Tuesday, May 29, 2012

Daily Headlines: Tuesday, May 29, 2012

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Insurance Journal Daily Headlines
May 29, 2012
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Today's Headlines

National

Ex-General Re, AIG Execs May Settle Criminal Case

Four former executives at Berkshire Hathaway Inc.'s General Re Corp. and one at American International Group Inc. are in talks to settle a ...

Fallout fron Dewey Law Firm Collapse Hits Insurers, Other Clients

For eight years, hundreds of victims of militant attacks in Israel have pursued litigation against a Jordanian bank they claim provided ...

GMI Launches Program for Non-franchised, Used Auto Dealerships

GMI Insurance, a managing general agent for transportation insurance nationwide, has launched a new program for non-franchised, used auto ...

From MyNewMarkets.com Senate to Vote on 60-Day Extension of Flood Insurance Program

U.S. Sen. David Vitter, R.-La., said he and Senate Majority Leader Harry Reid, D.-Nev., have forged a bipartisan agreement to allow floor...

From IJAcademy.com Building Codes BAD for Your Insured

Few commercial structures fully meet the applicable jurisdictional building codes and regulations to which they are subject. Federal, state, and local building codes ...
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East

Dewey & Leboeuf Files for Chapter 11 in Record U.S. Law Firm Collapse

The crippled law firm Dewey & Leboeuf LLP filed for chapter 11 bankruptcy protection Monday night and will seek approval to liquidate its ...

Ex-Penn State President Sues, Eyes Sandusky E-Mails

Former Penn State University president Graham Spanier has filed a civil lawsuit to force the school to release emails related to the Jerry ...

Dog Attacks Up; Pennsylvania Postal Workers Not Surprised

The screen door flew open but the Great Dane just stood there. Twenty-six years of experience told postal worker Victor Torres to remain ...

Pennsylvania High Court Tosses ‘Any Dose’ Asbestos Theory

The Pennsylvania Supreme Court has ruled that civil lawsuit plaintiffs alleging asbestos-related ailments cannot submit scientific ...
Midwest

Indiana Finds Assurant Subsidiaries Overcharged Small Businesses

Three subsidiaries of Assurant Health will provide refunds to small group health insurance policyholders that Indiana insurance regulators ...

Disaster Loan Deadline Nears for Nebraska Residents

U.S. Sen. Mike Johanns is warning that an important deadline is nearing for residents in seven Nebraska counties who suffered damages in ...

Indiana Insurance Agent Earns Associate Degree at 87

Jerry Cole II takes great pride in his career as a businessman, during which he's sold millions of dollars in insurance policies. But there ...

A.M. Best Revises Outlook of First Chicago Insurance Co.

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

Tropical Depression Beryl Douses Florida, Georgia with Heavy Rains

Tropical Depression Beryl is located over southern Georgia bringing heavy rain to the southeast of the state and to northern Florida, ...

Court Nixes Florida Award for Injury Before Policy Purchase

A Florida appellate court has reversed a $6.25 million judgment against an insurance company because it was for an injury that occurred ...

Researchers to Fill Gaps in Georgia Hurricane History

Before Georgia began its current streak of 114 years without a major hurricane, the state's coastline was a fairly frequent target in the ...

Union Carbide Wins Mississippi Asbestos Case on Second Try

An asbestos lawsuit that once resulted in a $322 million verdict for a Mississippi man has turned in favor of the company he sued. Thomas ...
South Central

Personable Insurance Acquires Texas-Based Endeavor General Agency

Excellere Partners, a Denver-based private equity firm, announced that its subsidiary, Personable Insurance, has acquired Endeavor General ...

58% Wind Rate Boost by Louisiana's Last Resort Insurer

Louisiana Citizens Property Insurance Corp. plans an average rate increase for wind-only policies of 58 percent, sparking an argument among ...

3 Louisiana Law Enforcement Officers Plead Guilty in Insurance Scam

Two law enforcement officers from the New Orleans area have pleaded guilty to engaging in a plot to make a fraudulent insurance claim. ...

Connealy Appointed Texas State Fire Marshal

Texas has a new state fire marshal. Texas Insurance Commissioner Eleanor Kitzman has appointed Chris Connealy, former fire chief for Cedar ...
West

Former Drumlummon Mine Foreman Files Lawsuit in Montana

The former general foreman of the Drumlummon gold and silver mine northwest of Helena, Mont. says he was fired for enforcing safety ...

Farm Traced To Listeria Outbreak Files Bankruptcy

A Colorado farm that was traced to a listeria outbreak in cantaloupe last year has filed for Chapter 11 bankruptcy protection. Jensen Farms ...

Court Rules Suit Over Student’s Death Can Proceed

The Utah Supreme Court has paved the way for a lawsuit over the November 2008 death of a St. George high school student to proceed in ...

Cold Snap Bruises Bitterroot Apple Growers

Apple growers in the Bitterroot Valley say a cold snap at the same time apple trees were in full bloom and at their most vulnerable will ...

Insuring Golden Gate's Legacy

The 75th anniversary of the construction of the iconic Golden Gate Bridge's will be celebrated on Sunday, and InsuranceJournal.com has a ...
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International

How Relevant Is Insurance? Asks XL CEO McGavick

XL Group CEO Mike McGavick asked a provocative question in a keynote speech at the European Insurance Forum in Dublin last week. How ...

Another Earthquake Strikes Northern Italy

On Tuesday, May 29 a Mw5.8 (moment magnitude) earthquake struck the Emilia-Romagna region of northern Italy, a little more than a week ...

Olympus Whistleblower CEO Woodford Wins Unfair Dismissal Settlement

Michael Woodford, ousted as head of Japanese camera-to-endoscope maker Olympus after blowing the whistle on one of Japan's biggest ...

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New Discussions in the Forums

What are your thoughts on the insurance industry
Posted: Mon May 28 -- Before you go captive or IA you need to know what niche area you want to be in. Going Captive you'll learn more than IA. But, Captive you'll... johnsharp
Video Email - Would you do it if it is cost effective
Posted: Wed May 23 -- I have been in the insurance industry since 1985. I have seen a lot of things come and go in that time period. I know right now the hot... Eagleeye
Brokerage and investment firm
Posted: Tue May 22 -- Are you asking what the process is to register as an insurance agent/broker, and also as an investment (i.e. securities broker/dealer)? Your... Big Dog
Calling all experienced MGAs...is this a fair deal?
Posted: Mon May 21 -- I have an opportunity to enter into a marketing agreement with an established independent agency. I am going to list as follows the... youngun58

Reader Comments

U.S. SEC Dealt Blow in Financial Crisis Case
Posted: Wed May 23 -- Let's see, the executives at IndyMac did what the government claimed they did - thus facilitating the near financial collapse of the U.S.... William S. Vaughn, ARM
Facebook, Banks Sued Over Pre-IPO Analyst Calls
Posted: Wed May 23 -- Click if you like.......... MGD
Montana School Settles Claim By Family Of Suicide Victim
Posted: Fri May 25 -- I don't understand. This young girl was attacked and violated and the teacher got a 3 year deferred sentence? He should be fried for his... Water Bug
Mom of Massachusetts Man Shot in Harvard Dorm Sues University
Posted: Fri May 25 -- Although I would be devastated were it my child, I would have to admit that life is sometimes unjust and unfair. Neither is grounds for a... Lynda Berge
More Top Executives Say Bribes for Business Acceptable
Posted: Thu May 24 -- That's just great (NOT). Way to lead by example people. Its often commented in the IJ that increased regulation is not favorable to the... Producer #1

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