May 2, 2012

Daily Headlines: Wednesday, May 2, 2012

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Insurance Journal Daily Headlines
May 2, 2012
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

Insurance Analysts to Question Buffett at Berkshire’s Annual ‘Woodstock’

Warren Buffett is not one to talk much about his personal life in public, but his prostate cancer may dominate the conversation this ...

U.S. Opposes Delay in BP Oil Spill Trial

The U.S. government said a trial to assign blame and damages among BP Plc and others over the 2010 Gulf of Mexico oil spill should not be ...

More Families Building Their Own Tornado Shelters

When deadly twisters chewed through the South and Midwest in 2011, thousands of people in the killers' paths had nowhere to hide. Now many ...

Regulators Urged to Monitor Safety Throughout Drug’s Lifecycle

The U.S. Food and Drug Administration should review drugs on a regular basis for as long as they are on the market in order to catch any ...

Survey: Agencies Seek Carrier Help to Expand into New Niches

The challenges of today's economy appear to be driving some independent agents into new niche insurance markets and product lines. Almost ...

Hanover Insurance Group Q1 Profit Up 70% to $49.7M

The Hanover Insurance Group reported $49.7 million net income for its 2012 first quarter, up 70 percent from $29.3 million reported during ...

Marsh & McLennan Posts $347M Q1 Income, Up 6.8% From Last Year

Marsh & McLennan Cos. Inc. reported $347 million net income for its 2012 first quarter, up 6.8 percent from $325 million reported ...

Assurant, Inc. Launches Solar Project Insurance

Assurant, Inc. has unveiled a new insurance product for commercial solar project developments designed specifically for the 100 kilowatts ...

Lexington Launches Technology Contract Risk Policy

Lexington Insurance Co. has introduced a technology contract risk policy called Parity.  Parity protects organizations from potential ...

From MyNewMarkets.com Marsh Coverage Responds to Government Crackdown on Healthcare Executives

Corporate officers in every industry have to be on guard when it comes to enforcement of federal laws and, according to insurance broker...

From IJAcademy.com Business Income Demystified At Last - A Training Series

Few insurance coverages illicit such fear or visceral reactions as does business income coverage (aka time element coverage). Without being too glib, business income concepts are...
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East

Judge Rejects Strauss-Kahn Immunity in Civil Damages Lawsuit

A New York judge rejected former International Monetary Fund chief Dominique Strauss-Kahn's claim of diplomatic immunity on Tuesday, ruling ...

New York Issues New Rule to Crack Down on No-Fault Insurance Fraud

New York State regulators are expanding their effort to stop no-fault auto insurance fraud. The New York Department of Financial Services ...

N.J. Examines Stop-Loss Insurance for Self-Insured Small Businesses

A growing number of small businesses in New Jersey are self-funding or self-insuring their employees' health insurance costs, and they are ...

N.J.-Based Selective Appoints New Member to Board of Directors

Branchville, N.J.-headquartered Selective Insurance Group appointed Annabelle Bexiga as a new independent member to its board of directors. ...

Virginia Jury Convicts Costa Rican Man in $485M Fraud

A federal jury in Virginia convicted a former Costa Rican insurance executive on Monday of all counts in a $485 million fraud scheme in ...
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Midwest

Fire Deaths Prompt Ohio Apartment Inspections

Safety officials are inspecting more than 250 apartment and condominium buildings near Toledo, Ohio following the March deaths of two ...

Kansas Senate Oks Disaster Funds Bill

The Kansas Senate has approved legislation creating a special fund to help cover the state's costs after a federal disaster declaration. ...

Christian Group Sues Michigan City, Muslims Over Event

A Christian legal advocacy group has claimed in a federal lawsuit that officials in a western Michigan city violated the rights of a ...

OSHA Investigating Death At South Dakota Steel Business

The Occupational Safety and Health Administration is looking into the death of a worker at a Rapid City, S.D. steel business. ...

A.M. Best Downgrades Ratings of Missouri's Gateway Insurance

A.M. Best Co. has downgraded the financial strength rating to B (Fair) from B+ (Good) and issuer credit rating to "bb" from "bbb-" ...
Southeast

Mississippi Lawmakers Pass Workers’ Compensation Changes Backed by Employers

Mississippi legislators offered sharply different views of a bill they passed Monday to change the way compensation is awarded to workers ...

Gaylord Hotels Suing Government Over 2010 Nashville Floods

Gaylord Entertainment Co. has filed a lawsuit accusing the National Weather Service and the U.S. Army Corps of Engineers of negligence that ...

South Carolina Coast Bracing for Next Wildfire

Pat Henry will long remember that April night when the western horizon glowed an eerie red, smoking embers cascaded from the sky, and she ...

More Families Building Their Own Tornado Shelters

When deadly twisters chewed through the South and Midwest in 2011, thousands of people in the killers' paths had nowhere to hide. Now many ...

Allied World Re Opens Miami Office for Latin America; Names Turkel Senior VP

Allied World Reinsurance Co. has opened a new office in Miami in order to further expand its operations in Latin America.  The Miami ...

Court Reverses Mississippi Award Over ‘Negligent’ Flood Policy Advice

An insurance company selling federal flood insurance has won a case against a Mississippi homeowner who claimed the insurer was negligent ...

Aon Risk Solutions Appoints Resident Managing Director in Atlanta

Aon Risk Solutions, the global risk management business of Aon plc, appointed John Jassmann to resident managing director in Atlanta. In ...
South Central

Insurance Industry Charitable Foundation Expanding into Texas, SE

Another job was the last thing Bill Henry wanted when he was approached to head up a new division of the Insurance Industry Charitable ...

Dead Mexican Teen’s Family To Pursue Suit in Texas

A lawyer for the family of a 15-year-old Mexican boy killed by a U.S. Border Patrol agent in 2010 says they will press on with their ...

Oklahoma Shopping Center Sues Insurer, Metal Plant, Others

The owner of a Muskogee, Okla. shopping center damaged during a deadly explosion seven years ago has sued a scrap metal plant. An insurance ...

Texas Gets More Than $61M For Health Centers

Texas has been awarded more than $61 million in federal grants to support community health centers. The funding was announced Tuesday by ...

Oklahoma Governor Signs Firefighter Training Incentive Legislation

Legislation signed into law by Oklahoma Gov. Mary Fallin will improve on a current training incentive for firefighters, according to the ...
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West

Montana Couple Seeking Damages From Broker For Fed Raids

A Helena couple that rented a greenhouse to a medical marijuana operation have sued their insurance broker after their insurance company ...

Adjuster Sams & Associates Adds Adkins

Insurance adjuster Sams & Associates Inc. added Lizzy Adkins as their new regional manager and multiline adjuster in Seattle, Portland ...

Lawsuit Seeks Overtime Wages For ACS Employees

A class action complaint was filed against Alaska Communication Systems Group alleging sales and marketing personnel were not paid ...

Wyoming Hires 7 Workplace Safety Employees

Wyoming has hired seven employees to do workplace safety checks with new funding from state lawmakers. The director of the Department of ...

A.M. Best: Century-National Upgraded to A

A.M. Best Co. has upgraded the financial strength rating to A (Excellent) from A- (Excellent) and issuer credit rating to "a" from "a-" of ...
International

Geneva Association Reminds Federal Reserve Insurers Aren’t Banks

The Swiss-based insurance think tank Geneva Association has followed up on its recent report as to whether or not some insurers should be ...

Reuters Columnist James Saft on Europe’s Credit Crunch; Bank Capital

Europe looks to be entering a credit crunch, with loans harder to get and those that are made coming on tougher terms. Strikingly, banks ...

Willis Capital Reports Strong Growth in Cat Bond Market; $1.3 Billion in Q1

The latest Insurance-Linked Securities (ILS) Market Update from Willis Capital Markets & Advisory (WCMA), part of global insurance ...

Earnings Report: PartnerRe

Selected earnings highlights from PartnerRe for the first quarter of 2012 are as follows: ...

Willis Re Appoints Welsch to Central Reinsurance Team

Willis Re, the reinsurance arm of Willis Group Holdings, has appointed Andrea Welsch to the position of Executive Director, effective May ...
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New Discussions in the Forums

1-800-Car-Insurance
Posted: Tue May 1 -- The beauty is of my business model is that calls are routed geographically. Therefore, you will get the calls from the people that you are... glabman
Aviation Products Liability - Non-Critical Parts
Posted: Tue May 1 -- Who has aviation markets for non-critical parts with premiums starting under 10k? ... InsureTime
Is it possible to get insurer appointments just starting out
Posted: Mon Apr 30 -- d's insurance store usually gives good advice-this time is no exception. I will be a bit more blunt...6 months to a year will only scratch... jackwehoca
New Venture - Non-Emergency transporation
Posted: Sat Apr 28 -- I am looking to insure the same risk. Any luck meytai? marmar
NEEDED:History and Current Trends of the Independent Agent
Posted: Fri Apr 27 -- The state to the north of you has a resource as well. PIA (Professional Insurance Agents Association). They can be a vast resource &... dm307799
How do you ask for a referral?
Posted: Thu Apr 26 -- Instead of referrals, have you tried using any lead services? Auds
looking for feedback/advice please....
Posted: Wed Apr 25 -- My suggestion is to work with an independent agent as a producer. The KEY is to negotiate a good commission split and that YOU OWN YOUR BOOK... NYagent301
What are your thoughts on the insurance industry
Posted: Tue Apr 24 -- The key question for anyone thinking that the road to riches is paved with personal lines insurance policies is to ask 'what can I do... d's insurance store

Reader Comments

Transportation Chief Calls for National Ban on Cell Phone Use While Driving
Posted: Fri Apr 27 -- We have this law in Maryland for texting and cell phone use, but you never see it enforced as it is a secondary offense and really only gets... Delinquent
Missouri Woman Wins $5.8M in 'Girls Gone Wild' Case
Posted: Tue May 1 -- i know. i was kidding. nobody wants that to happen to themselves or someone else. nudity's kind of a funny thing though honestly...we're the... George
As America's Waistline Expands, Costs Soar
Posted: Mon Apr 30 -- Holy Cow! What can you do besides educate people, and then get them to take responsibility for their actions? Everything can be cured by a... Bluto Blutarski
Victims of Cyberbullying Fighting Back in Libel Suits
Posted: Mon Apr 30 -- If someone spoofs a web-site or F/B page as another person isn't that identity theft or wire fraud? Seems that that would be worthy of... Ins Guy
Former N.J. School Chief in Insurance Bribery Scheme Drops Suit
Posted: Thu Apr 26 -- Dear Mr. Ritacco: You broke the law in the performance of your duties. Sorry but we don't feel obligated to live up to the terms of your... reality bites

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April 16, 2012
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