Jan 26, 2011

Daily Headlines: Wednesday, January 26, 2011

Insurance Journal Daily Headlines
January 26, 2011
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

National Underwriter, Summit Media File for Bankruptcy

Summit Business Media and its affiliates including The National Underwriter insurance publisher have filed for Chapter 11 bankruptcy to ...

Boehner to Address Agents Before D.C. Lobbying Day

House Speaker John Boehner (R-Ohio) will give the keynote address to members of the Big "I" during the group's annual D.C. conference ...

Hiscox USA Expands Direct, Online Coverage for Small Businesses to NY, Fla.

Hiscox USA has expanded their small business insurance offering direct and online to professional services businesses with 10 employees or ...

Lexington Introduces LexAir Transport Rx for Hospital Aviation Risks

Lexington Insurance Co., a Chartis company, has introduced LexAir Transport Rx, primary aviation liability insurance that is specifically ...

Investors Accuse Bank of America’s Countrywide of Massive Fraud

Bank of America Corp.'s Countrywide mortgage unit has been sued by investors claiming they were victimized in a ``massive fraud'' when they ...

Poll Finds Americans Oppose Defunding Healthcare Law

Most Americans do not want Congress to block funding for various new healthcare measures even as the nation remains split on the sweeping ...

From MyNewMarkets.com The Top D&O Stories of 2010 - Part 2

Below are stories four through seven from the "Top 10 D&O Stories of 2010" list. 4. Credit Crisis Lawsuit Settlements: The Dog that...
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East

Maryland Gov. Pushes $100M Tax Credit Program for Insurers

Gov. Martin O'Malley is pushing for a $100 million initiative to promote high-tech industry in Maryland. O'Malley made the "Invest ...

New Jersey Man Gets 4 Years for $20M Insurance Scam

A former partner in a New Jersey-based insurance firm is going to prison for four years for his role in a $20 million loan scheme. Gavin ...

Bikash to Oversee Planning at Gencorp

Rhode Island-based Gencorp Insurance Group has appointed Robert Bikash to oversee the company's financial and administrative planning. ...
Midwest

Paramount Capital Insurance Group Joins ISU Network

Paramount Capital Insurance Group of Reynoldsburg, Ohio, has joined the ISU Network. ISU PCIG was founded by Eric Schwab. Schwab is a third ...

Kentucky’s Leace Nukens Acquires Ohio’s Lent Agency

Neace Lukins, a Louisville, Kentucky based brokerage firm, recently acquired the Lent Agency, a Dayton, Ohio insurance agency. The merger ...

North Dakota Residents Urged to Prepare for Red River Floods

Fargo officials told residents this week that they need to start preparing soon for what's expected to be a third straight year of major ...

Iowa Employment Agency Charged with Workers’ Compensation Premium Fraud

The owner of a Des Moines employment agency has been indicted on federal fraud charges, accused of scheming to defraud insurance companies ...

Kansas Insurance Commissioner Appoints New Staff

Kansas Insurance Commissioner Sandy Praeger has named a new general counsel, a new consumer assistance director and made title changes for ...
Southeast

Severed Finger Points Way to Suspected Arsonist in Florida

A piece of a severed finger inside a glove led police near Titusvillle, Fla. to a suspected arsonist. Investigators found the finger near ...

Alabama Court Rules University Hospital Shares State Immunity

The Alabama Supreme Court has thrown out a $3.2 million judgment against a Montgomery hospital, ruling for the first time that a hospital ...

Tennessee Firms Opting Out of Workers’ Compensation Must Register

A new Tennessee law is requiring sole proprietors to register with the state if they choose to opt out of the state's workers' ...

Florida Insurers Form Lobby Group to Change Personal Lines

Some of Florida's largest insurance companies have banded together and formed the Personal Lines Insurance Federation of Florida to lobby ...
South Central

Judge Rules Barge Did Not Cause Katrina Flooding in New Orleans

A federal judge has ruled that a barge that landed on top of several homes in the Lower 9th Ward in New Orleans did not cause the floodwall ...

Texas Commission to Report on Willingham Arson Case

A Texas commission looking into an arson investigation that led to the execution of the man convicted of starting the fatal fire decided ...
West

Hair Named Chief Risk Operator for Utah Workers Compensation Fund

Dan Hair, Utah Workers Compensation Fund senior vice president and chief underwriting and safety officer, has been promoted to chief risk ...

CSE Insurance Launches Pay-As-You-Drive Program

Walnut Creek, Calif.-based CSE Insurance Group has filed a pay-as-you-drive auto insurance program with the California Department of ...

California Insurers Oppose ‘Crash Tax’

An ordinance up for consideration at tonight's Sacramento City Council meeting is bad news for local businesses and is unfair to ...

Lischer Joins IMA of Colorado's Surety Team

IMA of Colorado, Inc., a retail insurance brokerage based in Denver, has appointed Michael Lischer a surety account executive. IMA of ...

California To Enforce Health Insurer Spending Limits

California's Office of Administrative Law (OAL) has approved state Insurance Commissioner Dave Jones' request for an emergency regulation ...
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International

Ratings Recap: Tunis Re, National Grid, Endurance (repurchase), Caribbean Alliance, La Colonial, RoyalStar

A.M. Best Europe – Rating Services Limited has placed the financial strength rating of 'B+' (Good) and issuer credit rating of "bbb-" ...

Toyota Recalls 1.7 Million Vehicles as Quality Woes Mount

Toyota Motor Corp said it would recall more than 1.7 million vehicles worldwide, bringing its total for recalls to nearly 16 million since ...

Catlin Readies Launch of 3rd Arctic Survey; Focused on World’s Ocean Currents

Bermuda-based, London headquartered insurer Catlin announced the launch of its third Arctic Survey, which it said "will focus on evolving ...

UK’s Amlin Acquires J R Clare Underwriting Agencies

UK-based specialist insurer Amlin plc announced that its wholly owned subsidiary, Amlin Corporate Services Limited, has agreed and has ...

S&P Publishes Updated Insurers’ Economic Capital Models

Standard & Poor's Ratings Services has published its updated methodology for assessing insurers' economic capital models on Jan. 24, ...

Best Revises Outlook on Italy’s Cattolica; Affirms Ratings

A.M. Best Europe – Rating Services Limited has revised the outlook to stable from negative and affirmed the financial strength rating of ...
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Insurance Journal TV

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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

MGAs
Posted: Wed Jan 26 -- Yes, Every company and parent company of every MGA has been in business for 90+ years. They did not increase their business by 50%, please... mica.cooper
Open Office Next to Geico
Posted: Tue Jan 25 -- This looks like something that they (the GEICO agent) would have potential damages from the Landlord since you're not a party to their... gregcw
How can a new agent obtain appointments?
Posted: Tue Jan 25 -- You could also look in to providers such as insurance noodle, secure access etc... there are also wholesalers out there, like appalachian... briand
Commercial rater
Posted: Sat Jan 22 -- We are looking for a good commercial insurance rater. Any suggestions, pros and cons? Thanks JAM
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

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