Jul 7, 2011

Daily Headlines: Thursday, July 7, 2011

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Insurance Journal Daily Headlines
July 7, 2011
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Today's Headlines

National

Leadership Turnover, and Women Executives, Rule at Fireman’s Fund

On Tuesday, Lori Dickerson Fouché was named president and chief executive officer of Fireman's Fund Insurance Co., making her the ...

Expected Summer Floods Could Set Record

With rivers still running above flood stage and soils saturated, forecasters predicted Wednesday this summer flooding season could rival ...

Reinsurance Prices Flat Except in Catastrophe Regions: Aon

First quarter catastrophes didn't halt decreases in most U.S. reinsurance renewal programs, except in regions hard hit by significant ...

$750M Settlement Reached with U.S. Farmers over Genetically Modified Rice

A settlement of up to $750 million has been reached with the German conglomerate Bayer CropScience on behalf of U.S. rice farmers in a ...

P/C Insurers Can Handle Muni Bond Stress: Moody’s

The U.S. property/casualty insurance industry, which has about 60 percent of its equity capital base or -- $355 billion-- in municipal ...

Penn Millers Introduces Workers Compensation Toolkit

Penn Millers Insurance Co. has launched ComPENNsation, a web-based workers' compensation toolkit for agents and insureds. ComPENNsation ...

Association of Women in Insurance Elects New Officers

NAIW (International) recently elected and installed new Executive Committee members for 2011-2012. The new officers are: President Joi ...

Berkshire Joins Group Bidding for Citi Consumer Loan Unit: WSJ

Warren Buffett's Berkshire Hathaway Inc. has joined the group bidding for Citigroup Inc.'s consumer lending unit, the Wall Street Journal ...

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: Five Claims Secrets No Lawyer Wants You to Know
East

Pennsylvania Lawsuit Seeks GM Repairs of 400,000 Impalas

General Motors Co. has been sued by a Pennsylvania woman seeking to force the U.S. automaker to fix rear-end problems on more than 400,000 ...

New Jersey Agent Pleads Guilty to Stealing $1.9M

A former New Jersey insurance agent has pleaded guilty to defrauding nine clients out of more than $1.9 million, state prosecutors said. ...

NFP Acquires Lapre Scali

National Financial Partners Corp. (NFP) has acquired Lapre Scali & Co. Insurance Services for an undisclosed sum. New York-based NFP ...

Hankin Joins DeCotis as Senior Account Exec

Rhode Island-based agency DeCotis Insurance Associates has named Joshua Hankin as senior account executive. He will be responsible for ...
Academy of Insurance Webinar: Writing Lawyers Professional Liability Coverage
Midwest

Kansas Governor: Missouri River Floods Should Prompt Review of Corps

Kansas Gov. Sam Brownback is questioning whether flood control is a high enough priority for the U.S. Army Corps of Engineers as it ...

FEMA to Continue Insurance Sales in Midwest Amid Flooding

The Federal Emergency Management Agency says residents along the Missouri River should buy flood insurance now even though new policies ...

Demolition of Flooded Homes on Iowa Island Begins

Contractors have started tearing down homes damaged in 2008 by flooding on San Souci Island in Waterloo, Iowa. Twenty houses in the island ...
Southeast

North Carolina Football Player Sues UNC, NCAA Over Ineligibility

A former North Carolina football player has filed a lawsuit against the school and the NCAA, seeking reinstatement after being declared ...

West Virginia Firefighters Get Insurance Premium Subsidy Check

A volunteer fire department in Kanawha County has become the first in West Virginia to receive a rebate check to cover the costs of higher ...

Keystone Signs New Tennessee Franchise Partner

Swallows Agencies of Cookeville has become a franchise partner of Keystone Insurers Group in Tennessee. The Swallows Agencies has four ...

Wells Fargo Acquires Florida Benefits Firm

Wells Fargo Insurance Services has acquired Fort Lauderdale, Florida-based employee benefits firm, EDIFY, LLC. EDIFY provides employee ...

Kentucky Police Say Texting While Driving Law Tough to Enforce

Kentucky police agencies say the commonwealth's texting-while-driving statute is well intended, but difficult to enforce. The law took ...
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South Central

Texas Independent Agents Honor Brady with Top Award

Tim Brady, chairman and former CEO of Brady, Chapman, Holland and Associates in Houston, was named the 2011 Drex Foreman Award winner at ...

Feds Intervene in Lawsuit over FEMA Contract

The Justice Department has intervened in a whistleblower lawsuit that accuses a New Orleans, La., construction company of submitting forged ...

Crump Insurance Services Adds Crowson to Dallas Team

Crump Insurance Services Inc. has expanded its production team in Dallas by hiring Deana Crowson. Crowson has joined the Crump Dallas ...

Report Shows Oklahoma’s Economy Continues to Expand

Oklahoma's treasurer says the state's economy continues to improve at an "accelerating pace,'' with gross receipts for the month of June ...
West

California Court Expands Policyholders’ Right to Sue Insurers

An uptick in consumer protection lawsuits against California insurance companies is widely expected in the wake of a state appellate ...

GM to Pay Insurance for Car Buyers in Washington, Oregon

Drivers in Oregon and Washington who buy a new 2010, 2011 or 2012 Chevrolet, Buick, GMC or Cadillac vehicle between July 6 and September 6 ...

Exxon Says 40 Montana Properties Damaged by Oil Spill

About 40 Montana landowners have reported contamination of their property by crude oil spilled from a ruptured Exxon Mobil pipeline into ...

California Bill Regulating Health Insurance Rates Passes Committee

A California bill that would allow state officials to reject rate increases proposed by health insurers has passed a key committee vote. ...

With Wildfires Contained, Arizona Shifts to Thwarting Summer Floods

The biggest forest fire in Arizona history is all but contained, and authorities are shifting their focus to preventing massive flood ...

California Jury Blames Family for Fire That Destroyed Einstein Papers

A Northern California family has been ordered to pay $750,000 for starting a wildfire that destroyed papers written by Albert Einstein. A ...

Alaska Plans Large-Scale Disaster Drill

The state of Alaska is planning a large-scale emergency readiness drill this winter focused on how prepared the state and its residents are ...

Sutika Joins BB&T Insurance Services of Orange County

Twenty-year industry veteran, Melinda Sutika, joined Fullerton, Calif.-based BB&T Insurance Services of Orange County as an account ...
International

Japan to Conduct Stress Tests on All Nuclear Plants

Japan said Wednesday it will conduct "stress tests" on all the country's nuclear plants to ease heightened concerns about disaster ...

Portugal Adds to Europe Woes as Banks Meet on Greece

A credit rating downgrade to Portugal [by Moody's Investors Services] added to fears Europe's banks face heavy euro zone losses if a ...

Pirates Attack Oil Tanker off Yemen, Crew Safe

Pirates fired a rocket-propelled grenade (RPG) into a fuel oil tanker near the Yemeni port of Aden on Wednesday morning, but the vessel and ...

Brown Joins RSA Board as Executive Director

The UK's RSA Insurance plc announced the appointment of Adrian Brown to its Board as an Executive Director as of July 5, 2011. He has been ...

Ratings Recap: United, Aviva Canada, Jupiter

A.M. Best Co. has affirmed the financial strength rating of 'A-' (Excellent) and issuer credit rating of "a-" of Barbados-based United ...
Academy of Insurance Webinar: Understanding and Explaining Ordinance or Law Coverage

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Growing Opportunities for Insurance Industry's Women

Although men still outnumber women in the property/casualty insurance industry, there are many...
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Consolidation Nation

The big state agency that oversees insurance producers in New York State will soon become a...

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New Discussions in the Forums

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
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
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

Reader Comments

New Jersey Court OKs Workers' Compensation in Obesity Death Case
Posted: Thu Jun 30 -- Really??? what about the OB/GYN that prescribed ... insurance geek
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
Supreme Court Declines to Hear Military Medical Liability Case
Posted: Thu Jun 30 -- "Republican lawmakers derided the measure, saying that opening up the military to lawsuits would be expensive and benefit trial lawyers more... Lauren CIC ARM
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

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