Monday, March 5, 2012

Daily Headlines: Monday, March 5, 2012

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Insurance Journal Daily Headlines
March 5, 2012
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

BP’s $7.8 Billion Deal May Speed Gulf Spill Payments

The estimated $7.8 billion deal struck by BP Plc with businesses and individuals suing over the massive 2010 Gulf of Mexico oil spill could ...

BP’s Potential Pricetag for Gulf Oil Spill

BP Plc struck a deal on Friday to pay an estimated $7.8 billion to settle claims from individuals and businesses stemming from the 2010 ...

Three Mull Lawsuits in U.S. Against Murdoch’s News Corp.

Three people who believe they were targeted by a private investigator working for Rupert Murdoch's News of the World while they were in the ...

Marsh & McLennan CFO Wittman Resigns for Senior Role at Google

Marsh & McLennan Companies announced that Vanessa Wittman, the company's executive vice president and chief financial officer, is resigning ...

AIG Sells $500 Million Stake in Blackstone

Bailed-out insurer American International Group Inc. sold its entire $500 million stake in private equity firm Blackstone Group LP on ...

Death Toll, Damage Mount from Tornadoes in Midwest, South

Across the South and Midwest, survivors emerged Saturday to find blue sky and splinters where homes once stood, cars flung into buildings ...

Insurers Face Huge Losses from Latest Deadly Tornadoes

Less than a year after a series of tornadoes caused some of the worse insured losses in U.S. history, the insurance industry is likely ...

BP Reaches $7.8 Billion Deal Over Gulf of Mexico Oil Spill

BP Plc has reached an estimated $7.8 billion deal with businesses suing over the massive 2010 Gulf of Mexico oil spill, the company said on ...

From MyNewMarkets.com Online Commercial Lines Quoting Tool Launched

The launch of a real-time commercial lines rater that gives agents access to a handful of large carriers was announced today by a division...
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East

New York’s Cardinal Urges ‘Freedom of Religion Battle’

New York's Cardinal Timothy Dolan is calling on worshippers to become more involved in politics as the church stands against the government ...

Vermont Communities Pouring Out Stories of Irene

Five months after the remnants of Hurricane Irene inundated Vermont, people from one end of the state to the other are recording their ...

Report Raps Connecticut Utility Over Oct. Storm Response

A report commissioned by Northeast Utilities says subsidiary Connecticut Light & Power did not fully recognize the risks of the weather ...

N.Y.-based Preferred Concepts Names VP to Lead Online Business Unit

Preferred Concepts LLC, a national insurance program administrator and specialty broker, appointed Georgeanna Munger as vice president to ...
Sponsored by: Encompass, Great American Insurance Group and Tapco Underwriters. Insurance Journal now available on the iPhone and Android - Download it free today! Click here for more information.
Midwest

Missouri Senator Pushes for Changes to Homewoners Insurance

After the powerful tornado tore through his southwest Missouri hometown in May 2011, Joplin resident Chuck Surface said he and his wife had ...

Woods Appointed Chief Medical Officer at Ohio Work Comp Bureau

Dr. Stephen T. Woods, M.D. has been named medical director at the Ohio Bureau of Workers' Compensation (BWC). Woods will be responsible ...

Cost of North Dakota's Souris River Flood Plan: $820M

A long-term Souris River flood protection plan in North Dakota could cost $820 million. Engineers have released their 1,500-page proposal ...
Southeast

Small Towns in Southeast Hit Hard by Tornadoes

Residents of towns throughout the Southeast are recovering from the shock of last Friday's severe storms and tornadoes. Along with pubic ...

Florida House Passes PIP Fraud Bill

A bill aimed at cracking down on rampant fraud in the state's personal injury protection insurance was passed Friday in the Florida House ...

Court Blocks Drug Enforcement Against Florida’s Cardinal Health, CVS

A U.S. appeals court has agreed to temporarily allow Cardinal Health Inc. to continue distributing strictly-controlled prescription drugs ...

Say Something Nice About Florida's Insurance Market

So much that is said and written about Florida's insurance climate is negative. Is there anything good to say about Florida's insurance ...
South Central

Appeals Court Upholds Corps’ Liabilty in Katrina Flood Ruling

A federal appeals court has upheld a judge's landmark ruling that the Army Corps of Engineers is liable for property owners' claims, ...

Oklahoma House Panel Votes to Close Daycare Insurance Loophole

An Oklahoma House of Representatives committee has voted to close a loophole in state law, ensuring that all daycare facilities have ...

Centauri Insurance Offers Homeowners Coverage in Louisiana

Centauri Insurance, a homeowners insurance carrier based in Sarasota, Fla., is now providing homeowners insurance coverage in Louisiana. ...
West

Montana Reaches $1.6 Million Settlement with Exxon over Pipeline Spill

Officials in Montana have finalized a $1.6 million settlement with Exxon Mobil over an oil pipeline break that spilled 1,500 barrels of ...

Another Bad Year For Arizona Wildfires Could Return

Conditions that pushed fire through a million acres of Arizona grassland and forest last year could return this spring to Southern Arizona. ...

Shell Files Pre-Emptive Offshore Drilling Lawsuit

Shell Oil Co. is taking the offensive against environmental groups that have put legal roadblocks in the company's path to offshore ...

Montana Department of Labor Loses Lawsuit Over Firing

A jury has awarded the former executive director of the Montana Board of Nursing $160,000 in a wrongful discharge lawsuit against the ...

Nevada Approves Regulations for Self-Driving Cars

Nevada is becoming the first of the U.S. states to regulate self-driving vehicles on its roadways. The state's legislative commission has ...

Agency Blames Lack Of Control For Alaska Mine Accident

A federal agency blames inadequate management policies, procedures and controls for a fatal accident at an Alaska mine last year. The U.S. ...
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International

AIG to Sell $6 Billion Worth of AIA shares to Repay U.S. Bail-out

American International Group is selling part of its stake in AIA Group to raise about $6 billion to help the U.S. insurer repay a huge ...

Arch Capital to Acquire Ariel Re’s Credit & Surety Reinsurance Operations

The selloff of various parts of Ariel Re continues, as Arch Capital announced that it will acquire Ariel Re's Credit & Surety ...

Best, S&P React to Ariel Re Sale of Bermuda, Zurich Units

Both A.M. Best and Standard & Poor's issued bulletins following the announcement that Ariel Re was selling off its Bermuda-based ...

ABI Head Warns EU Solvency Rules Must Not Deter Growth, Investment

Otto Thoresen, Director General of the Association of British Insurers, has called for European Union policy makers to ensure that draft EU ...

Endorsements for All Business Classes in London Go Electronic Says LMG

The London Market Group (LMG) announced that the electronic endorsements initiative will extend to all classes of business as of today, the ...

Ratings Recap: CIS (Panama), Guild, Eurasia, Halyk-Kazakhinstrakh

A.M. Best Co. has affirmed the financial strength rating of 'A-' (Excellent) and issuer credit rating of "a-" of Panama's Compania ...
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Sponsored Content

Webcetera Releases Major Update to Industry Leading EZLynx® Software

Flower Mound, TX, 03/01/12 – Webcetera, L.P., the company behind the innovative EZLynx® platform, has released a major update to their ...

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Should D&O Cover Bribery?

Director and officers liability coverage is increasingly being called up to respond to cases...
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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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New Discussions in the Forums

Licensed vs non licensed CSR ( CA)
Posted: Mon Mar 5 -- Hiring a non-licensed CSR potentially puts your agency, license, and E&O at risk. If an unlicensed CSR is talking coverage with clients,... Big Dog
Should I accept Allied Appointment?
Posted: Mon Mar 5 -- Run! rodgwag
How have you Benefited from your Cluster Membership?
Posted: Sun Mar 4 -- Ditto Jam It is good to have choices- Farmers thru its DM had turned the agent contract into an employee position with none of the benefits... William Graham
Travelers Insurance in CA
Posted: Sun Mar 4 -- Not a big issue here yet but we mainly write package anyway. Just throw in a silver renters policy. JAM
CA Electrical Contractor BOP/GL
Posted: Sun Mar 4 -- Victory has a good admitted program. JAM
Allstate
Posted: Sun Mar 4 -- From what I hear they are trying to get the smaller agencies to close and create super agencies. JAM
I Feel Like Crying !
Posted: Sun Mar 4 -- what ever you do don't join Farmers, or State Farm. If I had to do it all over again I would get my license and go work for an agency while... JAM
ADA Violations
Posted: Sun Mar 4 -- EPLI with 3rd party will generally cover this. Some carriers like CNA will give you the option to ad it as an endorsement up to 500k. For... JAM
Where to locate a NEW branch?
Posted: Thu Mar 1 -- Have you tried using Google Maps? Kiddin. I think the online directory of Association of Online Insurance Agents (AOIA) would be helpful. It... sethm

Reader Comments

Disabled Vet Gets $20k in Utah Service Dog Dispute
Posted: Wed Feb 29 -- From experience, most board members of an HOA and most managers either don't know the law or choose to ignore it. Good win. Anejo
Insurance Fight Shows Catholic-Evangelical Ties
Posted: Wed Feb 29 -- What I meant to say is that I am pro choice. I don't really see the difference in the two statements. Please help me clarify the... ijs
Oregon To Pay $1.5M In Torture Death Lawsuit
Posted: Fri Mar 2 -- While this death is both sickening and tragic, I find it disgusting the state is being sued. Perhaps, rather than commit crimes, to the... Mike N
N.Y. Cardinal to Give Speech on Contraceptive Coverage Debate
Posted: Thu Mar 1 -- What a well thought out, mature, concise comment TSOPOV. I hope you put as much thought and effort in your law office clients as you do your... ijs

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