Friday 2 March 2012

Daily Headlines: Friday, March 2, 2012

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Insurance Journal Daily Headlines
March 2, 2012
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Today's Headlines

National

U.S. Seeks Dismissal of Ex-CEO Greenberg’s $25B Lawsuit on AIG Takeover

The U.S. government has asked a court to dismiss a lawsuit relating to its 2008 takeover of American International Group that was filed by ...

Court Revives Securities Case Involving Foreign vs. Domestic Transactions

A federal appeals court has breathed new life into a lawsuit accusing a Beverly Hills broker-dealer of defrauding nine hedge funds out of ...

U.S. Regulators to Issue Post-Fukushima Safety Rules

As the first anniversary of Japan's Fukushima nuclear disaster approaches, U.S. nuclear regulators have moved to issue the first new rules ...

Chartis Enhances Fiduciary Liability Coverage

Chartis has introduced enhancements to its fiduciary liability product for private companies, nonprofits and financial institutions. The ...

CFC Introduces Tailored Policy for PEOs

CFC Underwriting, a Lloyd's MGA, has launched a tailored policy for professional employment organizations (PEOs) that includes ...

Driving on ‘High’-way: Many Teen Drivers Admit Having Driven After Pot

A surprisingly large number of U.S. teen drivers admit to having driven under the influence of marijuana, according to Liberty Mutual ...

From MyNewMarkets.com Privacy Breaches Boost Technology Coverages

The airwaves have been filled with information about the latest privacy breach involving Wikileaks releasing e-mails from Stratfor, a global...
Workers Comp Training Pack from Academy of Insurance
East

Pennsylvania High Court Overturns Malpractice Fund Ruling

Pennsylvania's highest court is handing the Corbett administration a major victory in a dispute over a malpractice insurance fund. The ...

Chartis No Longer Writing Excess Workers’ Comp as Stand-Alone Product

American International Group disclosed in its annual report that Chartis management decided last year to cease writing excess workers' ...

Workers’ Comp Surcharge Cost Burden to N.Y. Employers: Study

The assessment surcharge added to workers' compensation costs for New York employers is increasingly becoming a burden for businesses, ...

Philadelphia-based Graham Company Announces Promotion

The Graham Company, one of the Mid-Atlantic region's largest insurance and employee benefits brokers, promoted industry veteran Dina ...

Former N.J. Insurance Commissioner Bakke Joins DataCede

Consulting firm DataCede Companies said former New Jersey Banking and Insurance Commissioner Holly Bakke has joined the firm as managing ...

Conn.-based S.H. Smith & Co. Appoints Account Manager

S.H. Smith & Co. Inc., a wholesaler and managing general agent based in Hartford, Conn., appointed Shauntelle Lake as account manager in ...
New from Academy of Insurance : Insolvency Exclusions in Errors and Omissions
Midwest

Tales of Chaos After Deadly Pre-Dawn Midwest Storms

Jeff Rann had ample warning that terrible weather was approaching before dawn. A frantic call to his wife from his mother-in-law alerted ...

Storm Damages Missouri Country Music Resort Town, Kills 9

A powerful storm system that produced multiple reports of tornadoes and lashed the Midwest early Wednesday roughed up the entertainment ...

Storm That Hit Branson Was 22-Mile Tornado

The National Weather Service has confirmed that the heavy damage in the southwestern Missouri town of Branson was caused by a 22-mile-long ...

North Dakota River Flood Plan Cost Estimated at $820 Million

A Souris River flood protection plan in North Dakota could cost $820 million. Engineers have released their 1,500-page proposal to protect ...
Southeast

Senate Panel Advances Florida PIP Reform Bill

A Senate bill aimed at cracking down on the rampant personal injury protection insurance fraud that costs Florida drivers more than $1 ...

North Carolina Resolves Hurricane Irene Claims

North Carolina regulators have recovered over $400,000 for policyholders stemming from claims filed in the aftermath of Hurricane Irene. At ...

South Carolina Restaurant Sued for Wrongful Death

A renowned Charleston, S.C. restaurant has been named as a defendant in a wrongful death case. The Post and Courier of Charleston reported ...

West Virginia Safety Bill Responds to Upper Big Branch Tragedy

A father crushed in a roof fall. A former schoolmate suffocated by poisoned air. Sharing stories of loved ones and friends killed in West ...
South Central

Oklahoma Advances Open-Carry Firearm Bill

Despite some concern that Oklahoma is returning to the "lawless days of yesteryear," a state House panel has approved a bill (House Bill ...

Oil Well Control Veteran, Krause, Joins J.H. Blades & Co.

Brian Krause has joined Houston-based J.H. Blades & Co. Inc., a division of Swett & Crawford. Krause is a veteran in the oil and ...
West

Oregon To Pay $1.5M In Torture Death Lawsuit

The state of Oregon has agreed to pay $1.5 million to the estate of a murdered Eugene teenager. The settlement will resolve a lawsuit ...

Report: Arizona P/C Insurers See Premiums Written Fall and Losses Rise

A report on Arizona's property/casualty insurers issued on Thursday shows a drop in written premiums to $7.4 billion, and a large ...

Nevada Workers' Comp Loss Costs to See 1% Increase

Many Nevada employers will see a small increase in the premiums they pay for workers' compensation insurance in 2012. Nevada Insurance ...

EPIC Names Brown Vice President of Claims Management

Edgewood Partners Insurance Center, a retail property-casualty and employee benefits insurance brokerage, has named Hilton Brown to oversee ...
International

Iran Ship Insurer Vows to Pay Western Claims Despite Sanctions

Tough new U.S. sanctions against Iran are raising concern that the OPEC member's insurers may not be able to pay Western claims in the ...

Japan Refiners Eye Force Majeure Clauses Due to Lack of Insurance

Japanese buyers of Iran crude may ask Tehran to include a force majeure clause in contracts if they are unable to pay Iran or lift Iranian ...

Pirates Thwarted in Attack on Nigerian Tanker

Pirates have attacked a ship off the coast of Nigeria for the second time in as many days, but the attackers were thwarted in the latest ...

Goldman Sachs Acquiring Ariel Re Bermuda Operations

Goldman Sachs Group said it is acquiring Ariel Reinsurance's Bermuda-based insurance and reinsurance operations, which it will combine ...

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Insurance Journal TV

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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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Chartis CEO Hancock on Fear, Regulation, Science and Expenses

Peter D. Hancock, CEO of Chartis, AIG's global property/casualty business, discussed the...

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New Discussions in the Forums

ADA Violations
Posted: Fri Mar 2 -- Not run across this I presume it is a commercial risk? I would appreciate knowing the details - if it gets litigated there, I am sure it... William Graham
Travelers Insurance in CA
Posted: Thu Mar 1 -- With TRV we can do home or auto alone in CA - but we can't do tenant occupied dp3 unless they have personal residence insured with TRV. I... GRCinCA
Where to locate a NEW branch?
Posted: Thu Mar 1 -- Have you tried using Google Maps? Kiddin. I think the online directory of Association of Online Insurance Agents (AOIA) would be helpful. It... sethm
Identity Theft Insurance
Posted: Thu Mar 1 -- Some companies now include identity theft insurance as part of their homeowners' insurance policy. Others sell it as either a stand-alone... sethm
Questions about starting an MGA
Posted: Tue Feb 28 -- Thanks DM. I actually called around and got a quote for about $5,000, which is MP I was told. I was expecting that. paulbennings
CA Electrical Contractor BOP/GL
Posted: Tue Feb 28 -- There are any number of Preferred carriers (Allied, CNAInsurance) who write commercial contractors. Have you checked with your Direct... LadyBroker
Full-service boutique brokerage and invest
Posted: Tue Feb 28 -- I have a buddy of mine who is about to open is own Full-service boutique and brokerage and investment firm. He was also thinking of... CoJones
How have you Benefited from your Cluster Membership?
Posted: Tue Feb 28 -- I want to Ditto what SACMAN had to say --- I am a former FIG agent for 22 years, Farmers divorced me. I thought briefly about staying away... William Graham

Reader Comments

Pennsylvania Township, Schools Pay $63K to Banned Fan Mom
Posted: Fri Feb 24 -- It really should be mandatory that parents be given a tranquilizer before they are allowed to watch their kid play sports. Anejo
Disabled Vet Gets $20k in Utah Service Dog Dispute
Posted: Wed Feb 29 -- From experience, most board members of an HOA and most managers either don't know the law or choose to ignore it. Good win. Anejo
Insurance Fight Shows Catholic-Evangelical Ties
Posted: Wed Feb 29 -- What I meant to say is that I am pro choice. I don't really see the difference in the two statements. Please help me clarify the... ijs
Lawsuit Filed in Iowa Over Tainted Sprouts
Posted: Fri Feb 24 -- I've always found a little food poisoning was good for a quick 5-10 pound weight loss. My system gets cleaned out and the sweats clean out... Anejo

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