Thursday, November 3, 2011

Daily Headlines: Thursday, November 3, 2011

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Insurance Journal Daily Headlines
November 3, 2011
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

Study: U.S. Copyright Sector Adds $930B to Economy

U.S. movie, music, software and other industries heavily dependent on copyright protections added nearly $932 billion to the U.S. economy ...

Hartford Q3 Profit Falls on Natural Disasters

Property and life insurer Hartford Financial Services Group posted a small per-share net loss for the third quarter on Wednesday, as ...

The Hanover Posts $9.7M Loss in Q3

The Hanover Insurance Group Inc. reported a net loss of $9.7 million for the third quarter of 2011, driven mostly by catastrophe losses of ...

Chubb Adds Gooding & Company Auction Data to Classic Car App

The Chubb Group of Insurance Companies announced that it has added Gooding & Company automobile auction data to its Classic Car Guide ...

S&P Lowers Outlook on Allstate and Subs to Negative; Affirms Ratings

Standard & Poor's Ratings Services has revised its outlook on Allstate Corp., Allstate Insurance Co. (AIC), and its core ...

Ratings Roundup: Prism, Slavonic Mutual, AvMed

A.M. Best Co. has affirmed the financial strength rating of 'A-' (Excellent) and issuer credit rating of "a-" of Vermont-based captive ...

Dowdy to Lead Zurich North America Railroad Insurance Practice

Zurich announced that Jim Dowdy will add responsibility for its North America railroad insurance practice in addition to overseeing ...

Argo Launches New Management Liability Policy for Private Companies

Argo Insurance, a member of Argo Group International Holdings Ltd. has introduced Private Playbook, a management liability package policy ...

From MyNewMarkets.com Risk Management a Hot Topic on Chubb's New 'Risk Conversation' Web Site

Chubb has created a new interactive Web site designed to offer risk management services to consumers and businesses. The new site, called...
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East

Maine Ski Area Not Responsible for Man’s Injuries

A jury has ruled that a Maine ski resort was not responsible for injuries suffered by a Bethel man who fell off a chairlift on a windy day. ...

Insurance Executive Shows Diabetes Isn’t Slowing Him Down

Kevin Powell, 43, loves sports. Powell, who is vice president at New Jersey insurance wholesaler FTP, has run 19 marathons, including four ...

Pennsylvania, Delaware Agent Groups Part Ways With PIA National

Two independent agent associations in the northeast said they will discontinue their affiliations with the National Association of ...

GAO Report Raises Questions About New York Fed in 2008 AIG Bailout

A new report from the U.S. Government Accounting Office chronicles the government's handling of AIG bailout in 2008. In all, the government ...
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Midwest

Marsh & McLennan Agency Acquires Gallagher & Associates

Marsh & McLennan Agency LLC (MMA), a subsidiary of insurance broker Marsh Inc., has acquired Minnesota-based Gallagher & Associates ...

North Dakota Checking for Workers' Comp, Licenses at Construction Sites

A state task force in North Dakota is conducting random compliance checks at various construction sites to see if contractors have the ...

In Reversal, Agency to Honor North Dakota Deputy Workers’ Comp Claim

North Dakota's workers' compensation agency has reversed its decision to deny a death benefit claim to the widow of a Burleigh County ...

FEMA Changes Leave Cedar Rapids at $50M Shortfall

Cedar Rapids faces a $50 million shortfall in expected funding after the Federal Emergency Management Agency reassessed the 2008 flood ...
Southeast

Florida Calls for More Oversight in Check Cashing Industry Role in Workers' Comp

Check cashing companies in Florida may be saddled with new regulations for their role in facilitating workers' compensation fraud in the ...

North Carolina Officials Want Answers on Flood Claims

Two North Carolina state officials want flood insurance claims adjusters to return to areas pummeled by Hurricane Irene to ensure home and ...

Florida Looks to Rein In Cost of Repackaged Drugs

In an effort to lower workers' compensation costs, Florida lawmakers are proposing to limit the amount physicians can charge for ...

Florida’s Scott Wants Recommendations from Citizens by Dec. 6

Gov. Rick Scott wants the state-backed Citizens Property Insurance Corp. to recommend ways to shore up the troubled insurer. Scott, who ...
South Central

10 South Texas Residents Sentenced to Prison for Insurance Fraud

Ten south Texas residents have been sentenced to federal prison for their roles in a scheme to defraud the American Family Life Assurance ...

Insurance Regulators: Oklahoma's Financial Examination Process Corrected

A national organization of state insurance regulators found that Oklahoma has resolved problems in the financial examination section of the ...
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West

BB&T Continues California Expansion with Precept Acquisition

BB&T Insurance Services has acquired Precept Group, an employee benefits consulting and administrative solutions firm, as part of ...

APEX Names New President

Rancho Cordova, Calif.-based insurance investigator APEX Investigation has named Halsey Fischer as president. Fischer is responsible for ...

Is the World a Riskier Place? Insurance Industry’s Hartwig Answers

"Is the world becoming a riskier place?" That was the question posed by Insurance Information Institute President and Chief Economist ...
International

France, Germany Give Greece Ultimatum on Euro

The leaders of Germany and France told Greece on Wednesday it would not receive another cent in European aid until it decides whether it ...

Survey of Global Bribery Ranks Countries

Reuters and Transparency International have published an International Bribe Payers Index 2011, following the results of a worldwide ...

Swiss Re Reports $1.3 Billion Q3 Net Income; Minimal Sovereign Debt Exposure

Swiss Re reported more good news, following the ratings upgrade from Standard & Poor's. The world's second largest reinsurer posted ...

Third Quarter Earnings Reports: Alterra Capital, AXIS Capital, XL Group

The earnings statement noted: "Alterra's 2010 results include the results of operations for the former Harbor Point Limited companies from...

Steamship Mutual Sets 5% Premium Increase for 2012

The Directors of the London-based Steamship Mutual P&I Club "recently reviewed the Club's open policy years, as well as claims in ...

Ratings Recap: Trinidad & Tobago, Newport Bonding, Petrovietnam

A.M. Best Co. has affirmed the financial strength rating of 'A-' (Excellent) and issuer credit rating of "a-" of Trinidad & Tobago ...
What to Expect from Specialty Lines Claims

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New Discussions in the Forums

Best designation for CSR?
Posted: Wed Nov 2 -- I would go for the ACSR with IIAT. Not sure what area you are in, but you might also look into joining a local NAIW group. They have... Brenda H
Should An Agency Specialize or have a Niche?
Posted: Wed Nov 2 -- 2-3 industry specialties seems to be a safer bet. Just as you should diversify your investment portfolio, diversification of niches also... jimmyr1978
Personal Umbrella-MO
Posted: Wed Nov 2 -- I have a similar problem (RI) on an account with a single auto claim where $1.5 million was paid out (Pedestrian hit in cross walk on a... jtownagent
Commercial Motorcycle Insurance in NY
Posted: Wed Nov 2 -- Did you have any luck? I have a proposed motorcycle share business (think boat shares but for motorcycles - 4 people splitting a motorcylce)... jaw1479
Chicago IL area insurance agencies who sell TRAVEL Insurance
Posted: Wed Nov 2 -- My agency sells it through Chubb. LRM
Excess Personal Auto Liability - Missouri
Posted: Wed Nov 2 -- I have a professional family with claim issues on their personal auto policy, unable to find a company that will write liability limits... Midwest-Bill
Nursing Home (TX)
Posted: Mon Oct 31 -- As some of the comments suggest above the only real way to get a feel for a care home is to visit it and make close inspection. One thing... Jambo86
Attorney considering CPCU- thoughts?
Posted: Mon Oct 31 -- I spent this year on education and books like the CPCU which is 5 feet from me right now, was recovered in 8 days of work. But the knowledge... tkishore123

Reader Comments

Wall Street Protesters Target Health Insurers
Posted: Fri Oct 28 -- The hospital closed because it was 1 billion in debt. That would probably mean that the hospital was not able to pay their bills probably... Amazed
Occupy Nashville Protesters Sue Governor Over Curfew
Posted: Tue Nov 1 -- Let's spend taxpayer money on a crappy lawsuit. These people drive me nuts. Mikey
New York Railroad Workers Charged in $1 Billion Disability Claims Fraud
Posted: Fri Oct 28 -- "Oh, I've been jerking on the railroad, all my live-long days". I figure if the courts can go after Madoff for his scams, then each one of... reality bites
First Suit Filed in Reno Air Race Tragedy
Posted: Wed Nov 2 -- the crash was "the predictable result of a reckless drive for speed by a risk taking pilot and crew, coupled with an insatiable drive for... Darren

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