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News Center

News – Insurance Journal

Swiss Re Places $925M Cat Bond for California Earthquake Authority
Swiss Re Capital Markets Corp. has successfully structured and placed the issuance of $925 million of insurance-linked securities for the California Earthquake Authority. Swiss Re Capital Markets underwrote the transaction through two classes of principal-at-risk variable rate notes issued by …

POSTED MAY 23, 2017 2:33 PM
EPB&B in Oregon Partners with ISU Insurance Network
Portland, Ore.-based Elliott, Powell, Baden & Baker has partnered with ISU Insurance Agency Network. EPB&B offers business and personal insurance. San Francisco, Calif.-based ISU Network is a organization with 180 mid-sized agencies in 30 states. Member agencies maintain local ownership.

POSTED MAY 23, 2017 2:13 PM
Zurich’s Bauman Joins XL Catlin to Head Global Programs, Captives
XL Catlin said it is expanding its global insurance programs and captive business with the appointment of Steven Bauman as head of its global programs and captive practice in North America. Bauman will provide technical support across business lines in structuring global captive programs, ensure …

POSTED MAY 23, 2017 1:32 PM
Cyber Security Firms in Spotlight Following WannaCry Attack
For Kris Hagerman, chief executive of UK-based cyber security firm Sophos Group Plc, the past week could have been bad. The WannaCry “ransomware” attack hobbled some of its hospital customers in Britain’s National Health Service, forcing them to turn away …

POSTED MAY 23, 2017 1:27 PM
Deadly Times Square Attack Highlights NYC Pedestrian Safety
Fears of a terrorist attack prompted officials to ring many of the pedestrian plazas of Times Square with squat steel posts capable of stopping a speeding vehicle. But those barriers only cover so much ground. There were none of them …

POSTED MAY 23, 2017 12:25 PM
IIABNY Installs HF&C’s MacDonald as Chairman of the Board
The Independent Insurance Agent & Broker Association of New York (IIABNY) installed Richard MacDonald as chairman of the board on May 11, 2017. IIABNY exists to fulfill the educational, political, and business interests of more than 1,750 independent agencies and …

POSTED MAY 23, 2017 12:24 PM
MGA Globe Underwriting Launches Marine Division with UK, Int’l Focus
Globe Underwriting, the UK-based managing general agent, has announced the launch of its marine division. The five-strong team is led by Peter Rogers, head of marine, and David Dymond, head of underwriting. They will report to Gary Corke, CEO, Globe …

POSTED MAY 23, 2017 11:19 AM
A.M. Best Places Ratings of Sompo Japan Canopius Re Under Review
A.M. Best has placed under review with developing implications the financial strength rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” of Zurich-based Sompo Japan Canopius Reinsurance AG. The credit rating action follows the successful completion the …

POSTED MAY 23, 2017 11:03 AM
Insured Losses for Europe’s Windstorm Thomas Rise to $279.2M: PERILS  
The latest property insured loss estimate for Windstorm Thomas, which on Feb. 23-24 hit the British Isles, the Netherlands, Belgium and Germany, is €249 million (US$279.2 million), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data. …

POSTED MAY 23, 2017 10:31 AM
Pennsylvania’s Lacher & Associates Acquires Brunner Insurance
Lacher & Associates of Souderton, Penn., has acquired Brunner Insurance of Richlandtown, Penn. Founded by Gus Brunner in 1960, Brunner Insurance specializes in providing for the insurance needs of families and businesses. In 1995, Brunner transitioned the agency to Don …

POSTED MAY 23, 2017 10:14 AM
Maine’s Clark Insurance Appoints Ellis and Fifield as Senior Account Executives
Clark Insurance, a Portland, Maine-based independent insurance agency, has appointed Joshua Ellis and Joshua Fifield as senior account executives in the business insurance department of Clark Insurance. Ellis joined Clark in 2009 after serving as a claim adjuster for workers’ …

POSTED MAY 23, 2017 10:06 AM
Uber Drivers Arrested in Hong Kong for Driving Without Insurance
Hong Kong police on Tuesday arrested 21 Uber drivers for illegal car-hiring as part of a clamp down against Uber Technologies Inc.’s operations in the Asian financial city. The arrests marked the latest upset for the San Francisco-based technology company, …

POSTED MAY 23, 2017 10:02 AM
JLT Specialty USA Appoints Levitt as Executive Vice President in New York
JLT Specialty USA, a U.S. subsidiary of Jardine Lloyd Thompson Group plc. (JLT), has appointed Gabe Levitt as executive vice president. Based in New York, Levitt will join JLT’s New York office and focus on servicing private equity firms, real …

POSTED MAY 23, 2017 10:00 AM
China Firms View Political Risks as Top Concern for Belt & Road Project
As the global limelight fades from President Xi Jinping’s “Belt and Road” summit, the main actors — Chinese state-owned companies — are warning about the political risks they face along the route. Earlier this month Xi outlined plans to direct …

POSTED MAY 23, 2017 9:47 AM
Britain Reels from Suicide Attack; Children Among 22 Dead
Britain is reeling from last night’s terror attack that killed 22 people at a concert by U.S. pop star Ariana Grande in the northern city of Manchester. It bore all the hallmarks of a suicide bombing and children are among …

POSTED MAY 23, 2017 9:26 AM
North Carolina Woman Awarded $1.5M in Construction Safety Whistleblower Suit
A federal jury has awarded $1.5 million to a former North Carolina fire investigator who said she was fired after complaining about the safety of construction work at an office building. The Charlotte Observer reported that a jury ruled May …

POSTED MAY 23, 2017 5:45 AM
Tennessee Insurance Producer Fined $400K for Misappropriation of Client Premiums
The Tennessee Department of Commerce and Insurance (TDCI) has taken disciplinary action against Carey R. Carroll, Jr., a Knoxville-based former Tennessee insurance producer who was found to have violated multiple provisions of Tennessee law resulting in a $400,000 penalty and …

POSTED MAY 23, 2017 5:19 AM
Today’s Climate of Crime, Safety and Security at Schools, Colleges
One in every 5 middle and high school students has complained of being bullied at school and the number of reports of sexual assault on college campuses has more than tripled over the past decade, according to a federal study. …

POSTED MAY 23, 2017 5:00 AM
Cyber Insurance Sales Continue to Grow, Prices Stabilize, Brokers Report
Businesses are buying more cyber insurance and prices for the coverage are stabilizing, according to the latest survey by The Council of Insurance Agents and Brokers. According to the survey of about 100 commercial lines brokers, about 32 percent of …

POSTED MAY 23, 2017 5:00 AM
Patients on Opioids Before Knee Surgery Have Worse Pain Outcomes
Six months after knee replacement surgery, pain outcomes were not as good for patients who previously took prescription opioids, according to a study in the May 17 issue of The Journal of Bone & Joint Surgery. “Our results should be viewed as a …

POSTED MAY 23, 2017 5:00 AM
WannaCry Attack Could Be Opportunity for Cautious Insurance Industry: A.M. Best
According to a rating agency A.M. Best, the the recent WannaCry ransomware attack could be a benefit to the insurance industry if it leads to better-crafted policies with clear language that provide the desired protection for policyholders. A.M. Best said …

POSTED MAY 23, 2017 5:00 AM
California Commissioner Lowers Workers’ Comp Pure Premium
California Insurance Commissioner Dave Jones issued a revised advisory pure premium rate, lowering the benchmark to $2.02 per $100 of payroll for workers’ compensation insurance effective July 1. This is 16.5 percent less than the average pure premium rate of …

POSTED MAY 22, 2017 11:10 PM
California’s Comp Insurers Had 5.1% More in Direct Written Premium in 2016
California workers’ compensation insurers wrote $12.96 billion in direct written premium last year, an increase of $628 million, or 5.1 percent, from the prior year, according to new data from the National Association of Insurance Commissioners released by the California …

POSTED MAY 22, 2017 7:11 PM
Louisiana Getting Another $51M in Federal Flood Aid
Louisiana’s getting another $51 million in federal dollars to help with recovery from last year’s floods. U.S. Sen. Bill Cassidy announced the latest figure Thursday. He says the U.S. Department of Housing and Urban Development released information about how it …

POSTED MAY 22, 2017 4:56 PM
Ohio Bill Would Limit Access to Workers’ Comp for Workers Here Illegally
The Ohio House has approved a workers’ compensation budget that blocks workers living in the country illegally who get hurt on the job from accessing compensation benefits. The Columbus Dispatch reports the bill was approved after a strong debate. Democratic …

POSTED MAY 22, 2017 4:49 PM
Ohio Steel Plant Faces $280K Fine for Safety Violations
A federal safety group says it has proposed a $280,000 fine against an Ohio steel plant for violations over lead exposure and hazards caused by unsafe machinery. The Occupational Safety and Health Administration announced the proposed fine Friday against Republic …

POSTED MAY 22, 2017 4:46 PM
Cyberattack Cost Michigan Utility $2M, 14 Employees
A utility company in Lansing, Mich., is still transitioning back to stability after a cyberattack temporarily disabled the company’s internal network and required it to pay a $25,000 ransom. Dick Peffley, general manager for the Board of Water & Light, …

POSTED MAY 22, 2017 4:44 PM
Texas Senate Passes Texting While Driving Ban
The Texas Senate on May 19 passed a measure banning texting while driving statewide. HB 62 by Midland Rep. Tom Craddick previously was approved by the House. While more than 100 cities in the state have texting and driving bans …

POSTED MAY 22, 2017 4:40 PM
Insurance to Pay for up to $57M in Damage to Washington Waste Treatment Plant
An analysis says equipment failures caused between $49 million and $57 million of damage at the Washington’s largest sewage treatment plant. KING-TV reported  the analysis was released related to damage at the West Point Wastewater Treatment Plant in Seattle. The …

POSTED MAY 22, 2017 3:10 PM
$173K Settlement Revealed in Utah State Student ‘Slack Line’ Death
Utah State University has agreed to pay $172,500 to the parents of a student killed four years ago when he hit a slack line rope tied between two trees while he was biking on campus, according to documents released by …

POSTED MAY 22, 2017 3:06 PM

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