Jul 1, 2011

Daily Headlines: Friday, July 1, 2011

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Insurance Journal Daily Headlines
July 1, 2011
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

Analysis: Reinsurers at Risk If Hurricane Season Is Big

A major hurricane landfall in Florida could strain leading global reinsurers that have already been buffeted by brutal tornadoes in the ...

Insurance Agents Cheer State Commissioners’ Vote on Medical Loss Ratio

In a move being applauded by insurance agents, a task force of state insurance regulators has recommended that states support legislation ...

Judge Blocks Sierra Club from Lawsuit Against BP

A federal magistrate judge has refused to allow the Sierra Club to join a lawsuit filed by the Justice Department against BP and other ...

MBIA May Bring Fraud Claim Against Bank of America’s Countrywide

MBIA Inc. may pursue a lawsuit accusing Bank of America Corp.'s Countrywide Financial unit of fraudulently misleading it about mortgage ...

Chartis Increases Construction Project Capacity to $250 Million

The Chartis insurers have doubled their capacity for construction projects from the Global Energy Property unit.  With this increase in ...

Totals: U.S. Spring Tornado Losses for P/C Carriers

Record-breaking tornadoes devastated parts of the United States in April and May, generating substantial losses for insurance companies. ...

Ratings: Intrepid, John Deere, So. Carolina, Arkansas & Louisiana Farm Bureaus

A.M. Best Co. has affirmed the financial strength rating of 'A-' (Excellent) and issuer credit rating of "a-" of Michigan-based ...

From MyNewMarkets.com Expert Assesses Cyberinsurance Market: Demand, Prevention, Recovery

Demand for cyberinsurance was rising even before the most recent highly-publicized parade of breaches at major corporations and...
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East

Maryland Jury Awards $1.5B Verdict over Gas Leak

A Maryland jury in Maryland awarded plaintiffs suing Exxon Mobil more than $1.5 billion for a 2006 leak at a gasoline station, the ...

Pennsylvania Governor Signs Workers’ Comp Bill

Pennsylvania Gov. Tom Corbett has signed a change to the state's worker's comp laws that will allow insurers to write coverage for owners ...

Palumbo Joins Firm as Account Exec

Maryland-based agency Palumbo Insurance Associates has named Edmund Thomas Palumbo account executive. Palumbo, a licensed insurance ...
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Midwest

Michigan Shields Public Park Volunteers from Lawsuits

Volunteers can help the Michigan Department of Natural Resources with more activities such as improving wildlife habitat, preserving ...

Missouri River Levee Fails in Southwest Iowa

A Missouri River levee failed near Percival in southwest Iowa on June 30, the National Weather Service said. The breach, about a mile ...

U.S. Appeals Court in Ohio Upholds Health Care Law

In the first ruling by a federal appeals court on President Barack Obama's health care overhaul, a panel in Cincinnati affirmed that ...

Ohio Posts Largest Decline in Unemployment Claims

Ohio is reporting the nation's largest decline in new applications for unemployment benefits, while the government says the number of ...

Arthur J. Gallagher & Co. Acquires Mortgage Insurance Agency

Itasca, Ill.-based international insurance brokerage and risk management services firm, Arthur J. Gallagher & Co., announced it has ...

The Motorists Insurance Group Affiliate Rebranded as Motorists Commercial Mutual

American Hardware Mutual Insurance Co. has been renamed Motorists Commercial Mutual Insurance Co. after receiving approval from ...
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Southeast

Gulf Oil Spill Claims Fund Too Slow: U.S. Attorney General

The fund oil firm BP set up to deal with compensation claims after last year's Gulf of Mexico oil spill is working too slowly, U.S. ...

Mississippi High Court to Hear Appeal in Lawyer Fees Case

It's round two for Republican state Auditor Stacy Pickering and Democratic Attorney General Jim Hood in a fight over the constitutionality ...

Insurers Cover Mississippi County for Misuse of Funds

A second bond company has reached a settlement in the state auditor's investigation of former Alcorn County Supervisor Danny Crotts. RLI ...

Florida’s Homeowners Choice Names Patel as New CEO

Homeowners Choice, a Florida-based provider of homeowners' insurance, has named a familiar executive to be its new chief executive ...

Lowery Joins Appalachian Underwriters for Carolinas

Wholesaler Appalachian Underwriters Inc. (AUI) has hired veteran Robert Lowery as a broker for the Carolina region. Lowery brings 30 years ...
South Central

Hallmark Financial Completes Acquisition of Texas Builders Insurance

Hallmark Financial Services Inc., based in Fort Worth, has completed its previously disclosed acquisition of TBIC Holding Corporation, ...

Kuchta Joins Texas-based Homeowners of America Insurance

Homeowners of America Insurance Co., based in Irving, Texas, has added Heidi Kuchta as sales representative for the Fort Worth area. Kuchta ...

Many South Texas Windstorm Inspections Turn Out to Be Bogus

Owners of more than 400 homes and businesses in South Texas will be notified that their windstorm insurance reviews were done by a bogus ...
West

76 File Workers’ Comp Appeals in Oregon

There were 76 Workers' Compensation Board decisions appeals to the Oregon Court of Appeals in 2010 -- one more than in 2009 -- according to ...

McKenna Insurance Changes Name to BasePoint Insurance

Bonita, Calif.-based McKenna Insurance Services has changed its name to BasePoint Insurance Services. This change becomes effective on July ...

Wildfire Still Threatens Los Alamos Nuclear Facility

Wildfire is threatening Los Alamos National Laboratory in northern New Mexico, AccuWeather.com has reported. Although an increase in ...

Insurance Educational Association Names Carlson Dir. of Sales

The Insurance Educational Association has named Patricia Carlson director of sales. Carlson is well-known in the California insurance ...
International

TS Arlene Lashes Central Mexico with Heavy Rains

Large swathes of central Mexico were hit by torrential rains as Arlene, the first tropical storm of the Atlantic hurricane season, touched ...

Willis Re Sees Reinsurers Reacting as $48 Billion Losses Take Their Toll

The Willis Re's 1st View Renewals Report for June/July 2011, entitled - "Mixed Messages"- estimates that "a string of natural ...

UK’s Legal Expense Insurers Say Referral Fees Cause for Claims Increase

The UK's Legal Expenses Insurance Group (LEIG) has taken issue with claims that the rise in lawsuits over automobile accidents are ...

AIR Analysis Sees Minimal Damage in Mexico from TS Arlene

Dr. Tim Doggett, principal scientist at AIR Worldwide, has analyzed the possible impact of Tropical Storm Arlene, and its heavy ...

Container Shipper Suspends Some Iran Operations over Sanctions

The world's largest container firm suspended operations at several Iranian ports on Thursday, potentially disrupting critical food ...
Sponsored Content

Lexington Insurance CEO to Speak at MarketScout's Entrepreneurial Insurance Symposium

Eastwood perpetuating Lexington's leadership role in innovation DALLAS, TX, June 30, 2011 -- Peter Eastwood, President and CEO of ...

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New Discussions in the Forums

CA-Guaranteed Replacement Cost
Posted: Thu Jun 30 -- I have had several requests from consumers for Guaranteed Replacement Cost. I really don't want to offer the coverage, but felt I should do... asiebum
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
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

Reader Comments

Federal Appeals Court Upholds Individual Health Insurance Mandate
Posted: Wed Jun 29 -- Welcome to Canada or England. I hope Barry, Harry and Nancy are happy with the United Socialist States of America. Some people say Barry O,... Bill
Federal Appeals Court Upholds Individual Health Insurance Mandate
Posted: Wed Jun 29 -- Everyone, Just read the Constitution and honestly make up your own mind as to what the authors of this great document had in mind to the... Sarah
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
Federal Appeals Court Upholds Individual Health Insurance Mandate
Posted: Wed Jun 29 -- This is like saying that because the housing industry is in trouble all renters will be required to purchase a home by 2014 - thereby... Richelene
Federal Appeals Court Upholds Individual Health Insurance Mandate
Posted: Wed Jun 29 -- This is pathetic - we're not to far from being told how to breath, when and where. To much goverment involvement in our lives - we should be... Maxine

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