Friday, April 26, 2013

Daily Headlines: Friday, April 26, 2013

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Insurance Journal Daily Headlines
April 26, 2013
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

U.S. P/C Industry 2012 Income $33.5B in Spite of $32B in Cat Losses

U.S. property/casualty insurers absorbed net insured catastrophe losses of more than $32 billion last year, but still managed to post $33.5 ...

Federal Judge Moves S&P Ratings Case Back to State Court

A federal judge handed a legal defeat to Standard & Poor's, ruling that a lawsuit in which Connecticut accused it of fraudulently inflating ...

Aon Reports Q1 Total Revenue of $2.9B; Net Income $261M

Aon summarized the results from its various operations in the first quarter of 2013 as follows: - Total revenue was $2.9 billion with ...

U.S. Court Rules Artist Richard Prince Didn't Infringe Photo Copyrights

In a closely watched case in the art world, American artist Richard Prince won a federal appeals court order Thursday holding that he did ...

Chubb Q1 Profit Rises 30% to $656M; CEO Says 'Market Remains Firm'

Chubb Corp. reported on Wednesday $656 million net income for its 2013 first quarter, an increase of 29.6 percent compared to $506 million ...

How to Grow Your Agency by Asking and Answering the Right Questions

One of the "secrets" to building an agency, or any business for that matter, is to ask introspective questions and to answer them ...

Zuraitis Resigns As President of The Hanover's P/C Cos.

Marita Zuraitis, a member of The Hanover Insurance Group's executive leadership team and president of its property/casualty companies, is ...

FirstComp Launches BOP Policy in Nebraska, Tennesse, More States to Come

FirstComp, a division of Markel Service, Inc., has launched a new small business owner policy, FirstComp EssentialBOP, for ...

ACE, Trust Risk Management Launch Small Healthcare Provider Program

ACE USA's Medical Risk Group has expanded its relationship with Trust Risk Management Services, Inc. (TRMS) to offer an admitted ...

From MyNewMarkets.com Global Trade Market Uncertainties Increasing Demand for Trade Credit Insurance

Trade credit insurance is not a new concept, says Kerstin Braun, executive vice president of trade credit insurer, Coface. But the recent...
Carrier Management

How Brains Of Effective Leaders Are Wired

Effective leaders' brains may be physically "wired" to lead, offering the promise of more precise identification and...
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East

Maryland OKs Bill Allowing MAIF Policyholders Installment Payment Option

Maryland's General Assembly has passed a bill this month that would allowing the Maryland Automobile Insurance Fund (MAIF) to offer ...

Selective Insurance Q1 Profit Up 18% to $21.3M

Branchville, N.J.-based Selective Insurance Group said its 2013 first quarter net income came in at $21.3 million, a 17.7 percent increase ...

York Risk Services Group in New Jersey Appoints VP of Sales

York Risk Services Group (York), a national provider of claims-management, specialized loss adjusting, alternative risk programs, pool ...
Midwest

Ohio Workers' Comp Agency Proposes Cut in Private Sector Rates

The Ohio Bureau of Workers' Compensation (BWC) has proposed a 2.1 percent base-rate reduction for private employers. The recommendation to ...

Worldwide Facilities Adds Langan as Vice President in Chicago

Chicago-based wholesale insurance brokerage and managing general agency, Worldwide Facilities Inc., announced it is expanding and has added ...

North Dakota Workers' Comp Handling More Out-of-State Claims

The boom in the western North Dakota oil patch has led to a workload increase for the state's workers' compensation agency. The number of ...

The Horton Group Expands Construction Practice in Illinois

The Horton Group, based in Orland Park, Ill., has expanded its construction practice with one new hire and one promotion in its ...

Michigan Man Says Insurance Won't Cover Bullet Damage from Shootout

A northern Lower Michigan man is upset insurance doesn't cover the damage done to his mobile home during a neighbor's shootout with police. ...
Southeast

Florida Senate Approves Citizens Reform Bill; Path Ahead Remains Uncertain

Florida lawmakers have taken the first step towards reforming the state-backed property insurer, but not before significantly scaling back ...

Report: Motorcycle Deaths Decline Slightly in Georgia

New numbers show that Georgia has seen a slight drop in the number of motorcycle fatalities. The Georgia Governor's Office of Highway ...

AssuredPartners Acquires Buckley & Company in Kentucky

AssuredPartners Inc., through its Neace Lukens subsidiary, recently acquired Lexington, Ky.-based Buckley & Company insurance agency. The ...
South Central

Oklahoma Agents Group Pleased with Progress of State Legislation

Oklahoma's independent insurance agent association says measures of interest to the group are moving so quickly in the state Legislature ...

2 Judges Consider State Farm Rates in Texas

The state's consumer advocate has challenged State Farm Insurance Co.'s 20 percent rate hike for Texas homeowners as being too high. Public ...

Storms Flood Streets, Damage Houses in Southeast Louisiana

A fast-moving line of intense thunderstorms flooded streets, knocked out power to more than 30,000 people in southeast Louisiana on April ...

Agents Group Puts Out Call to Help West, Texas

The Independent Insurance Agents of Texas is calling for contributions to a fund created to help in the rebuilding of West, Texas, the site ...
West

$3.45M Award In Death Of Washington Ship Worker

Federal jurors in Seattle have awarded $3.45 million to the estate and survivors of a woman who drowned in 2010 while working on a ship ...

Struggling Idaho Alt Energy Company Sued Again

An Idaho alternative energy company beset by lawsuits faces another one, this time from a bike race that says it hasn't been paid millions ...

Bolts On Northern California Bridge That Haven't Failed May Go

Long seismic safety bolts on the new eastern span of the San Francisco-Oakland Bay Bridge that haven't failed may have to be replaced ...

CompWest, Phoenix Risk Management to Offer WC for California Healthcare Workers

The steady rise in employment in the health care industry over the last six years, as jobs in most other fields disappeared, has created an ...
International

Brazil's BB Seguridade, Smiles SA Conclude IPO's - Boosts Insurance

Brazil's BB Seguridade Participações SA sealed the world's biggest initial public offering in seven months at a time when confidence in ...

AXA to Buy 50% of China P&C Insurer Tian Ping for $631 Million

France's AXA Group announced that it has entered into an agreement with Tian Ping Auto Insurance Company Limited shareholders to acquire 50 ...

EU Supports French Demand; Trade Talks with U.S. Should not Cover Culture

European Union lawmakers have backed French demands to exempt culture from a proposed free-trade pact between Europe and the United States, ...

White House Formally Notifies Congress of Japan Free-Trade Talks

President Barack Obama's administration on Wednesday notified Congress it will start free-trade talks with Japan, bringing the world's ...

McCann to Succeed Plumeri as Willis Chairman; Director Candidates Listed

Willis Group Holdings announced that, at its regular meeting this week, the Board of Directors determined that the following individuals ...

Best Affirms Platinum Underwriters and Subs Ratings; Outlook Stable

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

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New Discussions in the Forums

Agency Management System
Posted: Fri Apr 26 -- How long has Quikfuzion been around? Roughly how many agencies do they work with? Have they developed previous AMS software? I am worried... aem84
Non Standard Farm/Ranch account
Posted: Wed Apr 24 -- What are the codes and the premium? I just quoted a restoration company with similar issues and a 2.37 x-mod with a PEO. What should have... Chad Filley
Insurance Noodle vs. Superior Access vs. Agent Secure
Posted: Mon Apr 22 -- mdagent, Superior Access and Consolidated are General Agents that submit your information to the respective companies for a quote. Then,... ziiqui
Pole Barn W/Wind FL
Posted: Wed Apr 17 -- Private property Autumnle465
Paperless Environment
Posted: Tue Apr 16 -- I completely agree with Island Girl. We started going paperless 6 years ago. The first year was a royal pain with the initial scanning but... justthere
Business Loss - Travel Insurance
Posted: Tue Apr 16 -- This is true. However, most people do not realize that major credit card companies also provide insurance for lost or damaged goods while... chad37
TX - Workers Comp - Contractor
Posted: Tue Apr 16 -- Have you considered a Professional Employer Organization (PEO)? SOI has locations in Dallas, Houston, Austin and San Antonio as well... DOrgant
What is your biggest pain as an agent?
Posted: Mon Apr 15 -- 1) Billing questions, non payment cancelations, reinstatement request of bad pay clients. 2) Binder requests... yoyowordup

Reader Comments

Deal OK'd in Muslims' False Advertisement Suit Against McDonald's
Posted: Fri Apr 19 -- They shouldh't have to eat at home. Just open their own style restaurant and quit going to McDonalds. Nothing difficult about it. They should be able to eat out
Woody Allen v. William Faulkner: Fair Use?
Posted: Fri Apr 19 -- Heirs - get over yourselves. There's more going on in the world than your groveling over a quote. usa24
U.S. Expected to Seek Limits on Car Touchscreens
Posted: Thu Apr 25 -- I think cars should be updated with a version of Apple's Siri or similar software with voice recognition. That way, when I get road rage and... reality bites
Oklahoma House Kills Texting and Driving Ban Again
Posted: Thu Apr 25 -- What part of dangerous driving activity do these pinhead house members not understand? The cell addicts are pretty powerful in Texas as... Agent
West Explosion Insured Losses Hit $100M
Posted: Wed Apr 24 -- Why were so many homes, schools and businesses allowed to be built so close to the fertilizer plant? Why was zoning not taken into... Center Point

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