Daily Headlines: Monday, February 6, 2012

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February 6, 2012 News By Region  National  International  East  Midwest  Southeast  South Central  West Video Today's Headlines National P/C Insurers’ Combined Ratio for 2011 Estimated at 107.5% The U.S. property/casualty (P/C) industry reported its largest underwriting loss since 2006 and saw its operating performance deteriorate ... Carlyle Group Drops Controversial Arbitration Requirement for Shareholders Carlyle Group LP, a giant private equity firm that has filed for an initial public offering, has dropped a controversial effort to require ... Aon Revenues Up 3% in Q4 Global insurance broker and risk management firm Aon Corp. reported that net income rose 19 percent in the fourth quarter 2011 to $277 ... Ironshore Specialty Casualty Introduces Program for Firearm Risks Ironshore Inc. has announced that its Specialty Casualty unit will provide casualty coverages for Cochrane and Company's new Ammunition and ... Nationwide Adds Software Protection to Identity Theft Insurance Nationwide Insurance has extended its ID theft insurance coverage by providing help with protecting personal information on home computers. ... Mine Safety Chief Seeks to End Complacency Over Safety If there's one lasting cultural change Mine Safety and Health Administration Director Joe Main wants to make in both the federal agency and ... Whistleblower Law Does Not Protect Mutual Fund Employees: Court A U.S. law protecting whistleblowers at publicly traded companies does not cover employees of mutual funds, a federal appeals court ruled ... Judge Certifies Investor Class Action Against Goldman Sachs Goldman Sachs Group Inc. was ordered by a federal judge to face a securities class-action lawsuit accusing it of defrauding investors about ... Aon Expands U.S. Tenant Rent Default Offerings Aon has expanded availability to new states for its Aon Rent Protect product that reimburses landlords for lost income when tenants default ... Rates Cuts for Financial Institutions to Moderate in 2012 A new report from Marsh anticipates deteriorating market conditions for financial institutions in 2012. Rate decreases in many lines of... More National News East New Hampshire, Other States Reach Settlement With Prudential New Hampshire insurance officials are announcing a $17 million settlement reached by seven states and Prudential Insurance over the ... N.Y. Attorney General Sues Banks in Foreclosure Effort New York's attorney general on Friday, Feb. 3, accused some of the nation's largest banks of deceit and fraud in using an electronic ... Chubb Sues Actress Marisa Tomei Over $129K Damage in NYC Apartment Three insurance companies have sued Academy Award-winning actress Marisa Tomei in a New York court last week, seeking $128,755 in damages. ... Maryland-based Avon-Dixon Agency Appoints Selective Exec as COO Maryland-based Avon-Dixon Agency appointed industry veteran Donna Sposa as chief operating officer and vice president. Sposa has an ... Virginia Court Grants Rehearing of Global Warming Claims Case The Virginia Supreme Court has recently granted rehearing of a closely followed legal case involving global warming, The AES Corp. vs. ... More East News Midwest Crashes Put Spotlight on Indiana Driver Licensing Policies A series of crashes into storefronts in an Indiana community has left a trail of property damage, but the drivers responsible are likely ... No State Emergency Funds for Private Storm Shelters in Missouri Missouri's State Emergency Management Agency has rejected funding for individual storm shelters, but SEMA says it will earmark $20 million ... State Farm Plans to Hire 3,000 Employees Illinois-based State Farm Insurance said it will hire 3,000 people across the U.S. and Canada, filling many positions left empty during the ... Minnesota Food Company Recalls Eggs in 34 States Minnesota food company said it is recalling more than a million hard-cooked eggs distributed to 34 states after testing revealed some may ... More Midwest News Southeast Agents Raid 2 Florida CVS Stores in Prescription Drug Abuse Probe Agents from the U.S. Drug Enforcement Administration raided two CVS pharmacies in Florida as part of an effort to curb the abuse of ... Brown & Brown Chief Takes Leave for Health Reasons Powell Brown, president and chief executive officer for global insurance agency Brown & Brown, has taken a temporary leave of absence ... Florida Bill to Let Surplus Lines Assume Citizens Policies Advances Legislation designed to help state-backed Citizens Property Insurance Co. spin off customers to reduce its hurricane risk cleared the ... Florida Senate Panel Clears PIP Fraud Bill But House Showdown Looms Florida lawmakers are heading to a showdown over the state's no-fault automobile insurance law with state Senate lawmakers seeking to ... Mississippi May Mandate Homeowner Insurance Discounts for Mitigation Mississippi Insurance Commissioner Mike Chaney said he is working with legislators on a bill that would require insurers to offer discounts ... More Southeast News South Central Louisiana Senator Co-Sponsors Bill to Protect Agent Health Commissions Two U.S. senators have filed a bill to clarify that agent compensation should be excluded from the federal health reform Medical Loss Ratio ... Oklahoma Bill Would Combat Prescription Drug Overdose Under legislation by state Rep. Pat Ownbey, physicians could not prescribe a controlled substance without first using the Oklahoma Bureau ... Newton Joins AmWINS Brokerage of Texas in Houston Daniel Newton has joined AmWINS Brokerage of Texas as an assistant vice president and a marketing manager in the company's Houston ... More South Central News West Mercury General Corp.'s 4Q Net Premiums Up Slightly; Declares Quarterly Dividend Mercury General Corp. announced on Monday that net premiums written were $618.6 million in the fourth quarter of 2011, a 0.2 percent ... Oregon Jury Takes Second Look At Tobacco Suit Damages A Portland jury is reconsidering a $100 million damage award against Philip Morris in a suit over low-tar cigarettes that goes back more ... Close Look at Leak Due at California Nuke Plant Inspectors are waiting for the 105 degree temperature inside a nuclear reactor to drop enough to make it safe for workers and equipment to ... Minor Earthquake Shakes North-Central Utah Scientists say a minor earthquake has shaken the Utah Valley, but apparently causing no injuries or property damage. The University of Utah ... Out-of-Trust C.M. Meiers Brokerage in California Fetches $1.375 Million at Auction Woodland Hills, Calif.-based C.M. Meiers Co. Inc. was auctioned on Friday at a U.S. bankruptcy court near Los Angeles, with three competing ... More West News International Global Mining Insurance Market Capacity Down 30% After Losses: Willis In 2011, the mining insurance market was not only hit by $2.7 billion in natural catastrophe losses, but over 60 operational losses ... China Tightens Rules for Auditors of Listed Firms China has tightened the qualifying criteria for firms wanting to audit listed companies, to protect investor interests, according to new ... Torus Appoints Rousseau to Develop General Property in France Global specialty insurer Torus has appointed Gilles Rousseau as Senior Underwriter, General Property. He is based in Paris and has more ... Best Upgrades Validus Re’s Ratings; Outlook Revised to Stable A.M. Best Co. has upgraded the financial strength rating (FSR) to 'A' (Excellent) from 'A-' (Excellent) and issuer credit rating (ICR) to ... Lloyds TSB Adds Travel Disruption Insurance All Lloyds TSB silver, gold, platinum and premier customers will be automatically covered for disruptions to their travel as part of the ... Earnings Reports: Validus Holdings Chairman and CEO Ed Noonan commented: "Insured losses arising from natural catastrophes and man-made disasters were approximately... More International News Sponsored Content Agents & Brokers: Take IJ's 2012 Agency Salary Survey Today and Receive an Advance Copy of the Story and the Survey Results! More Sponsored Content Join the Insurance Journal Network Insurance Journal TV Lobbyist Norwood Analyzes Consumer Watchdog Legislation John Norwood is one of California's best known legislative advocates for the insurance and... Watch Now How Insurance Distribution Is Changing Retail and wholesale brokers face the challenge - and opportunity - of redefining their... Watch Now Watch more videos at InsuranceJournal.tv New Discussions in the Forums Should we add life and health insurance to our agency? Posted: Mon Feb 6 -- It will still depend on your area. But since life and health insurance products are very popular particularly in middle and lower class... chizcurlz Farmers vs. Independent Posted: Mon Feb 6 -- Though it is hard to establish your own insurance agency, it more easier to get more money and to build clients as well. chizcurlz Should An Agency Specialize or have a Niche? Posted: Mon Feb 6 -- I agree. Specializing a specific niche is much easier than selling different kinds of insurance. By this mean, an insurance agency can be... chizcurlz Go to Forums Reader Comments Talk of 'Tornado Tourism' Stirs Anger in Joplin, Missouri Posted: Thu Feb 2 -- People go to the site of the twin towers, to Pearl Harbor, to Gettysburg, the Alamo etc. So Joplin is somehow more sacred? Tourism that is... bob Pfizer Recalls 1M Birth Control Packs After Mixup Posted: Thu Feb 2 -- I can see it now - wrongful birth suits. Lauren CIC ARM Federal Insurance Office Says Overdue Regulation Report Still Weeks Away Posted: Thu Feb 2 -- We, as agents will really appreciate Turbo Tax Tim in charge of regulation of the Insurance Industry. Just what we need, more bureaucracy to... Agent Lawyers Jump Into Cruise Ship Disaster Cases Posted: Mon Jan 30 -- At least we're exporting something. youngin' Judge Allows South Carolina Company's Twitter Lawsuit Against Employee Posted: Thu Feb 2 -- Yeah what basically happens is the companies dont see the value in social networking until one of the sales reps uses it successfully on... FLagent/insured Go to Popular Comments Subscriber Tools Send this to a friend Subscribe Unsubscribe Submit News Contact Us Current Issue Main Street America: Insuring America's Small Businesses & Their Owners; Errors & Omissions; Nonprofits, Social Services & Public Entities February 6, 2012 More Newsletters Choose Newsletters Daily Headlines Weekly Reader Picks Magazine Update Insurance Journal TV Classifieds Breaking News MyNewMarkets Daily Claims Daily Enter Your E-mail Market Directories Excess & Surplus Markets Programs Workers' Comp Markets New Insurance Jobs Commercial E&S Broker Underwriting Account Manager Regulatory Reporting Specialist Vice President of Claims - Commercial P&C Have a job opening? List it on our Web site. How to Advertise For information about advertising on this newsletter and Insurance Journal magazines, contact Julie Tinney at (800) 897-9965 x148. View our Media Kit for advertising options in our magazines and online properties. 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Daily Headlines: Friday, February 3, 2012

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February 3, 2012 News By Region  National  International  East  Midwest  Southeast  South Central  West Video Today's Headlines National Senate Bill on Iran Sanctions Targets Banks, Subsidiaries, Insurers Banking transactions with Iran and financing for its oil shipments could come under tougher scrutiny after a bipartisan sanctions bill ... Coal Mines Becoming Safer But Some Still ‘Don’t Get It,’ Says U.S. Regulator Coal operators across the country are changing the way they work, and mines are becoming safer, but the head of the federal Mine Safety and ... Insurance Fund Would Aid Farmers, Ranchers Still Owed $100M by MF Global U.S. farmers and ranchers who had accounts with failed broker MF Global have got back the bulk of their money but are still owed about $100 ... BB&T to Acquire P/C, Life Insurance Units of Wholesaler Crump Group North Carolina-based BB&T Corp. is buying the property/casualty and life insurance units of Roseland, N.J.- based insurance wholesaler ... XL Enhances Real Estate Portfolio Protection XL Group's insurance segment has launched enhanced pollution protection for real estate portfolios. The product will be available through ... XL and Affinity Team up to Cover Golf Clubs XL Group's insurance segment and Affinity Agency Group LLC have announced a joint underwriting agreement to offer The Affinity Club Links ... Media Firms Could Face Insurance Woes in 2012 U.S. communications, media, and technology (CMT) companies can expect their insurance market conditions to further deteriorate in 2012,... More National News East Penn. Regulators Approve 5.7% Decrease in Workers’ Comp Costs The Pennsylvania Insurance Department has approved a 5.7 percent decrease in overall workers' compensation costs that will result in $160 ... Insurer: Penn State Policy Limits Lawsuit Coverage Penn State's insurer wants a judge to determine if it has to provide coverage or pay for defense costs in a lawsuit over alleged child sex ... WCRI: Virginia’s Medical Cost Per Workers’ Comp Claim Higher Than Most Broad metrics of worker' compensation costs show that Virginia is a lower cost state, largely due to a lower frequency of claims, according ... Zurich Appoints Chief Underwriting Officer in North America Zurich has promoted industry veteran Sabrina Hart to chief underwriting officer for Global Corporate in North America. Hart replaces Paul ... More East News Midwest Companies Sue over Michigan Fireworks Insurance Requirement Several fireworks companies are suing over what they call Michigan's excessive insurance requirements under a new state law. The companies ... Missouri Senator Delays Workplace Discrimination Vote A black senator from St. Louis area who said she was fearful of reversing decades of hard-fought civil rights gains held the Missouri ... Ohio Announces $11.6M in Insurance Savings, Recoveries in 2011 Insurance regulators saved or recovered $11.6 million for Ohioans in 2011, the Ohio Department of Insurance announced. The department said ... More Midwest News Southeast HIV-Positive Man Who Sued Atlanta Police Gets New Hearing A federal appeals court this week granted a new hearing to a 40-year-old man who claimed the Atlanta Police Department rejected his job ... West Virginia Candidate Maloney Denies Profit Over Safety Charge West Virginia Republican gubernatorial candidate Bill Maloney said Democrats' accusations that he values profits over safety are untrue. ... More Southeast News South Central No Decision Made on Louisiana Citizens Judgment Appeal Commissioner Jim Donelon says a decision won't be made until next week on whether the state's property insurer of last resort will pursue a ... Witness: Stanford Was Center of Fraud Allen Stanford used fake insurance and false financial statements to deceive investors and regulators as he sought to shield his global ... TDECU Insurance Acquires 2 More Texas Independent Agencies TDECU Insurance Agency LLC announced it has acquired two independent insurance agencies: Assurance Insurance Agency Inc. (Assurance) based ... Farmers Insurance Rate Hike in Texas Set for March Farmers Insurance will raise homeowner premiums by nearly 10 percent after Texas regulators declined to object to the increase. The Dallas ... More South Central News West Woman Takes Honda to Small-Claims, Wins Big A Southern California woman took Honda to small-claims court and won in a big way. Los Angeles Superior Court Commissioner Douglas Carnahan ... Los Angeles Sues Over $95M Losses To City’s Pensions The Los Angeles city attorney has sued a major financial institution, alleging its investment practices cost the city's pension fund $95 ... Utah Offers New Earthquake Hazard Maps for Salt Lake County Utah is selling new maps that show the shaking intensity of earthquakes for the west half of Salt Lake County. The set of 10 maps also ... Federal Disaster Loans For More Reno Fire Victims The U.S. Small Business Administration is setting up shop in Reno again to help facilitate federal disaster loans for residents and ... Family of Slain Border From Arizona Agent Files $25M Claim The family of a slain U.S. Border Patrol agent filed a $25 million wrongful death claim against the federal government on Wednesday. The ... C.M. Meiers Brokerage in Southern California on Trustee’s Auction Block Woodland Hills, Calif.-based C.M. Meiers Co. Inc. is being auctioned on Friday at a U.S. bankruptcy court near Los Angeles. Following a ... More West News International Australia Evacuates Flooded Towns; Coal Mines Close Heavy rains shut four coal mines in eastern Australia on Friday as military helicopters evacuated stranded residents from inundated towns, ... EU Regulators Look to Halt Google’s New Privacy Policy A group of European regulators has written to Google Inc. calling on it to halt the introduction of its new privacy policy, saying it needs ... Japan Reported Ready to Join Compensation Pact for Nuclear Victims Japan will join at least four other nations in a pact to help compensate victims of nuclear accidents in member countries, a newspaper ... PIP Breast Implant Scandal Exposes Weaknesses in EU Safety Net In June 2000, when American medical regulators posted a warning letter on the Internet about problems at a breast-implant maker in southern ... Munich Re Sees $933 Million 2011 Profit Despite Cat Losses Munich Re's estimated earnings figures for 2011 confirm a net profit from its three sectors – reinsurance, primary and health –of ... Milliman Opens New Office in Belgium Seattle-based independent actuarial and consulting firm Milliman announced that it has opened a new office in Brussels to augment the ... Niblett Joins Xchanging as Insurance Change Director London-based global business processor Xchanging has appointed John Niblett as Insurance Change Director for its Insurance Sector business. ... More International News Sponsored Content Agents & Brokers: Take IJ's 2012 Agency Salary Survey Today and Receive an Advance Copy of the Story and the Survey Results! More Sponsored Content Insurance Journal Blogs How to Produce a Professional Looking Print Ad In-House Take a look at these two print ads. Notice a difference? The first ad looks like it was produced in-house. Not very professional and ... More Blogs Join the Insurance Journal Network Insurance Journal TV How Insurance Distribution Is Changing Retail and wholesale brokers face the challenge —and opportunity— of redefining their... Watch Now Vertafore: Intelligence in Technology Insurance technology leader Vertafore serves 15,000 agencies, 1,000 carriers and about 750... Watch Now Watch more videos at InsuranceJournal.tv New Discussions in the Forums Software - Agent, not Agency Posted: Thu Feb 2 -- Sunny - I had the same problem. I wanted to just pay for the software and go from there. I used a program for a while and then decided $150... beyert1 General Cont wants AI on auto and Excess Posted: Thu Feb 2 -- The GC was shown a copy of the Umbrella where it says -- "If coverage provided to the additional insured is required by a contract or... etimer Farmers - your opinion Posted: Thu Feb 2 -- I too agree with the prior posts. I came to Farmers after having been in the IA enviroment for over 10 years where I was a top PL producer,... Was a Farmers Agent Personal Quake Insurance - CA Posted: Wed Feb 1 -- Fidelity gives direct appointments to retail agents, not sure if you can access them through a GA or not. Their rates may not necessarily... wariline Do you purchase Damage Waiver when renting a car? Posted: Mon Jan 30 -- If I'm traveling and will be driving quite a bit in an urban area with which I am not familiar and the weather is or is projected to be... mightyquinn How do you ask for a referral? Posted: Fri Jan 27 -- Another way is to send an email (if that's the preferred way to contact a particular client) and ask for referrals. I've thought about... pageltd Go to Forums Reader Comments Talk of 'Tornado Tourism' Stirs Anger in Joplin, Missouri Posted: Thu Feb 2 -- People go to the site of the twin towers, to Pearl Harbor, to Gettysburg, the Alamo etc. So Joplin is somehow more sacred? Tourism that is... bob People Lie More When Texting Posted: Fri Jan 27 -- Truth is I'm much better looking here than in real life.... no lie. Anejo Pfizer Recalls 1M Birth Control Packs After Mixup Posted: Thu Feb 2 -- I can see it now - wrongful birth suits. Lauren CIC ARM Lawyers Jump Into Cruise Ship Disaster Cases Posted: Mon Jan 30 -- At least we're exporting something. youngin' Bill Targets Arizona Toll Road Evaders Posted: Tue Jan 31 -- And a law against concealed ray-guns just in case someone invents one. Anejo Go to Popular Comments Subscriber Tools Send this to a friend Subscribe Unsubscribe Submit News Contact Us Current Issue Excess, Surplus & Specialty Markets Directory Vol. I January 23, 2012 More Newsletters Choose Newsletters Daily Headlines Weekly Reader Picks Magazine Update Insurance Journal TV Classifieds Breaking News MyNewMarkets Daily Claims Daily Enter Your E-mail Market Directories Excess & Surplus Markets Programs Workers' Comp Markets New Insurance Jobs Commercial E&S Broker Underwriting Account Manager Regulatory Reporting Specialist Vice President of Claims - Commercial P&C Have a job opening? List it on our Web site. How to Advertise For information about advertising on this newsletter and Insurance Journal magazines, contact Julie Tinney at (800) 897-9965 x148. View our Media Kit for advertising options in our magazines and online properties. Subscribe | Unsubscribe | Send to a Friend | Contact Us Insurance Journal 3570 Camino del Rio North, Suite 200 San Diego, CA 92108 (800) 897-9965 Copyright © 2012 by Wells Publishing, Inc.

Breaking News: BB&T to Acquire Wholesaler Crump Group Units

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February 3, 2012 Breaking News Alert BB&T to Acquire P/C, Life Insurance Units of Wholesaler Crump Group Read the full story North Carolina-based BB&T Corp. is buying the property/casualty and life insurance units of Roseland, N.J.- based insurance wholesaler Crump Group. Under the terms of the agreement, BB&T said it will pay $570 million in cash for Crump Property/Casualty Insurance Services and Crump Life Insurance Services, along with the rights to the Crump name. John Howard, CEO of Crump Group, will also join BB&T insurance operations in a senior leadership position reporting to Wade Reece, CEO of BB&T's insurance division. Read the full story Send to a Friend Subscribe | Unsubscribe | Send to a Friend | Contact Us Insurance Journal 3570 Camino del Rio North, Suite 200 San Diego, CA 92108 (800) 897-9965 Copyright © 2012 by Wells Publishing, Inc.