Jun 28, 2011

Daily Headlines: Tuesday, June 28, 2011

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Insurance Journal Daily Headlines
June 28, 2011
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

Court Revives Banks’ Suit Against Bond Insurer MBIA

New York's highest court Tuesday revived a lawsuit by several large banks challenging bond insurer MBIA Inc.'s 2009 restructuring, which ...

The Top States, Cities for Questionable Insurance Claims

Five states—California, Florida, Texas, New York and Michigan—generate almost half of all suspicious claims to property/casualty ...

Insurers’ Ratings Won’t Be Penalized for Catastrophe Losses: Demotech

The fact that U.S. property/casualty insurers' earnings have taken a hit due to recent catastrophe losses should not by itself mean insurer ...

NSM Insurance Group’s Hotel Program Adds Bed Bug Coverage

NSM Insurance Group's Express Hotel Program is now providing property coverage for accounts that are hit with an infestation of Cimicidae ...

From MyNewMarkets.com Long Road to Recovery Forecasted for Forestry/Logging Industry

The logging and forestry industry has suffered dramatically since 2006, with the amount of lumber being harvested dropping by half to 5...
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East

Crashes Increase at New York State’s Roundabouts

Drivers entering a roundabout who fear they're about to crash are not paranoid. Although the rotaries are built to ease congestion and ...

How Workers’ Compensation Politics Shut Maine Government 20 Years Ago

The hallways of Maine's State House were jammed with irate, screaming protesters, and scores of state workers pitched a tent "union city'' ...

Vermont Contractor Faces Workers’ Compensation Fraud Charge

Sentencing is scheduled for Aug. 1 for a Vermont contractor who has pleaded guilty to operating without workers' compensation insurance. ...

Roth Joins XS Brokers to Head New Connecticut Office

Patricia Roth has joined XS Brokers Insurance Agency Inc., a Northeast excess and surplus lines wholesale brokerage and managing general ...

New York Offers Self-Service Printing of Insurance Licenses

Insurance agents, brokers and other licensees of the New York State Insurance Department are now able to obtain and print copies of new and ...

Bollinger Acquires New Jersey Agency, PCG

Short Hills, N.J.-based insurance broker Bollinger Inc. has acquired the Cranford, N.J. agency, The Property and Casualty Group (PCG). ...
Workers Comp Training Pack from Academy of Insurance
Midwest

Former Ohio Insurance Agent Sentenced for $12,000 Theft

Ohio Lieutenant Governor and Department of Insurance Director Mary Taylor announced that former insurance agent Alexis Prokup, of ...

Hickey Named Workers’ Comp Director at Missouri Labor Department

Missouri Gov. Jay Nixon appointed Labor and Industrial Relations Commissioner John J. Hickey to serve as director of the Division of ...
Academy of Insurance Webinar: Identifying Professional Liability Exposures
Southeast

Esurance, Security First to Sell Homeowners Insurance in Florida

Esurance, the online car insurance company, said that it is partnering with Security First Insurance Co. as an underwriter to offer ...

Allstate Seeks Double-Digit Home Insurance Hikes in Florida

Two subsidiaries of Allstate Insurance Company Florida are seeking homeowners rate increases worth more than $90 million. Castle Key ...

Katrina Fund Helps Mississippi with Other Disaster Costs

Mississippi officials said the state budget is in good shape to survive this spring's twin natural disasters of tornadoes and river ...

MIssissippi Judge Orders Tear Gas Maker Pay $1 Million in Mom’s Death

A judge has ruled that the maker of tear gas used in a 2006 Jackson police raid must pay $1.1 million to five children of a woman who died ...

2 Insurers Refund $1 Million in North Carolina

North Carolina residents insured by two companies are going to receive refunds totaling more than $1 million after state regulators found ...

Broker Lockton Opens Memphis Office

Utah-based global insurance broker Lockton has opened a Memphis risk management and employee benefits operation. Joe Lammel, a long time ...
South Central

Dallas National President Takes Issue With A.M. Best Downgrade

The head of property and casualty insurance carrier Dallas National Insurance Co. has responded to the recent downgrade of the company's ...

U.S. Court Rejects $270M Tobacco Lawsuit Appeal

The U.S. Supreme Court rejected an appeal by the major tobacco companies of a $270 million award for a Louisiana smoking cessation program. ...

Insurer Investigators Donate $10K to Memorial Fund for Slain Louisiana Investigators

The nation's largest association of insurer fraud investigators has contributed $10,000 to a memorial fund honoring two Louisiana ...
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West

Calif. Homeowners Underinsurance Regs Take Effect, Despite Legal Challenges

A series of new California homeowners regulations aimed at enhancing the standards and training for estimating the replacement value on ...

Calif. Cost Per Workers’ Comp Claim Rising, CWCI Says

The number of California workers' compensation insurance claims fell 13 percent between policy years 2007 and 2008 to 358,077 claims. ...

Align Adds Abram to Professional Liability Unit

Align Financial Group Inc. has added Jeffrey Abram as a broker in the San Diego Office of the company's newly acquired professional ...

Riesberg Named Colo. Insurance Commissioner

Colorado Gov. John Hickenlooper announced that Rep. Jim Riesberg will be the state's new Commissioner of Insurance. He will resign his ...

United Valley Insurance Services Forms New Operating Division

United Valley Insurance Services, Inc. has formed a new operating division named United Valley Risk Management Solutions.  United Valley ...
International

Sony Says Protecting Content Made It Hackers’ Target

Sony Corp. believes it was targeted by hackers because it tried to protect its intellectual property, CEO Howard Stringer told a ...

LulzSec Hackers Say Disbanding After Last Data Dump

The Lulz Security group of rogue hackers announced it was disbanding Saturday with one last data dump, which included internal AOL Inc. and ...

Liberty Int’l., Liberty Syndicates Combine for Mideast Terror Risks

Liberty International Underwriters (LIU) and Liberty Syndicates have launched a joint initiative to provide war and terrorism insurance ...

Many Aon Benfield Conference Delegates See 2014 Better for Solvency II Start

Aon Benfield, the global reinsurance intermediary and capital advisor of Aon Corp., has released new findings that show 60 percent of ...

FERMA Elects New Board Members

The Federation of European Risk Management Associations (FERMA) has elected three new board members who will serve from now until June ...

Ascot Syndicate 1414 Increases 2011 Capacity to $1.038 Billion

Lloyd's insurer Ascot Underwriting Ltd. announced that it has increased its capacity from £600 million [$958 million] to £650 million ...

Bermuda Signs Tax Information Agreement with Indonesia

Bermuda has signed a Tax Information Agreement, or TIEA, with the Republic of Indonesia at a ceremony in London on Wednesday, June 22, ...
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New Discussions in the Forums

Agency Management Systems
Posted: Mon Jun 27 -- I've used AgencyPro for several years and love it. I do both direct and agency bill policies and the accounting works just fine for me. It... Marina
CA - Counselor Working with Foster Parents/Kids
Posted: Mon Jun 27 -- Have a prosepct who is a child counselor who has just begun taking side work doing training and working with foster kids and foster parents.... KPIA
Non Compete Insurance?
Posted: Mon Jun 27 -- Thank you all for your input. From my experience non-competes are inforcable in NJ. After speaking with an underwriter a D&O policy seeems... Playitsafe
Should I accept Allied Appointment?
Posted: Wed Jun 22 -- We looked into Allied. When it got down to signing up....They wanted us to 'roll' a $350,000 book the first year. New business didn't count.... CSP

Reader Comments

Can U.S. Make Phoning While Driving as Taboo as Drunk Driving?
Posted: Fri Jun 24 -- Texting creates a level of distraction that is much higher than talking while driving. Research has found that just talking on a cell phone... Perplexed
Wave of Lawsuits Hits Calif. Retail Stores
Posted: Wed Jun 22 -- Having been a welder for 16 years, working in a machine shop, working on job sites. I think that the people doing the hiring need to make it... Geoff
Law Firm Spent $7 Million to Sue Wal-Mart
Posted: Wed Jun 22 -- I would like to agree with Scott, but with a bit more enthusiasm.

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