Aug 8, 2011

Daily Headlines: Monday, August 8, 2011

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Insurance Journal Daily Headlines
August 8, 2011
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

AIG Sues BofA for $10 Billion, Alleges ‘Massive Mortgage Fraud’

Insurer American International Group (AIG) is suing Bank of America Corp. to recover more than $10 billion of losses from a ``massive ...

Insurance Captives’ Profitability Soars; Dividends Way Up: A.M. Best

Profitability soared by 49 percent and policyholder dividends were up 73 percent for  captive insurance entities followed by rating ...

Bank Insurance Brokerage Income Marks New Record; Up Amost 20%

Bank holding companies (BHC) set a new record, marking the highest quarterly results ever recorded for first-quarter insurance brokerage ...

Navigators Expands Online Contractors Pollution Liability Insurance

The Navigators Group Inc. and its principal underwriting agency subsidiary, Navigators Management Co. Inc., expanded its online system ...

XL Names DeSimone President of U.S. Marine Operation

XL Insurance has appointed Richard DeSimone to the new position of president of its U.S. Ocean and Inland Marine unit. Prior to joining XL ...

Buffett, National Indemnity Offer $3.2 Billion for Transatlantic

A unit of Warren Buffett's Berkshire Hathaway Inc. made a $3.24 billion buyout offer for Transatlantic Holdings Inc., topping two existing ...

Berkshire Insurance Loss Offset By Rails, Manufacturing Gains

Warren Buffett's conglomerate Berkshire Hathaway Inc. reported a larger second-quarter profit Friday, as favorable investment results and ...

From MyNewMarkets.com Zurich Says Its Policy for Sony Doesn't Cover Data Breach

One of Sony Corp.'s insurers has asked a court to declare that it does not have to pay to defend the media and electronics conglomerate from...
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East

Lackawanna Deputy Coroner Faces Arson Charges

Pennsylvania state police have charged Lackawanna County's deputy corner with arson, alleging he tried to pay $40,000 to an undercover ...

Oleskiewicz Joins General Star for Inland Marine

Connecticut-based General Star announced the addition of Frank Oleskiewicz to its Brokerage Property Division. He will be located in the ...
WEDNESDAY AUGUST 10: Academy of Insurance Webinar: Using Social Media to Help Your Search Engine Ranking
Midwest

Dad of Girl Electrocuted on Monsanto-Farm in Ill. Files Suit

The father of a northwestern Illinois girl who was electrocuted while removing tassels from corn filed a wrongful death lawsuit against the ...

Kentucky County Receiving Flood Assistance

A northern Kentucky county hard hit by spring flooding is receiving nearly $630,000 in federal money to fix damaged roads, parks and ...

New Fire Station Set to Improve Ratings in Miss.

Energy savings and an improved fire insurance rating are two of the likely benefits Starkville, Miss. officials are touting now that a new ...

University of Iowa Tests Flood Wall for Art Building

University of Iowa officials say they're pleased with how a temporary flood wall held up during a test. The flood wall was erected outside ...
Southeast

Judge Dismisses Dallas National Suit Vs. Florida Insurance Chief

A federal judge last week threw out a lawsuit against Florida's insurance commissioner even though the official had opposed dismissing the ...

Florida Officials Weigh Next Step in Citizens’ Rate Hikes

While state officials are trying to digest Citizens Property Insurance Corp.'s proposed triple-digit sinkhole rate increase, other elected ...
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South Central

2 Oklahoma Counties Added to Disaster Declaration

The Federal Emergency Management Agency said government entities and certain non-profit organizations in Craig and Nowata counties of ...

Officials Warn of Arkansas Forest Fire Danger

The Arkansas Forestry Commission said it suppressed at least 18 wildfires so far this weekend. A spokesman says crews are still trying to ...
West

Pinnacol Stops Administering Colorado State Claims

A Colorado-chartered workers' compensation insurer will no longer administer the claims of state employees following disagreements with ...

California Workers’ Compensation Industry Taking Ogilvie Ruling in Stride

The most recent twist in the long-running Ogilvie case over the setting of disability payments for permanently injured workers may not be ...

West Coast Industry Veterans Form New General Agency

Two veteran insurance industry executives – Pat Kilkenny, former Chairman and CEO of Arrowhead General Insurance Services, Inc., and Bob ...

Man Arrested for LA Car Arsons Formally Charged

A convicted arsonist was charged Thursday with setting 10 fires in three days in the San Fernando Valley that burned cars, trucks and ...
International

Marine Insurers Add Benin to Risk List after Attacks

London's marine insurance market has added Benin to a list of areas deemed high risk due to an escalation of pirate attacks in the area, a ...

Hannover Re Posts $313 Million Net Income for 1st Half 2011

German reinsurer Hannover Re reported that its net income for the first six months of the year totaled €218.5 million [$313 million], ...

Best Revises Alterra, Operating Subs Outlook to Negative; Affirms Ratings

A.M. Best Co. has revised the outlook to negative from stable and affirmed the financial strength rating (FSR) of 'A' (Excellent) and ...

S&P Revises Outlook on Platinum to Negative; Affirms Ratings

In an announcement that received slightly less notice than the downgrading of the U.S.' ratings from 'AAA' to 'AA+', Standard & Poor's ...

Guiry to Succeed Doubtfire as Marketform CFO

London-based specialist Lloyd's insurer Marketform has announced the appointment of a new Chief Financial Officer, Paul Guiry, who replaces ...
Sponsored Content

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Insurance Journal TV

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How New NRRA Regulations and California's AB315 Will Change the Surplus Lines Industry

Jerry Sullivan, the head of the Sullivan Group, gives his views, largely positive, on how the...
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100 Agents in 100 Days

Accident Insurance Co., a growing workers' compensation and small business insurer, is...

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New Discussions in the Forums

Info on Employee Information Services company
Posted: Sat Aug 6 -- Has anyone heard about the company, 'Employee Information Services'? I've only seen one review. They are hiring nationally and I wanted to... TorontoTexas
Californian Question
Posted: Fri Aug 5 -- Dear munda4545. Your bankruptcy will not necessarily prevent you from getting an insurance license or from being successful in the insurance... tpadgett
Aviation carriers and MGAs
Posted: Fri Aug 5 -- LIG Marine Managers is a wholesaler and we have access to markets who assist on Commercial Aviation Placements along with Aviation Products... smn
SEO and buying back links
Posted: Fri Aug 5 -- I have not yet started my website, but I plan on doing in the next two months! I have a question, What is exactly the strategy of organic... jenny1406

Reader Comments

How Debt Ceiling Politics Impact P/C Insurance Industry
Posted: Mon Aug 1 -- There was only one good bill that dealt with the problem of our debt. Cut, Cap and Balance! These carriers should not be happy with the bill... Sarah
Florida Governor Suggests Making PIP Coverage Optional for Drivers
Posted: Tue Aug 2 -- If Govenor Scott makes PIP optional, he should then change the law to make BI and possibly even UM mandatory. This should allow the... Kimberly Jorden
Michigan Supreme Court Rejects Bike Trail Injury Claim
Posted: Wed Aug 3 -- Speaking as someone who broke a collarbone, two wrists, and disclocated a shoulder while riding my ATV on a trail, I never sued anyone. It... Mikey
Judge Allows Army Veteran to Sue Rumsfeld for Damages Over Torture
Posted: Fri Aug 5 -- Gee.....detaining Citizens and denying them legal representation, refusing to acknowledgement their detainment to family members and... Cheri

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