Jul 8, 2011

Daily Headlines: Friday, July 8, 2011

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Insurance Journal Daily Headlines
July 8, 2011
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Today's Headlines

National

Liberty Mutual Sues Goldman Over Freddie Mac Investment Losses

Boston-based Liberty Mutual Insurance Co. and several of its subsidiaries have sued investment banker Goldman, Sachs & Co. for ...

Farmers Insurance Employees to Get $1.5M in Back Wages

Farmers Insurance has agreed to pay just over $1.5 million in back overtime wages to workers at 11 customer service call centers in Texas ...

Buffett Gives $1.8 Billion to Gates, Family Charities

Investor Warren Buffett has donated another $1.78 billion to several charities, with the bulk going to the Bill & Melinda Gates ...

PowerGuard Unveils Solar Project Performance Guarantee Policy

PowerGuard Specialty Insurance Services—a managing general agent and Lloyds cover holder specializing in insurance and risk management ...

La Nina, Blamed for US South Drought; May Revive this Autumn

The La Nina weather anomaly, blamed for one of the worst droughts in the southern United States, could revive this autumn, the U.S. Climate ...

Best Affirms Navigators Group Ratings; Outlook Stable

A.M. Best Co. announced at the end of June that it has affirmed the financial strength rating of 'A' (Excellent) and issuer credit ratings ...

From MyNewMarkets.com Survey: Law Firms Face Rising Number of Malpractice Claims

The recent economic recession and prolonged real estate market slump are triggering a rise in the number of malpractice or professional...
Academy of Insurance Webinar: Writing Lawyers Professional Liability Coverage
East

Pennsylvania Flood Damage Could Top $1M

As cleanup efforts in northeastern Pennsylvania continued, state and federal officials crunched numbers to get a dollar amount on damages ...

Seven Plead Guilty in $1M Poconos Insurance Fraud Case

Seven of nine people charged with cheating health insurers out of more than $1 million have pleaded guilty in county court. The Pocono ...

Schuler to Head IWIF Board

Maryland's IWIF Workers' Compensation Insurance has named a new slate of officers for its board. Leonard Schuler Jr. will serve as ...

Maran Names Yuh as Claims Director

Maran Corporate Risk Associates named Jiyun Yuh director of claims and risk control. Yuh has more than 20 years of experience in the ...
Academy of Insurance Webinar: Five Claims Secrets No Lawyer Wants You to Know
Midwest

Minot, N.D., Residents Trickle Back to Flooded Homes

Dozens of Minot, N.D., residents returned to their waterlogged homes on July 6 for the first time since the Souris River breached its banks ...

Wisconsin Gov., Insurance Chief and Others Accused of Breaking Finance Law

Wisconsin state insurance commissioner Ted Nickel and nine other donors to Republican Gov. Scott Walker have been accused of breaking the ...

Workers' Comp Rates for Ohio Marine Industry Employers Decrease 20%

The Ohio Bureau of Workers' Compensation (BWC) has reduced its rates for marine industry employers by 20 percent, effective July 1, the ...

Iowa Governor Proposes Downstream Missouri River Group

Iowa Gov. Terry Branstad has urged governors in three states to consider pulling out of a Missouri River association because of the Army ...
Southeast

Florida Tweaks Its Workers’ Compensation Law

A variety of changes to Florida's workers' compensation law went into effect July 1. Gov. Rick Scott signed into law CS/HB 1087, a ...

Death in South Carolina Golf Cart Accident Raises Seat Belt Issue

Golf-cart accidents rarely cause serious injury or death in Beaufort County -- only about a half-dozen have been documented in the past ...

West Virginia Receives Funds to Demolish Flood-Prone Homes

The Federal Emergency Management Agency has awarded $1.2 million to West Virginia's Wayne County to acquire and tear down flood-prone ...

Florida’s Patriot National Gets $30M in Funding

Patriot National Insurance Group, a workers' compensation provider, said it has received $30 million in equity funding from Six Points ...

Report Faults DuPont in West Virginia Worker’s Death

Chemical maker DuPont failed to promptly inform emergency crews about a phosgene leak that killed a worker last year, according to a U.S. ...
South Central

Officials: East Texas Fire Destroyed $2M Worth of Timber

More than $2 million worth of timber was destroyed in June in Jasper County, where thousands of acres were ravaged by just one wildfire. ...

West Honored with Political Action Award by Texas Agents Group

Scott West, owner of Pathfinder Insurance Agency in Houston, was honored as the Paige Eiland Political Action Award winner by the ...

Certificates of Insurance, Staff Leasing Bills Signed by Texas Governor

Texas Gov. Rick Perry in mid-June signed a measure backed by agents groups that requires regulatory approval of property and casualty ...
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West

Rustand Joins Crest Insurance Group

Brett Rustand has joined Tucson, Ariz-based Crest Insurance Group as a commercial property/casualty agent. At Crest Insurance Group, ...

Swett & Crawford Names Aquino Broker in California

Robert Aquino, an industry veteran with both wholesale and retail history, has rejoined Swett & Crawford as a broker in Fresno, Calif., ...

Freeway Insurance Names Waked CEO, Klaeb Chairman

Buena Park, Calif.-based Freeway Insurance, a California provider of non-standard auto insurance and a subsidiary of New York-based Confie ...

Arrowhead General Insurance Receives Marketing Awards

San Diego-based Arrowhead General Insurance Agency Inc. is the recipient of  three awards from the Insurance Marketing and Communications ...

Farmers Insurance to Pay $1.5M in Labor Settlement

Los Angeles-based Farmers Insurance Inc. has agreed to pay $1.52 million in overtime back wages to 3,459 employees following an ...
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International

Amlin Updates Cat Loss Estimates; Reports Increase in Reinsurance Rates

UK and Lloyd's insurer Amlin plc held a presentation for analysts today focused on updating its catastrophe estimates. Amlin estimated that ...

Allied World Estimates $65-$75 Million Q2 Cat Losses

Allied World Assurance Company Holdings, AG has announced that it expects to record approximately $65 million to $75 million in catastrophe ...

XL Names Ribotta to New Global Distribution Post

The XL Group plc announced the appointment of Paolo Ribotta as Head of Global Distribution, a newly-created post. He will be responsible ...

Geneva Association Appoints Inscoe to Head Institutional Relations

International insurance think tank, The Geneva Association, announced the appointment of former Secretary General of the International ...

Aon Benfield Cat Recap Highlights China Floods; Quakes, Wildfires

Aon Benfield, the global reinsurance intermediary and capital advisor of Aon Corp., has released the latest edition of its Monthly Cat ...

EU Slams Rating Agencies after Portugal Downgrade

European politicians accused credit rating agencies on Wednesday of anti-European bias after Moody's downgrade of Portugal's debt to ...

Murdoch’s News Corp to Close News of the World

Rupert Murdoch's News Corporation will close its tabloid News of the World after this Sunday's edition, as a result of an escalating phone ...

Reactions to News of the World Closure

A number of media experts in the UK offered up their views following the decision by Rupert Murdoch's News Corporation to close its tabloid ...

Best Affirms Lloyd's Syndicate 1084 Ratings; Withdraws Chaucer Holdings’ Rating

A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating of 'A' (Excellent) and the issuer credit rating ...
Insurance Journal Blogs

Best Practices Quality Management – Part II

Without proper quality management reports that are run on a regularly scheduled basis and reviewed properly, you have no real idea what is ...

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New Discussions in the Forums

National Agents Alliance? Legit or Keep Away?
Posted: Fri Jul 8 -- Hey there - I spent the day yesterday driving around and knocking on doors with my manager who spent a fortune on leads from NAA. I am a... secretagentman
Insuring vehicle owned by an estate
Posted: Thu Jul 7 -- I am the Executor of my sister's estate. I would like to take over the payments and keep the vehicle. The finance company has agreed to... asolomon
Business Income - Rental Income
Posted: Wed Jul 6 -- In my opinion, it would be best to raise your question ISO BI for they are the on who knows their policy. In any way, it is not a bad idea... gwayne101
Energy Savings Insurance (ESI)
Posted: Tue Jul 5 -- Halpert, Energy Savings Warranty is a new insurance policy that serves as a backstop to the performance guarantees offered by Energy... PGrogan
CA-Guaranteed Replacement Cost
Posted: Sat Jul 2 -- HO-411 Guaranteed Replacement Cost, affects Coverage A, B, C, and D limits. It's not exactly "unlimited" as the endorsement or some people... RKunz2
Condo Associations
Posted: Tue Jun 28 -- Jam Don't know if you are still looking. One way to beat SF is with a specialty D&O and Umbrella. SF D&O has in the past not given coverage... quoteme08043
CA - Counselor Working with Foster Parents/Kids
Posted: Tue Jun 28 -- I can definitely help with the Prof Liab. Feel free to send me what you have for submission including the PL application and I'll be glad to... Adame526
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
Aviation carriers and MGAs
Posted: Mon Jun 27 -- Call Butch at Island Insurance Services. He has an aviation and Hangar program. He can be reached at (866) 575-3022. They are wonderful... quoteme08043

Reader Comments

Amish Men Appeal Safety Lights Conviction to Kentucky High Court
Posted: Tue Jul 5 -- This is a very simple matter. Public safety rules requires the use of the triangle. If these individuals don't want to abide by the law that... Pat
Leadership Turnover, and Women Executives, Rule at Fireman's Fund
Posted: Thu Jul 7 -- Here's a company that has shattered the glass ceiling. I sincerely congratulate the entire female upper echelon of Firemen's Fund and wish... Woman Insurance Professional, CPCU, ARM, ASLI, AAM, SM
Georgia Court Holds Store Liable for Fatal Crash After Beer Sale
Posted: Wed Jul 6 -- Based on the number of customers in the store, the clerk's duties, etc., it's unreasonable for the clerk to be held responsible for... SWFL Agent
Amish Men Appeal Safety Lights Conviction to Kentucky High Court
Posted: Tue Jul 5 -- Good point Reality and if the sun is out and it is clear, I would 100% agree with you. But if it is raining, dusk or dark, etc. The slow... hmmmmm
Georgia Court Holds Store Liable for Fatal Crash After Beer Sale
Posted: Wed Jul 6 -- Excuse me but they dont pay those folks enough to tussel with an intoxicated person over whether to sell them alcohol or not. FLagent/insured

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