Mar 3, 2011

Daily Headlines: Thursday, March 3, 2011

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Insurance Journal Daily Headlines
March 3, 2011
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

U.S. Treasury Expects $6.3 Billion from AIG’s MetLife Sale

American International Group Inc. sold $9.6 billion worth of MetLife Inc. shares on Wednesday, producing gross proceeds of about $6.3 ...

BP Shows Reluctance to Fix Gulf Oil Spill Damage: Official

The vice chairman of a task force set up by President Barack Obama to restore the Gulf Coast criticized BP PLC this week for what he ...

State Farm Posts $1.8 Billion Net Income for 2010 Despite Underwriting Losses

State Farm reported $1.8 billion in after-tax net income in 2010, compared with $800 million in 2009.  The improvement "was driven by ...

Maritime General Agency Rebrands, Consolidates All Entities

Maritime General Agency announced its newly formed business identity, which it said "combines three niche marine insurance underwriting ...

UPDATE – Treasury Expects $6.3 Billion from AIG’s Metlife Share Sale

American International Group sold $9.6 billion worth of MetLife Inc shares on Wednesday, producing gross proceeds of about $6.3 billion to ...

Chrysler Recalls Vehicles due to Engine Shutoff Risk

Chrysler Group LLC recalled more than 248,000 crossover wagon and minivans because of a defect that could allow the key to slip while ...

Best Affirms CNA and Subs Ratings

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

Ratings Recap: First Hawaii, Cumberland, Seven Seas, Main Street

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

From MyNewMarkets.com Endorsement from Monitor Liability Managers Addresses Social Media Exposures

A new endorsement from Monitor Liability Managers helps small to medium-sized businesses protect themselves against employment liability...
East

Maine Regulators Recovered $3.5 Million Last Year

Maine insurance regulators say they recovered nearly $3.5 million for insurance consumers whose claims were underpaid in the state last ...

Former Rhode Island Town Councilman Admits Taking Bribes

A former North Providence town councilman has pleaded guilty to corruption charges, admitting he solicited tens of thousands of dollars in ...

Main Street Insurance Agencies Elects New Officers

Main Street Insurance Agencies, an alliance of agencies in Massachusetts, has elected new officers. Colleen Herlihy, Herlihy Insurance ...
Midwest

Kansas Studying Impact of Health Insurance Act on Agents, Insurers

Kansas Insurance Commissioner Sandy Praeger will conduct a public fact-finding hearing March 14 regarding the impact on Kansas insurance ...

Ohio Casualty Targets Small Commercial Growth

Ohio Casualty, a Liberty Mutual Agency Corp. regional company, announced the expansion of its small commercial appetite with the addition ...
Southeast

Tennessee Bill Would Tighten Workers' Compensation Eligibility

The Tennessee Legislature is considering a number of changes to its workers' compensation law that are designed to tighten the standards ...

Tennessee Sets Deadline for Claims Against 3 Shuttered Insurers

A Tennessee judge has set May 16 as the final date to resolve all outstanding claims against three insolvent risk retention groups that ...

Florida Allows Reinsurer Allied World to Post Lower Collateral

Florida is allowing the Allied World Assurance Co. to meet a lower collateral requirement, making the Bermuda-based foreign reinsurer the ...

Florida Announces 17 Arrests in Largest-ever PIP Bust

Florida's "Operation Deep Horizon" has netted 17 arrests - including a clinic owner, doctors, clinic employees and staged ...
South Central

Few Taking Final Offers to Settle Oil Spill Claims

Records show that in the last two weeks more than 8,100 people and businesses have been offered final payments from BP's oil spill ...

New Louisiana Online Auto, Homeowners Rate Guides Available

Louisiana Commissioner of Insurance Jim Donelon announced that the 2010 online auto and homeowners rate comparison guides are now available ...

ProspX Welcomes Assurex Global's Cornish to Board of Directors

Austin, Texas-based ProspX Inc., developer of a technology-based search and sales service for the commercial insurance industry, announced ...

Texas Associates Insurors Adds iPad App for Customer Service

Texas Associates Insurors has released the Texas Associates iPad application, the agency's latest customer service tool. Texas Associates ...
West

Wyoming Senate Kills Workplace Gun Bill

A Wyoming legislative committee has killed a bill that would have barred employers in the state from prohibiting their workers from keeping ...

Colorado Casualty Expands Small Commercial Appetite

Colorado Casualty, a Liberty Mutual Agency Corp. regional company, has expanded its small commercial appetite with the addition of more ...

Align Adds Parrish to Professional Liability Unit

Align Financial Group Inc. announced that Joshua Parish has joined the firm as vice president of the company's newly acquired ...

IMA Benefits Promotes Four

IMA Benefits, the benefits practice for retail insurance broker IMA Inc., announced that Tracy McConnell and John Kirke were promoted to ...

Heffernan Insurance Picks Nokes to Lead Orange, Calif., Office

Heffernan Insurance Brokers has hired Ed Nokes to lead its Orange, Calif., office. As senior vice president and branch manager of the ...

Jennings Insurance Agency Joins Woodruff-Sawyer

San Francisco-based Woodruff-Sawyer & Co. has announced that Jennings Insurance Agency has joined Woodruff-Sawyer of Oregon. Based in ...
International

Best Comments on Impact of Christchurch Earthquake on New Zealand P/C Insurers

A.M. Best's London office announced that it "has begun to assess the financial impact of the Feb. 22, 2011 Christchurch earthquake on New ...

Lloyd's Market Association Issues Statement on Middle East Unrest

The Lloyd's Market Association has issued the following statement concerning the wave of political protest and demonstration that have been ...

JLT Sets up Japan Subsidiary

UK-based international broker JLT Group announced that it has established JLT Holdings Japan "through an equity transfer arrangement." JLT ...

Tokio Millennium Re Receives Authorization for Australia

Bermuda-based Tokio Millennium Re Ltd. (TMR), a subsidiary of Japan's Tokio Marine & Nichido Fire Insurance Co., Ltd., announced that ...

Markel Appoints James to North American Property Treaty Reinsurance Team

Specialist insurer Markel International has appointed Nick James to its specialty division as a class underwriter in US and Canada property ...

Stempel to Manage New Crawford Office in Panama

Crawford & Company announced that it has established an office in Panama City, Panama, and named insurance executive Miguel Stempel as ...
Insurance Journal Blogs

Gen Yers looking for lucky number 29

Come along for the ride as we consider the resume of an average Gen Yer. Why do they switch jobs? Do we want 'one of them' working for ...

Welcome to the Insurance Journal Advertising & Marketing Blog!

Last week an email went out to the company congratulating me on 21 years with Wells Publishing, Inc. Now this made ...

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Insurance Journal TV

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Will Deficit Debate Affect Flood Insurance? Taxes?

Following the November elections, Congress and the White House, as well as states, have...
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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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New Discussions in the Forums

"Pay As You Go" Work Comp
Posted: Thu Mar 3 -- Some insurance companies are starting to provide pay as you go workers compensationbilling options whereby the policyholder submits either... gbrach
Diminishing Role of the Agent for P&C Insurance
Posted: Thu Mar 3 -- In my state, State Farm and AmFam have a combined personal lines market share of about 45%. The next highest company is 4%, and Allstate is... sacman
Becoming a Commercial Producer Questions
Posted: Thu Mar 3 -- Thanks I have looked at cic courses. Like I said I've been selling personal lines for 3 years now. Insurance comes fairly naturally so I'll... wyfair
PA Dog Liability to meet State Requirements
Posted: Thu Mar 3 -- I don't know if Farmers Insurance is in PA but they don't exclude dogs on their new policies. Gardia
Commercial Motorcycle Insurance in NY
Posted: Thu Mar 3 -- I have had luck in the past with www.primeis.com they will write... Gardia
Work Comp for Tree Trimming Oregon
Posted: Thu Mar 3 -- Hi everyone, Does anyone know of a general agency or way to access work comp for a client that pays less than $7,000 for 0106 tree trimming... Gardia
IA agent in Laredo TX?
Posted: Wed Mar 2 -- I've got a customer who is buying a second home in Laredo TX. Any IA's in that neck of the woods. Let me know how to contact you. Thanks, sacman
Commercial Producer Compensation
Posted: Wed Mar 2 -- I know there are many, many different ways to structure producer compensation these days. It's not just about commission splits, ownership... aasquith
How hard does your agency push umbrella coverage?
Posted: Tue Mar 1 -- My term "how hard does your agency..." meant how hard across the board, getting the word out to all policyholders including bringing it up... AgencyEquity

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