Sep 5, 2012

Daily Headlines: Wednesday, September 5, 2012

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Insurance Journal Daily Headlines
September 5, 2012
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

Prospects Fade for Early Settlement by BP with U.S. Over Gulf Oil Disaster

Hopes BP can settle early out of court on liability for its 2010 U.S. Gulf oil spill looked forlorn on Wednesday after U.S. prosecutors ...

The Hartford to Sell Retirement Plan Unit to MassMutual

The Hartford Financial Services Group Inc. on Tuesday said it would sell its retirement plans business to life insurer MassMutual for $400 ...

Personal Lines Rates Inch Up in August: MarketScout

Rates for personal lines insurance rose 3 percent in August 2012 compared to rates in August 2011, reported the national property/casualty ...

Marsh & McLennan Names Bischoff Chief Financial Officer

Marsh & McLennan Companies Inc. has appointed J. Michael Bischoff as chief financial officer, effective immediately. Bischoff will report ...

Brownyard Group Develops Program for Small Pest Control Companies

Brownyard Group, a program administrator providing specialized insurance coverage for select industry groups, has expanded its pest control ...

From MyNewMarkets.com New National Parks' Insurance Requirements Ignite Controversy

A National Parks Service (NPS) decision to hike their required insurance liability limits by 1,000 percent has some outfitters and guides,...
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East

Conn. WCC Report Highlights Upgrades, Shortened Hearing Backlogs

Connecticut Workers' Compensation Commission issued its annual report on Sept. 1. The Commission touted a number of accomplishments for the ...

Pennsylvania Banks, Homeowners Examine Oil and Gas Leases

When Donald Yost tried to refinance his home about 30 miles north of Pittsburgh in January, he met a roadblock. It wasn't his credit score ...

Former N.Y. Insurance Agent Arrested for Allegedly Stealing $648K

New York authorities announced last week that a Long Island, N.Y., man has been arrested and charged with multiple felonies after allegedly ...

Federal Judge: Delaware's Secret Court Arbitration Is Unconstitutional

A Delaware law allowing Court of Chancery judges to preside over secret arbitration in business disputes is unconstitutional, a federal ...

CMIC Announces Additional Practice Coverage for Doctors

CMIC, a doctor-owned medical malpractice insurer serving Connecticut and Massachusetts, has launched a new program for Massachusetts ...
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Midwest

Drought, Low Export Demand Sap Midwest Economy

An August survey suggests that the continuing drought and lessening export demand for U.S. products are among the drains on the economy in ...

Interstate Crash Deaths Rose in Iowa, Records Say

State records suggest higher interstate speeds have proved fatal for more Iowa motorists. The Des Moines Register reports that rural ...

Missouri Insurance Director to Chair Solvency Modernization Task Force

John M. Huff, director of the Missouri Department of Insurance, has been appointed chair of a national task force focusing on insurance ...
Southeast

Florida Lawmaker Questions Citizens Travel Expenses

A Florida state senator is demanding that executives of the state-backed  property insurer be questioned after expense reports showed that ...

Katrina's Lessons in Mississippi May Have Saved Lives in Hurricane Isaac

For all the lives it took when it plowed across the Gulf Coast in 2005, Hurricane Katrina may have saved some during Isaac. Officials took ...

Mississippi High Court OKs New Trial in Asbestos Case

The Mississippi Supreme Court has let stand an order for a new trial in a workplace asbestos exposure case in which a Jones County man was ...
South Central

Louisiana Court Upholds $257.7M Jury Verdict Against Pharmaceuticals

Louisiana's 3rd Circuit Court of Appeal has upheld a $257.7 million jury verdict in a lawsuit brought by Attorney General Buddy Caldwell ...

Additional Charges Filed Against Former Oklahoma Insurance Agent

A former insurance agent in Creek County has been charged with four additional felonies after an investigation by the Oklahoma Insurance ...

Myron F. Steves & Co. Creates Endowment for Insurance Education

Houston-based Myron F. Steves & Co. has established the Myron F. Steves Endowed Directorship for the Center for Insurance and Risk ...
West

Police Lieutenant Claims Reverse Discrimination

An Albuquerque police lieutenant is accusing the department and top city leaders of passing over him and others in order to promote ...

New Mexico Whistleblower Settles Lawsuit

The state has agreed to settle a lawsuit with a whistleblower who accused the New Mexico Department of Health of nepotism and financial ...

Suit: Nogales police mistook seizure, used Taser

A federal lawsuit says Nogales, N.M. police wrongly used a stun gun on a disabled man after officers mistook his seizure for criminal ...

Gregory named President, COO at Denver Management Advisors

David Gregory has been named today in a newly created position of president and chief operating officer at Denver Management Advisors Inc., ...

Schmelz Joins Edwards Wildman as a Partner in Insurance and Reinsurance

The law firm of Edwards Wildman Palmer LLP named Ronie M. Schmelz a partner in the firm's insurance and reinsurance department. She will ...
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International

Best's Global Reinsurance Market Review Analyzes Top 50, Capital, Ratings

A.M. Best has published a review of the international reinsurance market, which analyzes the performance of the largest reinsurers (rated ...

Global Reinsurer Capital Reaches $480 Billion: Aon Benfield Study

The latest edition of the Aon Benfield Aggregate (ABA) report, which analyzes the financial position of the world's leading reinsurers for ...

AIA Comments on Latest IAIS Draft Rules on Global Insurance Supervision

The American Insurance Association has submitted comments in response to the International Association of Insurance Supervisors' (IAIS) ...

Dubai Group Sells Turkey Insurance Unit to Starr, Oman Insurance Group

The Dubai Group has sold its Turkish insurance arm to Starr Insurance and Reinsurance Ltd., a company owned by former AIG chief executive ...

Moody's Maintains Stable Outlook on Global Reinsurance Industry

Moody's Investors Service has maintained a stable outlook for the global reinsurance industry. Moody's said the outlook "expresses our ...

UK Banks Face Rules to Curb Payment Protection Insurance Mis-selling

UK banks face new rules to stamp out sales incentives that have encouraged mis-selling of financial products going back two decades, the ...

Catlin Re Switzerland Names Eugster Chief Underwriting Officer

The Catlin Group Limited announced that Markus A. Eugster has been appointed Chief Underwriting Officer for Catlin Re Switzerland. He ...
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Insurance Journal Blogs

Burand's Agency E&O Blog: Tip #8

Certificates of Insurance. Certificates are probably the most frustrating aspect of processing commercial insurance today. A blog is not ...

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Insurance Journal TV

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Predictive Modeling 1: Origins in Insurance

Few developments have altered the insurance business as much as predictive modeling and more...
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Agriculture Business Prepared for This Year's Drought

Record high temperatures in the Midwest have farmers facing the worst drought in over 20 year,...

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New Discussions in the Forums

Will old CPCU books work for the new CPCU exams?
Posted: Wed Sep 5 -- Honestly, for the purposes of passing the tests, I doubt a few changes to policy forms would affect you at all. They generally didn't ask... paulbennings
Do you use online leads services?
Posted: Sat Sep 1 -- I have yet to see an agency prosper over time using on-line lead services. They are commodity transactions, low premium, typically... Rainmaker
Track Your CSR's Daily Sales Activity
Posted: Sat Sep 1 -- Yikes....daily sales reports for CSR's? Watch your turnover spike and morale drop like a rock. That's one of those ideas that sounds great... Rainmaker
Independent Agency Growth Rate
Posted: Sat Sep 1 -- There are many different segments to the retail insurance broking industry, ie the 1) globals; 2) top 10 public; 3) top 100; 4) the... Rainmaker
Keeping Track of prospects
Posted: Sat Sep 1 -- I would encourage you to consider that solutions are predicated on the exact need - the more laser focused you are on your specific needs... Rainmaker
Splits
Posted: Sat Sep 1 -- Compensation models vary greatly within the industry based upon alignment, market-space, product mix, geographic footprints, etc., so a... Rainmaker
Life Agent working for P&C Agency
Posted: Sat Sep 1 -- Depending upon the size of the P/C agency, it's product mix, and market alignment - a life producer can find great opportunity working with... Rainmaker

Reader Comments

Ex-NFL Player John Mott Sues in N.Y. for Head Injury
Posted: Wed Aug 29 -- Another pampered millionaire athlete whinning about something he knew about since he started playing peewee ball. YOU WEAR A HELMET FOR A... CSP
California State Fund Restructures Broker Distribution
Posted: Tue Sep 4 -- How to screw the small business/agency plant. CSP
GEICO Sponsors Rest Area 'Safe Phone Zones' in Virginia
Posted: Tue Sep 4 -- c-c-c-computer generated ? I'm crushed, devastated ! The gecko of my dreams is fake ! The suave English accent and all ! Insurance fraud !... Sally Mander
Consumer Perception of Progressive at Lowest Level in 4 Years: YouGov
Posted: Thu Aug 30 -- Reputation is both perception and reality like it or not. It takes a long time to build a good reputation and a short time to loose it.... Bluemax
Employers Committed to Offering Health Plans; Cost Seen Going Up 5.3% in 2013
Posted: Wed Sep 5 -- Unemployment at 8.3% on Obama's inauguration date 7.7 Foodstamps given up 87% from inauguration date. National Debt 10.5 Trillion on Obama's... Sarah

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