Thursday, February 16, 2012

Daily Headlines: Thursday, February 16, 2012

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Insurance Journal Daily Headlines
February 16, 2012
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

BofA Mortgage Securities Case Still Winding Its Way Through Courts

Legal wrangling over the proposed $8.5 billion settlement of some of Bank of America Corp.'s mortgage-backed securities liability could ...

Underage Drinkers Run Up $750 Million a Year in Hospital Costs

Hospitalization for underage drinking is common in the United States, and it comes with a price tag - the estimated total cost for these ...

Beyond Golf: P-U-T-T-E-R's the Name of the Game in E&S World

Golf could be called the go-to sport of the insurance industry, so it's safe to assume that most insurance professionals know what a ...

Lexington Offers International Student Tuition Income Loss Coverage

Lexington Insurance Co. has introduced HELP - International Catastrophe, a coverage designed to reimburse colleges and universities for ...

XL and Hays Affinity Launch Dental Professional Liability Program

XL Group plc's Select Professional insurance underwriting unit and Hays Affinity Solutions have teamed up to offer professional liability ...

Roberts to Retire as General Star, Genesis CEO; Jones Named Successor

General Re Corp. in Stamford, Conn. announced that Patricia H. Roberts will retire as president and CEO of General Star Management Co. and ...

Inland Marine Underwriters Association Announces New Board Chairman

The board of directors at Inland Marine Underwriters Association (IMUA) has voted Swiss Re America senior vice president Peter Opinante to ...

From MyNewMarkets.com For Boat Insurers, Summer Starts in February

For boat owners and prospective boat owners, summer doesn't start in June. It starts much earlier than that. In many cases, it starts in...
East

Citigroup to Pay $158M in Whistleblower Fraud Claim Over Insurance for Mortgages

Citigroup Inc. has agreed to pay $158.3 million to settle U.S. civil claims that it defrauded the government into insuring thousands of ...

D.C. Metro Settles Most Death Suits From 2009 Train Crash

The Washington-area Metro transit agency has settled seven of nine lawsuits by families of people killed in a 2009 train crash. Metro also ...

N.Y. Regulators Launch Audit of Rising Health Insurance Rates

The New York State Department of Financial Services has launched a wide-ranging probe of the accuracy of the data used by insurers and ...

N.J. Prosecutors: Adjuster Defrauded Insurance Firms

State prosecutors say a licensed public adjuster in northern New Jersey defrauded clients and insurance companies out of more than $36,000 ...

Starr Companies Hires Chartis Exec as Head of Specialty Reinsurance

Starr Companies appointed Bob Coords as head of Starr Specialty Reinsurance, a division of Starr Indemnity & Liability Company. Coords ...

TD Insurance Appoints VP for Employee Benefits in Philadelphia Region

TD Insurance, a subsidiary of TD Bank, appointed Charles Maleski as vice president, regional group practice leader for employee benefits in ...
Midwest

Minnesota Company Seeks Law Change on Asbestos Claims

A company with three manufacturing plants in southern Minnesota wants a change in state law in order to shield itself from future asbestos ...

Meadowbrook Reports Revenue Increase, Higher Combined Ratio in 2011

Meadowbrook Insurance Group Inc., headquartered in Southfield, Mich., reported an 11.6 percent increase in revenue for the full year 2011 ...

State Auto Increases Specialty Business in 2011

State Auto Financial Corp., headquartered in Columbus, Ohio, reported fourth quarter 2011 net income of $100.6 million, or $2.49 per ...
Southeast

Insurance Called Motive in Alabama Trial Over Bride Drowning in Australia

An Alabama man drowned his new bride during a dive on Australia's Great Barrier Reef in hopes of collecting $210,000 in insurance benefits ...

Family of Slain Girl Sues Georgia Apartment Complex

The family of a 7-year-old girl who was slain is accusing managers of her apartment complex of failing to properly check the background of ...
South Central

Louisiana City Works to Remove Dilapidated Structures

The city of Alexandria, La., can't keep up with the demand for destroying dilapidated structures in the city. During the 20-month span ...

After Failed Challenge Louisiana Town Adopts New Flood Maps

The Denham Springs, La., City Council has adopted new federal flood insurance maps. The Advocate reports both the city and Livingston ...

Oklahoma Bill Would Raise Legal Age for Tobacco Use

Legislation approved by an Oklahoma House committee would make it illegal for anyone younger than 21 to purchase tobacco products. "The ...
West

5 States May Intervene In Honda Hybrid Settlement

A judge on Tuesday granted California and four other states more time to consider objecting to a class-action settlement between Honda ...

Lawsuit Claims Oahu Pet Store Lopped Off Dog Ear, Cut Tail

Two dog owners filed a lawsuit claiming their pets were mutilated while being groomed at an Oahu pet store. The lawsuit filed in state ...

Utah-based Veracity Acquires Stratus

Pleasant Grove, Utah-based Veracity Insurance Solutions LLC has acquired Stratus Insurance Services Inc. Of particular interest to Veracity ...

Idaho Likely To Spurn Federal Cash For Exchange

With the 2012 session half over, opposition from the Legislature's conservatives has all but ended Gov. C.L. "Butch" Otter's plan for using ...

Adjuster Sams & Associates Opens in Arizona

Sacramento, Calif.-based Donald K. Sams & Associates Inc., an independent claims adjuster has expanded into Arizona. The expansion into ...

Hawaii Bill to Abolish Building Code Council Defeated

Hawaii State Senate defeated a bill its opponents said would have effectively removed the state from active involvement in building design ...
International

Moody’s Warns May Downgrade Global Banks, Cuts Ratings on Insurers

Moody's warned on Thursday it may cut the credit ratings of 17 global and 114 European financial institutions in another sign the impact of ...

Online Social Network Can’t Be Piracy Police: European Court

Online social networks cannot be forced to block users from downloading songs illegally, as this would push up their costs and infringe ...

Europe’s Big Insurers Hit by Debt Crisis, Catastrophes, Economy

European insurers Axa and Zurich Financial suffered on all sides last year as Europe's debt crisis ate into their sovereign bond holdings, ...

Japan Nuclear Plant Planned Review of Tsunami Risk- But Too Late

Four days before a tsunami devastated a Japanese nuclear plant, its operator promised a fuller assessment of the risk of such a disaster ...

Zurich Board Proposes Name Change to Zurich Insurance Group

Zurich Financial Services Group announced that its Board of Directors will propose a name change to the Annual General Meeting of ...

JLT in Tie-up with Spanish Commercial Broker Unipsa

The UK-based Jardine Lloyd Thompson Group plc announced that it will combine its existing Spanish retail brokerage  business, JLT-SIACI ...

PERILS Estimates Windstorm Andrea Property Losses at $350 Million

According to PERILS, the Zurich-based catastrophe data provider, initial loss estimates for property losses caused by windstorm Andrea, ...
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Insurance Journal TV

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Chartis CEO Hancock on Fear, Regulation, Science and Expenses

Peter D. Hancock, CEO of Chartis, AIG's global property/casualty business, discussed the...
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Lobbyist Norwood Analyzes Consumer Watchdog Legislation

John Norwood is one of California's best known legislative advocates for the insurance and...

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New Discussions in the Forums

Are Insurance Agents Employees or Independent Contractors?
Posted: Thu Feb 16 -- It is fairly easy to research IRS publications & info on this subject on the internet! the only thing I keep in mind though is that even the... William Graham
Ex-Real Estate Marketer Seeks Career Change into Insurance
Posted: Wed Feb 15 -- Whatever happened to Mark? Maybe he did the "other" math and realized that with the same amount of work, prospecting, follow-up, lead... jackwehoca
claims question
Posted: Wed Feb 15 -- That is more a question of liability than one of coverage. If the tenant alleges that you were negligent in failing to prevent the fire,... HarrisburgAgent
Adding Addtional Insureds
Posted: Wed Feb 15 -- This is one of my pet peeves. If the insured has leased a vehicle or property, then yes, there is a need for additional insured status. If... Island Girl Agent
Partnership Questions
Posted: Wed Feb 15 -- When I went from captive to Independent I was going to partner with 2 other agents. We all had a number of years experience. However, as we... beyert1
TX - Commercial Auto w Hired & Non-Owned - Forestry?
Posted: Tue Feb 14 -- I am needing a market for monoline commercial auto with hired & non-owned. We currently have him insured with a standard market who agreed... Smalltownagent
Retail to Wholesale???
Posted: Mon Feb 13 -- After several factors came into play, I stayed on the retail side, however; I moved shops due to market access. Unfortunately, after being... thatinsguy

Reader Comments

The Hartford's Biggest Stakeholder Wants to Split Up the Firm
Posted: Tue Feb 14 -- What a surprise from Goldman Sachs! A report that says if the company broke up it would be a great thing - for Goldman Sachs! Why does any... Bill
Parents Sue Park for $2.4 Million After Oregon Toddlers' Deaths
Posted: Mon Feb 13 -- Can't find online who owned the trailer. The parents still should have made sure they didn't put the kids in danger. Anejo
5 Big Banks, States Agree on $25 Billion Home Mortgage Deal
Posted: Fri Feb 10 -- The purchase of a home is an investment, like the purchase of a stock. There is no guarantee that there will be a positive return. It is... DAN
FEMA to Waive Katrina Victim Debts
Posted: Thu Feb 9 -- If a corporation did this stock-holders would be suing the next day. Government forgets it's the tax-payers money, not their's. Anejo
Obama Budget Seeks Higher Taxes on Big Business
Posted: Tue Feb 14 -- At least you acknowledge that you are a radical, TOPOV..it's good to know what you are. Say what you want about us Republicans. We at least... Liberalism is a Social Disease

Current Issue

Current Issue
Main Street America: Insuring America's Small Businesses & Their Owners; Errors & Omissions; Nonprofits, Social Services & Public Entities
February 6, 2012

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