Jan 24, 2011

Daily Headlines: Monday, January 24, 2011

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Insurance Journal Daily Headlines
January 24, 2011
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Today's Headlines

National

Ratings Recap: Berkley National, Allstate (NJ), Preferred Physicians

A.M. Best Co. has commented that the financial strength rating of 'A+' (Superior) and issuer credit rating of "aa-" of Iowa-based ...

Allied World U.S. Enhances Standard Lawyers Platform

Allied World has enhanced its Standard Lawyers platform to ease administration and expand coverage offerings. Beginning on February 1, the ...

Marsh Launches Package Policy for Midsize Chemical Companies

Marsh has launched ChemPreferred, a customized package of policies for midsize chemical companies. Available to U.S. chemical and ...

Think Soft Market Is Over? Think Again

Average renewal premiums for commercial lines property/ casualty insurance were largely unchanged during the fourth quarter of 2010 and ...

States Grapple with Healthcare Overhaul

True or false: States suing to overturn core requirements of President Barack Obama's health care overhaul are refusing to carry out the ...

Investor Suit Against Bear Stearns, Auditor to Proceed

Plaintiffs in one of the biggest U.S. investor lawsuits stemming from the financial crisis got a boost from a judge, who said a case ...

Auditors Successful in Defending Against Investor Lawsuits

Investors looking to pin blame on auditors for failing to flag risks ahead of the credit crisis are having a hard time getting their cases ...

Video FeatureNovember Elections Brought Insurance Power Shift

The Republican takeover of the House of Representatives bodes well for the insurance industry, according to one leading Washington ...

From MyNewMarkets.com The Top 10 D&O Stories of 2010 - Part 1

2010 was an eventful year in the world of D&O liability. Congress passed massive financial reform legislation, the Supreme Court issued...
East

Connecticut Collected $6M in Recovered Claims and Fines Last Year

Connecticut regulators say they recovered approximately $3.4 million last year for consumers who complained that their insurers mishandled ...

Massachusetts Agents Pleads Guilty to Stealing $43K in Premiums

A Massachusetts insurance agent has pleaded guilty to pocketing $43,000 in premiums. Richard Coscia Jr., of Winthrop, an employee of Coscia ...

Sex, Age Discrimination Suit Filed Against Bank of New York Mellon

A veteran portfolio officer at Bank of New York Mellon Corp accused the company of sex and age discrimination Friday, charging she was paid ...

Beacon Mutual Suit Granted Class-Action Status

A judge has granted class-action status to plaintiffs suing the Beacon Mutual Insurance Co. for inequitably distributing $101 million in ...
Midwest

Missouri Doubles Number of Licensed Captive Insurers

Missouri doubled the number licensed captive insurers last year, from six at the end of 2009 to 12 at the end of 2010. The Missouri ...

Anderson Re-joins Lockton in Kansas City

Commercial insurance executive Doug Anderson has re-joined Lockton as senior vice president and producer in the insurance broker's ...

Missouri Business Leaders Urge Tort, Workers' Comp, Employment Law Reforms

Business leaders in Missouri are asking state lawmakers for reforms that they say will help protect and create jobs. Among the priorities, ...
Southeast

North Carolina Beach Plan to Retrieve Surplus Returned to Insurers

North Carolina Insurance Commissioner Wayne Goodwin has announced a settlement agreement that calls for the North Carolina Insurance ...

New Florida Agency Formed After Long-Term Partners Split

The Connelly, Carlisle, Fields & Nichols insurance brokerage firm, a member of the Aliant Insurance Group, began operations this month ...

Main Street America Appoints Fox as General Counsel

The Main Street America Group has appointed Bruce Fox to serve as the group's general counsel. Fox has been serving as corporate counsel ...

Court Upholds Florida Regulator in Denial of Texas Insurer

A Texas-based workers' compensation insurer has lost its appeal of rulings by the Florida insurance commissioner that have blocked it ...
South Central

Capstone Forms 100th Captive Insurance Company

Houston-based Capstone Associated Services Ltd. announced it has formed its 100th captive insurance company. Capstone formed its first ...

TWFG Opens Locations in Texas, Oklahoma, Oregon

Texas-based retail and managing general agency, The Woodlands Financial Group Inc. (TWFG), has opened three new branch locations — one ...
West

Signature Insurance Group Opens Woodland Hills Office

Laguna Niguel, Calif.-based Signature Insurance Group, which includes Brakke-Schafnitz Insurance Brokers Inc. (BSIB), Brakke-Schafnitz West ...

Calif. State Fund Appoints Chief Risk Officer, Chief Financial Officer

California's State Compensation Insurance Fund as announced that Ken Van Laar was selected as the new chief risk officer, and Daniel J. ...

Durham and Bates Agencies Names Hurst President, CEO

Portland, Ore.-based Durham and Bates Agencies Inc. has selected William D. Hurst as CEO and president. Hurst, an internationally known ...

Oregon Credit Score Law Cuts Insurance Rates

Thousands of Oregonians are enjoying lower insurance premiums as a result of a year-old credit scoring law, according to a recent survey by ...

Court: Only English Required in Arizona Uninsured/Underinsured Form

The Supreme Court of Arizona has ruled that the state's uninsured motorist (UM) and underinsured motorist (UIM) coverage selection or ...
International

Malaysian Navy Nabs Somalis in Second Raid on Pirates

Malaysia's navy was holding seven Somali pirates Saturday who were apprehended in the second dramatic commando raid within hours on ships ...

Australian Flood Crisis Could Continue for 10 More Days

A vast lake created by floodwaters will spread across southeastern Australia and threaten rural towns in its path for up to 10 more days, ...

Zurich’s ‘Pushing the Boundary’ Report Focuses on Risk ‘Uncertainty’

A new report from Zurich Financial Services notes that in contrast to the "bulk of risks faced by the corporate sector," which are more or ...

China’s Continental, Korea’s Daewoo INS Join Assurex Global Broker Network

Assurex Global, the worldwide broker network, announced that it has added two new firms to the network: Continental Insurance Brokers ...

Best Affirms RSA, Operating Companies, Ratings

A.M. Best Europe – Rating Services Limited has affirmed the financial strength ratings (FSR) of 'A' (Excellent) and issuer credit ratings ...
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How November Elections Changed Insurance Power in Washington

The November elections brought change to Washington as Republicans took control of the House...
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Medical Marijuana Retailer High on Insurance

Sara Jane Sinclair is the CEO of Sara Jane Inc., a medical marijuana dispensary located in...

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New Discussions in the Forums

Anyone with opinion on EZBuy electronic signatures
Posted: Sun Jan 23 -- Wow, So your saying an independent agent can't compete without a thing like EZBuy? ...and your also saying independent agents and... mica.cooper
How can a new agent obtain appointments?
Posted: Sun Jan 23 -- Mercury will NEVER appoint you. So forget them. Stay with MGA's and contact Monarch and others for commercial. As stated above, it takes... mhutch69
Commercial rater
Posted: Sat Jan 22 -- We are looking for a good commercial insurance rater. Any suggestions, pros and cons? Thanks JAM
mgas
Posted: Fri Jan 21 -- The business practices speak volumes about companies. How long have they been in business is a foremost criteria I have. I think EVERY... mica.cooper
Open Office Next to Geico
Posted: Fri Jan 21 -- If the new digs works for your agencies logistical changes then you should not hesitate to move next door to GEICO. Dont let competition... bh1950
Credit Profiling and Tiering in your state?
Posted: Fri Jan 21 -- In many states, carriers now possess the 'magic bullet' for personal lines rating and underwriting. This is composed of two elements -... darnovak
Claims Made, Claims Made & Reported, and Occurrence
Posted: Thu Jan 20 -- Worth noting that in an occurrence policy, the damage or injury must occur during the policy period. It does not matter when the claim is... rcb
Incentives for Clients
Posted: Thu Jan 20 -- It varies by state. Usually the limit is a nominal amount $20-$50 which allows for things like coffee mugs, pens, calendars and such. Check... NYagent301

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