May 3, 2011

Daily Headlines: Tuesday, May 3, 2011

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

Today's Headlines

National

U.S. Sues Deutsche Bank Over Mortgage Fraud

The United States sued Deutsche Bank AG for more than $1 billion, accusing the German bank of defrauding the government by repeatedly lying ...

Bank Insurance Fee Income Again Reaches Record High

Bank insurance brokerage fee income in 2010 reached a record level as it rose 7.9 percent from $12.36 billion in 2009 to $13.33 billion in ...

Despite Rise in Cyber Threats, Businesses Forego Buying Network Liability Coverage

Despite the threat of increasing incidents of cyber attacks on businesses worldwide, the vast majority of companies (73 percent) report ...

From MyNewMarkets.com Overcapacity in P/C Insurance Keeping Commercial Prices Down

Most commercial lines insurance prices continued their downward trend in the first quarter, as underwriters' efforts to hold the line on...
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East

Report Shows Fewer Massachusetts Worker Deaths Last Year

A new report finds that fewer workers died on the job in Massachusetts in 2010 than in the previous year. But the report from the ...

Worker Killed in Explosion, Fire at Aberdeen Lab

Officials at Aberdeen Proving Ground in Maryland say a contractor died in an explosion and fire at a laboratory in the Edgewood area of the ...

The Hanover Reports Q1 Profits

Massachusetts-based insurer The Hanover posted first-quarter profits of $29.3 million, down slightly from the $41.8 million seen in the ...
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Midwest

Kansas Passes No Pay/No Play Bill; Insurer Group Urges Governor to Sign

The Kansas Legislature has now passed legislation, Senate Bill 136, designed to encourage more drivers to purchase auto insurance as ...

Cincinnati Financial Corp. Sees Decreased Income in Q1

Ohio-based Cincinnati Financial Corp. reported first quarter 2011 net income of $62 million compared with $68 million for the same period ...
Southeast

Kentucky Forest Fire Season Ends

The spring forest fire season in Kentucky has officially come to an end. The state Division of Forestry says fire hazard season ended April ...

Twin-engine plane crashes into house outside Miami

A twin-engine cargo plane crashed into two vehicles and a house and caught fire just north of an airport in the Miami area. Miami-Dade Fire ...

Florida Legislature Approves Commercial Rate Deregulation Bill

Commercial insurers in Florida will have more leeway in setting rates on a number of lines of insurance under a bill approved today by ...

Coastal Risk Expands into Louisiana, Florida

Coastal Risk Underwriters (CRU), a subsidiary of Insight Catastrophe Group, will begin writing homeowners insurance in Louisiana and 15 ...
South Central

Louisiana's Amerisafe Sees Hike in Written Premiums in Q1 2011

DeRidder, La.-based Amerisafe, Inc. a specialty provider of hazardous workers' compensation insurance, announced that premiums earned ...

Higher Humidity Readings Aid Texas Wildfire Crews

Higher humidity readings in West Texas have given an assist to crew battling wildfires in the arid reaches of West Texas. Federal ...
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West

Calif. Attempts to Reign in Workers’ Comp Compound Drug Costs

California legislators are considering a bill aimed at reigning in the use of compound drugs in workers' compensation claims. According to ...

Insurer Settles Suit With Former Utah Frat Members

A Georgia insurance company that paid a wrongful death claim on behalf of a former Utah State University fraternity has settled the lawsuit ...

Nevada Insurance Department Publishes Earthquake Insurance Guide

The Nevada Department of Insurance has published a consumer guide to earthquake insurance to encourage residents to evaluate appropriate ...

Navion Insurance Adds Lee in Personal Lines Department

Navion Insurance Associates Inc. of Anaheim Hills, Calif., has added Laura Lee to the firm as head of the personal lines department. Lee ...

Mercury Insurance Partners With Dodgers for Fifth Year

When it comes to reaching potential customers, Mercury Insurance is confident the Dodgers will help them score more business. That's why ...

One Risk Group Names Brockie Senior VP

One Risk Group LLC, a property/casualty insurance brokerage headquartered in the San Francisco Bay Area, has hired Tad Brockie as a senior ...
International

RMS Expert Explains Role of ‘Social Network’ in Tracking Down Bin Laden

The arcane world of spies, informers, terrorists and the people who have to deal with them remains largely a mystery to most ordinary ...

Special Report: As Pirate Attacks Increase, Ship Owners Take Arms

Upstairs in a public house in the town of Poole on the English south coast, 18 men are preparing to take on the pirates of the Indian ...

Searchers Find Second Air France Crash Flight Recorder

Search parties scouring the sea bed off Brazil's northeast coast have recovered the second of two flight recorders from the Air France ...

World Sea Levels Could Rise over Five Feet by 2100

Quickening climate change in the Arctic including a thaw of Greenland's ice could drive world sea levels by up to 1.6 meters (5 ft. 3 in.) ...

Lockton Study Finds Recent Catastrophes, Changing Models Affecting Property

In a new Market Update report insurance broker Lockton cautions that aftershocks from earthquakes in Asia Pacific and new catastrophe ...

Majestic Capital Commences Chapter 11 Bankruptcy Proceedings

Bermuda-based Majestic Capital, Ltd. announced that on Friday, April 29, 2011, it commenced bankruptcy proceedings by filing a petition ...

First Quarter Earnings Report: PartnerRe

PartnerRe's Q1 losses from catastrophic events were a substantial $1.071 billion net of reinstatements, reinsurance and commission adjustments. They comprised...

AIR Worldwide Cat Models Now Cover Industrial and Renewable Energy

Catastrophe modeling firm AIR Worldwide (AIR) today announced that its Catastrophe Risk Engineering (CRE) models now cover industrial and ...

Best Sees no Change to Greenlight Re’s Ratings with New CEO

A.M. Best Co. has commented that the financial strength rating of 'A-' (Excellent) and issuer credit rating of "a-" of Cayman ...

Best Named First Rating Agency Approved in New Zealand

A.M. Best Asia Pacific Ltd has become the first rating agency to be approved by the Reserve Bank of New Zealand under the conditions of the ...
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New Discussions in the Forums

Broker Intermediaries - Fraud
Posted: Tue May 3 -- Not sure if this topic has already been discussed but if you are in contact with this company Broker Intermediaries out of Pasadena, CA.... rembrokerage
Risk Purchasing Groups
Posted: Mon May 2 -- Sure, however, you would think that would have to be stipulated in the policy contract, no? I've reviewed the policy and I don't see... Rob
Live Music venue in CA with open A&B claim
Posted: Mon May 2 -- "If I am reading this correctly, the risk has had 2 A/B claims; one is closed, one is still open? That could... Rob
Aged internet leads
Posted: Mon May 2 -- Has anyone found a good place to buy aged insurance leads. I heard some people have had great success in buying aged life insurance leads... landersinsurance
Hurricane coverage in florida
Posted: Sat Apr 30 -- I am located in South Florida, and I am finding that carriers, even thru E&S markets are not interested in providing wind for buildings... saabins
13,000 properties needing property insurance
Posted: Fri Apr 29 -- Thank you all for your suggestions! This is a bizarre request and you all have been extremely helpful in understanding the possible routes... hannah.cca

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