Mar 31, 2011

Daily Headlines: Thursday, March 31, 2011

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Insurance Journal Daily Headlines
March 31, 2011
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

Shake-Up at AIG’s Chartis; Moor Out, Hancock In as CEO

American International Group, Inc. (AIG) today announced a reorganization of Chartis, its global property/casualty business, and named a ...

Applied Systems Buys CSR24 Agency Systems Firm Artizan

Insurance technology company Applied Systems has acquired Artizan Internet Services, a provider of Web-based and outsourced customer ...

Black Brokers’ Bias Suit Against Bank of America/Merrill Dismissed

Bank of America Corp. won the dismissal of a bias lawsuit by black financial advisers at the former Merrill Lynch & Co. who said they ...

Leading Candidate to Succeed Berkshire’s Buffett Quits

The man widely seen as the leading successor to Warren Buffett at Berkshire Hathaway has resigned after buying shares in chemical company ...

Ratings Recap: Omega US, Real State, USPlate, Safety

A.M. Best Co. has placed under review with negative implications the financial strength rating of 'A-' (Excellent) and issuer credit rating ...

Assured Guaranty to Offer Bond Insurance Through Electronic Trading Platform

Bond insurer Assured Guaranty Municipal Corp. (AGM) has formed an agreement with TheMuniCenter (TMC) for AGM to offer real-time quotes and ...

BoatU.S., CNA Add Marine Insurance Options

BoatU.S. and CNA have added new policy benefits for recreational boaters across the country. A few of the new policy benefits available to ...

BP Puts Gulf Oil Disaster Cost at $19 Billion So Far

BP Plc has so far spent $19 billion on last year's disastrous Gulf of Mexico oil spill and believes the uncertainty over the ultimate total ...

Federal Reserve Rejects AIG Offer for Mortgage Bonds

The Federal Reserve rejected a $15.7 billion bid from insurer American International Group for a pool of mortgage-backed securities ...

Flood Insurance Reformers to Hold Second Hearing

The House subcommittee preparing a flood insurance reform measure will have its second hearing on April 1 to hear testimony from Federal ...

From MyNewMarkets.com Hartford Steam Boiler Addresses Farm Owners' EPL Exposures

The current economy has led to an increase in employment practices liability claims for businesses of all description, not just commercial...
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East

New York City Landlords Facing Harsher Bedbug Penalties

Despite the itchy rise to prominence of bedbugs around New York City, officials have long been limited in what they could do to get ...

Murder Is an Accident? To Insured It Is, New York’s Highest Court Says

New York's top court says the estate of a man run down by a homicidal driver is entitled to make insurance claims for injuries caused by an ...
Midwest

Minnesota Real Estate Closer, Insurance Agent Fined $420K

The Minnesota Department of Commerce has ordered a Forest Lake real estate closer and insurance agent to pay a civil penalty of $420,000. ...

Whalen Named Producers Division Director at Kansas Insurance Dept.

Kansas Commissioner of Insurance Sandy Praeger named Tom Whalen as the Kansas Insurance Department's new Producers Division director. The ...

Missouri Updates Insurance Consumer Complaint System

The Missouri Department of Insurance has responded to Gov. Jay Nixon's call for more efficient government by launching a new online system ...

Capitol Insurance Companies Names Ogilvie Chief Operating Officer

Madison, Wis.-based Capitol Insurance Companies a national provider of specialty property casualty insurance and commercial surety ...
Southeast

Ex-Sen. Thompson Lobbies for Trial Bar on Tennessee Damages Bill

A proposed compromise to limit lawsuit damages in Tennessee is a step in the right direction, but there's still work to be done, claims ...

Court Allows ‘Fat Slob’ Arrest Lawsuit Against Kentucky City

Calling a police officer a "fat slob'' is not an offense that can usually get someone charged, a federal appeals court ruled recently, ...
South Central

Louisiana Appeal Court Must Reconsider Malpractice Cap Suit

A state appeals court must reconsider its ruling that the Legislature acted unconstitutionally when it covered nurses who are certified to ...

Arkansas AG Sues Company Over Alleged Ponzi Scheme

Arkansas Attorney General Dustin McDaniel has filed a lawsuit against a Conway roofing company for allegedly engaging in a Ponzi scheme ...

Agents, Adjusters Vulnerable to Lawsuits Even When They're Not to Blame

Agents and adjusters have completely different roles in the insurance industry but as intermediaries between insurance companies and their ...
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West

Whistleblower Sues California Nuclear Plant, Claims Firing Retaliatory

A former manager at one of California's two nuclear power stations sued the facility's operators Wednesday, claiming he was fired in ...

Mont. Work Comp Compromise Moves Forward

The Montana House is giving its blessing to a deal between Gov. Brian Schweitzer and Democrats to cut workers' compensation insurance rates ...

Beranek to Head New OnPoint Office in Arizona

OnPoint Underwriting, an Atlanta-based managing general agency, has expanded its business into Arizona. The Scottsdale, Arizona office will ...

Study: Washington Law Increased Homeowners Insurance Costs by $190 Million

A new study released by the Insurance Research Council (IRC) has found a Washington law increased homeowners insurance costs by $190 ...

Calif. Homeowners Insurance Valuation Training Courses Available Online

Education to meet the California's Department of Insurance Homeowners' Valuation Training requirement can be obtained online. Through ...

Obama Signs Wash. Storm Disaster Declaration

President Obama has signed a federal disaster declaration, ordering federal aid to supplement state and local recovery efforts in seven ...

The Buckner Co. Opens Idaho Falls Office

The Buckner Company Opens New Idaho Falls Office, Hosts Open House Utah-based The Buckner Co. has opened a new office in Idaho Falls, ...
International

Rating Agencies Might Stop Reports Due to EU Threats Say Sources

Credit rating agencies have warned the European Commission that they could stop rating risky countries if the EU executive goes ahead with ...

Willis Re: Japan Quake Not Enough to Turn Soft Market

A report from Willis Re, the reinsurance brokerage arm of Willis Group Holdings, notes that "relatively orderly price movements at the ...

Cooper Gay Swett & Crawford Posts Combined Results; EBITDA $68 Million

The Cooper Gay Swett & Crawford Group (CGSC) has released its first combined results since the two brokers completed their merger ...

AIR Releases New Northwest Asia-Pacific Area Wide Typhoon Model

Catastrophe modeling firm AIR Worldwide has released an enhanced typhoon model for the Northwest Pacific Basin. AIR said the "model, which ...

Liberty Mutual Authorized to Establish Guangdong Branch

Liberty Mutual Group announced that, through its wholly owned subsidiary Liberty Insurance Company Limited, it has been granted approval to ...

Jacobson Group Expands into International Marketplace

Jacobson Group, the Chicago-based insurance executive search firm, announced that it has concluded an affiliation with ejsSearch a ...

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Soft Market Is Finally Ending, Really, Says SNL Financial

Could the long soft market really be over? Several recent reports concluded it is not over....
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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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New Discussions in the Forums

Agency Appointment/ Agent Certification
Posted: Wed Mar 30 -- Not sure about your state, but in my state, the insurance laws prohibit an agent from setting up shop merely to handle family... Island Girl Agent
Using a recorder for CPCU study
Posted: Wed Mar 30 -- From time to time I see people asking for the best way to study a CPCU test. Although there are numerous ways one thing I've done (currently... BrianBaughman
Marketing Marketing Marketing
Posted: Tue Mar 29 -- A large part of my success has come from direct mail. Post Cards on the Personal Lines Side and Letters to the commercial side. Also,... FFA
cpcu woes
Posted: Mon Mar 28 -- The fact that only 3-5% of those working in P&C get the designation will, in itself, make you a standout.If at all possible keep plugging... Dave Medvidofsky
adp peo
Posted: Fri Mar 25 -- If the client has an x-mod, then that means they're what's known as a "Rule IV" client (at least in California). That is, they have to... Big Dog

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