Wednesday, March 21, 2012

Daily Headlines: Wednesday, March 21, 2012

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Insurance Journal Daily Headlines
March 21, 2012
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

Hartford Bows to Shareholder Paulson, Sells Most Life Insurance Units

The Hartford Financial Services Group yielded to demands from its biggest shareholder, famed hedge fund manager John Paulson, and said on ...

Ratings Agencies Respond to The Hartford’s Plan to Exit Life Insurance

In response to Hartford Financial Services Group Inc.'s planned exit from some of its life insurance business, Standard & Poor's Rating ...

Cargo Theft Reporting Improves, Says Insurers’ CargoNet

Reporting of cargo theft in the United states has improved thanks to data sharing by insurers, the transportation industry and law ...

Cisco Enables Employers to Secure Employees’ Personal Mobile Devices

Cisco Systems is expanding its services to enable companies to manage and secure private mobile devices used by employees at work, aiming ...

Great American Launches FleetFusion Program for Motor Carriers

Great American Insurance Group's Trucking Division has launched its FleetFusion program to help motor carriers manage an independent ...

Municipal Defaults — Already 21 in 2012 — Another Blow for Bond Insurers

A growing number of U.S. cities are choosing to fund essential services like public safety and garbage collection over making payments on ...

House Plan Would Cut Crop Insurance Cost

U.S. farm and crop insurance subsidies would be cut by $30 billion over 10 years under a proposal made by the House of Representatives ...

From MyNewMarkets.com 5 Startup Businesses Agents Should Watch

It hasn't been the best of times for America's Main Street businesses. Often facing overwhelming competition from big box stores, many small...
Sponsored by: Catlin. Meet our brokers. They have some interesting stories to tell. Click here for more information.
East

Pennsylvania Workers’ Comp Staffer Charged With Bribery

A supervisor in Pennsylvania's workers' compensation program has been charged with bribery. Agents from the state attorney general's public ...

Conn. Regulators Advise Homeowners: ‘Be Prepared for Springtime Risks’

The Connecticut Insurance Department is advising homeowners to prepare their property against potential springtime weather risks, such as ...

Maryland Lt. Gov. Launches Health Insurance Marketing Campaign

Maryland Lt. Gov. Anthony Brown wants to increase the number of applications to a federally funded health insurance program run by the ...

Massachusetts Lawyers, Judges Lobby for More Court Funding

Lawyers and judges warned lawmakers on Monday that budget constraints on the state's judiciary are imperiling the delivery of justice and ...

Erie Insurance in Pennsylvania Announces New Appointments, Promotions

Erie Insurance Group, the 20th largest P/C insurer in the country based on total lines net premium written, announced several officer ...
Midwest

Michigan Fire Chief: 207 Homes Damaged by Tornado

Officials now say 207 homes were damaged in last week's tornado in Dexter, Mich., and about 20 will need to be demolished. Dexter Area ...

Berger, Hoboth Promoted at Great American Insurance Group

Great American Insurance Group, based in Cincinnati, Ohio, recently promoted Sarah Berger and Stephanie Hoboth. Berger is now divisional ...

A.M. Best: Outlook Negative for Missouri Valley Mutual Insurance Co.

A.M. Best Co. has revised the outlook to negative from stable and affirmed the financial strength rating of B+ (Good) and issuer credit ...

Fatal Fire Spurs City Smoke Detector Program in Indiana

In Terre Haute, Ind.'s Highland Lawn Cemetery, at the base of a quiet hill next to a pair of peaceful ponds, a gracefully sweeping grave ...
Southeast

Florida Insurers Wary of PIP Rate Rollbacks Timed for October

While state officials are widely praising Florida's new no-fault auto insurance law, insurers are wary of having to implement rate ...

South Carolina’s The Citadel Sued Over Summer Camp Abuse Allegations

An attorney who represents three people who say they were molested by a former cadet at The Citadel in South Carolina has filed six ...

Veteran Agents Form Atlanta Brokerage Targeting Real Estate, Construction

Two veteran insurance agents have joined forces to create a new Atlanta-based brokerage operation focused on insurance, benefits and surety ...
South Central

Lafayette, Louisiana, Officials: Flood Cost More Than $2M

The bill for debris cleanup and repairs of damaged roads and water systems from recent flooding is expected to climb above $2 million in ...

Ex-Sheriff Candidate Booked for Insurance Fraud in Louisiana

State police say a former candidate for St. Helena Parish, La., sheriff has been booked on counts of insurance fraud and felony theft. ...

Report: Risk for Corruption High in South Central States

Although none of the 50 U.S. state governments were found to be exemplary, three out of four of the South Central states received very ...
West

Irwin Siegel Opens Office In Idaho, Names Business Development Director

Rock Hill, N.Y.-based Irwin Siegel Agency Inc. has opened an office located in Boise, Idaho. ISA, a national insurance and risk management ...

$1.29M For Fired Deputy Chief Who Sued Socal City Of Burbank

A jury has awarded more than $1 million to a former deputy police chief who sued the city of Burbank, Calif. claiming he was fired for ...

Families, GE Await Verdict in Oregon Helicopter Suit

A Multnomah County jury is deliberating whether a problem with an engine was responsible for the 2008 crash of a helicopter that killed ...

Arizona Insurance Group Worried Bill May Lead to Towing Innocents' Vehicles

A bill to change Arizona's mandatory auto insurance laws to allow law enforcement officials to tow and impound vehicles without liability ...
International

Major Quake Rattles Mexico; No Significant Damage Reported

A major earthquake struck Mexico on Tuesday, unleashing panic as it damaged hundreds of buildings and caused homes in the capital to bounce ...

U.S. Exempts 11 Countries from Iran Oil Sanctions; China, India Exposed

The United States exempted Japan and 10 EU nations from financial sanctions because they have significantly cut purchases of Iranian oil, ...

AIR Assessing Damage Picture from Mexico’s Earthquake

Catastrophe modeling firm AIR Worldwide has issued a bulletin analyzing the magnitude 7.4 earthquake that struck southwestern Mexico ...

Celent Survey Forecasts Insurers to Spend $140.6 Billion on Technology in 2012

Global information technology spending by insurance companies is expected to reach $140.6 billion in 2012, an increase of 6.3 percent over ...

U.S. Chamber, European Business Call for Removing Transatlantic Trade Barriers

The U.S. Chamber of Commerce and BUSINESSEUROPE have issued the following statement in a letter signed by twelve U.S. and European business ...

Howie Joins Everest Re; to Become New CFO

The Bermuda-based Everest Re Group announced that Craig Howie will join the Company as Executive Vice President on March 26, 2012. ...
Sponsored Content

Pay For Insurance Continues to Wow the Insurance Industry by Bringing Secure and Affordable Payment Services

Houston, TX, 03/21/2012 - Pay For Insurance is taking the insurance world by storm with an online payment system that is designed to ...

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Claims Rising for Private Company, Non-Profit D&O Coverage

Private company and non-profit D&O coverage is often seen as very profitable for carriers...
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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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New Discussions in the Forums

Fire & Life Safety Contractor in Ca
Posted: Wed Mar 21 -- Need gl for Fire & Life Safety Contractor in Ca new in business having B license. Thanks Trotter trotter
RV Rental for Dealership
Posted: Wed Mar 21 -- I need a market who will write the rental coverage for an RV dealership with some losses. Zurich, MBA and GMI have declined. The risk is in... Halpert
CIBA Insurance purchasing group...Help
Posted: Wed Mar 21 -- UPDATE: All of you that warned against CIBA were correct. Last week CIBA announced a huge rate increase for hundreds, possibly thousands of... abtoe
Meals on wheels - insured with Farmers currently
Posted: Tue Mar 20 -- Meytai, Not sure what State you are in, but in California, you have to request the loss runs from your insured and the insured in turn must... SFOInsuranceLady
Herbalife
Posted: Tue Mar 20 -- I was wondering what insurance companies thought of the popular "Herbalife." Autumnle465
Good company for Coast to Coast Truck Drivers
Posted: Mon Mar 19 -- If you are a member of your PIA (Professional Insurance Agents Association), you can phone them up (or email) and typically they hold a list... dm307799
EIFS coverage homes & commercial buildings/FL
Posted: Thu Mar 15 -- these building risks have existing EIFS which makes obtaining coverage in SW FL difficult... Thank you haharem
Partnership Questions
Posted: Wed Mar 14 -- Taylyn, we opened an IA after being a captive for 22 years- we elected to go with an SIAA relationship - we went with them because of... William Graham

Reader Comments

Michigan Catastrophic Injury Premium to Go to $175 Per Car
Posted: Mon Mar 19 -- The MCCA is a joke. How about everyone in Michigan take some personal responsibility and purchase health & disability coverage, and then cap... DAN
Florida Passes PIP Reform Bill
Posted: Thu Mar 15 -- I've been an insurance agent for 35 years, and you are not entirely correct in your post. While basic PIP pays 80% of medical expenses up to... Kevin L
RIMS Commends N.Y. Broker Compensation Disclosure Ruling
Posted: Thu Mar 15 -- RIMS is such a perfect acronym for that group of elitist blowhards that have no idea what 99% of licensed small agents and brokers do... Not Yank Ken U Chain
Supreme Court Readies for Healthcare Debate
Posted: Mon Mar 19 -- Wow, Connie. Good job, if your aim is to present only one side of this issue. No mention, for example, that Obamacare exempts entire states,... Larry
Pennsylvania Guard Suspended Over Insurance Fraud Charges
Posted: Thu Mar 15 -- I am begining to think that the Fed should establish a new economic indicator to judge the condition of our economy. I believe the health of... Cheetoh Mulligan

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Hot New Markets; High Risk Property; Corporate Profiles (Ask about special pricing for 2-page 4c profiles. Great for reprints!); 2011 Mergers & Acquisitions Summary Report
March 19, 2012

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