Jun 15, 2011

Daily Headlines: Wednesday, June 15, 2011

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Insurance Journal Daily Headlines
June 15, 2011
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

Hacking Blitz Drives Cyberinsurance Demand

The recent string of sensational hacker attacks is driving companies to seek ''cyberinsurance'' worth hundreds of millions of dollars, even ...

Businesses Seek Changes in U.S. Anti-Bribery Rules

The Obama administration defended its stepped up enforcement of a U.S. law banning bribery of foreign officials, and warned lawmakers that ...

SEC Proposes Tighter Rules for Securities Brokers

U.S securities brokers would be more closely scrutinized by accountants and be subject to stricter rules for how they handle their ...

Court Approves $33 Million Settlement for Ambac, Insurers, Banks

A judge granted preliminary approval for Ambac Financial Group Inc., insurers and some banks to pay $33 million to investors to settle ...

Group Seeks More Young Professional Liability Specialists

The Professional Liability Underwriting Society (PLUS) has launched a program, Future PLUS initiative, it hopes will attract and educate ...

Travelers Bond & Financial Launches CyberRisk Product

Travelers has unveiled CyberRisk, a new product from Travelers Bond & Financial Products meant to limit client cyber exposures and ...

Professional Liability Insurance Services Unveils Bed Bug BI Program

Professional Liability Insurance Services, Inc. – Underwriting Facilities, has launched a business interruption and extra expense ...

From MyNewMarkets.com Commercial Auto Claims on the Rise - Are Rates Next?

An increase in claims from cargo theft and freight physical damage is expected to lead to higher insurance rates in the commercial auto...
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East

OSHA Proposes $243K Fine for Maine Contractor

Federal workplace safety officials are proposing that a Lewiston, Maine roofing contractor be fined $243,000 for alleged safety violations ...

Fewer Tickets Issued During Delaware Seatbelt Campaign

Delaware's Office of Highway Safety is pleased with some numbers that suggest more Delawareans are wearing seatbelts. The agency says that ...

Verisk Buys Health Data Firm for $60M

New Jersey-based insurance data specialist Verisk Analytics Inc. is acquiring Health Risk Partners for $60 million in cash. Verisk said $13 ...
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Midwest

Crews Racing Floodwaters to Build Up Iowa Levee

Crews in Hamburg, Iowa, were busy June 14 building up a secondary barrier to protect the small Iowa town after the swollen Missouri River ...

Michigan Insurer Questions FBI Story About Wrecked Ferrari

A Michigan insurance company suing to force the federal government to pay $750,000 for wrecking a rare Ferrari in Kentucky questioned ...

Illinois Chiropractor Ordered to Pay $1.9M in Restitution

A southwestern Illinois chiropractor already sentenced to federal prison for health-care fraud and money laundering has been ordered to pay ...
Valuation and Coinsurance Training Pack from Academy of Insurance
Southeast

Mississippi Supreme Court Weighs Constitutionality of Damages Cap

The Mississippi Supreme Court heard arguments Tuesday on the question of whether a state law that limits non-economic damages in civil ...

North Carolina Senate Panel Drops Drug Firm Liability Shield

A North Carolina legislative committee has removed from a liability lawsuit measure a provision that would have given broad product ...

Suit Challenges Tennessee’s Law Against Broadening Anti-Discrimination Rules

Tennessee cities and counties that want to make it tougher to discriminate against gays and lesbians face a stumbling block under a new ...

Florida Homeowners to Share $55 Million in Chinese Drywall Settlement

Hundreds of Florida homeowners suffering with tainted Chinese drywall will share $55 million in a deal that also accuses a global drywall ...

Florida Alleges $2.7 Million Workers’ Compensation Fraud

Florida regulators have announced the arrest of a North Carolina man who allegedly collected more than $2.7 million in workers' ...
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South Central

Houston Jury Finds for Insurer in $22M Hail Damage Lawsuit

A jury in Houston, Texas, has found in favor of a property insurer in a lawsuit brought by a townhouse homeowners association over roof ...

Texas Woman Sentenced in Workers' Comp Fraud Case

Texas Mutual Insurance Company reported that a Travis County district court sentenced Ellynn A. Ogilvie of Houston to five years of ...

Texas Workers' Comp May Enforcements Bring More than $70K in Fines

Final disciplinary actions taken by the Texas Department of Insurance, Division of Workers' Compensation (TDI-DWC) for May 2011 resulted ...

Burns & Wilcox CEO to Speak at Entrepreneurial Insurance Symposium

Alan Kaufman, Chairman and CEO of Burns & Wilcox will deliver a keynote presentation at Dallas-based MarketScout's fifth annual ...
West

FEMA Tallies Hawaii Damage from Japan Tsunami at $6.2 Million

Federal aid has been approved for those in Hawaii affected by tsunami waves from the March earthquake in Japan. The Honolulu ...

Hogan Insurance Names Bennett Commercial Producer

Hogan Insurance Services of Thousand Oaks, Calif., has added  Evan Bennett to the firm as a commercial producer. He has spent the past two ...
International

Latest Christchurch Quake Caused Significant New Damage

Christchurch, New Zealand, still recovering from two previous earthquakes that struck in September 2010 and February 2011, was shaken by a ...

Zurich Financial to Open Reinsurance Unit in Booming Brazil

Zurich Financial Services , Switzerland's biggest insurer, plans to open a reinsurance unit in Brazil, where almost $1 trillion worth of ...

Zurich to Transfer London Run-Off Business to Swiss Re

Zurich Financial Services Group announced that one of Zurich's non-core subsidiaries in the UK, Zurich Specialties London Ltd, will ...

Smith to Join Swiss Re as President, CEO Americas; Ozendo Retiring

The Directors of Swiss Re Group and the Directors of Swiss Re America Holding Corporation announced that J. Eric Smith will join Swiss Re ...

Ratings Recap: PartnerRe (notes), Mariah Re (notes), Montana Re (notes)

A.M. Best Co. has assigned a debt rating of "bbb" to the $325 million 7.25 percent Series E cumulative preferred shares of Bermuda-base ...

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New Discussions in the Forums

SEO and buying back links
Posted: Wed Jun 15 -- I would agree with the SEO argument. The most important thing for me has been having a strong Google Local Listing page that consistently... amcpeake
Aviation carriers and MGAs
Posted: Wed Jun 15 -- Looking for MGAs that work in the aviation industry. We are looking to Transfer several accounts this year assuming MGA service good and... CIScommercial
Has technology helped you downsize your office?
Posted: Wed Jun 15 -- I like your posts My agency is too small.. we never had to downsize.. 'cuz we only had 4 people workin! But with the software we have.. the... meytai
National Agents Alliance? Legit or Keep Away?
Posted: Wed Jun 15 -- I've been licensed in Life, Health and Variable in Ohio for 8 months now, all with the same Fortune 500 company, and I've made money in the... BriceNaylor
Virginia Property and Casualty HELP!!!!!!
Posted: Tue Jun 14 -- There is no quick fix. Sign up for the test, and see if you pass. perhaps enough has sunk in...but probably not. jtownagent
Ethical Problem - Please help!
Posted: Wed Jun 8 -- CSP is correct. We had an ex-employee get into our computer system, delete her file and then claim that we never paid her vacation pay. Our... justthere
..a complicate package prospect question!..
Posted: Tue Jun 7 -- Hi D's Insurance Store: Thank you so much for your suggestion. I did remember once my colleague taught me about it; It is that sometimes you... roycheong1031
Innovative Insurance Product (PA)
Posted: Mon Jun 6 -- I represent the inventor of an innovative insurance based business method, patent pending, involving the purchase of real estate. My client... garyashapiro

Reader Comments

Tennessee Jury Awards $200K in Bullying Case
Posted: Mon Jun 13 -- The behavior decribed in this article goes far beyond "bullying." The boys who engaged in this behavior need professional intervention, so... Erzy
Massachusetts Family Sues Following Boy's Escalator Death
Posted: Fri Jun 10 -- The "gap" is irrelevant. The root cause is parental negligence and the parents should be charged. Nobody should allow a 4 year old child to... Jester
Lawyers for Obama, 26 States Square Off Over Healthcare Law
Posted: Thu Jun 9 -- "Our point is that people are seeking this good already in untold numbers ... and that the failure to pay for that good when they seek it... Ned

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