Wednesday, January 11, 2012

Daily Headlines: Wednesday, January 11, 2012

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Insurance Journal Daily Headlines
January 11, 2012
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Today's Headlines

National

FIO’s McRaith: 150 Comments Received on Modernizing Insurance Regulation

Speaking at an industry conference yesterday, the Federal Insurance Office's top official gave an update on his department's upcoming ...

Outpatient Costs Higher in States Without Fee Schedules: Workers’ Compensation Study

States without fee schedules have higher hospital outpatient costs for common surgeries compared to states with fee schedules, according to ...

States Need to Regulate Litigation Financing Industry: Professor

Some invest their money in stocks, some in bonds, some in real estate. Increasingly, investors are also putting their money into lawsuits, ...

From MyNewMarkets.com Looking Good Looks Good for Insurance Business

Who says looks aren't important? Insurers have found over the last few years that Americans think looks are extremely important. While many...
East

I.I.I. Survey: Most Executives Expect Improved Profitability in 2012

Most property/casualty insurance executives believe the worst of the financial crisis is over and that the industry is now in the early ...

Vermont Added 41 New Captive Insurance Companies in 2011

Vermont added 41 new captive insurance companies last year, bringing the total number of licenses to 952, with 590 active captive insurance ...

Heffernan Hires Fonseca as VP of Construction Practice in New York

Heffernan Insurance Brokers hired Victor Fonseca to join its Manhattan, New York, office as vice president of construction practice. ...
Midwest

Report: Police in Illinois Stop Fewer People

The number of traffic stops across Illinois has dropped by nearly 6 percent and the number of ticketed motorists has dipped about 11 ...

OFIR Recovers $25M for Michigan Consumers in 2011

The Office of Financial and Insurance Regulation (OFIR) announced that it recovered more than $25 million on behalf of Michigan consumers ...

Illinois Gets $7.7 Million in Federal Storm-Repair Aid

Illinois is getting more than $7.7 million to help cover the costs of repairing roads and bridges damaged by last year's flooding and ...
Southeast

Settlements Reported in West Virginia Mine Blast That Killed 29

Coal company Alpha Natural Resources has reached settlements with all the families of the miners killed in the worst U.S. mining disaster ...

Florida Gov. Scott Talks Insurance Fraud in State of State Speech

In the annual State of the State address opening Florida legislative session, Gov. Rick Scott highlighted automobile insurance while ...

Florida Lawmakers File Bills to Address Auto Insurance PIP Fraud

State Sen. Joe Negron this week filed legislation designed to crack down on the fraud that leads to more expensive personal injury ...

Lawsuit Claims Hazing on Mississippi High School Baseball Team

Members of a south Mississippi high school baseball team participated in a hazing ritual that left one teenager hospitalized after being ...

Georgia Man Sent to Prison for Killing Insurance Agent

A Savannah man has been sentenced to life in prison after he was convicted of killing an insurance agent during a robbery. The Savannah ...

Republican Causey To Run for North Carolina Insurance Commissioner Post

A three-time candidate for North Carolina insurance commissioner said he's running again for the job. Republican Mike Causey kicked off his ...
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South Central

State Funding Cuts Hurt Texas Volunteer Fire Departments

A combination of record drought, epic wildfires, hard economic times and slashed state funding has put added stress on volunteer fire ...

Property Damage Prompts Search for Signs of Houston-Area Tornadoes

National Weather Service teams are surveying parts of the Houston area to determine if tornadoes are responsible for damage to homes and a ...

RiskMeter.com Adds Texas Wildfire Report to Service

RiskMeter.com, a provider of real-time natural hazard risk reports,  has added a Texas wildfire report to its service. This report will ...
Join Insurance Journal, Western Security Surplus and Markel Corporation as they work to help three children who lost their parents in a tragic accident. Click here for more information.
West

UPA Insurance Brokers in Northern California Acquired by Risk Strategies

Millbrae, Calif.-based UPA Insurance Brokers has been acquired by Risk Strategies Co., a national insurance brokerage and risk management ...

Davis Joins RiskPoint Insurance Advisors in Oregon

Bend, Ore.-based RiskPoint Insurance Advisors, a commercial insurance agency, has named Matt Davis as director of employee benefits. Based ...

Unitedhealthcare Of California And LISI Team Up

UnitedHealthcare and LISI, a San Mateo, Calif.-based medical insurance brokerage, are joining in a partnership to bring health benefits ...

The Climate Corp. Expands Operations in Washington

The Climate Corp. on Wednesday announced the official opening of its newest office, this one in Seattle, Wash. The Climate Corp. combines ...

Bolton & Company Acquires Pacific General Insurance Services

Pasadena, Calif.-based Bolton & Company has acquired Pacific General Insurance Services, an independent insurance agency providing ...

California Department of Insurance: $54 Million Recovered in 2011

The California Department of Insurance recovered more than $54 million for consumers through consumer complaint investigations and market ...
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International

World Economic Forum Warns Economic, Social Turmoil Risk Globalization Gains

The latest report from the World Economic Forum highlights the "world's vulnerability to further economic shocks and social upheavals." ...

Cyclone Heidi Shuts Australian Iron Ore Ports, Oil Fields

A tropical cyclone bearing down on Western Australia forced the closure of some of the world's largest iron ore ports and several offshore ...

Report Says Mafia Now “Italy’s No.1 Bank” as Economic Crisis Bites

Organized crime has tightened its grip on the Italian economy during the economic crisis, making the Mafia the country's biggest "bank" and ...

Allianz Ready to Convert Commerzbank Non-voting Stake Say Sources

German insurer Allianz is ready to adjust its €750 million [$952 million] non-voting capital stake in Commerzbank to help the German ...

XL Insurance Combines Property, Asset Protection; 6 Engineering Heads Named

XL Group plc's Insurance segment has combined its Property Underwriting and XL Global Asset Protection Services (XL GAPS) engineers to form ...

Kiln Head Franks Joins Lloyd’s Franchise Board

Lloyd's announced the appointment of Charles Franks as a non-executive director on the Lloyd's Franchise Board. The Board, which was ...

Sullivan Joins Cooper Gay as Marine Re Team Director

Lloyd's broker Cooper Gay & Co Ltd has appointed John Sullivan as a Director of its reinsurance division. He joins Cooper Gay from Aon ...

Ratings Roundup: SHC Capital, TP Re, RSA (Bahamas)

A.M. Best Co. has assigned a financial strength rating of 'A-' (Excellent) and issuer credit rating of "a-" to Singapore-based SHC ...
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New Discussions in the Forums

Farmers - your opinion
Posted: Wed Jan 11 -- Can anyone say, "PONZI"? OldIndyAgent
Looking to open my own agency
Posted: Wed Jan 11 -- You didn't say what state you're in and type of insurance, Personal or commercial. I can tell you it's really hard to get direct appointment... saabins
Tracking Producer Comission
Posted: Tue Jan 10 -- Island Girl Agent: we have a very comprehensive database for monitoring most aspects of the insurance process, although weak in producer... jackwehoca
Contingent Commissions question
Posted: Mon Jan 9 -- I totally agree with you, in theory. Contingent commissions should be treated as a "wouldn't it be nice if we still got that" bonus.... Island Girl Agent

Reader Comments

Lawsuits Filed in Las Vegas Over Buttocks Surgery Death
Posted: Thu Jan 5 -- Hmmmm...you make an appt for a surgery and go into a tile store back room? What right-minded person wouldn't turn around and walk right back... Ins Guy
N.J. Court Rules in Favor of Allstate in Agency Franchise Lawsuits
Posted: Sun Jan 8 -- Wait, company established business objectives are quotas by any other name. How can independent contractors be fired for not meeting quotas?... LadyLiberty
Insurer Sues Google in Alabama Over Unflattering Search Results
Posted: Fri Jan 6 -- So dumb...by suing Google you bring this negative attention public because of Google's profile. If they'd have just sued the websites for... George
Insurance Buyers' Choice: Bigger Premium or Bigger Risk
Posted: Fri Jan 6 -- We find that due to the economy, many of our business clients want to bottom line their coverage. Increasing deductibles on Property,... Amazed
Report: Liberty Mutual Failed in Bid to Buy Harleysville
Posted: Fri Jan 6 -- I would bet the policyholders of Harleysville I'll bet they would trade the A+ Rating of Nationwide for the $250m that supposedly was part... N.Newman

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