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News – Insurance Journal

Lockton Hires Wells Fargo’s Galioto as Senior VP in Minneapolis
Angelo Galioto has joined insurance broker Lockton Companies as a senior vice president in its Minneapolis office. Lockton is the world’s largest privately held, independent insurance broker. Galioto brings 20 years of experience in the risk management industry. He spent …

POSTED MAY 11, 2017 4:55 PM
Texas’ State National Companies: Revenues Up in Q1 2017
State National Companies Inc., a Bedford, Texas-based specialty provider of property/casualty insurance services, reported an 18 percent increase in total revenues for the first quarter ended March 31, 2017. The company also raised its 2017 earnings per share outlook. Compared to …

POSTED MAY 11, 2017 4:42 PM
TRIP: Oklahoma’s Deteriorating Roads, Bridges Cost Motorists $5B
A national transportation research group says deteriorated and congested roads and bridges in Oklahoma cost the state’s motorists $5 billion a year in higher vehicle costs, crashes and congestion-related delays, the Associated Press reported. A report released by the Washington, …

POSTED MAY 11, 2017 4:28 PM
Ohio Governor: Too Many Die in Manufactured Homes, Regulation Needed
Ohio Gov. John Kasich believes too many people are dying in manufactured homes, and he wants oversight of those homes transferred from an industry-controlled board to the state. Statistics compiled by the State Fire Marshal’s office show people living in …

POSTED MAY 11, 2017 4:16 PM
Missouri Workers’ Comp Lawsuit Bill Heads to Governor’s Desk
Missouri lawmakers have passed a bill to raise the standard for employees to sue for discrimination over workers’ compensation claims. Senators voted 23-10 on May 8 to send the legislation to Republican Gov. Eric Greitens, who has said he wants …

POSTED MAY 11, 2017 4:14 PM
BP Settles with Louisiana Parish Over Oil Spill for $45M
A coastal Louisiana parish announced a $45 million settlement with BP over damages from the 2010 Gulf of Mexico Oil spill. Plaquemines Parish juts out into the Gulf of Mexico from Louisiana’s southeastern tip. Oil from the spill after the …

POSTED MAY 11, 2017 4:11 PM
Yahoo Fails to Cooperate with Hack Probe, Says German Cyber Agency
Germany’s federal cyber agency said on Thursday that Yahoo Inc. had not cooperated with its investigation into a series of hacks that compromised more than one billion of the U.S. company’s email users between 2013 and 2016. Yahoo’s Dublin-based Europe, Middle East …

POSTED MAY 11, 2017 3:54 PM
Flooding Overwhelming Central Idaho Neighborhoods
City officials in central Idaho are warning residents to prepare for more flooding as muddy water continues to overwhelm neighborhoods in Ketchum and Bellevue. Blaine County Disaster Services Coordinator Chris Corwin says the worst of the flooding is yet to …

POSTED MAY 11, 2017 3:26 PM
Bill Requiring Day Care Liability Insurance Awaits Hawaii Governor’s OK
A bill requiring Hawaii child care providers to obtain liability insurance has passed its final reading in the House. The bill is awaiting Gov. David Ige’s signature to go into effect, Hawaii News Now reported. The bill would increase oversight …

POSTED MAY 11, 2017 3:25 PM
Heffernan Names Van Aken Assistant Vice President in California
Heffernan Insurance Brokers has named Michelle Van Aken assistant vice president in the benefits department of the Menlo Park, Calif. office. Van Aken brings has more than a decade of employee benefits experience ranging from open enrollment renewals and vendor …

POSTED MAY 11, 2017 3:21 PM
Allianz Global Corporate & Specialty Partners with Insurtech Firm to ID Liability Risks
Allianz Global Corporate & Specialty SE (AGCS), the corporate insurance unit of Allianz SE, is working with Praedicat, the Los Angeles-based insurtech analytics firm, to better predict key catastrophe liability risks. The partnership aims to find new ways to better …

POSTED MAY 11, 2017 2:51 PM
Bunker, Startup Broker for Small Business, Contractor Insurance, Raises $6 Million
Bunker, a startup digital insurance broker focused on independent contractors and small businesses, has raised $6 million in Series A funding that will help fuel product development and expansion. Hiscox and American Family are among the backers. Omidyar Network, a venture …

POSTED MAY 11, 2017 2:00 PM
Trump Claims Absolute Immunity from D.C. Wine Bar’s Lawsuit
Lawyers for Donald Trump on Wednesday said the U.S. president has “absolute immunity” from a lawsuit by owners of the Cork Wine Bar in Washington, D.C., who claim that his ownership of a nearby hotel constitutes unfair competition. Trump’s lawyers, in seeking …

POSTED MAY 11, 2017 1:43 PM
Generali Plans Expansion in Asset Management to Boost Profits
Generali is looking to buy portfolio management teams to expand its asset management operations and beef up its fee-based business, the Italian group said after reporting a 9 percent fall in first-quarter profits on Thursday. Italy’s biggest insurer said it …

POSTED MAY 11, 2017 1:17 PM
AIG to Name Hamilton’s Duperreault as CEO: Wall Street Journal
The Wall Street Journal is reporting that American International Group Inc. plans to name Brian Duperreault, founder and CEO of Hamilton Insurance Group, as CEO, replacing Peter Hancock. The publication cited people familiar with the matter. Duperreault, 70, has extensive insurance …

POSTED MAY 11, 2017 12:10 PM
Travelers’ Drone Program is Changing the Way Its Claims Reps Do Business
Travelers’ Claim University, founded in 2007, is working to change the way its claims professionals do business through the use of drones to assist in property inspection and claims analysis. The nearly 200,000-square foot facility in Windsor, Conn., offers hands-on …

POSTED MAY 11, 2017 11:53 AM
Catalina Buys Hartford Financial Products Int’l, Downlands Liability Management
Catalina Holdings (Bermuda) Ltd. announced that its wholly owned subsidiary, Catalina Holdings UK Ltd., has completed its acquisition of Hartford Financial Products International Ltd. and Downlands Liability Management Ltd. from The Hartford Financial Services Group Inc. The acquisition of HFPI …

POSTED MAY 11, 2017 11:40 AM
Insurance Regulators Exploring Ways to Protect Consumers in Age of Big Data
The incorporation of “Big Data” from Internet-based sources is a defining feature of underwriting and rating in today’s property/casualty insurance market. In light of that, the National Association of Insurance Commissioners (NAIC), through its Big Data Task Force, is exploring …

POSTED MAY 11, 2017 10:44 AM
Allstate’s Encompass Insurance to Exit Massachusetts This Summer
Encompass Insurance, an Allstate Insurance company that sells business through independent agents, outlined in its first quarter 2017 earnings news release its intent to withdraw from Massachusetts as part of its profit improvement actions starting in late June of this year. …

POSTED MAY 11, 2017 10:30 AM
Transamerica Owner Aegon’s Profits Up; Shares Drop on Solvency Concerns
Aegon, the Dutch insurer that does most of its business in the United States, on Thursday reported first-quarter net income of 378 million euros ($411 million), helped by the performance of its investment portfolio. [Editor’s note: Aegon’s Q1 net income …

POSTED MAY 11, 2017 10:28 AM
TWFG Taps Cordone in New Jersey to Lead Expansion Efforts
The Woodlands Financial Group (TWFG), a national agency based in The Woodlands, Texas, is launching an effort to expand into the Mid-Atlantic and Northeast states of New York, Pennsylvania and New Jersey. Vic Cordone, a 37-year Allstate veteran and former …

POSTED MAY 11, 2017 10:16 AM
Insurance Sector Set to Overtake Banking in Switzerland
Switzerland’s financial center is in the midst of a power shift. The Alpine country’s less fashionable insurers, long overshadowed by glamorous private banks around Zurich’s posh Paradeplatz and Lake Geneva, are on course to surpass banks as a bigger contributor …

POSTED MAY 11, 2017 9:45 AM
Aon Names Hogg as Leader of Cyber Solutions, CEO of Stroz Friedberg
Aon plc announced that Jason Hogg has joined the firm as leader of Aon Cyber Solutions, responsible for the growth strategy of the firm’s solutions that help clients address and manage cyber risk. He will also serve as chief executive …

POSTED MAY 11, 2017 9:34 AM
Burns & Wilcox Names Posner Director of High Net Worth in California
Burns & Wilcox has added Heather Posner as an associate vice president and director of its high net worth practice in Los Angeles, Calif. Posner will specifically be focused on expanding the firm’s high net worth personal insurance footprint in …

POSTED MAY 11, 2017 9:00 AM
Judge Finds Alabama Workman’s Compensation Act Unconstitutional
A judge has ruled that two statutes of the Alabama Workmans Compensation Act are unconstitutional, thereby rendering the entire act unconstitutional because of a non-severability statute. The Gadsden Times reports Jefferson County Circuit Judge Pat Ballard found fault with statutes …

POSTED MAY 11, 2017 5:13 AM
‘Poaching’ Suits Like Aon v. Alliant: Nothing Personal, Just Routine Business
An ongoing legal battle between two large national insurance brokerage firms over employee poaching is a byproduct of a hazard faced in the financial services industries where relationships and knowledge of business practices are premium assets, experts say. A jury …

POSTED MAY 11, 2017 5:00 AM
Georgia Colleges Grapple With New Law Allowing Concealed Handguns on Campus
Georgia’s public university presidents and police chiefs were strongly opposed to letting people carry concealed handguns on college campuses. Now that Gov. Nathan Deal has signed the campus-carry law, it falls on them to figure out how to implement it …

POSTED MAY 11, 2017 4:46 AM
56 Students Escape South Carolina School Bus Fire
Authorities in South Carolina say more than 50 students escaped without injury after the school bus they were riding caught fire. Local media reports say the bus was carrying students to three different Spartanburg schools on Tuesday morning when two …

POSTED MAY 11, 2017 4:31 AM
Florida Court Approves Workers’ Compensation Ratemaking Process
A Florida appeals court has rejected a trial court’s finding that the process for determining workers’ compensation rates used by a rating organization and state insurance regulators violated the state’s Sunshine Law. The decision means that a 14.5 percent workers’ …

POSTED MAY 11, 2017 4:19 AM
How AIG Woes Hurt U.S. Commercial Lines Results: Fitch
While U.S. commercial lines insurance had been a relatively bright spot among property/casualty insurers, the sector is facing some clear deterioration due to weakening premiums and poor loss experience. What’s more, Amercian International Group (AIG) alone is to blame for …

POSTED MAY 10, 2017 6:30 PM

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