Jan 13, 2011

Daily Headlines: Thursday, January 13, 2011

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Insurance Journal Daily Headlines
January 13, 2011
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Today's Headlines

National

AIG Recapitalization to Close Friday; Offering Expected in May

Banks will meet in New York City Thursday to make their case for the right to sell the U.S. Treasury's stake in American International...

JPMorgan, Morgan Stanley Pitch for AIG Share Sale

Some of the United States' top bankers descended on a law firm in midtown Manhattan Thursday to pitch for what could be one of the largest...

P/C Executives See Better Profitability in 2011

Leaders of the property/casualty insurance industry believe the worst of the financial crisis is over and that the new year will bring...

Small Businesses in Hiring Mood? It's Hard to Figure

U.S. small businesses appear to be on the cusp of a mini hiring revival that may be a bit stronger than the Labor Department's data...

Ratings Roundup: State Auto/Hallmark, Claremont Liability

A.M. Best Co. has assigned a financial strength rating (FSR) of 'A-' (Excellent) and issuer credit rating (ICR) of "a-" to Ohio-based State...

JLT Expands New York Lawyers PL Policy to Additional States

JLT Facilities, Inc., part of the Jardine Lloyd Thompson (JLT) Group, has expanded its New York lawyers professional liability coverage form...

K&K, RLI Partner to Offer Product Liability for Sports, Entertainment Risks

K&K Insurance announces a new products liability program in partnership with RLI, a specialty insurance company operating in all 50...

From MyNewMarkets.com Increase in Temporary Staffing Business Signals Economic Recovery

For many businesses, 2010 was a year of transition. Companies began to pick up the pieces of the economic downturn and were cautiously...
East

Pennsylvania Insurance Program for Homes Above Mines Active

As many as 1 million Pennsylvania homes sit above abandoned coal mines, yet a state-subsidized insurance program for mine subsidence has...

Vermont Added 33 New Captives in 2010

Vermont licensed 33 new captives last year, bringing the state's total of licensed captives to 911, according to the Department of Banking,...

Ames & Gough Names Payne as Senior Account Manager

Washington D.C.-based broker Ames & Gough has named Christine Payne as senior account manager. Payne, who has more than 25 years of...
Midwest

Auto Insurance Changes Targeted for Repeal in Wisconsin

Republicans in the Wisconsin Legislature are aiming to repeal most of the auto insurance coverage increases mandated by Democrats, which...

Fremont Michigan Evaluating Options after Revised Biglari Holdings Offer

Fremont Michigan InsuraCorp Inc., a Michigan-exclusive property and casualty insurance carrier, says it is evaluating a revised unsolicited...

Ohio: More Than 3,000 Medical Liability Claims Closed in 2009

The Ohio Department of Insurance announced that its fifth annual Ohio Medical Professional Liability Closed Claim Report shows a total of...

Midwest-based Hylant Group, Swartzel Affiliated Insurance Merge

Ohio-based insurance brokerage, Hylant Group, and property/casualty insurance services provider Swartzel Affiliated Insurance Agency have...
Southeast

Oh, Deer! West Virginia Herd Costing Insurers $44 Million a Year

West Virginia deer are causing excessive damage across the state and the Division of Natural Resources' plan to manage the herd is deficient...

Fen-Phen Lawyer Indicted for Insurance Fraud in Kentucky

An attorney who was disbarred after representing clients in a multimillion-dollar diet drug settlement has been indicted on a fraudulent...

Authorities Identify Florida Man Run over by Farm Vehicle

Florida authorities identified a man killed when a farm vehicle ran him over in an orange grove. Charlotte County authorities say...
Texas / South Central

Lawsuit Seeks to Halt New Orleans Levee Work

A lawsuit is threatening to slow down or even halt work to strengthen a New Orleans canal that broke catastrophically during Hurricane...

Ex-Parish Officials in Louisiana Face Ethics Charges Tied to Insurance

Louisiana officials have filed ethics charges against former Jefferson Parish President Aaron Broussard and his former top...

Sleeper Sewell Adds Dabboussi as VP

Sleeper Sewell Insurance Services Inc., an independent insurance agency with nearly 50 years serving the Dallas-Fort Worth metroplex, has...
West

Dunlap Insurance Agency Joins ISU Network

Dunlap Insurance Agency of Orange, Calif., has joined the ISU Network. Founded in 1992, ISU Dunlap Insurance Agency specializes in...

Mercury General to Report Results on February 7

Los Angeles-based Mercury General Corp. reported that on Monday, Feb. 7, 2011, the company will release results for its fourth quarter and...

CRES Insurance Appoints Sargenti CEO and Silverman COO

San Diego-based CRES Insurance Services LLC announced it has appointed Steven Sargenti as president and CEO, and Andrew Silverman as...
International

Weakened World Economy Continues to Face Multiple Global Risks

The financial crisis has to some extent lessened its impact on the economic situation in many countries, notably the "developed" ones, but...

Australian Floods to Cost Insurers, Reinsurers $1 Billion

The devastating floods in Queensland state that forced evacuation in Brisbane, Australia's third-largest city, are expected to be a near $1...

Study Says Climate Change Link in Hurricane Losses Decades Away

Tropical cyclones are expected to cause more damage in the United States and Asia but it could be more than a century before insurers can...

Argo Group Updates NZ Quake Loss Estimate to $12 Million

The Bermuda-based Argo Group International Holdings announced that it "expects to report in its 2010 fourth quarter financial results...

Best Affirms Ratings of American Safety Insurance Holdings Subsidiaries

A.M. Best Co. has affirmed the financial strength rating of 'A' (Excellent) and the issuer credit rating of "a" of the subsidiaries of...

Ratings Recap: InterGlobal, B&B Insurance, Grupo Nacional

A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating of 'B++' (Good) and issuer credit rating of...
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New Discussions in the Forums

Claims Made, Claims Made & Reported, and Occurrence
Posted: Thu Jan 13 -- They're not similar. Here's an example. Assume a claims made Products Liability policy has a policy period of 1/1/2011 to 2012 for a... Big Dog
Driver Ed Driving School - Commercial Auto
Posted: Wed Jan 12 -- Does anyone have a commercial auto market for a driver ed school in California?... InsureTime
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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