Wednesday, November 2, 2011

Daily Headlines: Wednesday, November 2, 2011

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Insurance Journal Daily Headlines
November 2, 2011
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

Most of $19.9 Billion Madoff vs JPMorgan Case Tossed

A federal judge threw out most of a $19.9 billion lawsuit against JPMorgan Chase & Co and a $2 billion case against UBS AG by the ...

Study: Rating Errors Cause $15B Decrease in Revenue for Auto Insurers

Auto insurance companies are missing out on more than $15 billion of revenue because of policyholder misinformation, according to a new ...

Curbside Buses Have Higher Fatal Accident Rate: Report

A thriving curbside bus industry based on cheap fares has a fatal accident rate seven times higher than other types of interstate bus ...

Marsh & McLennan Q3 Net Profit Fell, But Revenues Continue to Rise

Marsh & McLennan Companies reported $130 million for third-quarter net profit, down 23 percent from $168 million reported during the same ...

AXA Rosenberg Settles Coding Lawsuit for $65 Million

Money manager AXA Rosenberg and co-founder Barr Rosenberg agreed to pay $65 million to settle a lawsuit by investors who said they lost ...

Best Affirms Mercury General and Operating Subs Ratings; Outlook Stable

A.M. Best Co. has affirmed the financial strength rating (FSR) of 'A+' (Superior) and issuer credit ratings (ICR) of "aa-" of ...

Treasury Names Members of Federal Advisory Committee on Insurance

The U.S. Department of the Treasury appointed 15 individuals to serve as members of the Federal Advisory Committee on Insurance. The ...

The Climate Corp. Introduces Total Weather Insurance 2012

The Climate Corporation (formerly WeatherBill) have launched Total Weather Insurance (TWI) Corn 2012 and TWI Soybean 2012 which provide ...

ACE Launches New Coverage for Hospitality, Real Estate Industries

ACE USA, the U.S.-based retail operations of the ACE Group, has introduced endorsements for its ACE Umbrella policies, which are designed ...

From MyNewMarkets.com Ongoing Pirate Menace Triggers Special Coverage, Security Measures

"Pirates of the Caribbean" they aren't. They are for the most part desperate men from a failed state that have discovered that one of the...
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East

Treasury Receives $972M TARP Repayment from AIG

The U.S. Treasury Department said it received an additional repayment of $972 million from American International Group (AIG). The payment ...

New Hampshire Governor Seeks Disaster Declaration

New Hampshire's governor is requesting that an emergency be declared for the entire state for federal aid to help clean up from the ...

Va.-based Rutherfoord Hires Cunningham for Sales, Client Development

Insurance broker and risk management provider Rutherfoord appointed Jack Cunningham as producer/account executive. Cunningham brings over ...

Swett & Crawford Adds Casualty Broker in Pennsylvania

Atlanta-headquartered wholesale intermediary Swett & Crawford hired Chris Hendrix as a new casualty broker at its Philadelphia-North ...
Midwest

Arthur J. Gallagher & Co. Acquires Trissel Graham & Toole

Arthur J. Gallagher & Co. has acquired Trissel Graham & Toole Inc., headquartered in Davenport, Iowa. With roots dating back to ...

United Heartland Names LeBeau VP of Insurance Operations

Wisconsin-based United Heartland has appointed Curt LeBeau as vice president of Insurance Operations. LeBeau is responsible for the ...

North Dakota’s Souris River Flood Control Plan on Track

North Dakota state and local officials say a flood-control plan for the Souris River is on track. The proposal's outlines are being ...

South Dakota Flood Insurance Holders Get Another Extension

South Dakota flood victims have been given more time to file flood insurance claims. Policyholders typically have 60 days to file a claim ...
Southeast

Florida Consumer Advocate on PIP: Is it Worth the Cost?

Florida's automobile no-fault law is in severe need of reform, but the cost of doing so may be more than the benefit, according to the ...

Florida, Georgia Agree on Catastrophe Cooperation Plan

Florida and Georgia have renewed their partnership to provide services in the event a catastrophe compromises their ability to respond to a ...
South Central

Lawsuit Cap Prompts Oklahoma Courthouse Rush

Courthouse officials across Oklahoma have reported a surge in civil cases being filed ahead of a law that took effect Nov. 1 that caps the ...

Louisiana's Medical Treatment Guidelines Working, Agency Says

The Louisiana Workforce Commission says implementation of medical treatment guidelines for workers' compensation is saving money. The LWC ...

CIC, CISR Scholarships Awarded to Insurance Women of Texas Members

Five insurance scholarships have been awarded to members of the Federation of Insurance Women of Texas (FIWT). The scholarships are for CIC ...

Arkansas Farmers Make Out OK in Harsh Weather Year

"It's about over, except for the shouting," said Craighead County Extension Agent-Staff Chairman Branon Thiesse about the 2011 crops. ...
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West

First Suit Filed in Reno Air Race Tragedy

The family of a spectator killed in the Reno Air Race crash in September has filed a lawsuit claiming the crash was "the predictable result ...

Montana Court Rules Insurer Doesn’t Have to Pay in Dragging Death Case

The Montana Supreme Court has ruled that the family of a man who was run over and dragged by a cement truck is not covered under the ...

Colorado Workers' Compensation Rates to Rise in 2012

Colorado employers will see an increase in workers' compensation insurance premiums in 2012. The Colorado Division of Insurance announced ...

Report: Los Angeles Hospital Cited for Safety Violations

Federal inspection reports show a major Los Angeles hospital had unclean and unsafe operating rooms and failed to protect its patients from ...

Petersen in California Names Russo Legal Director

Valencia, Calif.-based Petersen International Underwriters has named John J. Russo as legal director. In his new role Russo will assist in ...
International

Helping Banks is Hurting Insurance Industry Geneva Association Tells G20

In an open letter The Geneva Association directly addressed the Finance Ministers and Central Bank Governors of the G-20 before their ...

Italian Finance Chiefs to Meet as Crisis Mounts

Italy's top financial officials will meet later on Wednesday, as the escalating market turmoil threatens to push the euro zone's third ...

Third Quarter Earnings Report: Renaissance Re

CEO Neill A. Currie commented: "Our insured catastrophe losses were relatively modest during the third quarter...

Batchelor Appointed Head of Marsh's International Division

Marsh, the insurance broker and risk advisor and a wholly-owned subsidiary of Marsh & McLennan Companies, announced the appointment of ...

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Intermediary Value

The prolonged soft market and tough competition in the property/casualty insurance industry...
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FERMA Growth Assured as Den Dekker Steps Down

Peter den Dekker's tenure as president of the Federation of European Risk Management...

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New Discussions in the Forums

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
Personal Umbrella-MO
Posted: Wed Nov 2 -- Is there a market willing to write a personal umbrella over 250/500/100 underlying auto coverage? There are claims issues with this account.... Midwest-Bill
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
Best designation for CSR?
Posted: Tue Nov 1 -- What education/designation should I pursue to increase my value to my agency and therefore increase my salary? I am a licensed P&C... texascsr
Should An Agency Specialize or have a Niche?
Posted: Tue Nov 1 -- I wrote a column on this very topic in the 9/19/11 issue of Insurance Journal magazine. Here's the link to it... agencyideas
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
Women Launch New Legal Salvo Against Wal-Mart
Posted: Fri Oct 28 -- Let's see, the unemployment rate is said to be 9.1% and the real unemployment is around 20%, so let's sue our employer for discrimination.... Agent
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
Movie Star Stallone Sued, Accused of Copyright Infringement Over Screenplay
Posted: Wed Oct 26 -- Sounds like a Rocky situation Mikey

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October 17, 2011

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