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Updated: 20 hours 24 min ago

President Signs Flood Insurance Extension But Government Shutdown Could Limit Operations

Sat, 12/22/2018 - 9:59am
On Friday, December 21, 2018, President Trump signed into law a measure reauthorizing the National Flood Insurance Program until May 31, 2019. The flood program was set to expire at midnight on Dec. 21. However, the partial federal government shutdown …

Lloyd’s Underwriters Agree to Settle Charges Related to NRA-Branded Insurance

Fri, 12/21/2018 - 2:40pm
In a December 20 consent order, 10 Lloyd’s of London underwriters have entered into an agreement to pay $5 million to the New York State Department of Financial Services (DFS) for underwriting fire arms liability insurance programs branded by the …

AM Best: Negative Rating Implications from Wildfires for California Capital And Subsidiaries

Fri, 12/21/2018 - 12:54pm
AM Best has placed under review with negative implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” of California Capital Insurance Co. and its subsidiaries Eagle West Insurance Co., Monterey Insurance Co. and …

U.S. Signs Agreement with UK Covering lnsurance Regulation Post-Brexit

Fri, 12/21/2018 - 12:10pm
As they previously announced they would do, the U.S. Treasury and U.S. Trade Representative have officially signed an agreement with the United Kingdom to provide insurance regulatory continuity after the country exits the European Union. The Trump Administration also issued …

New Suit Alleges Clergy Sex Abuse by New Mexico Priest

Fri, 12/21/2018 - 11:09am
Another lawsuit has been filed against the Catholic Church, alleging sexual abuse of a child by a now-deceased priest who once served at Our Lady of Health Parish in Las Cruces, N.M. It’s the latest in a string of legal …

20 Indicted in Washington for Staging Crashes to Defraud Auto Insurers

Fri, 12/21/2018 - 11:06am
Twenty people have been indicted by a grand jury in Spokane, Wash., for allegedly staging vehicle crashes to defraud insurance companies. Defendants are accused of deliberately staging a series of automobile, boating, pedestrian/vehicle and other accidents in Washington, Idaho, Nevada …

Power Restored to Last of 10K Paradise Residents Hit by California Wildfire

Fri, 12/21/2018 - 11:04am
A Northern California utility says it has restored power interrupted by a wildfire six weeks ago to all customers able to receive it. Pacific Gas & Electric said this week the last of about 10,000 residents of Paradise and the …

Judge Blocks New York from Enforcing Opioid Surcharge on Companies

Fri, 12/21/2018 - 10:19am
A Manhattan federal judge blocked New York state from enforcing a recently enacted law that aimed to collect $600 million from drug manufacturers and distributors to defray the costs of combating the opioid addiction epidemic. U.S. District Judge Katherine Polk …

Judge Again Rules Against $200M Raid on Pennsylvania Insurance Surplus

Fri, 12/21/2018 - 10:16am
A federal judge is again ruling against Pennsylvania legislation that would take at least $200 million from a state-chartered medical malpractice insurer of last resort. U.S. District Judge Christopher Conner said the state can’t “legislatively recapture” the Pennsylvania Professional Liability …

Officials Identify Worker Who Fell Down Elevator Shaft in Massachusetts

Fri, 12/21/2018 - 10:13am
Officials have identified the construction worker who died after falling down an elevator shaft in Massachusetts as 41-year-old Carlos Ortiz. The Essex district attorney’s office says Ortiz was working on the roof of a nine-story building in Haverhill morning when …

Murphy Says NJ Transit Meets Safety Equipment Deadline

Fri, 12/21/2018 - 9:57am
New Jersey Transit has made enough progress on installing a federally mandated emergency braking system to meet a year-end deadline, Gov. Phil Murphy said. At a news conference at NJ Transit’s maintenance yard, the Democratic governor said the transit agency …

GEICO Promotes Pusateri to Vice President of Marketing

Fri, 12/21/2018 - 9:25am
Giant auto insurer GEICO has promoted Joe Pusateri to vice president of marketing Pusateri previously served as an assistant vice president in marketing; in that role, which he assumed last year, he oversaw analytics, direct mail, in-house creative and the …

Signs Point to Better New Year for Nonstandard Auto Insurance Market

Fri, 12/21/2018 - 9:19am
There are initial signs that the private passenger nonstandard automobile segment is beginning to improve after years of unfavorable results, including continued premium growth in 2017 and through mid-year 2018, according to A.M. Best. Best’s Market Segment Report, “Early Signs …

Japan Insurance Group MS&AD to Raise Stake in Swiss Re’s UK Unit ReAssure

Fri, 12/21/2018 - 8:38am
Japanese insurance group MS&AD Insurance Group Holdings (MS&AD) has agreed to increase its minority stake in ReAssure, Swiss Re’s UK closed life book consolidator, by making an additional cash investment of £315 million ($398.7 million). The transaction, which is subject …

Big Pharma Resuming U.S. Price Hikes in January After Pause: Reuters Report

Fri, 12/21/2018 - 8:23am
Novartis AG and Bayer AG are among nearly 30 drugmakers that have taken steps to raise the U.S. prices of their medicines in January, ending a self-declared halt to increases made by a pharma industry under pressure from the Trump …

Neon Underwriting Promotes Butt to CEO, Washington to Managing Director

Fri, 12/21/2018 - 7:59am
Neon Underwriting Ltd. (NUL), Neon’s Lloyd’s managing agency, announced the promotions of Theo Butt to chief executive officer and Matthew Washington to managing director with immediate effect. The appointments are subject to approval by Lloyd’s and the UK Prudential Regulation …

Miller Completes Acquisition of London Re/Insurance Broker Alston Gayle

Fri, 12/21/2018 - 6:22am
Insurance broker Miller Insurance Services LLP announced that following receipt of all necessary regulatory approvals, it has completed its acquisition of Alston Gayler and Co. (AG). The transaction strengthens Miller’s position as a leading London wholesale and specialist broking platform, …

London’s Gatwick Airport Reopens After Drones Cause 36 Hours of Travel Chaos

Fri, 12/21/2018 - 6:06am
London’s Gatwick Airport reopened on Friday after a saboteur wrought 36 hours of travel chaos for over a hundred thousand Christmas travelers by using drones to play cat-and-mouse with police snipers and the army. After the biggest disruption at Gatwick, …

Appeals Court Upholds $6M Libel Ruling Against North Carolina Newspaper

Fri, 12/21/2018 - 2:03am
An appeals court has upheld a libel ruling against a North Carolina newspaper that resulted in a $6 million award for a firearms expert whose work was questioned in articles. The North Carolina Court of Appeals ruled Tuesday that State …

Damaging Hail in August Leads to Disaster Designation, Help for Michigan Farmers

Fri, 12/21/2018 - 1:55am
The U.S. Department of Agriculture says a portion of Michigan’s northern Lower Peninsula has been designated as a natural disaster area following a summer hailstorm that damaged crops. Agriculture Secretary Sonny Perdue announced the designation for Grand Traverse County. With …

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