Aug 3, 2012

Daily Headlines: Friday, August 3, 2012

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Insurance Journal Daily Headlines
August 3, 2012
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Today's Headlines

National

House Passes $383 million US Drought Aid Bill for Ranchers

The U.S. House of Representatives passed a $383 million disaster relief bill on Thursday that provides political shelter for lawmakers ...

Knight Capital’s Future in Balance after $440 Million Trading Disaster

Knight Capital Group Inc fought for survival on Thursday after a $440 million trading loss caused by a software glitch wiped out much of ...

Time Running Out for Russia Trade Bill Says Congressman

Time is running out for Congress to approve a Russia trade bill before Moscow formally enters the World Trade Organization in August, ...

AIG Reports Q2 Profit Increases; Insurance Units All Gain

American International Group reported a larger profit for the second quarter on Thursday, as tax benefits boosted results and operating ...

The Hanover Posts $20.8 million Q2 Profit

The Hanover Insurance Group, a Worcester, Mass.-based property/casualty insurer, reported $20.8 million profit for the 2012 second quarter, ...

Is Your Agency a BEST Agency to Work For?

Insurance Journal is once again searching for the best independent insurance agencies in the United States to work for and we hope you will ...

Swett & Crawford Subsidiary Launches New Marine Underwriting Division

Swett & Crawford subsidiary J. H. Blades & Co. has launched J. H. Blades Marine Underwriting Services (Blades Marine), a new marine ...

The Hartford Reports $101M Q2 Loss for Debt Payoff

The Hartford Financial Services Group Inc. reported a $101 million second-quarter net loss Wednesday, a consequence of paying off a huge ...

Swiss Re Corporate Solutions Increases North American Property Capacity

Swiss Re Corporate Solutions has increased available Property capacity from $250 million to $500 million. As part of the company's single ...

From MyNewMarkets.com Liberty Mutual Announces Realignment; Names Four Unit Executives

Boston-headquartered insurance giant Liberty Mutual said it is realigning its strategic business units. The company — which reported...
Risk Management Theory and Applications new training from Insurance Journal's Academy of Insurance - Reserve Your Spot Today
East

Few Employers in New England Plan to Drop Health Insurance: Survey

A new survey says few employers plan to drop health insurance following the Supreme Court ruling upholding the Patient Protection and ...

R.I. Woman Gets 10-Year Prison Sentence for Insurance Fraud

Prosecutors say a Warwick, R.I., woman has been sentenced to 10 years and a day in federal prison for setting her house on fire to commit ...

Philadelphia Insurance Cos. Appoints 2 New Executives

Philadelphia Insurance Companies, a Bala Cynwyd, Penn.-based property/casualty insurance company for niche markets, announced the hiring of ...

Marsh USA Executive Joins XL Group’s Primary Casualty Unit in New York

XL Group plc has appointed industry veteran Alfred Bergbauer as head of multinational casualty in North America. Bergbauer will report to ...
Join us online Thursday August 8 for a LIVE webcast, Errors & Omissions: What's Actually Being Covered? - hosted by Insurance Journal's Academy of Insurance - Reserve Your Spot Today
Midwest

Insurers Win Mich. Supreme Court Case Over Rogue Drivers

The Michigan Supreme Court has ruled in favor of insurance companies in two cases that involve drivers who crashed cars when they didn't ...

Minn. Gov. Dayton Appeals FEMA Flood Aid Denial

Gov. Mark Dayton is raising concerns about the safety and sanitation of northeastern Minnesota homes that were badly damaged by summer ...

Drought Spurs Emergency Burn Ban In Mclean County, Ill.

Hot, dry conditions have prompted officials in central Illinois to issue a ban on all outdoor fires in McLean County. The McLean County ...

Toyota Recalling Suvs, Sedans

Toyota is recalling 778,000 RAV4 SUVs and Lexus HS 250h sedans to fix a suspension problem that could cause crashes. The company says if ...

MJ Insurance Adds Howard to Corporate IT Department

MJ Insurance has added Andrew Howard in its Indianapolis headquarters to serve as IT engineer and IT Department manager for MJ's ...

License of Bismarck Insurance Agent Revoked

North Dakota Insurance Commissioner Adam Hamm has revoked the license of Brent Kitzan, a Bismarck insurance agent. The revocation bars him ...
Producer Development and Coaching starts next week, exclusively from Insurance Journal's Academy of Insurance - Reserve Your Spot Today
Southeast

NCCI Proposes 9.1% Cut in West Virginia Workers' Comp Rates

West Virginia employers can look forward to another reduction in their workers' compensation rates after state officials welcomed a ...

Florida Tops the List of States With Most Watercraft Thefts: NICB

The National Insurance Crime Bureau (NICB) published this week its latest report on watercraft theft and recoveries in the United States. ...

16,000 W.Va. Customers Set to Receive Rebates From Health Insurers

Health insurance companies will give rebates totaling $2.7 million to more than 16,000 customers in West Virginia this year. The U.S. ...

North Carolina Agent Arrested, Charged With Insurance Fraud

North Carolina regulators announced this week that a local insurance agent was arrested and charged with one felony count of obtaining ...
South Central

La. Civil Service Panel Approves Insurance Contractor

The state's Civil Service Commission narrowly agreed Wednesday to the Jindal administration's hiring of a private company to manage a ...

PURE Expands Coverage to High-Net Worth Individuals in Oklahoma

Privilege Underwriters Reciprocal Exchange, a policyholder-owned property/casualty insurer that exclusively caters to high net worth ...
West

Experts Predict High Wildfire Risk In August

Wildfire experts say states across the West are now at the highest risk of the season for wildfires as hot weather patterns continue to dry ...

Colo. Gov. Hickenlooper Seeks More Federal Wildfire Aid

Gov. John Hickenlooper is seeking more federal disaster aid for Colorado communities hurt by wildfires, saying they won't be able to fully ...

DTRIC Insurance Launches Usage-Based Auto Insurance in Hawaii

DTRIC Insurance will begin offering Akamai Rater, Hawaii's first program that aligns individual driver behavior with auto insurance ...
International

Typhoons Saola, Damrey Strike, Philippines, Taiwan, China: AIR Analysis

According to catastrophe modeling firm AIR Worldwide, Typhoon Saola, the ninth typhoon of the Northwest Pacific storm season, made its ...

NHC Tracking TS Ernesto in Caribbean

The National Hurricane Center in Miami is currently tracking Tropical Storm Ernesto, as it progresses further into the Caribbean Sea. ...

RBS Confirms Firing Employees over Libor Rigging Scandal

The Royal Bank of Scotland, which is majority owned (82 percent) by the UK government,  confirmed on Friday it has dismissed a number of ...

Willis Posts $107 Million Q2 Net Income; $332 Million 1st Half

Willis Group Holdings plc reported its results for the quarter and six months ended June 30, 2012. Selected highlights for the second ...

ING Considering Sale of UK, Canadian Online Banks

The Netherlands-based group ING, which has been forced to sell assets in return for receiving state aid during the financial crisis, said ...

Ratings Recap: Sunderland Marine, ENI

A.M. Best Europe – Rating Services Limited has revised the outlook to negative from stable and affirmed the financial strength rating of ...
Insurance Journal Blogs

CEA Offering Shows Enormous Private Sector Interest in Earthquake Insurance

The California Earthquake Authority, which has been lobbying Congress to establish a federal backstop to its debt financing, is proving ...

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Insurance Journal TV

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New PURE Program Provides Extra Flooding Services for High-Value Homeowners

A new flood coverage suite from Privilege Underwriters Reciprocal Exchange, or PURE, now...
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Agency Capitalizes on Obamacare

Shawn Pynes, principal with Barney & Barney, discusses the benefits business following...

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New Discussions in the Forums

Agent no legal duty to inform on cancellations?
Posted: Fri Aug 3 -- Quite a discussion with little agreement-Here's a suggestion-Check with your own legal advisor. DISCLAIMER: As the billing for insurance... jtownagent
Track Your CSR's Daily Sales Activity
Posted: Thu Aug 2 -- "If the csr is doing their job they will not have time to write down ever phone call." I have to comment on this statement, with a... Brenda H
D&O for Non Profit
Posted: Tue Jul 31 -- I don't think it's a matter of who will insure a non profit, I think it's a matter of who will insure them for Civil Rights violations.... LadyBroker
CPCU ??
Posted: Tue Jul 31 -- If you have experience in life issues, what is your goal? it is difficult to maintain an expertise is every line of insurance. I am... mccluney
National Agents Alliance? Legit or Keep Away?
Posted: Mon Jul 30 -- Dallas Viper should go to work for Farmers Ins. They sell the same load of c--p too. Since he believes in Fairy Tales he would fit right in... Presl70
painting contractor in Ca for Comp
Posted: Mon Jul 30 -- Insured has been out of force for 45 days approximately. $100000 in payroll. Inside and outside painting. class code 5482. No... trotter
AMS360 for accounting?
Posted: Mon Jul 30 -- I found these two insurance journal articles to explain a lot about how accounting should function. Then maybe consider which systems can... Riskmaster

Reader Comments

Md. Catholics Embark on 100-Mile Walk to Protest Birth Control Coverage
Posted: Wed Aug 1 -- All of these posts togather is a great illustration of why "we" cannot even agree on the color of poop these days. I'm not Catholic and I... Little Frog
California Court Reinstates Lawsuit Against Glock
Posted: Fri Jul 27 -- Here's a basic formula for all gun owners to memorize: guns + kids = tragedy Ins Guy
Former Citigroup Chief Weill Surprises with Call for Break-Up of Big Banks
Posted: Fri Jul 27 -- Sargent, I have seen estimates that doing the Keystone pipeline and granting drilling permits on public land would ultimates create 500,000... Agent
Liberty Mutual Announces Realignment; Names 4 Unit Executives
Posted: Fri Jul 27 -- "The insurer emphasized, however, that this is not a consolidation or reorganization." realign def - "to reorganize or make new groupings... GL GURU
Texting Driver in South Dakota Charged with Manslaughter
Posted: Mon Jul 30 -- Sadly you can pass all of the laws you want but it will only stop the already law abiding, conscientious drivers from texting and talking on... LP

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July 23, 2012
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