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Insurance Journal delivers the latest business news for the Property/Casualty insurance industry
Updated: 4 days 23 hours ago

Americans Put Too Much Faith in Homeowners Insurance

Thu, 08/18/2016 - 8:01am
Too few Americans take steps to prepare for disasters and too many assume their home insurance policies will bail them out if one strikes. As disaster season peaks, a new national consumer survey commissioned by Trusted Choice and the Independent …

July Continued Earth’s Record-Setting Hot Streak

Thu, 08/18/2016 - 7:42am
As more than 100,000 Americans flee destructive wildfires in California and floods in Louisiana, earth sends yet another reminder that the worst is yet to come: a new record for planet-wide heat. Last month wasn’t just the hottest July on record for the …

Could This New Drug Ease America’s Opioid Crisis?

Thu, 08/18/2016 - 7:37am
So far, the fight against America’s opioid crisis has focused on treating addiction and curbing abuse. In February, President Barack Obama asked Congress for $1.1 billion to fund health care for addicts, and last month Congress allocated $181 million in grants for state programs. …

Boston Insurance Brokerage’s Lynch Heads Opening of D.C. Office

Thu, 08/18/2016 - 7:23am
Boston Insurance Brokerage Inc. (BIB), a provider of commercial insurance, tapped Brian Lynch, vice president of high value personal lines, to head the opening of its office in Washington D.C. Lynch initially joined the firm in February 2014 as a …

Guidewire to Acquire Massachusetts Software Firm FirstBest

Thu, 08/18/2016 - 7:11am
Guidewire Software Inc., a property and casualty insurance software provider headquartered in Calif., has entered into an agreement to acquire FirstBest Systems Inc., a Bedford, Mass. based provider of underwriting management systems for property and casualty insurers. FirstBest’s product lines …

Natural Catastrophes Drive Global Insured Losses to $31B in H1: Swiss Re’s Sigma

Thu, 08/18/2016 - 7:01am
Global insured losses from natural catastrophes and man-made disasters during the first half of 2016 reached US$31 billion, or 44 percent of total economic losses of US$71 billion, according to a report issued by Swiss Re’s sigma. The economic loss total …

New Jersey’s Holman Insurance Services Acquires Risk Partners

Thu, 08/18/2016 - 6:59am
Holman Insurance Services LLC, a subsidiary of Maple Shade, N.J., based Holman Automotive Group Inc., has acquired Risk Partners Inc., a Medford, N.J., based commercial insurance brokerage and managing general underwriter. Following the acquisition, Risk Partners will continue to operate under …

New York’s Columbia University Faces $100M Lawsuit for Mismanaging Retirement Plan

Thu, 08/18/2016 - 6:57am
Columbia University was accused on Tuesday of mismanaging its retirement plan in a federal civil lawsuit that alleges $100 million in damages. The suit is the latest to target a major university’s retirement plan management and to bring under scrutiny …

Sompo Canopius Names Catlin’s Newman as CEO of APAC & MENA

Thu, 08/18/2016 - 5:34am
Sompo Canopius has appointed Mark Newman as chief executive officer Sompo Canopius Asia Pacific, Middle East and North Africa. He is based in the Singapore office, reporting to Mike Duffy, chief underwriting officer. Newman has 30 years in insurance and …

China’s Ping An Eyes Overseas Acquisitions, Including in Post-Brexit UK

Thu, 08/18/2016 - 3:13am
Ping An Insurance Group Co. of China Ltd, the country’s second-largest insurer, is aiming for a possible fivefold increase in overseas investments and has not been put off Britain by its vote to leave the European Union, its group chief …

Tropical Storm Fiona, 6th Storm of 2016, Forms in Central Tropical Atlantic

Thu, 08/18/2016 - 2:53am
Tropical Storm Fiona, which formed more than 900 miles west of the Cape Verde Islands, is forecast to track across the open Atlantic for at least the next five days, the U.S. National Hurricane Center said. Fiona, the sixth storm …

Allianz, AXA Bid for Rights to Sell Products via StanChart Outlets in Asia: Sources

Thu, 08/18/2016 - 2:44am
Allianz SE, Europe’s biggest insurer, and France’s AXA SA were among first-round bidders for the rights to distribute general insurance products through Standard Chartered Plc outlets in Asia, according to people with knowledge of the matter. A unit of MS&AD …

Kentucky Man Awarded $21M for ‘Unnecessary’ Heart Procedures by Hospital

Thu, 08/18/2016 - 12:18am
A jury has determined that a hospital in London, Kentucky, and its parent company should pay $21.2 million to a Corbin man who received unnecessary heart procedures. The Lexington Herald-Leader reports that the jury ruled August 10 St. Joseph Health …

South Carolina Approves Updated RMS North Atlantic Hurricane Models

Thu, 08/18/2016 - 12:08am
Versions of global catastrophe risk management firm RMS’ North Atlantic Hurricane Models have been approved by South Carolina’s Department of Insurance for the purpose of residential rate filings. Approval for the hurricane model versions 15.0 and 15.0.1 was provided on July …

Debt Collectors Cleared to Avoid Liability by Buying Out Claims

Thu, 08/18/2016 - 12:00am
Can a debt collector accused of crossing the line avoid liability by buying a consumer’s legal claim out from under her? A federal judge in Las Vegas said yes. The case deserves attention because if the U.S. Court of Appeals …

Uber to Reunite with Alabama College Towns

Wed, 08/17/2016 - 11:55pm
The ridesharing service Uber plans to return to two Alabama cities this week as students return to college campuses. Local media report that city officials in Auburn and Tuscaloosa have approved ordinances in recent weeks that satisfy the company. Uber …

Florida Insurers UPC Insurance, American Coastal Insurance Enter Merger Agreement

Wed, 08/17/2016 - 11:23pm
United Insurance Holdings Corp. (UPC Insurance), a property and casualty insurance holding company, has entered into a merger agreement with RDX Holding, LLC, the parent of American Coastal Insurance Co. (ACIC or American Coastal), to combine the companies in an …

Regulators Say Kentucky Mine Operator Negligence Caused Fatal Accident

Mon, 07/25/2016 - 11:58am
Federal regulators have concluded that a Harlan County coal mine operator’s negligence resulted in a miner’s death earlier this year. A report issued by the Mine Safety and Health Administration found that Lone Mountain Processing’s Huff Creek No. 1 failed …

Louisiana Man Gets 10 Years for Arson Fire That Destroyed 3 Homes

Mon, 07/25/2016 - 11:49am
A 33-year-old Raceland, La., man has been sentenced to 10 years in prison after pleading guilty to arson in a fire that destroyed three homes last summer in Gheens. The Daily Comet reports Treiston Pierron pleaded guilty to three counts …

Great American Insurance to Acquire National Interstate Corporation

Mon, 07/25/2016 - 11:46am
National Interstate Corp. (National Interstate), based in Richfield, Ohio, announced it has agreed to be acquired by Great American Insurance Co. (Great American), a wholly-owned subsidiary of American Financial Group Inc. (AFG). Under the terms of the agreement, Great American …

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