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NICB Confirms Texas as Leader in Hail Damage Claims

Mon, 06/05/2017 - 12:14
Everything is big in Texas, including hailstorms. The National Insurance Crime Bureau (NICB) reported that insurance claims for hail damage in Texas last year exceeded the previous two years combined. Hail damage fluctuates year-to-year, but 2016 was a particularly devastating year across the …

Fort Worth’s InsureZone Adds Surplus Lines Rating Technology

Mon, 06/05/2017 - 12:09
Fort Worth-based InsureZone announced the release of MGA Pro, which can provide real-time surplus lines rating from 25 carriers. InsureZone purchased MGA Pro in 2016 in order to add surplus lines rating to its suite of commercial and personal lines …

Chicago’s Rosebud Restaurants Settles Discrimination Lawsuit for $1.9M

Mon, 06/05/2017 - 12:05
Chicago-based Rosebud Restaurants has agreed to settle a federal lawsuit accusing it of discriminating against some black job applicants. The Chicago Tribune reports that under the settlement Rosebud Restaurants must pay $1.9 million and establish a program to hire African-Americans. …

Arizona City Receives $1M for Flood Control Project

Mon, 06/05/2017 - 11:30
Flagstaff, Ariz. officials say $1 million provided by the federal government will be used for design work and related preparations for the Rio de Flag flood control project. Officials say the funding from the Army Corps of Engineers will allow …

Topa’s Manzitto Joins JLT Re as Executive Vice President in California

Mon, 06/05/2017 - 11:18
JLT Re North America Inc. has named Tony Manzitto executive vice president in Los Angeles, Calif. Manzitto will focus on the expansion of JLT Re’s structured products team. Manzitto most recently held the positions of chief underwriting officer and chief …

WIAA in California Promotes Brockhouse, Pettersen to Vice President

Mon, 06/05/2017 - 11:10
Rancho Cordova, Calif.-based Western Insurance Agents Association has promoted Kou Brockhouse and Steven Pettersen to vice president. Both served were member services specialists before being promoted to directors of business development at WIAA. They are members of an executive staff …

Penn State Making Changes to Greek System After Pledge Death

Mon, 06/05/2017 - 09:22
Penn State is making changes to its Greek system, including taking control of the previously self-governing fraternities and sororities, following the February death of a pledge. The university’s board of trustees approved a set of changes during a meeting Friday. …

Possible Aetna Move Prompts Focus on Urban, State Policies in Connecticut

Mon, 06/05/2017 - 09:17
Connecticut officials are again re-examining how they can dissuade companies like General Electric and now possibly insurance giant Aetna from relocating to places considered more innovative. A string of state budget deficits, state and local tax policies, as well as …

Connecticut Governor Says State Senate Bill Ignores Insurance Industry Concerns

Mon, 06/05/2017 - 09:02
Connecticut Governor Dannel P. Malloy sharply criticized the Connecticut Senate for unanimously passing legislation early Friday that creates a new mandate for health insurers, arguing the bill shows a “lack of awareness and blatant disdain for the industry’s expertise.” The …

The Andrew Agency Acquires Wood Insurance in Virginia

Mon, 06/05/2017 - 08:55
The Andrew Agency, a Richmond, Va.-headquartered insurance broker, has acquired Wood Insurance, effective June 1, 2017. Terms of the transaction were not disclosed. Also based in Richmond, Va., Wood Insurance specializes in commercial and personal lines property and casualty insurance. …

Validus ILS Unit AlphaCat Names AQR’s Van der Stichele as Portfolio Manager

Mon, 06/05/2017 - 08:51
AlphaCat Managers Ltd., the Bermuda-based subsidiary of Validus Holdings Ltd., announced the appointment of Bernard Van der Stichele to the position of portfolio manager for AlphaCat. In this new role, Van der Stichele will report to Lixin Zeng, chief executive …

Excess Capacity Continues to Drive Rate Cuts at June Renewals: JLT Re Report

Mon, 06/05/2017 - 05:41
Reinsurance rates fell for the sixth consecutive year at the June 1, 2017 renewals, according to a market commentary published by JLT Re. JLT Re cited its Risk-Adjusted Florida Property-Catastrophe (ROL) Index which fell by 5.1 percent this year. This was …

InsurLab Germany Launched in Cologne to Promote Insurtech Innovation

Mon, 06/05/2017 - 04:01
InsurLab Germany, a digital hub for the insurance and reinsurance industry, has been launched in Cologne to promote digital innovation in the industry. There are eight founding insurance companies:  AXA, Barmenia, Debeka, Gen Re, Gothaer, LVM, Provinzial Rheinland and R+V. …

China’s Anbang Denies Chairman Has Been Prevented from Leaving Country

Mon, 06/05/2017 - 03:17
Wu Xiaohui, the chairman of Anbang Insurance Group Co. Ltd., is free to travel, a spokesman for the Chinese insurer said on Friday, denying a report that Wu had been prevented from leaving China. The Financial Times reported that Wu had been …

Consumer Specialties Insurance Adds Crisis Management/Cyber Endorsement to GL Policy

Mon, 06/05/2017 - 01:21
Consumer Specialties Insurance Company (CSI), a risk retention group serving the specialty consumer products industry, has added a crisis management/cyber risk endorsement to its commercial general liability policy. The endorsement – which provides a sublimit of $25,000 for crisis management, …

Florida Man Arrested for Running Shell Company Workers’ Comp Scam

Mon, 06/05/2017 - 01:12
A Florida man has been arrested for allegedly operating a shell construction company for the sole purposes of selling the company’s workers’ compensation certificate, according to a statement from Chief Financial Officer Jeff Atwater. Leon “Chuy” Jimenez, owner of Chuy …

Why Having Cell Phone Conversations While Driving Is Risky

Mon, 06/05/2017 - 01:00
It’s generally acknowledged that talking on a cell phone impedes driving ability. But new research from the University of Iowa is showing how even a simple conversation can affect the brain’s ability to focus on the roadway. UI researchers used computerized experiments …

Lawmakers Ask Supreme Court to Weigh Veterans’ vs. Employers’ Rights in Workplace

Mon, 06/05/2017 - 01:00
Nineteen lawmakers are testing their luck at the Supreme Court, asking the justices to take up a case on whether military reservists’ unfair dismissal claims can be forced into arbitration by their civilian bosses. Because the case involves veterans’ rights, …

U.S. Appeals Court Upholds Dismissal of Zoloft Lawsuits Against Pfizer

Mon, 06/05/2017 - 01:00
The Third U.S. Circuit Court of Appeals in Philadelphia upheld a lower court’s dismissal last year of more than 300 product liability suits against drug maker Pfizer over its antidepressant Zoloft. The lawsuits alleged that Zoloft was responsible for birth defects …

Family of South Carolina Boy Killed by Tree Limb at Local Park to Receive $3.6M

Mon, 06/05/2017 - 00:22
The parents of a 3-year-old boy killed by a falling tree limb while playing at a South Carolina park are getting $3.6 million to settle a lawsuit. Jacoby Latta was playing during a church picnic at Irmo Community Park in …

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