carolina Financial Board

South Carolina Gov.-elect Nikki Haley announced she will nominate the state's former insurance director to lead the agency that oversees...

Brown & Brown Taps Penny as Chief Acquisitions Officer

J. Scott Penny has been named chief acquisitions officer for Florida-based insurance agency brown & Brown Inc. Penny has served as one...
Texas / South Central

Louisiana Policyholders Fail to Claim $133M in Rebates

Property insurance policyholders in Louisiana have missed the chance to claim almost $133 million in rebates that had been available before...

Okla. Official: Ex-lawmakers May Hold Insurance Department Jobs

A state law that bars legislators from working for a state agency within two years of leaving office doesn't apply to two former state...

Texas-Based Insurer GAINSCO to Deregister Its Common Stock

GAINSCO Inc. (NYSE Amex: GAN), an insurance holding company headquartered in Dallas, has announced it will voluntarily suspend trading of...

Texas Workers' Comp Division Approves 12 Companies to Self-Insure

The Texas Department of Insurance, Division of Workers' Compensation (TDI-DWC) approved the renewals of the Certificates of Authority for 12...
West

Economist: Oregonian Insurance Agents Can Expect Unsettling Year

Oregonians should expect a long slow recovery from the recession, and it will be years before the economy returns to pre-recession levels,...

Irwin Siegel Agency Opens Office in Oregon

Rock Hill, N.Y.-based Irwin Siegel Agency Inc. (ISA) has opened a new office facility located in Oregon. For ISA, a national insurance and...

Pinnacol Spends $318K on Pebble Beach Golf Trip

Colorado's state-chartered worker's compensation insurance company spent more than $318,000 on a five-day trip to Pebble Beach, Calif....

Calif. Commissioner Asks Blue Shield to Delay Rate Increases

California Insurance Commissioner Dave Jones has called on Blue Shield of California to delay its implementation of a new round of...

American Claims Management Promotes Three to Senior VP

American Claims Management Inc. has promoted three of its employees from assistant vice president to senior vice president of their...
International

Brisbane Faces Flash Flood Threat

Residents in Australia's third largest city, Brisbane, sandbagged their homes against rising waters on Monday as torrential rain worsened...

Canadian Climate Study Forecasts 'Global Warming for Centuries'

Carbon dioxide already emitted into the atmosphere will keep contributing to global warming for centuries, eventually causing a huge...

Lloyd's Looks to Gov't. Reforms to Reduce Skyrocketing Legal Costs

Lloyd's leaders have long warned that the "compensation culture" is steadily increasing the costs of legal actions in the UK, as plaintiffs'...

Canopius Launches Swiss Reinsurance Operation; Seeks Omega Deal

Canopius Group Limited, a privately owned Lloyd's re/insurer, has announced its intention to "extend its international footprint with the...
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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
Best Personal lines rates in CA
Posted: Tue Jan 4 -- I relocated just before going Career. FIG doesn't do transfers so they wanted me to re-start the Reserve program again in my new location.... RKunz2

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