Feb 5, 2013

Daily Headlines: Tuesday, February 5, 2013

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Insurance Journal Daily Headlines
February 5, 2013
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Today's Headlines

National

U.S. Hits S&P with $5 Billion Fraud Lawsuit Over Mortgage Securities Ratings

The U.S. government is seeking $5 billion in its civil lawsuit against Standard & Poor's, accusing the ratings service of defrauding ...

Insurance Prices 'More of Same' in 4th Quarter, Say Commercial Brokers

Insurance brokers across the country reported price increases in the commercial lines market in the fourth quarter of 2012. According to ...

The Hartford Posts $46M Q4 Net Loss; $350M in Sandy Loss Reported

The Hartford Financial Services Group Inc. reported a net loss of $46 million for the 2012 fourth quarter, in contrast to the fourth ...

Markel's 2012 Q4 Profit Rises 13%; Full-Year Profit Up 78%

Markel Corp. reported 2012 fourth-quarter net profit to shareholders of $56.79 million, up 13.2 percent compared to $50.18 million reported ...

Confie Seguros Buys New York, Florida Agencies

Confie Seguros, a national personal lines insurance brokerage network, has acquired two additional agencies: Cannello Agency in Niagara, ...

Beazley Launches Enhanced Computer Crime Policy

Beazley plc has launched new computer crime and account takeover coverages for financial institutions. The enhanced computer crime policy ...

S&P Expects Government Lawsuit Over Its Pre-Crisis Credit Ratings

Standard & Poor's said it expects to be the target of a U.S. Department of Justice civil lawsuit over its mortgage bond ratings, the first ...

BP, States May Still Be Far Apart Over Oil Spill Deal

It is a question that has lawyers and many others on the U.S. Gulf coast buzzing: Will BP strike a massive deal to settle the remaining ...

From MyNewMarkets.com Insurance Segments to Watch in 2013 - Part Three: Reputational Risk

While many in the insurance industry were focused on the cyber liability, cargo theft, and weather segments in 2012, this year a number of...
Why Should I Hire You as My Insurance Agent? - new class from Academy of Insurance
East

N.Y. Gov. Proposes to Spend Up to $400M to Buy Out Storm-Wrecked Homes

New York Gov. Andrew Cuomo wants to spend up to $400 million to buy and demolish homes wrecked by Superstorm Sandy and permanently preserve ...

A Living, Lurking Threat in Sandy-Hit Homes: Mold

Esther Tauscher stood outside her Staten Island home, leafing through boxes of family photos that had been steeped in storm water. She ...

New York Recruiting Insurers for Health Benefit Exchange

New York has started recruiting insurance companies to provide coverage through the New York Health Benefit Exchange created under national ...

New Jersey Officials Warn of Storm-Damaged Car Re-Sales

New Jersey officials are warning would-be car buyers to be careful about buying vehicles that may have been damaged by Superstorm Sandy. ...
The National Flood Insurance Program: Past, Present and Future - new class from Academy of Insurance
Midwest

EMC Insurance Launches New School Safety Initiative

Cincinnati, Ohio-based EMC Insurance Companies is partnering with SafeSchools to create safer learning environments for its insured ...

Family Sues Company Over Minnesota Office Attack

The family of a man who was among six people gunned down at his Minneapolis, Minn., office last year is suing the company, claiming it ...

Missouri Senate to Debate Future of Disability Fund

Missouri senators are preparing to debate legislation to revive an insolvent fund for disabled workers. The state's Second Injury Fund has ...

Agents Representing Fremont Insurance Honor Retiring CEO Dunning

On Jan. 31, 2013, the 167 independent insurance agencies representing Fremont Insurance Co. presented Richard E. Dunning with a special ...
Southeast

Florida Supreme Court Rules Arbitration Clauses Apply to Fraud Claims

The Florida Supreme Court says contract clauses requiring arbitration to settle related disputes include fraud claims. The justices ...

West Virginia Not Enforcing Mine Coal Dust Standards: Report

State standards aimed at reducing buildups of explosive coal dust in underground mines but regulators haven't been enforced in West ...

Florida Report Cites Citizens' Outside Vendors, Claims Handling

Florida regulators have released a report into Citizens Property Insurance Corp., finding that the state-backed company failed to ...

Aon Appoints VP for Health, Benefits Practice in Atlanta

Aon plc recently announced the addition of Greg Whittle as vice president and middle market sales leader in the health and benefits ...

Maritime Program Group Appoints Senior Broker in Florida

Maritime Program Group recently appointed Shari Trefil as a senior broker based in Stuart, Florida. Trefil brings with her 23 years of ...
South Central

Wright Retiring as Texas Mutual President, CEO; Gergasko Named Successor

Ron Wright, who has served as president and chief executive officer of Texas Mutual Insurance Co. since 2009, has announced that he will ...

Texas Crews Working to Prevent More Davis Mountains Fires

Texas Forest Service crews are beginning work to remove hazardous vegetation in the Davis Mountains resort area of West Texas to try to ...

Arkansas State Senator Announces School Safety Bill

Arkansas Senator Missy Irvin of Mountain View announced she is drafting legislation to better prepare students and faculty in Arkansas for ...
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West

MMIC to Acquire Utah Medical Insurance Association

MMIC, a large Midwest medical professional liability firm, has entered into an agreement to acquire Utah Medical Insurance Association, a ...

Dealey, Renton Names West President in California

Oakland, Calif.-based Dealey, Renton & Associates named Morgan West as president. Al Chinn remains as the company's CEO. West joins DRA ...

Willis Names Daniels Managing Partner of Northern California

Willis North America, a unit of Willis Group Holdings, named Andrew R. Daniels as managing partner of Northern California. The appointment ...

California Attorney General Sues BP and ARCO over Gas Stations

California Attorney General Kamala D. Harris has filed a civil lawsuit against BP West Coast Products, BP Products North America Inc. and ...

Former Utah Agent pleads Guilty to Insurance Fraud

Former insurance agent Mitch Kelling has pled guilty to insurance fraud. Kelling plead guilty to felony charges in Utah Seventh District ...
International

French Oil Tanker Likely Hijacked off Ivory Coast

A French-owned oil tanker missing off Ivory Coast with 17 sailors on board likely has been hijacked, an official with an international ...

Munich Re Preliminary Figures Show $4.33 Billion Profit in 2012

Munich Re's preliminary financial figures for 2012 show a profit of €3.2 billion [$4.33 billion], compared to catastrophe prone 2011, ...

Barclays Sets Aside another $1.58 Billion for Mis-Selling PPI Insurance

Barclays set aside another £1 billion ($1.58 billion) to compensate customers for mis-selling products, dropping another British banking ...

Willis' Report Focuses on Threats Facing Mining Industry

"Resource nationalism, poor infrastructure that impedes development and supply chain disruptions are some of the biggest risks facing the ...

Julian James to Become President of Allied World Europe

Swiss-based Allied World Assurance Company Holdings, AG announced that Julian James has been named President of Allied World's European ...

Ironshore Europe Names Lewis to Lead London Market Healthcare Expansion

Ironshore Europe Ltd. (IEL) announced that Jamie R. Lewis has joined the company as Senior VP -Healthcare. He will be, working closely with ...

Ratings Recap: American Safety, Al Ittihad Al Watani

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

Federal Bailout of Florida Is Far From a Sure Thing

As Florida's 2013 legislative session draws near, state lawmakers once again are preparing to examine reforms to the Sunshine State's ...

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North Carolina Home (Insurance) Improvement: Commissioner Goodwin

Recently re-elected North Carolina Insurance Commissioner Wayne Goodwin welcomes his expanded...
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Effects of Worldwide Economic Instability on American Companies

Despite a slightly improved economy here in the U.S., the global economy is not out of the...

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New Discussions in the Forums

Credit Card Processing
Posted: Tue Feb 5 -- It all depends on your monthly transaction volume and your gross margin (commission). Remember that you're paying a rip to the CC processor... DBL Surety
QuickBooks
Posted: Tue Feb 5 -- I realize this is an old thread but I have yet to find a good way to book direct bill in Quickbooks. I'm thinking of switching to Applied or... DBL Surety
1st Year as a Producer Stories
Posted: Mon Feb 4 -- Thank you all for the responses... Very good stuff! For a first year independent agent, what do you think the premium goal should be? I know... californiadude
Best mgmt system for small agency
Posted: Mon Feb 4 -- Hi, James... We at ITC would love the opportunity to see if our products can help you. InsurancePro, our agency management system, is... ITCBeckySchroeder
Laws on where an office can be?
Posted: Mon Feb 4 -- Ok thanks was just worried about it being considered a controlled business JamesMcwhorter
Farmers vs. Independent
Posted: Fri Feb 1 -- hmberter, you may visit the following website. This is a site where several current and ex Farmers agents post about Farmers. I suggest you... lonestar
New independent agency
Posted: Thu Jan 31 -- Might be tough to obtain direct appointments without experience. The market is very tight right now. Your best bet would most likely be to... lonestar
Can an insured buy Contractual liabiliy as separtate policy
Posted: Thu Jan 31 -- Yes they can We have 8 markets. Minimum premium $2,500.00 trotony7

Reader Comments

Florida Senate Democrats to Oppose Property Insurance Rate Hikes
Posted: Fri Feb 1 -- If Sen Smith and Sen Simmons have a solution to lower insurance rates, provide broad coverage, expand capacity, and encourage companies to... SWFL Agent
Fraud Concerns Linger Over Illinois Driver License Law
Posted: Tue Jan 29 -- Lovely, just lovely. Lets invite more Non Tax Paying people to our already broke state. FFA
South Dakota House Passes Bill on Arming Teachers
Posted: Mon Feb 4 -- This ought to be good. So now we can do fundraisers for bullets instead of classroom materials because the funding ran out. Plus, now the... CalDude
Treasury Pay Czar Allowed Excessive Pay at Bailed-Out AIG, GM: Inspector General
Posted: Tue Jan 29 -- Tell us something we didn't know. All of these people should have been happy they had jobs. As far as raises and bonuses, I'd be happy to... Dave

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January 28, 2013
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