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ICC Forms Risk Purchasing Group Offering Admitted Umbrella Coverage to Restaurants
Innovative Coverage Concepts (ICC) has launched a new commercial umbrella insurance offering that will cover a broad range of restaurant and hospitality risks. The coverage will be available to upscale fine dining and casual dining establishments as well as upscale …

POSTED APRIL 28, 2017 5:17 AM
Mine Owned by West Virginia Gov Faces Fines for Safety Violations
A West Virginia mining operation owned by Gov. Jim Justice faces fines of more than $10,000 for six safety violations following a workers’ fatal fall in February. The West Virginia Office of Miners’ Health, Safety and Training says 43-year-old Jason …

POSTED APRIL 28, 2017 5:05 AM
Senate Bill Extends National Flood Insurance Program for 10 Years
U.S. Senators Bill Cassidy (R-La.) and Kristen Gillibrand (D-N.Y.) have released draft legislation to reauthorize the National Flood Insurance Program (NFIP) for 10 years. The NFIP is currently set to expire on Sept. 30, 2017. The legislation, the Flood Insurance …

POSTED APRIL 28, 2017 5:00 AM
How Drivers Dress-Up Old Cars with New Safety Tech
Old cars can learn new tricks. For a few hundred dollars, drivers can add new safety technology — like forward collision warning systems or backup cameras — to older cars. Cars are lasting longer than ever thanks to improving quality. …

POSTED APRIL 28, 2017 5:00 AM
Floods Prompt State of Emergency in North Carolina
A North Carolina county declared a state of emergency Wednesday because flooding closed a number of roads and led to evacuations. Edgecombe County officials announced on Facebook that several roads are impassable and that residents on one road outside the …

POSTED APRIL 28, 2017 4:58 AM
North Carolina Issues Warning Against Taking Pictures on Railroad Tracks
Transportation officials and railroad companies are sounding a warning: Active railroad tracks are a bad backdrop for prom pictures or selfies. With the season for graduations and prom portraits underway, North Carolina’s transportation and public school agencies this month are …

POSTED APRIL 28, 2017 4:40 AM
Florida Peninsula Insurance Launches Online Quoting for Homeowners Coverage
Florida Peninsula Insurance Company, a Florida homeowner insurance carrier, has launched a new online system offering homeowners insurance quotes to consumers. According to Clint Strauch, president of Florida Peninsula system allows Florida consumers to shop and compare coverage and price, …

POSTED APRIL 28, 2017 4:33 AM
tKg Hires Walker to P&C Eastern Division in Charlotte
Surplus lines wholesale brokerage tKg has hired Mark Walker to serve as vice president and broker in the company’s P&C Eastern division, based in Charlotte, N.C. Walker has more than 22 years of experience helping retail agents and brokers place …

POSTED APRIL 28, 2017 4:13 AM
Report: Climate Change Could Cause Mass U.S. Migration
Migration to escape sea level rise could radically reshape the U.S. population landscape, and not just in coastal areas, according to a recent study. The author, Mathew Hauer, an applied demographer with the Carl Vinson Institute of Government at the …

POSTED APRIL 27, 2017 8:34 PM
United Airlines Settles with Passenger Dragged from Plane
United Airlines said it has reached a settlement with Dr. David Dao, the passenger who was dragged from a Chicago flight on April 9 because he did not want to surrender his seat. Video of the violent incident was viewed …

POSTED APRIL 27, 2017 7:46 PM
Marsh Reports 5% Revenue Growth in Q1
Marsh & McLennan Companies Inc. (MMC) reported financial results for the first quarter ended March 31, including 5 percent revenue growth at Marsh and 4 percent at Guy Carpenter, its Risk and Insurance divisions.   “With a strong start to the year, we …

POSTED APRIL 27, 2017 5:00 PM
7 Texas Auto Dealer Employees Charged with Insurance Scams, Theft
Police in El Paso, Texas, say seven current and former employees of an auto dealership have been arrested for running a series of illegal schemes that included taking vehicles from the lot and stealing tires. Authorities said in a news …

POSTED APRIL 27, 2017 4:23 PM
Pipeline Company Investigating 19,000-Gallon Oil Spill in Oklahoma
A Houston-based pipeline company continued cleanup at the site of a nearly 19,000-gallon oil spill in northwest Oklahoma that threatened a local water supply over the weekend. Crews from Plains All American Pipeline were at the site in rural Loyal, …

POSTED APRIL 27, 2017 4:19 PM
Former Willis CEO Casserley Joins Warburg Pincus as Investment Advisor
Private equity firm Warburg Pincus said Dominic Casserley has joined the firm as a senior advisor in its Financial Services Group.  Casserley formerly CEO of Willis Group Holdings, will help evaluate new investment opportunities in the financial services sector, including …

POSTED APRIL 27, 2017 3:18 PM
California Lawmakers Pondering Move to Dump Health Insurers
California lawmakers are considering an audacious proposal that would substantially remake the state’s health care system by eliminating insurance companies and guaranteeing coverage for everyone. The idea known as single-payer healthcare has long been popular on the left. It’s gaining …

POSTED APRIL 27, 2017 3:00 PM
Regulators in California Hit PG&E with $8.3M Fine for Deadly Wildfire
Regulators say they have fined Pacific Gas and Electric Co. $8.3 million for failing to maintain a power line that sparked a massive blaze in Northern California that destroyed 549 homes and killed two people. The California Public Utilities Commission …

POSTED APRIL 27, 2017 2:55 PM
$11.4M Settlement from California Oxygen Equipment Supplier
A company in California’s Bay Area that sells home oxygen equipment has agreed to pay more than $11 million to settle allegations that it profited from filing false reimbursement claims with the government. The San Francisco Chronicle reported the Justice …

POSTED APRIL 27, 2017 2:52 PM
Massachusetts Court Sides with Norfolk & Dedham in Personal Injury Suit
The Massachusetts Appeals Court  has upheld a Superior Court decision that defendant, Norfolk & Dedham Mutual Fire Insurance Co., did not engage in unfair settlement practices in its handling of a personal injury claim. The court also reversed the portions …

POSTED APRIL 27, 2017 2:43 PM
House Committee Expected to Advance Overhaul of Dodd-Frank
A U.S. Congressional banking panel is moving to advance legislation that would overhaul how the government regulates the financial sector, although it faces obstacles towards becoming law. Representative Jeb Hensarling, who chairs the House Financial Services Committee, is considering amendments …

POSTED APRIL 27, 2017 1:43 PM
Fire Guts New York Mill Owned by Cooperstown Baseball Bat Maker
A fire has heavily damaged the upstate New York mill owned by a Cooperstown-based wood baseball bat company. Emergency officials in Otsego County say the fire was reported around 6 p.m. Monday at Cooperstown Bat Co.’s mill in the town …

POSTED APRIL 27, 2017 1:06 PM
Appeals Court Upholds $250K in Damages Against Pan Am for Injured Maine Employee
A federal appeals court has upheld $250,000 in damages against Pan Am Railways, saying the company illegally retaliated against a Maine employee. The Portland Press Herald reports conductor Jason Raye told his supervisors about a pile of railroad ties next …

POSTED APRIL 27, 2017 1:01 PM
New York Teen Gets Probation, Psychiatric Care in Friend’s Fire Death
A teenager who has been in and out of the hospital with mental health problems since the death of a friend in a massive fire the boys started was sentenced Tuesday to a year of probation. A Family Court judge …

POSTED APRIL 27, 2017 12:55 PM
Octo Telematics Offers Insurers Distracted Driving Scoring Feature
Octo Telematics is making available a distracted driving scoring and analysis feature within its suite of telematics products used by its more than 60 auto insurer customers. The scoring feature is available for both in-vehicle and mobile solutions that include Octo …

POSTED APRIL 27, 2017 12:49 PM
JPMorgan Not Liable to Madoff Customers, Court Rules
JPMorgan Chase & Co. is not liable to a group of former customers of Bernard Madoff who blamed the bank for being actively involved in his Ponzi scheme and ignoring red flags of fraud, a federal appeals court ruled on …

POSTED APRIL 27, 2017 12:37 PM
MGA Pen Underwriting & Markel Partner to Offer UK Equine Cover
Pen Underwriting has formed a new strategic partnership with specialist insurer Markel International to further consolidate Pen’s presence in the UK equestrian market and drive the company’s product innovation in the sector. Markel is an established and leading name in …

POSTED APRIL 27, 2017 11:05 AM
Willis Updates ‘Unify’ Platform in Response to New Solvency II Challenges
Willis Towers Watson has released an updated version of “Unify,” the systems integration and workflow platform. Unify 2.0 introduces new features in response to the tightening of reporting timescales under Solvency II, which continue to pressure insurers to process vast …

POSTED APRIL 27, 2017 10:31 AM
Eastern Newfoundland Windstorm Costs Insurers US$32.5M  
A windstorm that hit eastern Newfoundland on March 11, 2017 has resulted in almost C$45 million (US$32.5 million) in insured damage, according to the Insurance Bureau of Canada (IBC), quoting statistics from Catastrophe Indices and Quantification Inc. (CatIQ). Wind gusts of over 180 kilometers per hour (112 …

POSTED APRIL 27, 2017 10:09 AM
Hamilton Re Announces Management Team Appointments
Hamilton Re, the Bermuda platform of Hamilton Insurance Group, announced the following appointment and senior role changes in its management team: Minesh Shah has joined Hamilton Re in the newly created role of senior vice president, Actuary. Shah reports to Chief Risk Officer Pete …

POSTED APRIL 27, 2017 9:55 AM
Hackers’ Ransom Demands Rise as Victims Keep Paying: Symantec
Hackers are demanding increasingly hefty ransoms to free computers paralyzed with viruses, as cyber criminals seek to maximize profits from large numbers of victims willing to pay up, according to cyber security firm Symantec Corp. The average demand embedded in such malicious software, which …

POSTED APRIL 27, 2017 7:35 AM
Political Risk Tops List of Worries for Insurers Across Globe: GS Survey
Political risk is the biggest concern this year for insurers globally, following several shock outcomes in 2016, a survey of insurers managing $10 trillion in assets showed on Thursday. Political events have overtaken issues such as worries about an economic slowdown in …

POSTED APRIL 27, 2017 7:20 AM

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