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How Home Values Track with High, Low Risk of Natural Hazards: ATTOM Data

Insurance Journal - Fri, 09/22/2017 - 12:48
Americans are still buying homes in areas with high risk of natural hazards and the homes in those cities continue to appreciate in value far faster than homes in low natural hazard locales. However, the effect on home values of …

Ratings of Illinois’ Prime Insurance Company Upgraded

Insurance Journal - Fri, 09/22/2017 - 12:39
A.M. Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” from “a-” of Prime Insurance Company (PIC) in Chicago, Ill. The outlook of these ratings has been revised …

Ohio Increases Fines Against Pipeline Developer to $2.3M

Insurance Journal - Fri, 09/22/2017 - 12:36
Ohio’s environmental regulators have more than doubled the proposed fines against a company building a natural gas pipeline from West Virginia to Michigan, saying the two sides are at an impasse. The fines now stand at $2.3 million and stem …

Jump in Energy Contract Lawsuits Expected in Harvey’s Wake

Insurance Journal - Fri, 09/22/2017 - 12:19
Lawyers expect a spate of force majeure contract lawsuits after Hurricane Harvey tore through Southeast Texas and parts of Louisiana last month, paralyzing a fifth of U.S. fuel output and pushing some oil production offline. Hurricanes and other natural disasters …

U.S. and EU Sign Covered Agreement on Insurance Regulation

Insurance Journal - Fri, 09/22/2017 - 12:13
The United States and European Union have scheduled a ceremony for today for the signing of a bilateral agreement on prudential insurance and reinsurance measures. Both sides announced in July their intention to sign the agreement, also known as a …

Researchers: FEMA’s Houston Flood Maps Outdated Long Before Harvey

Insurance Journal - Fri, 09/22/2017 - 12:06
The Federal Emergency Management Agency’s flood plain maps for parts of southeastern Houston were woefully out-of-date long before Hurricane Harvey ravaged the Texas coast, a new study suggests. Researchers at Rice University and Texas A&M University at Galveston studied one …

Minnesota Gov. Cranks Up Pressure on Feds to Protect Health Programs

Insurance Journal - Fri, 09/22/2017 - 12:04
Minnesota Gov. Mark Dayton blasted federal health officials on Sept. 20 for holding up approval of a program meant to lower health insurance costs and threatening millions of dollars in cuts to health care for the working poor. State lawmakers …

Sullivan Appointed as Texas Insurance Commissioner

Insurance Journal - Fri, 09/22/2017 - 11:45
Texas has a new insurance commissioner. Texas Gov. Greg Abbott has named Kent Sullivan to serve as insurance commissioner and head of the Texas Department of Insurance. His term expires Feb. 1, 2019. The post has been vacant following the …

SEC Hacking Latest in Series of Government Agency Cyber Breaches

Insurance Journal - Fri, 09/22/2017 - 11:41
A major computer hack at America’s top stock market regulator is the latest sign that data stored in the highest reaches of the U.S. government remains vulnerable to cyber attacks, despite efforts across multiple presidencies to limit high-profile breaches that …

New Bridge Design Tested by Nevada Quake Lab Following Mexico Quake

Insurance Journal - Fri, 09/22/2017 - 11:10
Scientists at a Nevada earthquake lab this week tested new bridge designs with connectors they say are innovative and created to better withstand violent temblors and speed reconstruction efforts after major quake damage. University of Nevada, Reno engineers performed the …

General Star Names 4 to New Primary Casualty Specialist Team

Insurance Journal - Fri, 09/22/2017 - 11:06
General Star Management Co. has crated a new Primary Casualty Specialist Team within the Casualty Brokerage Division. The new team will consist of Maria Manuli (Primary practice leader), Ed Felcyn, Michelle Yoshida and Brianna Gatto. Manuli is vice president and …

California Workers’ Comp Division Suspends 6 Medical Providers for Fraud

Insurance Journal - Fri, 09/22/2017 - 11:00
The California Division of Workers’ Compensation has suspended six more medical providers from participating in the state’s workers’ comp system, bringing the total number of suspended providers to 38. The suspensions were made possible by the passage last year of …

Heffernan Names Grootendorst Branch Manager in Oregon

Insurance Journal - Fri, 09/22/2017 - 10:48
Heffernan Insurance Brokers has promoted Brenda Grootendorst to branch manager of the firm’s Portland, Ore. Grootendorst, who is a senior vice president in the firm, has more than 30 years of insurance and risk management. Grootendorst was a principal shareholder …

XL Catlin in Iberia Taps Marsh’s Herrero as Head of Political Risk, Credit & Bond

Insurance Journal - Fri, 09/22/2017 - 09:46
XL Catlin’s insurance operation in Iberia announced new local underwriting capabilities with the appointment of Santiago Herrero as head of Political Risk, Credit & Bond (PRCB) – Iberia. Herrero will be based in Madrid and reports to Dan Riordan, XL …

London Decides to Strip Uber of Its License; Uber Will Appeal

Insurance Journal - Fri, 09/22/2017 - 09:16
London stripped Uber on Friday of its license to operate from the end of September in a huge blow to the taxi app that will affect more than 40,000 drivers in one of the world’s biggest cities. Regulator Transport for …

Natural Disasters Begin to Hit Profits of Global Reinsurers

Insurance Journal - Fri, 09/22/2017 - 08:57
A profit warning from one of the world’s largest reinsurers is the latest sign that the death and destruction from a spate of hurricanes and earthquakes in North America are now taking a toll on the titans of global finance. …

Official Says Bus in Deadly New York Crash Going Twice the Speed Limit

Insurance Journal - Fri, 09/22/2017 - 08:47
Federal safety investigators say a charter bus that blew through a red light in New York City and caused a horrific crash that killed three people was traveling at nearly double the posted speed limit. National Transportation Safety Board investigator …

Lawyers Say Vermont Man Whose Kin Died is Withholding Information

Insurance Journal - Fri, 09/22/2017 - 08:38
Insurance company lawyers say a Vermont man suspected of killing his millionaire grandfather refuses to answer questions about the day his boat sank with his mother onboard. Nathan Carman’s boat sank last year. His mother is presumed dead. In a …

U.S. Safety Board Says Train Crash Engineers Had Undiagnosed Sleep Disorder

Insurance Journal - Fri, 09/22/2017 - 08:29
The engineers in two New York City area commuter train crashes suffered from sleep apnea that had not been diagnosed, the U.S. National Transportation Safety Board said on Thursday. The NTSB released factual findings on Thursday regarding its investigations into …

Russia National Reinsurance Co. to Expand into China, India, Middle East & Africa

Insurance Journal - Fri, 09/22/2017 - 07:45
Russian National Reinsurance Co. (RNRC) aims to expand into China, India, the Middle East and Africa to increase income from premiums and diversify beyond Russia, the chief executive said. State-owned RNRC was set up mainly to offer reinsurance to firms …

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