Monday, June 18, 2012

Daily Headlines: Monday, June 18, 2012

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Insurance Journal Daily Headlines
June 18, 2012
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Today's Headlines

National

How Predictive Modeling Has Revolutionized Insurance

The use of predictive modeling has forever changed the way insurance policies are priced. The revolutionary tool allows insurers to design ...

Study Finds Little Earthquake Risk from Fracking

The fracking drilling technique used to tap shale oil and gas is unlikely to trigger earthquakes, but underground injection of waste water ...

Facebook Outlines Defense in Messy IPO Case

Facebook Inc., facing a raft of lawsuits from investors seeking to recoup losses from its botched IPO, laid out on Friday how cascading ...

Public Companies Under Estimate Risk of Directors and Officers Lawsuit: Survey

Public company executives may be in for a surprise lawsuit. Despite the odds that they and their directors will be sued in the next 12 ...

Best Affirms General Reinsurance Corp’s ‘A++’ Ratings; Outlook Stable

A.M. Best Co. has affirmed the financial strength rating (FSR) of 'A++' (Superior) and issuer credit ratings (ICR) of "aa+" of General ...

Best Affirms Kemper Corp., Subs and Affiliates Ratings

A.M. Best Co. has affirmed the financial strength ratings (FSR) of 'A-' (Excellent) and issuer credit ratings (ICR) of "a-" of the ...

Best Affirms Tower U.S. Pool and Affiliated Companies Ratings

A.M. Best Co. has affirmed the financial strength ratings (FSR) of 'A-' (Excellent) and issuer credit ratings (ICR) of "a-" of the ...

ACE Expands Data Breach Team for Privacy Protection Policies

ACE USA, the U.S.-based retail operating division of the ACE Group, has added five new member firms to its ACE data breach team. This pool ...

WellPoint to Settle Class Action Over Anthem Demutualization for $90 Million

Health insurer WellPoint Inc. has agreed to pay $90 million to settle a class-action lawsuit against its Anthem unit over accusations the ...

Facebook, Banks Want Shareholder Lawsuits in New York Court

Facebook Inc. and its lead underwriters Morgan Stanley, Goldman Sachs Group Inc. and JPMorgan Chase & Co. have requested that ...

From MyNewMarkets.com Facebook Fiasco, 'Blank Check' Companies Disrupt IPO Insurance Market

The Facebook initial public offering (IPO) fallout is just getting started, but its effects are already being felt in the insurance...
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East

Group Warns Bills Pending in N.Y. Could Make Workers’ Comp More Costly

A New York-based business association warns that two bills currently before the State Legislature could rollback cost savings created in ...

N.J. Lawmakers Seek to Adopt New Safety Measures for Teen Drivers

Parents or guardians in New Jersey might need to complete a driver orientation course before their teens could get their driver's licenses. ...

GEICO Appoints VP of Claims in Chevy Chase, Md., Home Office

GEICO, a Chevy Chase, Md.-headquartered auto insurance unit of Berkshire Hathaway, appointed Rick Hoagland as vice president of claims ...

D.C. Attorney General’s Office Suing Workers Over Benefits Scheme

The District of Columbia Attorney General's Office has filed lawsuits against 13 current or former city employees accused of collecting ...

Vermont’s Irene Recovery Bill at $733M, Still More Work to Do

The state's total cost of recovering from Tropical Storm Irene is estimated at $733 million, and the federal government is expected to pay ...
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Midwest

StoneHill Reinsurance Partners Formed in Minnesota

Dan Koshiol, a 15-year veteran of major reinsurance brokerage firms, announced the formation of StoneHill Reinsurance Partners LLC. The ...

Gerhart Appointed to Iowa Insurance Commissioner Post

Iowa Gov. Terry Branstad has name an executive with a West Des Moines financial group as the state's new insurance commissioner. ...

FBL Financial’s CEO Plans to Step Down June 30

West DeMoines, Iowa-based FBL Financial Group Inc.'s CEO James Hohmann is stepping down on June 30, the insurance company announced. James ...

2 Accused of Staging Crash in Indiana Face Felony Charges

Felony insurance fraud charges have been filed against two people accused of staging a traffic accident in eastern Indiana that led to two ...
Southeast

Judge Dismisses FEMA from Kmart Lawsuit Over Flooding in Mississippi

A federal judge has dismissed the Federal Emergency Management Agency as a defendant involving a lawsuit over 2010 flooding at the Kmart in ...

State Farm to Hire 500 for Operations Center in Atlanta

Georgia Gov. Nathan Deal announced that Georgia's largest writer of homeowners policies will bring 500 jobs to a new operations center in ...

West Virginia Jail Authority Moves to Curb Lawsuits

The West Virginia Regional Jail and Correctional Facility Authority is now housing all state-sentenced female inmates at the Tygart Valley ...

Florida Agents' Association Installs Laurie as Chair; Honors Gunter

The Florida Association of Insurance Agents installed its new officers and board members for the 2012-2013 at its 108th Annual Convention ...
South Central

Dallas Hailstorm Insured Losses Could Reach $2 Billion

Insured losses from the massive hailstorm that struck the Dallas area on Wednesday could reach as much as $2 billion, making it one of the ...

Texas Regulators Fine Loya Insurance for Improper Ads

Texas regulators have fined Loya Insurance Co. $300,000 for what investigators call unfair and deceptive business practices. The Department ...

Wholesale Insurance Broker LevelFirst Opens Austin Office

LevelFirst a diversified wholesale broker and managing general agency headquartered in Dallas, has opened an Austin, Texas, office. Vivian ...

Oklahoma Reaches All-Time Employment High in May

The Oklahoma Employment Security Commission says the state reached an all-time high of more than 1.7 million persons employed in May. ...
West

Colorado Wildfire Burns Most Homes in State History

A wildfire in northern has scorched about 85 square miles of forest land and destroyed at least 181 homes, the most in state history. The ...

New Reno Air Course Debuts, Organizers Get $1.7M Insurance Hike

Pilots offered praise for a new course designed to keep them farther away from spectators at the Reno National Championship Air Races after ...

More Than 2,000 Residents Ticketed For Cellphone Violations In Nevada

More than 2,000 northern Nevadans have been ticketed for cellphone-related traffic violations in the five months since the use of handheld ...

NV Couple Sues Boy Scouts Over Son’s UT Drowning

A Las Vegas couple has filed a wrongful death lawsuit against the Boy Scouts of America over the July 2011 drowning of their 12-year-old ...

Alliant Gets Favorable California Rulings in Aon Litigation

Newport Beach, Calif.-based Alliant Insurance Services got favorable rulings from a U.S. District Court in California in its litigation ...

WIAA Adds State Fund to Workers' Comp Portfolio

Rancho Cordova, Calif.-based WIAA Insurance Services, the agency arm of the Western Insurance Agents Association (WIAA), has expanded its ...
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International

Greek Pro-bailout Parties Look to Forge Coalition

Political parties supporting Greece's international bailout begin forging a government on Monday after an election victory over radical ...

Economic Crisis Challenges Harmonization of U.S. Regulations, EU’s Solvency II

The EU's Solvency II regulations get most of the headlines, but there are other regulatory bodies, which are trying to modernize and ...

Oil Market Shrugs at Imminent Iran Tanker Insurance Ban

In less than two weeks, Iran's biggest oil buyers will lose access to the London-based insurance market that protects 95 percent of the ...

Willis Re Reports on Impact of ‘RMS v11′ European Windstorm Model Changes

A report from Willis Re notes that "UK insurers may see increases of up to 97 percent in their capital requirement for catastrophe ...

Best Affirms Aioi Nissay Dowa and Subs Ratings; Outlook Stable

A.M. Best Co. has affirmed the financial strength rating (FSR) of 'A' (Excellent) and the issuer credit rating (ICR) of "a+" of Japan's ...

Chartis Increases Commercial Property Per-Risk Capacity

Chartis has increased its commercial property per-risk capacity to $1.5 billion on a worldwide basis. This level of capacity had previously ...
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Health/Benefits Sector Offers Potential Growth for P/C Agents

Despite the uncertainty over the changes occurring in healthcare delivery and insurance...
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Caution: D&O and Foreign Shareholders

Firms that heralded a 2010 U.S. Supreme Court case barring plaintiffs from bringing class...

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New Discussions in the Forums

Track Your CSR's Daily Sales Activity
Posted: Mon Jun 18 -- I worked for a major national brokerage that did this for a while. We spent more time filling out this activity log than we did actually... Big Dog
Can an employer fire an employee because their pre-convicted
Posted: Mon Jun 18 -- Can an employer fire an employee because their pre-convicted mugshot appears online on ... robertmarx
IA start up with a twist
Posted: Sat Jun 16 -- Thanks for the reply. Does this mean that this is how you started? Nothing new? Can you link me to a thread or article posted by someone or... JevonCC
Keeping Track of prospects
Posted: Sat Jun 16 -- paper and a pen. rodgwag
Unfair Competition amongst brokers
Posted: Sat Jun 16 -- I didn't know that brokers still sold policies face to face. As for clients, their moral quality never changes they just get better with the... rodgwag
Standalone Personal Articles Floater - California
Posted: Thu Jun 14 -- abacus.net seems interesting. Naturally, we prefer a carrier that we can work directly with instead of going through another agency. We're... onstar
CA Electrical Contractor BOP/GL
Posted: Wed Jun 13 -- Travelers Select will most likely write this risk. If you don't have access to them, we can access them for you. We are a wholesaler in CA... chrisg

Reader Comments

Couple Sue Over Fallen Waikiki Tree Branch
Posted: Mon Jun 11 -- So a law was in place to protect the tree rather than folks who might walk under it. I think our priorities are askew. Water Bug
N.Y. Orders 'Force-Placed' Insurers to Submit New Lower Rate Proposals
Posted: Wed Jun 13 -- Here's a novel idea. How about the homeowner get their own insurance, that will stop the price gouging. Also they shouldnt lower the... FLagent/insured
Court Revives Employee Lawsuit Over Racist Receipt
Posted: Mon Jun 11 -- I don't get it. I have been called all kinds of names and have had racist epiphets hurled at me over the years. My sister and I once asked... Water Bug
Dallas Man Dies in Construction Accident In La
Posted: Thu Jun 14 -- "I wonder if poor Pablo was legal or illegal." Is that really necessary? Big Mike In CA
In the Workplace, What Do Millennials Want?
Posted: Tue Jun 12 -- Courtney...Its not that he is out to get you, its just he doesn't see YOU. You are a tiny piece of an aggregated number. And many times, he... Ins Guy

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June 18, 2012
Current Issue
Umbrellas - Personal & Commercial; Construction; Apartment Buildings

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