Tuesday, December 11, 2012

Daily Headlines: Tuesday, December 11, 2012

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Insurance Journal Daily Headlines
December 11, 2012
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Today's Headlines

National

Goverment to See $23 Billion Total Profit on AIG Bailout

The U.S. Treasury's sale of its remaining stake in American International Group Inc. will fetch $7.6 billion, bringing the government a ...

Sandy to Have Only Limited Impact on Insurer Ratings: S&P

Despite uncertainties regarding final loss totals from Hurricane Sandy, Standard & Poor's Ratings Services said it expects only a limited ...

Cove Programs Expands Product Offerings in Homebuilders Market

Cove Programs has expanded its product offerings and staffing to support the most recent national increase in homebuilding.  In addition ...

Chubb Launches Cyber Endorsement Addressing Bank Account Takeover Frauds

The Chubb Group of Insurance Companies has launched a new endorsement to help protect community banks from a more than three-fold increase ...

White House $60 Billion Sandy Relief Request Includes Flood Insurance Funding

The White House has officially asked Congress to authorize $60.4 billion in federal spending for response, recovery and mitigation related ...

Treasury Selling All of Its Remaining AIG Common Stock

The U.S. Treasury is selling its remaining stake in insurer American International Group Inc., bringing an end to government ownership of ...

Timeline of U.S. Government's Rescue, Sale of AIG

The U.S. Treasury said on Monday it would sell the last of its remaining AIG shares, rounding off a $182 billion bailout that began during ...

Critics Call for More Cuts in Farm Bill, Crop Insurance

Congress should slash at least $100 billion in costs from the U.S. farm bill - three or four times more than cuts currently proposed - and ...

From MyNewMarkets.com Evolution of Cyber Coverage: How to Sell to Today's Businesses

The insurance industry has wrestled with the best way to respond to all the different privacy and security exposures businesses face in the...
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East

The Hartford Says Sandy Losses $370 Million

Insurer Hartford Financial Services Group Inc said on Tuesday it expects pretax losses of $370 million from Superstorm Sandy, which ravaged ...

The Hanover Insurance Group Estimates $120-140M Net Loss From Sandy

The Hanover Insurance Group Inc. announced its preliminary loss estimate from Superstorm Sandy. The Worcester, Mass.-based insurer said it ...

N.Y. Gov. Weighs Supplemental Uninsured/Underinsured Motorists Bill

A New York State bill concerning the Supplemental Uninsured/Underinsured Motorists (SUM) coverage has recently been delivered to New York ...

Post-Sandy, Weather Service Considers Change to Hurricane Warnings

The National Weather Service is considering changing how it issues hurricane watches and warnings. Spokesman Chris Vaccaro said in an email ...

N.J. Couple Charged With Allegedly Pocketing $1.8M in D&O Premiums

A Central New Jersey couple that ran a now-defunct insurance brokerage firm has been charged with allegedly conspiring to steal nearly $1.8 ...

Marsh Names Pittsburgh-Based East and Central Zone Mining Leader

Marsh, the insurance broking division of Marsh & McLennan Cos., announced that Douglas Schwab has rejoined the firm as its new East and ...
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Midwest

Cost Per Workers' Compensation Claim Rising in Indiana: Study

The average cost of a workers' compensation claim in Indiana grew rapidly in recent years, mainly driven by the high price of medical care, ...

Insurance Fraud Allegations Up in Ohio

Officials say the record number of insurance-fraud allegations in Ohio this year can be partly attributed to better reporting of suspected ...

Minnesota Parents Asked to Insure Students' Electronics

Some school districts in Minnesota want parents to pick up the tab for insuring expensive tablet computers that are given to students. More ...

Kansas Insurance Commissioner Names New Top Staffers

Kansas Insurance Commissioner Sandy Praeger has appointed a new assistant commissioner and general counsel, shuffling her staff after the ...
What Makes a Good or Bad Acquisition Candidate: New class from Academy of Insurance
South Central

Dallas Cowboy Charged After Player Dies in Auto Accident

Police charged Dallas Cowboys defensive lineman Josh Brent with intoxication manslaughter after he flipped his car in a pre-dawn accident ...

Insurance to Pay for New $120M Acid Plant at LSB's Arkansas Site

An Oklahoma City-based company says it will build a $120 million nitric acid plant at a chemical facility in El Dorado, Ark., that was the ...

Audit: Court Clerk Did Not Collect $175K Insurance Claim Fees

Louisiana's Legislative Auditor has released a scathing report alleging that former St. Bernard Parish Clerk of Court Lena Torres failed to ...

FEMA to Help Elevate Homes in Louisiana's Terrebonne Parish

More structures in Terrebonne Parish will get a boost above future storm surges with another wave of federal grants. The Courier reports ...
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West

Study: More Cancer Suits May Cost New Mexico Millions

New Mexico may have to pay as much as $120 million for an estimated 101 new medical malpractice claims that could be part of a potential ...

Woman Sues New Mexico Sheriff After Crash Over DWI Claim

A woman injured in a crash is suing a northern New Mexico sheriff over claims he failed to hold a drunken driver accountable in her ...

Ex-Utah Cop Sues Over Firing Over Training Allegations

A former Brigham City, Utah police officer is suing the city after being fired over alleged off-hours contact with a female officer he was ...

Gas Marketers Sue To Block Wyoming School's Fuel Sales

Petroleum retailers are suing a western Wyoming school district for selling compressed natural gas as fuel. The Colorado Wyoming Petroleum ...
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International

Geneva Association Analysis Compares 28 Banks', Insurers' Systemic Risk

International insurance think tank, The Geneva Association has published a cross-industry analysis comparing the named 28 Global ...

HSBC to Pay Record $1.9 Billion U.S. Fine to Settle Money Laundering Case

HSBC Holdings Plc has agreed to pay $1.92 billion to settle a multi-year U.S. criminal probe into money-laundering lapses at the British ...

Swiss Re Study Sees Economy Improving in 2013; Casualty Lines Recover

Swiss Re's latest study, "Global re/insurance review 2012 and outlook 2013/14" provides a somewhat optimistic forecast of the future state ...

Poor Nations to Seek UN Climate Change Compensation Payments in 2013

Developing nations will push next year for a radical U.N. mechanism to compensate them for the impact of climate change, such as droughts ...

S&P Says Reinsurers Faced Unexpected Risks from Hurricane Sandy

A report from Standard & Poor's Ratings Services notes that "despite uncertainties regarding final loss totals from Hurricane Sandy expects ...

James to Step Down as CEO of Lockton International

Julian James, currently CEO of Lockton International, has announced that he plans to resign, effective January 31, 2013. James decision was ...

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Rate Changes Coming to Healthy Railroad Industry

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Effects of Worldwide Economic Instability on American Companies

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New Discussions in the Forums

8832 Work Comp code IN
Posted: Mon Dec 10 -- You can gain access to The Hartford through us. 8832 is a targeted WC class code for them. Give us a call, or send in Acord applications to:... bkor3
Truck & Crane operator
Posted: Fri Dec 7 -- PEO looks to be the best. jamesjmoore
Designation Suggestions
Posted: Wed Dec 5 -- I would agree they do seem similar. The CIC requires 5 courses of 20hrs each with a 2 hr essay exam to pass each one. The AAI is in 3... Shagster1261
Can an employer fire an employee because their pre-convicted
Posted: Wed Dec 5 -- In my opinion, firing an employee based on a mugshot isn't right. The employer should get the facts first and find out if the employee was... BeatrixLewis
Taxi Cab Insurance
Posted: Wed Dec 5 -- You can try piconline or dcapinsurance. The former provide limits up to $5M and has $20M excess market capability and you can even fill out... BeatrixLewis
My CPCU journey - almost finished.....
Posted: Tue Dec 4 -- I am in the process of reentering the Commercial Insurance world being away for about 15 years. I was thinking of working toward my CPCU. I... margo
Dental Plan or Dental Insurance
Posted: Tue Dec 4 -- Dental plan is actually an alternative to dental insurance because it's more cost-effective. With the former you can visit the dentist at a... BeatrixLewis

Reader Comments

NYC Marathon Organizers Likely to Get Millions From Event Insurance
Posted: Wed Dec 5 -- And wonderful Bloomberg said it was illegal to give starving families fast food because of the possible sodium content of the food.... Agent
Former Brooke Corp. Execs Again Indicted on Financial Fraud Charges
Posted: Fri Dec 7 -- String 'em up! They are responsible for ruining hundreds, maybe thousands, of people's lives. They're nothing but a bunch of crooks. Libby
New Jersey Lawmaker Seeks to Cap Public Adjuster Fees in Wake of Sandy
Posted: Thu Dec 6 -- It wouldn't be a bad idea if they extended that proposed law to the lawyers as well (preventing them from getting more then 10% of any... caffiend
Despair after Climate Conference Inaction, but UN Still Offers Hope
Posted: Mon Dec 10 -- AS long as the UN keeps doing nothing, the world is on the right path. Carbon-trading schemes and UN-intervention are sure proof that... Tony
Court Finds Rating Agencies Not Liable on Toxic Mortgages
Posted: Tue Dec 4 -- Let's look at the big picture here. We are talking about AIG and I don't care which division is responsible for the mess they were in, they... Agent

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