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Insurance Journal delivers the latest business news for the Property/Casualty insurance industry
Updated: 7 hours 26 min ago

$4M Settlement Reached in Lawsuit Over Boating Death

16 hours 52 min ago
The parents of a man who died in a Virginia boating accident have reached a $4 million settlement in a lawsuit they filed over his death. Graham McCormick’s family sued his friend, John Randolph Hooper of Richmond, Va., accusing him …

N.J. Roofing Contractor Cited for Safety Hazards, Could Face $221K in Fines

16 hours 52 min ago
The U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) has cited roofing contractor John Prevete Framing LLC for exposing employees to safety hazards while performing residential demolition work at a Passaic County, N.J., site. OSHA proposed $221,343 in …

Global Catastrophe Bonds Set Q1 Record: Aon

Wed, 05/02/2018 - 12:00am
Global catastrophe bond issuance broke a first-quarter record, come in at nearly $3.6 billion for Q1 2018 as the market expanded into new areas, Aon Securities said in its latest report. The $3.58 billion in insurance linked securities were spread …

U.K.-EU Brexit ‘Working Group’ Tasked with Fate of Insurance Policies

Wed, 05/02/2018 - 12:00am
The European Central Bank and the Bank of England have been drafted in to study the threats that Brexit poses to financial services. Just don’t expect this “technical working group” to save the day. Brexit’s potential to disrupt trillions of …

Pioneer Underwriters Names Gaffney Chief Operating Officer

Wed, 05/02/2018 - 12:00am
Pioneer Underwriters has appointed Simon Gaffney as group chief operating officer, He will report to Dane Douetil, group chief executive officer of Pioneer, and be based in London. Gaffney has two decades of experience in the insurance broking industry, including …

Insurtechs Haven’t Yet Made Impression on Public

Wed, 05/02/2018 - 12:00am
Insurtechs may be trying to transform how carriers, brokers and agents do business, but customers aren’t widely aware of their existence just yet, J.D. Power has determined. J.D. Power, which focused mostly on the auto insurance industry, found that just …

Family of Teen Who Drowned in West Virginia Community Pool Awarded $1.75M

Tue, 05/01/2018 - 11:40pm
A judge in West Virginia has approved a $1.75 million settlement of a lawsuit filed in a teenager’s drowning at a municipal swimming pool. Media outlets report Harrison County Circuit Judge Chris McCarthy approved the settlement in the wrongful death …

Investigators Say Serial Arsonist Likely Behind Vacant House Fires in Georgia

Tue, 05/01/2018 - 11:37pm
Authorities believe a serial arsonist is targeting vacant homes in a Georgia city. Macon-Bibb Fire Department Capt. Michael Williamson tells The Telegraph that two vacant homes were destroyed by fires on Sunday. He says that his shift alone has responded …

Federal Tax Cuts Spur 1.8% Decrease in Florida Workers’ Comp Rates

Tue, 05/01/2018 - 11:23pm
The Florida Office of Insurance Regulation (OIR) has approved a 1.8 percent rate decrease for workers’ compensation insurance in Florida. The decrease was filed by the National Council on Compensation Insurance (NCCI) in a law-only filing resulting from the effects …

CFO Parry to Leave Lloyd’s After 17 Years

Tue, 05/01/2018 - 11:53am
Lloyd’s of London announced today that Chief Financial Officer John Parry has decided to leave the corporation after 17 years. Parry joined Lloyd’s in August 2001. He was appointed chief financial officer in December 2014, and is a member of …

University of Minnesota Settles Harassment Complaints for Nearly $300K

Tue, 05/01/2018 - 11:47am
Newly released documents show the University of Minnesota paid nearly $300,000 to settle sexual harassment complaints related to former athletic director Norwood Teague. He resigned in 2015 after two high-ranking administrators said he sexually harassed them at a senior leadership …

Strong Winds Fanning Fires, Dangerous Dust Storms in Midwest

Tue, 05/01/2018 - 11:46am
A fire fueled by strong winds extensively damaged a grain elevator in Wisconsin’s Brown County. The fire broke out about 11:30 a.m. Sunday in Mina. Because of 40 to 45 mph winds, smaller fires caused by blowing, burning debris were …

California Commissioner OKs 1st Lessor’s Risk Coverage for Marijuana Industry

Tue, 05/01/2018 - 11:41am
California Insurance Commissioner Dave Jones has approved what his office says is the first insurance coverage for commercial landlords that addresses risks specific to renting to cannabis businesses. California Mutual Insurance Co. was approved to add lessor’s risk coverage for …

A.M. Best Upgrades Issuer Credit Rating of Illinois Casualty

Tue, 05/01/2018 - 11:41am
A.M. Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” from “bbb” and affirmed the Financial Strength Rating (FSR) of B++ (Good) of Illinois Casualty Co. (Illinois Casualty) in Rock Island, IIlinois. The outlook for the Long-Term …

No Tornadoes in Oklahoma in 2018 — Yet

Tue, 05/01/2018 - 11:31am
This year’s weather on the Southern Plains has an odd twist: Oklahoma has yet to record its first tornado, the deepest into the year it’s gone without one since 1962. Although a drought has dried up moisture needed to fuel …

H.W. Kaufman Group Acquires Premium Financing Firm, Stonemark, in Dallas

Tue, 05/01/2018 - 11:25am
H.W. Kaufman Group has acquired Dallas-based premium financing firm, Stonemark Inc., with plans to merge it into Kaufman subsidiary, Royal Premium. The merger will create a new organization under the Stonemark brand. Stonemark recorded more than $125 million in annual …

Dedicated DocuSign Investor Turned $18 Million Into $700 Million in 12 Years

Tue, 05/01/2018 - 11:06am
The biggest winner of DocuSign Inc.’s long-awaited initial public offering isn’t well-known. The venture capitalist has never appeared on a Midas List, and his firm isn’t one of the venerable investment firms on Sand Hill Road in Silicon Valley. But …

North Carolina Man Accused of $5M Crop Insurance Fraud Scheme

Tue, 05/01/2018 - 10:38am
Federal prosecutors have accused a North Carolina man of stealing more than $5 million in federal crop insurance funds over a four-year period. U.S. Attorney Robert J. Higdon Jr. said in a news release multiple charges are filed against 43-year-old …

NRA Tells Judge It Fears Harassment in Suit Over Florida Gun Law

Tue, 05/01/2018 - 10:26am
Two 19-year-old Florida residents who joined the National Rifle Association in suing over the state’s new gun-control law asked a federal judge to let them remain anonymous, saying they fear for their safety because NRA staff have received threatening calls …

Charter Bus Carrying High School Chorus Crashes in South Carolina, 17 Injured

Tue, 05/01/2018 - 10:23am
Authorities say 17 people were hurt, two seriously, when a charter bus carrying a high school chorus team crashed in South Carolina. Colleton County Fire-Rescue Chief Barry McRoy tells WCIV-TV the crash happened early Sunday on Interstate 95 in the …

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