Statewide Claims for California Wildfires Reach $12B

Insurers have received nearly 45,000 insurance claims totaling more than $11.79 billion in losses from the wildfires that burned across the state in October and December 2017, California Insurance Commissioner Dave Jones announced today. The fires damaged and destroyed more …

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Ohio’s Cannasure Launches New Cannabis Program

Westlake, Ohio-based managing general agent and wholesale broker Cannasure Insurance Services (Cannasure) announced it is launching a comprehensive coverage program to support the cannabis industry. The Cannasure program will offer the following coverage lines: Property, General Liability, Products Liability, Crop …

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Surplus Lines Market Had a Record Breaking Year in 2017

Across the United States, all fifteen (15) surplus lines service offices experienced increases in excess and surplus (E&S) lines insurance premium, totaling $28.1 billion, the Surplus Lines Stamping Office of Texas (SLTX) reports. Information compiled by the SLTX confirmed the …

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Insurance Council of Texas: Justified Consumer Complaints Minimal in 2017

Despite another year of bad weather, data from the Texas Department of Insurance (TDI) shows that justified consumer complaints continued to be low, the Insurance Council of Texas (ICT) reports. Out of 6.7 million policies, and an estimated 700,000 homeowner …

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Report: More Than 25 South Carolina Doctors Investigated for Sexual Misconduct

More than two dozen South Carolina doctors have been investigated for possible sexual misconduct in the last five years, according to a newspaper review of records of the state Board of Medical Examiners. The Post and Courier of Charleston reported …

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EU Will Not Offer Post-Brexit Passporting for UK Insurers, Banks: Diplomats

European Union negotiators see no room for discussion with Britain on maintaining “passport” access to EU financial markets for its banks after Brexit, but they are willing to look at free trade in the sector, diplomats said. Speaking after EU …

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Risk Theory Launches Auto Service, Repair Garage Program

Risk Theory, LLC, underwriter for a nationwide dealer open lot program for independent agents, has launched a new garage package program for franchised and non-franchised auto service and repair operators. The Risk Theory Garage Program, led by Bob Tschippert, offers …

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Worldwide Broker Network Names Gambonini as Global P/C Consultant

The Worldwide Broker Network (WBN) announced the appointment of Antoinette “Toni” Gambonini as global property & casualty consultant. In this role, Gambonini will work with WBN member companies on six continents in the areas of cross-border training, new business opportunities …

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Pioneer Names Sternstein as VP in Allied Healthcare Unit in Chicago

Pioneer Underwriters (Pioneer) has appointed Aaron Sternstein as vice president in its Allied Healthcare division. He is based in Chicago and reports to Jim Stewart, senior vice president of Allied. Sternstein has more than a decade of experience in the …

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NTSB: 2016 Evacuation of Burning Jet in Chicago Put Lives at Risk

The emergency evacuation of a wide-body airliner in Chicago was anything but orderly. As flames engulfed the right wing, passengers screamed and clambered over seats even before the American Airlines jet came to a stop on the runway after the …

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International Underwriting Association Calls for EU Registry of Cyber Claims Data

A more coherent, consistent recording of cyber incidents would help the insurance industry better understand the frequency and cost of cyber claims, according to a report published by the International Underwriting Association (IUA) in London. To help raise awareness of …

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Lloyd’s Market Association to Offer International Courses, Technical Programs

The Lloyd’s Market Association Academy (LMA Academy) announced that, starting in March, it will begin offering a range of technical programs and courses internationally. The expansion builds on the success of the LMA’s immersive and practical training programs, with staff …

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Alfa Names Chancey P/C Insurance Operations Chief

Alfa Insurance has promoted Beth Chancey to senior vice president of the company’s Property & Casualty Operations effective Feb. 1. She will be responsible for P/C underwriting, actuarial services, billing and distribution services. Chancey replaces Tommy Coshatt, who was previously …

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Man Suing Bar Near Oregon University over Freak Finger Injury

A man is suing a popular tavern near the University of Oregon, claiming a freak injury at the bar has left him unable to pursue “a host of attractive, lucrative careers” in music and medicine. The Register-Guard reported that Winston …

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Oregon Jury Won’t Award Boy Who Contracted Herpes At Birth

An Oregon jury has declined to award any money to a 4-year-old boy who suffered profound brain damage after he contracted herpes from his mother at birth. Attorneys for Jonah Johnson had sought $46.5 million, saying obstetrician-gynecologist Dr. Carrie Miles …

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Attorneys Say Montana Diocese Has More Assets for Abuse Settlements

Attorneys representing victims of sex abuse by priests and other employees of the Roman Catholic Diocese of Great Falls-Billings in Montana argue parish money being held by the diocese should be available to pay a settlement to victims. The victims …

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Court Upholds Consumer Financial Bureau Structure Over Trump, Business Complaints

The Consumer Financial Protection Bureau director’s job regained a measure of security Wednesday when a U.S. appeals court said the agency head can only be fired for “inefficiency, neglect of duty, or malfeasance in office,” in a blow to the …

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Munich Re Leads $16.5M Financing for AI, IoT Startup Mnubo

Munich Re’s HSB Ventures led a $16.5 million venture financing for Mnubo, an Internet of Things (IoT), data analytics and artificial intelligence (AI) startup, which is seeking to expand internationally. Founded in 2012 and headquartered in Montreal, Canada, Mnubo is …

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Massachusetts’ Arbella Insurance Group Promotes Martin

The Arbella Insurance Group, a Quincy, Mass.-based regional property and casualty insurance company, has appointed Karin Martin to assistant vice president in its contact centers. Reporting to Janet Corcoran, executive vice president and chief operating officer, Martin will oversee the …

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Jimcor Agency Expands into Transportation Sector, Hires Blumberger in Connecticut

Jimcor Agency Inc., an independent managing general agent and wholesaler, has expanded into the transportation sector with the addition of Jeffrey Blumberger as a brokerage specialist in transportation. In this role, Blumberger will be responsible for brokerage placement and underwriting …

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Allianz Acquires Liberty International’s U.S. Product Recall Business Renewals

Allianz Global Corporate & Specialty (AGCS) is acquiring the renewal portfolio of Liberty Mutual Insurance’s U.S. product recall and special contingency business. The effective date is Jan.30, 2018. The business being acquired was written through Liberty International Underwriters (LIU) U.S., …

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The New York DFS Wants Certificates of Compliance for Valentine’s Day

What were you planning to give the New York Department of Financial Services for Valentine’s Day? Hopefully, a certificate of compliance. It is hard to believe that almost a year has passed since the NYDFS cybersecurity regulations (Cyber Rules) became …

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Chubb Records Solid Q4 and Year Despite Catastrophe Losses

Chubb had a solid last quarter of 2017 and year even though challenged by wildfire and other catastrophe costs. Fourth quarter results were enhanced by a one-time gain from the Trump tax cuts. The insurer booked $1.5 billion in net …

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Casualty Catastrophe Modeler Praedicat Raises $6 Million

Praedicat said it has completed a $6 million, early-stage financing. The Los Angeles-based casualty catastrophe modeling company plans to use the money to accelerate development of products that prepare insurers and other companies for emerging or latent commercial risks. Frank …

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UK Insurtech Startup Inzura Raises $1M for International Growth Plans

Inzura, the London-headquartered insurtech startup, announced the completion of its first major funding round, raising US$1 million to pursue ambitious growth plans. The funds will be used to accelerate new technology developments, which include: Machine learning and artificial intelligence (AI) …

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Puerto Rico Bondholders Suffer Setback as Lawsuit Dismissed

A U.S. federal judge on Tuesday dismissed a lawsuit by some of Puerto Rico’s bondholders, who had argued that the U.S. territory broke the law by defaulting on constitutionally-guaranteed debt despite having the money to make payments. Judge Laura Taylor …

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Business Risk Partners Expands Into Financial Services Sector

Business Risk Partners (BRP) has expanded into the financial services sector with the addition of two specialty insurance coverages: miscellaneous professional liability insurance for a broad range of lenders, advisors and financial entities, as well as a comprehensive policy for …

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Missouri’s Panera Bread Recalls Some Cream Cheese

St. Louis, Mo.-based Panera Bread Co. is voluntarily recalling some cream cheese sold in its U.S. stores because of possible bacterial contamination. The St. Louis-based company released a statement Sunday saying the recall was initiated after testing from a single …

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Lowe’s to Pay $55K for to Settle Charges of Discrimination at Texas Store

Lowe’s Home Centers LLC, a nationwide chain of home improvement and hardware stores, will pay $55,000 and provide other relief to settle a disability discrimination lawsuit filed on behalf of a manager at one of the company’s stores in Texas, …

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Detroit’s Greektown Casino to Settle Disability Discrimination Suit for $140K

A Detroit casino operator has consented to pay $140,000 to settle a disability discrimination lawsuit brought by federal officials. The U.S. Equal Employment Opportunity Commission (EEOC) reported that its lawsuit charged Greektown Casino LLC with unlawfully failing to provide a …

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Winter Wildfires Scorch Western Oklahoma

Firefighters say wildfires have scorched hundreds of acres in western Oklahoma, damaging fences and equipment but causing no injuries. Capt. Forrest Valentine of the Clinton Fire Department said Sunday firefighters battled two large wildfires Saturday afternoon, including one north of …

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McMillan Hired as Financial Controller at Insurance Alliance, POWERS Insurance

Sharon McMillan has been hired as financial controller for both Missouri-based Valley Insurance Agency Alliance (VIAA) and its sister company POWERS Insurance and Risk Management. McMillan will handle the planning, organization and management of the internal financial and human resources …

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Seeman Holtz Acquires Oklahoma’s Fifth Avenue Healthcare Services

Seeman Holtz Property & Casualty Inc. has acquired Fifth Avenue Healthcare Services, headquartered in Tulsa, Oklahoma. For over 20 years, Fifth Avenue has curated relationships with various networks, health plans, hospitals, surgery centers, state/federal agencies, and medical malpractice insurance carriers …

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Provost of Arizona University Dealing with Gender Lawsuit

University of Arizona Provost Andrew Comrie is facing scrutiny following a $2 million federal lawsuit filed by former Dean Patricia MacCorquodale over gender discrimination. The Arizona Daily Star reports the lawsuit made public last week says Comrie perpetuated a sexist …

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More Cameras on California Mountain Peaks to Boost Fire Protection

San Diego County, Calif. authorities say new high-definition cameras will be installed on mountain peaks to bolster fire protection, and an existing computer network that links fire stations throughout the region will be upgraded. The Union-Tribune reports officials want to …

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Number of Securities Class Actions Up But Settlement Values Down

The number of class action lawsuits in the United States accusing companies of fraud and other securities law violations soared in 2017, topping one a day even as the value of settlements plunged, a study released on Monday shows. There …

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Integro Adds Rensklev as Principal in California

Integro Insurance Brokers has named Ellen Rensklev a principal in the firm’s national Healthcare practice. She reports to the firm’s San Francisco, Calif. office. Rensklev was formerly chief risk officer of Oregon Health & Science University, where she also held …

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SEC Inquires About MetLife’s Missed Pension Payments

MetLife Inc. said on Monday the U.S. Securities and Exchange Commission is looking into the insurer’s failure to pay some workers’ pensions. MetLife, in a statement, said the SEC’s enforcement staff has inquired about payments that the insurer failed to …

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Accidental Deaths in Pennsylvania Rose in 2016, Driven By Opioid Overdose

According to National Safety Council (NSC) analysis of federal data, 1,086 more Pennsylvanians died accidentally in 2016, an increase of 15 percent over 2015. Opioid overdose led to 78 percent of those deaths. This comes on the back of NSC …

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3 Giants — Berkshire, Amazon, JPMorgan— to Form Joint Employee Health Venture

Amazon, Berkshire, JPM team up for cheaper employee healthcareAmazon.com Inc., Berkshire Hathaway and JPMorgan Chase & Co. are forming a venture aimed at lowering healthcare costs for their U.S. employees, they said on Tuesday, sparking a slide in the shares …

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Leaked Analysis Paints Gloomy Post-Brexit Picture for UK: BuzzFeed Report

Britain will be worse off after Brexit in every scenario examined, according to an analysis compiled by British officials, BuzzFeed News reported on Monday. Britain is due to exit the EU on March 29, 2019, but there are deep divisions …

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Sompo International Appoints Marine, Aviation & Energy Leaders in London

Bermuda-based Sompo International announced that Paul Ashworth has joined the company’s London Market Insurance platform as head of Marine Insurance, managing a diverse portfolio, including hull & liability and cargo & specie marine classes. Ashworth has built and managed marine …

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Radius Financial Group Launches Massachusetts-Based Insurance Agency

Licensed mortgage lender Radius Financial Group has launched a new company to service clients’ insurance needs. The Norwell, Mass.-headquartered private, full-service insurance agency is called Radius Insurance Group Inc. It will offer commercial and personal insurance, including auto, home, property, …

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Paragon in Connecticut Announces Equity Investment from EPIC and Oak Hill

Avon, Conn.-based Paragon Insurance Holdings LLC announced that Edgewood Partners Insurance Center and Oak Hill Capital Partners have taken an equity stake in the firm. Terms of the deal were not disclosed. The investment from EPIC and Oak Hill will …

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London Market’s Placing Platform Comes of Age, by Closing Complex Treaty Facility

The London market’s electronic placing platform was used to close the Aon Client Treaty facility for 2018, marking a milestone in the platform’s evolution. This is probably the largest and most complex transaction in the Lloyd’s market, said the board …

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General Liability Underwriters to Play Vital Role in Drone Insurance: IUA Report

Traditional aviation insurance policies are unlikely to address all elements of emerging risks from the rapidly increasing use of drones, according to a report from the International Underwriting Association (IUA). As a result, general liability underwriters will have an important …

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California Commissioner Says Insurers Should Cover Mudslide if Fire Was Cause

California Insurance Commissioner Dave Jones today issued a formal notice to all property/casualty insurers reminding them of their duty to cover damages from the recent mudslide and debris flows if it is determined that the burning of hillsides and vegetation …

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Berkshire Hathaway GUARD Enters Personal Lines Segment

Berkshire Hathaway GUARD Insurance Companies is now offering homeowners and personal umbrella coverage in Pennsylvania. The product is available through the company’s platform with a target market of one- to four-family dwellings, renters, and condo units (both owner-occupied and those …

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National Hurricane Center: Harvey’s Rains Make It Second-Costliest U.S. Hurricane

Record-breaking Hurricane Harvey became the second-costliest storm to hit the U.S. and dropped more rain than any other system ever. Harvey, the strongest hurricane to hit the U.S. since 2005, killed at least 103 people and caused an estimated $125 …

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Regulators Cite 4 Employers in Deadly 2017 Explosion in Colorado

Federal regulators have cited four employers, including the largest oil and gas producer in Colorado, for exposing employees to health and safety hazards in connection with a May 2017 explosion that killed one employee and burned others. The Denver Post …

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California Governor Wants 5 Million Zero-Emission Cars

Gov. Jerry Brown outlined a $2.5 billion plan to help Californians buy electric vehicles and expand a network of charging stations as part of a goal of getting 5 million zero-emission cars on the road by 2030. The ambitious proposal …

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Investigators Say Burning Candles Sparked Deadly New Jersey Apartment Fire

Investigators say some burning candles apparently sparked a deadly fire at an apartment complex in Princeton, N.J., last month. The Dec. 27 fire at the Griggs Farm community started in a bedroom in one of the units. The fast-moving fire …

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Too Few Legal Pot Operators in California Concern for Those in Pipeline

Like many pot shops in California, the Urbn Leaf in San Diego bulked up its inventory before legal sales began on Jan. 1, stockpiling enough marijuana to last for months because no one knew what the era of legal pot …

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Seeman Holtz Acquires Arizona-based Xponent Employer Solutions

Seeman Holtz Property & Casualty Inc. has acquired Xponent Employer Solutions in Scottsdale, Ariz. Terms of the deal were not disclosed. Xponent helps clients reduce the costs associated with payroll, employee benefits, insurance services, and human resource management. The Seeman …

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Trump’s SEC Considering Shielding Companies from Investor Class Action Suits

In its determination to reverse a two-decade slump in U.S. stock listings, a regulator might offer companies an extreme incentive to go public: the ability to bar aggrieved shareholders from suing. The Securities and Exchange Commission in its long history …

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Ryan Specialty Group Launches Latin America MGA, Capital Bay Underwriting

Ryan Specialty Group (RSG) has launched a Latin American-focused managing general underwriter, Capital Bay Underwriting, based in Miami. Capital Bay’s central emphasis is financial lines re/insurance products for financial institutions and commercial entities across Latin America and the Caribbean. Capital …

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Eastern Insurance Acquires Massachusetts’ Southeastern Insurance Agency

Eastern Insurance Group LLC, a Natick, Mass.-headquartered, wholly-owned subsidiary of Eastern Bank, has acquired the assets of the Southeastern Insurance Agency Inc., a full-service insurance agency with locations in North Dartmouth and Hyannis, Mass. The deal is expected to provide …

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NJM Insurance Group President and CEO to Retire This Year

NJM Insurance Group, a West Trenton, N.J.-headquartered property and casualty insurer, has announced that president and CEO Bernie Flynn will retire on April 27, 2018, after a career at the company that spanned 25 years, including the past 10 as …

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Explosion at Refinery Operated by Taiwan Energy Firm CPC Hits Diesel Output

Taiwanese state-owned energy company CPC said diesel production would be hit at its refinery in the northwestern city of Taoyuan after an explosion at the site on Monday morning, but added that there were no reports of injury. The accident, …

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Capital Markets Still Keen on ILS Investments Despite 2017 Disaster Claims: WTW

The insurance linked securities (ILS) sector is set for another year of growth as the market recovers from 2017’s natural disasters, replaces lost capital and investors show mounting interest in ILS products. These are the findings of the latest quarterly …

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Chubb Launches Agency Management & Agency Underwriting Unit in Singapore

Chubb announced the launch of a new Agency Management and Underwriting unit in Singapore. This dedicated unit will manage the strategic growth of the agency distribution channel as well as its specific underwriting and service needs. Two new appointments have …

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Artex Risk Solutions Launches Singapore Office, Led by Pannuzzo from Aon

Artex announced the creation of Artex Risk Solutions (Singapore) Pte Ltd., its first office in the region, which will oversee the growth and development of Artex’s Asia Pacific captive and risk solutions strategy. Vic Pannuzzo has been hired as chief …

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PERILS Raises Insured Loss Estimate for Germany-Austria’s Cyclone Herwart

PERILS AG has raised the loss estimate for windstorm Herwart which hit Austria and Germany on Oct. 29, 2017 to €255 million ($316.9 million). This compares to the initial loss estimate of €252 million ($313.2 million) which was issued on …

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UK Boards Begin to Use Their Clout to Push for Diversity & Inclusion

When the co-founder of a London communications group was invited to pitch for business with a Wall Street firm last November, the offer came with an unusual demand. The document explained that 15 percent of the scorecard for the pitch …

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Jury Finds AbbVie Not Liable in AndroGel Injury Suit

A federal jury in Chicago on Friday found AbbVie Inc. not liable in a lawsuit by an Arizona man who claimed he had suffered a pulmonary embolism due to using the company’s testosterone replacement medication AndroGel. The verdict in the …

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Mother of “The Walking Dead” Stuntman Killed on Georgial Set Files Wrongful Death Suit

The mother of a stuntman who fell to his death on the set of “The Walking Dead” in Georgia has filed a wrongful death lawsuit against the show’s network and other parties, saying unreasonably low budgets led to inadequate safety …

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School Testing Vendor Data Breach Exposes Info of 663 Mississippi Students

Mississippi education officials said last week that a recently disclosed data breach by a testing vendor has exposed information from 663 students in Tupelo and Jefferson County. State Superintendent Carey Wright said that Questar Assessment believes an unauthorized user gained …

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InterWest Insurance Services Opens New California Office

InterWest Insurance Services has opened a new office in Windsor, Calif. The commercial brokers affiliated with Windsor are Mike Feeney, Garrett Yates, Chip Arenchild and Mike Ryan. The employee benefits brokers are Sama Hershey Davis and Victor McKnight. Their primary …

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IBHS in Florida Announces Leadership Changes, Focus for 2018

The Insurance Institute for Business & Home Safety (IBHS), headquartered in Tampa, Fla., has promoted Anne D. Cope, Ph.D., P.E., to senior vice president of Research and chief engineer. Cope has assumed leadership of IBHS’ multimillion-dollar research agenda to make …

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Hartford Steam Boiler Launches HSB Cyber Suite for Mid-Sized Businesses

Hartford Steam Boiler Inspection and Insurance Company (HSB), part of Munich Re, has introduced HSB Cyber Suite, a comprehensive cyber insurance coverage designed for small to mid-sized businesses and other organizations. Because there are multiple types of cyber risks, HSB …

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Arkansas Hires 5 Law Firms to Help with Opioid Abuse Probe

Arkansas’ attorney general has retained five law firms to help investigate drug companies and prepare for potential legal action over their role in the state’s opioid abuse problem. Attorney General Leslie Rutledge said she retained Dover Dixon Horne PLLC in …

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Illinois Pallet Manufacturer Faces $91.8K Fine After Employee Injury

Federal safety officials have cited an Illinois pallet manufacturer for machine safety violations after an employee was injured while conducting maintenance on equipment. The U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) cited New Lenox-based Supplyside USA, and …

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West, Texas, Accepts $10.4M Settlement in 2013 Fertilizer Plant Blast Suit

A Central Texas town devastated by a 2013 fertilizer plant explosion that killed 15 people, many of them emergency personnel, has reached a settlement of its lawsuit for damages caused by the blast. The city council in West this week …

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Alaskan Quake Highlights Complexity of Tsunami Warnings

The powerful earthquake that struck beneath the Gulf of Alaska early Tuesday generated a tsunami, but before gauges could show that it was very small, warnings went out to a vast swath of the state and British Columbia, while a …

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Light Quake Hit Southern California, USGS Confirms

A light earthquake has shaken Southern California, the United States Geological Survey has confirmed. Authorities say there have been no reports of damage or injury. The USGS reports that the quake with a preliminary magnitude of 4.0 occurred just after …

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Some California Mudslide Victims Returning to Homes as Evacuation Orders Begin to Lift

Authorities are allowing some Montecito residents to return home, two weeks after mudslides ravaged the Southern California community and killed at least 21 people. Santa Barbara County spokeswoman Gina DePinto says mandatory and voluntary evacuations for about 1,000 households were …

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Engineer in Fatal Washington Train Crash Didn’t Know Curve Was Ahead

The engineer controlling an Amtrak train that derailed in Washington state in December, killing three people, told investigators he didn’t realize he was coming up on a curve until it was too late. The National Transportation Safety Board on Thursday …

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Aspen Announces Cohen to Lead Insurance Unit, Succeeding Postlewhite

Aspen announced that David Cohen, president and chief underwriting officer of Aspen Insurance, will lead the day-to-day management of the Insurance business, reporting to group chief executive officer, Chris O’Kane. “David joined Aspen in November 2015. Since his arrival, he …

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Workplace Wellness Programs Are an Exercise in Futility, Latest Research Finds

Workplace wellness programs have two main goals: improve employees’ health and lower their employers’ health-care costs. They’re not very good at either, new research finds. For the study, 3,300 employees of the University of Illinois at Urbana-Champaign were given a …

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AXA Insurance Chief Warns of ‘Uninsurable Basements’ from New York to Mumbai

Private property below ground in New York and Mumbai may not be insurable in the next decade if climate change advances, the head of one of Europe’s largest insurers said. “If you go much further to 2020, 2030, we can …

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Justice Department Seeks Dismissals of ‘Meritless’ Whistleblower Suits

The U.S. Justice Department has issued a memo that lawyers say could result in fewer whistleblowers being allowed to pursue lawsuits on the agency’s behalf against companies accused of defrauding the government. The Jan. 10 memo, reviewed by Reuters, advised …

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CNA Makes 3 Commercial Insurance Appointments

CNA announced three leadership appointments within the company’s Commercial Insurance organization. Michael Kirchgessner has been appointed to senior vice president, Underwriting for Large/Complex Casualty business. In this role, Kirchgessner will be responsible for implementing underwriting strategies for CNA’s Large/Complex Casualty …

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Bloomberg Interview with Lloyd’s CEO Beale in Davos: Economic Outlook, Asia Growth, Cyber, Brexit and More

Lloyd’s of London, the world’s oldest insurance market, is experiencing year-on-year growth of 100 percent in some of its Asian markets, where growing economies are fueling demand for cover from the region’s four billion people. There are “incredible” opportunities in …

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Police: Famous Italian Restaurant in New Jersey Suffered Fire Damage

Firefighters say a near-century-old New Jersey Italian restaurant suffered damage in an afternoon fire. Freehold fire officials say Federici’s Family Restaurant suffered smoke and water damage after a fire broke out in the wall of the restaurant Wednesday. Firefighters were …

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Casino Backers Sue Maine Commission Over $500K Fine

The backers of a failed multimillion-dollar campaign to build a third casino in Maine are suing the state ethics commission over a $500,000 fine. The Portland Press Herald reports casino entrepreneur Shawn Scott’s sister, Lisa Scott, filed the suit Monday …

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Alliant Hires Reisler as Vice President in New Jersey Office

Alliant is continuing to expand its presence on the East coast with its recent hiring of Steve Reisler as vice president. Reisler will be based in the Fair Haven, N.J., office of Alliant within the company’s Alliant Americas division. In …

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Bermuda’s Re/Insurance Model to Be Tested Following U.S. Tax Cuts: Fitch

The Bermuda re/insurance model will be tested following U.S. tax forms and the continuing challenges of competitive market conditions, according to a report by Fitch Ratings. The cut in the U.S. corporate tax rate to 21 percent from 35 percent …

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Cyber VC Firm, Advised by Ex-Intelligence Officials, Plans Europe M&As

A venture capital fund advised by former British and U.S. intelligence officials is planning a string of acquisitions to create a pan-European cyber security specialist. C5 Capital aims to create a regional managed security service leader combining the latest cloud-based …

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Oil Tanker Disaster to Be Probed by Maritime Authorities from China, Panama, Iran & HK

The maritime authorities of China, Panama, Iran and Hong Kong on Thursday signed an agreement to jointly investigate a collision in the East China Sea that caused the worst oil ship disaster in decades, according to China’s Ministry of Transport. …

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China Weighs Merger of Banking, Insurance Regulators: Sources

China is considering a merger of its banking and insurance regulators, people familiar with the matter said, as it seeks to better coordinate its attempts to counter financial risks in the world’s second-largest economy. Government agencies under the direction of …

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Iowa’s Holmes Murphy Adds Stewart, McCumber to Leadership Team

Des Moines, Iowa-based independent insurance brokerage Holmes Murphy & Associates has added Tom Stewart, president of Innovative Captive Strategies (a Holmes Murphy subsidiary) and Charisse McCumber, senior vice president, to its board of directors. In a statement, Holmes Murphy Chairman …

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Investigation: Worker Killed in Iowa Mine Sought Crystals, Despite Warning

A federal investigation has concluded a worker wasn’t following safety protocols when he was killed last year in a limestone mine collapse in Iowa’s Scott County. The Quad-City Times reports a Mine Safety and Health Administration investigation concluded that 52-year-old …

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Sanders Joins Kemper Corp. from Travelers as President of P/C Division

Duane Sanders has joined Chicago-based Kemper Corp. as president of its Property & Casualty Division. Sanders will report to Kemper President and Chief Executive Officer Joseph P. Lacher Jr. and will be based in Chicago. His direct reports include the …

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Driller in Oklahoma Oil Well Explosion Has History of Fatal Accidents

Federal safety records show 10 workers have died over the past decade at well sites linked to drilling contractor Patterson-UTI, the same driller involved in the recent rig explosion in Oklahoma that killed five workers. An analysis of Occupational Safety …

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James Cashion LTD, Litchfield Special Risks Partner on New CAT Division

Jim Cashion, owner of James Cashion LTD Co., has partnered with Litchfield Special Risks Inc. to create a new LSR-CAT division, specializing in catastrophe insurance coverage in South Central states, effective Feb. 1. With Cashion as its vice president, LSR-CAT …

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Insurance Industry Making ‘Significant Contributions’ in Climate Change Battle, Report Shows

The insurance industry is making significant contributions to building socio-economic resilience to climate change and supporting the transition to a low-carbon economy in their role as risk management experts and investors, according to a new research report The report out …

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California-based Law Firm Representing Insurers Takes ‘Solution-Oriented’ Approach

It’s no coincidence that the word “solutions” is included in the name of a new law firm representing insurers that recently launched in California. Woods Group Solutions, headquartered in Sonoma, Calif., began operations on Jan. 1 with a focus on …

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Iowa School District Settles Wrongful Termination Suit for nearly $1M

School officials in central Iowa have reached a nearly $1 million settlement with a former employee who alleged he was wrongfully fired after reporting improper conduct by a high-ranking district officer. The Waukee Board of Education unanimously approved the settlement …

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Vandal Causes Thousands of Dollars in Damage to Iowa ‘Field of Dreams’ Site

A vandal has caused thousands of dollars in damage to the Field of Dreams in Iowa by driving a vehicle onto the site made famous by the 1989 movie. The Dubuque Telegraph Herald reports that workers at the site outside …

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Test Finds Possibility of Legionella Bacteria at Illinois Capitol Complex

Preliminary test results show the possible presence of Legionella bacteria in the Illinois Capitol Complex’s hot water system and officials have removed aerators and shut off the showers to reduce the possibility of infection. Officials said Jan. 22 they’re not …

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Audit Finds Lax Monitoring of $7B in Illinois Medicaid Payments to Insurers

Illinois Gov. Bruce Rauner’s administration cannot adequately account for more than $7 billion paid to Medicaid insurance providers in 2016, an audit released on Jan. 23 found. The critical review by Auditor General Frank Mautino comes just weeks after the …

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Telematics-Based Insurance Policies in UK Rise 30% to 975,000 in 2017: BIBA

The number of live telematics-based policies reached almost one million – standing at 975,000 in 2017, according to the British Insurance Brokers’ Association (BIBA). The BIBA survey includes information from the leading telematics brands in the UK to determine the …

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Startup Neptune Offering Digital Private Flood Product to Insurers, Carriers in Nationwide Expansion

A digital startup private flood insurance provider, Neptune Flood, has secured $2 million in seed round funding and has plans to “aggressively expand” nationwide by offering its platform to carriers, agencies and mortgage lenders. Neptune’s Lloyd’s-backed product is currently available …

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MGA Ascent Underwriting Acquired by Preservation Capital Partners

Private equity firm Preservation Capital Partners has completed its acquisition of Ascent Underwriting, the London-based cyber and specialty lines MGA, after obtaining UK regulatory approval. Ascent’s management team will retain a significant shareholding in the company and will continue to …

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Conflicting California Mudslide Warnings Were Issued, Report Shows

In the days before mudslides devastated California neighborhoods, officials released conflicting evacuation orders that left some hard-hit neighborhoods out of the warning zone, a newspaper reported. The Santa Barbara County Sheriff’s Office had posted on its website and on Facebook …

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Fred C. Church Adds Vermeal in Outdoor and Adventure Practice

Fred C. Church has added Mark Vermeal to its outdoor-focused risk advisory and insurance practice. Vermeal will open an office in Golden, Colo. will become the senior risk management and safety advisor for the newly launched outdoor and adventure practice. …

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California Sues Trump Administration Fracking Rule Repeal

California on Wednesday sued the Trump administration over its repeal of Obama-era rules meant to address public safety concerns on hydraulic fracturing, the process known as fracking that is used to extract oil and natural gas, on federal lands. The …

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Participate in Insurance Journal’s Annual Agency Salary Survey

The deadline to participate in Insurance Journal’s annual Agency Salary Survey is approaching fast – participate by Feb. 2 to receive a complimentary copy of the survey results. ALL retail agency owners, principals, producers, CSRs — the entire agency — …

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January Renewals Saw Rate Hikes of Up to 5% with More Expected: S&P

Global reinsurance pricing in aggregate was flat to up about 5 percent during the January 2018 renewals, and more price hikes can be expected in loss-affected areas during the year, according to S&P Global Ratings. After last year’s spate of …

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2017’s Natural Hazards and the Destruction They Brought: CoreLogic

CoreLogic’s annual Natural Hazard Risk Summary and Analysis shows that 2017 was a year of relatively average activity for most U.S. natural hazards with the exception of wildfires in California and flooding from Hurricanes Harvey and Irma. The annual report …

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Phil Murphy Signs Order Calling for New Jersey Transit Audit

New Jersey Governor Phil Murphy is ordering an audit of the state’s beleaguered transit agency. Murphy, a Democrat, signed the executive order calling for an audit of New Jersey Transit alongside Democratic and Republican lawmakers on Monday at a rail …

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The University of Pittsburgh Suspends Fraternity After Student Hospitalized

The University of Pittsburgh has suspended a fraternity and temporarily barred all Greek life organizations from hosting events with alcohol after a student was hospitalized in an “alcohol-related incident.” University officials have not released specifics about what led to the …

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ACORD Names Maine’s The MEMIC Group Top Workers’ Comp Company in U.S.

The MEMIC Group, a Portland, Maine-headquartered workers’ compensation carrier, has been ranked the top workers’ compensation company in the U.S. by the Association for Cooperative Operations Research and Development (ACORD), the global standards-setting body for the insurance industry. In a …

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RSA Taps Swiss Re’s Buckle to Lead Global Risk Solutions; Gibbs Promoted Lead Commercial Risk Solutions

RSA’s UK & International business has appointed Tony Buckle and Rob Gibbs as managing directors of Global Risk Solutions (GRS) and Commercial Risk Solutions (CRS), respectively. Tony Buckle will join RSA on Feb. 1, 2018 to head up GRS, which …

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Italy’s Billionaire Benetton Family Plans to Boost Stake in Generali, Say Sources

Italy’s billionaire Benetton family plans to boost its stake in Assicurazioni Generali SpA, the country’s biggest insurer, to as much as 2 percent as part of a strategy to increase investments in the financial industry, according to people familiar with …

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Japan’s SoftBank Eyes Taking Stake in India Insurance Startup: Sources

SoftBank Group Corp. is in talks to back leading online insurance aggregator PolicyBazaar at a valuation of at least $800 million, according to people familiar with the matter. The two sides are examining how the Japanese company can take a …

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Oklahoma’s High Court: Oil Company Can Be Sued After Worker Injury or Death

The Oklahoma Supreme Court has ruled that oil and natural gas companies can be sued when a worker is killed or injured on the job. The state’s highest court struck down a state workers’ compensation law that exempted oil and …

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Covey Joins Midlands Management Corp. in Dallas

Wholesale insurance broker and program manager, Midlands Management Corporation, has added insurance professional Lori Covey to its team in Dallas. A 25-year veteran of the industry, Covey brings a wealth of experience and knowledge. She started her career on the …

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Oklahoma City Agencies, Universal Insurance and Ledbetter, Merge

Universal Insurance Agency, a First United company, has merged with Ledbetter Insurance Agency LLC. Both companies are located in Oklahoma City. According to the joint announcement from the firms, the merger creates one of the largest independent insurance agencies in …

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Paragon Names Petersen of Atlas Regional President in California

Paragon Insurance Holdings LLC has named Andrew Petersen regional president and executive vice president of reinsurance operations. Petersen will report to Ron Ganiats, Paragon’s CEO. He will be launching Paragon’s San Diego, Calif. presence Petersen was previously chief corporate development …

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Tennessee Gov Proposes $30M Plan to Fight State Opioid Epidemic

Gov. Bill Haslam touted a $30 million plan Monday that focuses on prevention, treatment and law enforcement to attack an opioid epidemic that kills at least three people a day in Tennessee. The Republican governor released details of the `TN …

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Five Bodies Recovered After Oklahoma Oil Well Explodes

The bodies of five people killed in an Oklahoma oil well explosion were recovered on Tuesday afternoon in a building adjacent to the drilling site outside of Quinton, Oklahoma, Pittsburg County Sheriff Chris Morris said at a briefing. The bodies …

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Oklahoma Insurance Commissioner Tapped to Chair Antifraud Task Force

Oklahoma Insurance Commissioner John D. Doak has been named chair of the National Association of Insurance Commissioners’ (NAIC) Antifraud (D) Task Force. He also was named to the International Insurance Relations (G) Committee, Executive (EX) Committee and Property and Casualty …

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Winkley Joins Texas Security General Insurance Agency as VP

Texas Security General Insurance Agency LLC (TSGA) in San Antonio, Texas, has added David A. Winkley as vice president of Commercial Lines. A former business owner, Winkley has industry experience in retail production, wholesale underwriting and marketing. A managing general …

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Prospect General Offering Admitted Residential Flood Product in Illinois

Prospect General Insurance Agency (Prospect General) has launched its admitted residential flood insurance product, Flood Guard, in Illinois. Written through Palomar Specialty Insurance Co., Flood Guard provides residential flood coverage as an alternative to the National Flood Insurance Program (NFIP). …

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Groszek Joins Alliant’s ProQuest Division in Chicago

Longtime attorney and claims specialist Jennifer Groszek has joined the ProQuest division of Alliant as vice president, claims advocate lead, where she will provide risk management, consulting, and claims management and resolution services to a broad array of clients across …

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Risk Strategies Acquires Ohio’s Benefits Network Insurance Agency

Risk Strategies Co., a privately held national insurance brokerage and risk management firm, has acquired Benefits Network Insurance Agency (BNIA), a specialist brokerage focused on the development of employee benefits plans. Terms of the deal were not disclosed. Headquartered in …

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Iowa Hospitality Industry Seeks Dram Insurance Law Changes

The Iowa Restaurant Association reported it is asking state lawmakers to pass dram insurance reform that would make it possible for restaurant and tavern operators to secure better policies to help compensate innocent victims if an intoxicated person causes harm …

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WPP’s CEO Provides Insights from His Advertising Firm’s Cyber Attack

Top executives rarely spill the beans in public when their companies are hacked. WPP Plc’s Chief Executive Officer Martin Sorrell, at a Bloomberg event Wednesday in Davos, provided extensive insight into the cyber attack targeting the London-based advertising company in …

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Insured Losses from 2017’s Natural Disasters Were 38% of Economic Costs of $353B: Aon

Insured losses for last year’s 330 natural catastrophes reached US$134 billion, or 38 percent of their economic price tag of $353 billion, according to a report published by Impact Forecasting, Aon Benfield’s catastrophe model development team. The overall economic, or …

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Businesses Coalition Challenges Fee on Montana Workers’ Comp Assets

A business coalition is asking a judge to stop state officials from imposing a fee on assets of Montana’s workers’ compensation fund to plug a budget gap The suit filed Monday in state District Court in Lake County says employers …

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M7.9 Quake Jolted Alaska, No Tsunami

A 7.9 magnitude earthquake struck off Alaska’s Kodiak Island early Tuesday, prompting a tsunami warning for a large swath of the state’s coast and sending some residents fleeing to higher ground. Officials at the National Tsunami Center canceled the warning …

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KKR-Backed Optiv Plans to Offer Cyber Security Services in Europe

Optiv Security, an acquisitive Denver-based company backed by private equity firm KKR, is expanding into Europe where it will offer its cyber security management and consultancy services, executives said on Tuesday. Optiv also is looking to roll-up independent security firms …

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Lockton Promotes Goldstine to Lead U.S. Casualty Practice

Global broker Lockton has appointed Debbie Goldstine to executive vice president and U.S. casualty leader. In this expanded role, Goldstine will support Lockton clients and advise associates and clients on marketplace and emerging risk trends. Goldstine is a 20-year industry …

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Ryan Specialty Group to Acquire New York’s Irwin Siegel Agency

Ryan Specialty Group LLC has reached a definitive agreement to acquire the assets and operations of the Irwin Siegel Agency Inc. (ISA). Terms of the agreement were not disclosed. ISA is a human and social service managing general underwriter and …

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Optisure Risk Partners Hires Sterrett as Life Practice Manager in Connecticut

Optisure Risk Partners, based in Manchester, N.H., has hired Reid Sterrett as life practice manager, reporting directly to Optisure CEO Peter R. Milnes. Sterrett will be based in Hartford, Conn., and will serve as a contributing member of the Optisure …

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Hartford InsurTech Hub Announces Partnership with Crawford & Company

Hartford InsurTech Hub, powered by Startupbootcamp, has announced a partnership with Crawford & Company, a publicly listed independent provider of claims management to insurance companies and self-insured entities. The partnership was formed through Crawford Innovative Ventures LLC, an entity created …

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New York City Sues Drug Companies Over Opioid Epidemic

New York City on Tuesday sued eight companies that make or distribute prescription opioids, blaming them for fueling a deadly epidemic afflicting the most populous U.S. city. Mayor Bill de Blasio said the lawsuit sought $500 million of damages to …

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QBE Expects US$1.2B Loss in 2017 from ‘Unprecedented’ Natural Catastrophes

QBE announced to the market this week that it expects a US$1.2 billion after-tax loss in 2017 on “unprecedented” natural catastrophe claims. “This has been a challenging year for QBE, reflecting an unprecedented cost of catastrophes as well as the …

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Worldwide Broker Network Appoints CEO of Mojumdar & Co. as New Board Member

The Worldwide Broker Network (WBN) announced the appointment of Larry Mojumdar, CEO of Mojumdar & Co. Ltd., of Tokyo, to its board of directors. Mojumdar & Co. was established in 1955 in Tokyo. The company sells insurance products to both …

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AXIS Capital Restructures to Focus More on Tech & Innovation

AXIS Capital Holdings is reorganizing its operations in a bid to focus more on technology and innovation, with an eye on long-term profitable growth. Executives hope to put the new changes in place during the 2018 second quarter. The Bermuda-based …

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PCI Responds to California Commissioner’s Statements on Federal Tax Reform

The Property Casualty Insurers Association of America is taking issue with a statement from California Insurance Commissioner Dave Jones calling for rate reviews following the federal tax legislation passed by Congress. Jones said Monday he wants insurers in his state …

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Losses From Southern California Fire Could Reach $2.5B, Expert Says

Losses from the Thomas Fire in Southern California are expected to fall between $1 billion and $2.5 billion, a catastrophe modeling firm said on Tuesday. The Thomas Fire, which raged across Southern California’s Ventura and Santa Barbara counties throughout most …

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Security Firm to Pay $90K to Settle Religious Discrimination Suit in California

Universal Protection Services, LP, dba Universal Protection Services, a nationwide private security services company, will pay $90,000 and furnish other relief to settle a religious discrimination lawsuit filed in California by the U.S. Equal Employment Opportunity Commission, the agency announced …

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$19 Billion in Potential Losses from Cloud Services Failure Mostly Uninsured: Lloyd’s, AIR

A cyber problem that temporary shuts down a top U.S. cloud computing provider could trigger as much as $19 billion in business losses, only a fraction of which would be insured, Lloyd’s of London said in a report on Tuesday. …

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FIT Insurance in Washington Names Morales Personal Account Manager

Bellevue, Wash.-based FIT Insurance has named Cynthia Morales a personal account manager. Morales has more than five years of experience in the private client insurance industry. She comes to FIT from Pacific Northwest Insurance. FIT Insurance is a boutique insurance …

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EPIC Adds Westphal in California Healthcare Practice

EPIC Insurance Brokers and Consultants has added Philip Westphal to its commercial property/casualty team in Sacramento, Calif., as a risk advisor/broker in the healthcare practice. Westphal will report to Tom McCready, managing principal and healthcare practice co-leader. He will be …

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Registration for California Seismic Retrofit Grants Opens

Registration opens today for eligible homeowners to receive grants of up to $3,000 for seismic retrofits of their older homes. Homeowners have until Feb. 23 to apply for a grant from California’s Earthquake Brace + Bolt program. EBB is expanding …

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Kentucky Accuses Drug Distributor of Helping Fuel Opioid Epidemic

Kentucky’s attorney general on Monday accused drug distributor McKesson Corp of helping fuel the opioid epidemic by failing to halt shipments of suspiciously large or frequent orders by pharmacies of prescription painkillers. The complaint by Kentucky Attorney General Andy Beshear …

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Tree Company Sued, Blamed for 2011 Texas Wildfire that Killed 2

Texas is suing a vegetation management company that it alleges caused the 2011 Bastrop County Complex Fire, the most destructive wildfire in Texas history. The lawsuit filed on Jan. 19 by Texas Attorney General Ken Paxton alleges the Asplundh Tree …

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Buildings Damaged, Power Cut by Strong Winds in Arkansas

Thousands of people are without electricity in Arkansas after strong storms moved through the state. Entergy Arkansas says crews are working to restore electricity to the 7,000 homes and businesses that lost power in the storms late Sunday and early …

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In Turnabout, Wisconsin Governor Moves to Stabilize Insurance Market

In a tack to the left in an election year, Wisconsin Republican Gov. Scott Walker announced Sunday that he wants a state law that would bar insurers from denying a person health coverage due to a pre-existing condition. He also …

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Former Arkansas Insurance Commissioner Horne Passes

Former Arkansas Insurance Commissioner Allan W. “Dick” Horne has passed away, according to the Arkansas Insurance Department. Horne led the department for three years, from 1968 through 1970. In a statement, Arkansas Insurance Commissioner Allen Kerr commented: “The Arkansas Insurance …

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Professional Liability Insurance Brokerage, Gemini Risk, Launched in Michigan

Experienced lawyers and insurance professionals David Kramer and Theodore Nittis have launched Gemini Risk Partners as an independent professional liability insurance brokerage in Bloomfield Hills, Michigan. The firm will focus on serving law firms, as it did when it was …

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Insurance Education Scholarships Available for Missouri Students

The Missouri Department of Insurance announced that high school seniors and college students, who are Missouri residents, are eligible to apply for Missouri Insurance Education Foundation (MIEF) scholarships. The deadline is March 31. Four, $1,500 scholarships are awarded to graduating …

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Tata Group Predicts Significant Organic Growth Opportunities in Insurance

The Tata Group sees potential for significant growth in financial services without relying on acquisitions, as India’s largest conglomerate looks to sharpen its focus on about half a dozen businesses. “Both our insurance business and non-banking finance company have got …

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Travelers Manages Q4 Profit Despite Wildfires, Tax Hit

Property/casualty insurance giant Travelers Companies Inc. reported net income of $551 million for the quarter ended December 31, 2017, a 42 percent drop compared to $943 million in the prior year quarter. The drop was attributable to claims from California’s …

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Idaho School Trying to Recover Data Weeks After Ransom-Seeking Cyberattack

Nearly six weeks after being hit by a massive ransomware cyberattack, the Jerome School District is still working to recover. On Dec. 11, school district officials found out much of its data was encrypted. Each affected file included a message …

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California Commissioner Wants Insurers to Pass Tax Savings to Policyholders

California Insurance Commissioner Dave Jones wants insurers in his state to pass along savings from taxes expected to be generated by the new tax bill passed in Congress recently. “The recent revision to the Federal Tax Schedule for 2018 reduced …

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TigerRisk Names Beckers, from Aon, as Partner and Head of EMEA

TigerRisk Partners LLC, the Stamford, Conn.-based re/insurance broker, announced that Marc Beckers has been named partner and head of EMEA. Beckers, most recently head of Aon Benfield ReSolutions EMEA, is one of Europe’s foremost experts on non-traditional risk-transfer structures and …

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Facebook Responds to EU’s New Data Law with Changes to Privacy Controls

Facebook will make it easier for its more than 2 billion users to manage their own data in response to a tough new European Union law that comes into force in May, the social network’s Chief Operating Officer Sheryl Sandberg …

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Liberty Mutual Sells Off Life Insurance Unit, Realigns U.S., Global P/C Business

Liberty Mutual is getting out of the life insurance business, and the insurer will reorganize in order to better focus on its remaining P/C businesses. The Boston-based global insurer said it will sell its life insurance arm – Liberty Life …

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Khan Promoted to CEO, President at ThinkRisk and CorPro

Ryan Specialty Group (RSG) announced the promotion of Reza Khan to chief executive officer and president of ThinkRisk Underwriting Agency and CorPro Underwriting Managers. Reza previously served as executive vice president for both entities and has been with ThinkRisk since …

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SpaceX Had No Insurance on Lost Satellite So Government Likely Will Pay

U.S. taxpayers may end up paying for the missing satellite launched by Elon Musk’s Space Exploration Technologies Corp. that crashed into the ocean earlier this month, part of a classified U.S. government mission dubbed “Zuma.” Questions remain around the event, …

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Two More Counties Added to New York’s Lake Flooding Disaster Declaration

New York officials say two more counties that sustained extensive shoreline damage from Lake Ontario flooding last year are now eligible for federal recovery aid. Gov. Andrew Cuomo and U.S. Sens. Chuck Schumer and Kirsten Gillibrand, all Democrats, announced Friday …

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Filing Deadline Approaching for New York’s Cybersecurity Regulation

New York Department of Financial Services Superintendent Maria T. Vullo has reminded all regulated entities and licensed persons covered by the Department of Financial Services’s (DFS) cybersecurity regulation that the first certification of compliance must be filed on or prior …

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Delaware Deputy Insurance Commissioner Crane to Leave State Service

Delaware Insurance Commissioner Trinidad Navarro has announced that Deputy Commissioner Mitch Crane will end his service to the state of Delaware on February 16, 2018. Crane has served as Commissioner Navarro’s deputy since the beginning of the Commissioner’s term on …

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Connecticut’s Paragon Insurance Holdings Hires Petersen

Paragon Insurance Holdings LLC (Paragon), an Avon, Conn.-based national multi-line specialty managing general agent, has hired Andrew Petersen to the Paragon executive management team as regional president and executive vice president of reinsurance operations. In his new role, Petersen will …

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6.1 Magnitude Quake Hits Indonesia, Causing Damages, Injuries on Java Island

Office workers fled high-rise buildings in the Indonesian capital on Tuesday after a strong earthquake shook the city, causing some injuries and damage to at least 130 buildings elsewhere on the densely populated island of Java. The relatively shallow quake …

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Airbus Looks to Insurers to Fill Export Trade Funding Gap After Europe’s Freeze

Airbus said on Monday it is working with private insurance firms and banks to help fill a two-year gap in trade funding left by a European freeze on government export credits, but expects limited public financing to resume soon. Airbus …

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UK Government Hit for Failing to Publish Brexit Position Paper on Financial Services

Business leaders have criticized Britain’s government for its failure to publish a long-delayed paper on the future of its financial services industry after Brexit. Senior financiers say they were told after the summer that the government would issue a position …

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Employees Missing After Oklahoma Drilling Rig Fire

Drilling contractor Patterson-UTI said some of its employees were missing on Monday after a fire at one of its drilling rigs in Pittsburg County, Oklahoma. The company said it had activated its emergency response systems and was cooperating with first …

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8 Things You Should Do After a Car Accident

When you’re in a car accident, whether it’s minor fender-bender or a major collision, it’s very unsettling. You may be disoriented, not sure what to do next. The best way to be prepared for such a moment is to learn the steps tha...

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NFP Names Wadsworth Vice President for Corporate Benefits in Utah

NFP has named Clint Wadsworth vice president for corporate benefits. Wadsworth has been assigned to oversee and help lead the corporate benefits strategy within NFP’s existing large employer segment. Wadsworth will help support NFP’s relationships in the Utah Market. Wadsworth …

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Leavitt Central Coast Insurance Services Acquires Pulford in California

Pulford Insurance Agency has been acquired by Leavitt Central Coast Insurance Services. The merger will not affect customer policies, and the same personnel will continue to serve clients, now at the LCCIS location in Salinas, Calif. Terms of the deal …

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Homes Destroyed, Power Outages in Texas Storm

Heavy thunderstorms produced hail and possible tornadoes in northeast Texas on Sunday night, with the communities of DeKalb and Winnsboro hardest hit, according to the Insurance Council of Texas. In DeKalb, a possible tornado struck the city’s south side causing …

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Female Rowers Sue University in Texas Court Alleging Gender Discrimination

Members of the SMU women’s rowing team have sued the school, alleging gender discrimination and negligence led to hip injuries. The lawsuit was filed in federal court in Dallas, Texas on behalf of seven past and present team members. It …

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Lawmaker Sues Oklahoma Private Investigation Firm in Spying Case

An Oklahoma lawmaker who found a tracking device attached to his pickup truck last month is suing a private investigation company and an investigator who works for the company over the device. Discovery of the tracking device has shocked Oklahoma …

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California City Sues over California Dam Crisis

A small California city at the base of the tallest U.S. dam filed a lawsuit last week against the state over an emergency that forced authorities to order 188,000 people to flee last year, arguing the crisis was caused by …

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New Mexico School District Settles Suit for $800K with Former Employee

Albuquerque Public Schools in New Mexico will pay $800,000 to its former chief financial officer to settle a whistleblower lawsuit that claimed the former superintendent placed him on paid leave for questioning district audits. The Albuquerque Journal reports Don Moya …

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CAMICO Names Ryder Vice President of Sales, Marketing and Communications

San Mateo, Calif.-based CAMICO has named Michael Ryder vice president of sales, marketing and communications. Ryder has more than 25 years of experience in professional liability insurance programs, sales and program development, marketing, management and underwriting. Prior to CAMICO, he …

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Alliant Adds Aon’s Cafferelli in Arizona

Alliant Insurance Services Inc. has named Joe Cafferelli executive vice president. Cafferelli will be based in Phoenix, Ariz., and he will provide insurance and risk management solutions to clients throughout the region. Cafferelli has experience designing property/casualty insurance solutions for …

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Effect of Government Shutdown on P/C Insurance Industry

The property/casualty insurance industry is not immune to any economic effects the government shutdown may bring but since the industry is largely regulated by the states, not Washington, the impact on the industry of federal workers not going to work …

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Man Charged with Generator Fraud in Connecticut after Superstorm Sandy

An Oregon man has been charged with stealing deposits Connecticut homeowners had made for generators after Superstorm Sandy. The Stamford Advocate reports that 56-year-old John Mech, of Seaside, Oregon, took a $7,500 deposit from a Stamford, Conn., homeowner for a …

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Pennsylvania’s Altman Named to Leadership Position on Health Insurance with NAIC

Acting Pennsylvania Insurance Commissioner Jessica Altman will serve as vice chair of the Health Insurance and Managed Care Committee of the National Association of Insurance Commissioners (NAIC), the organization reported in announcing its leadership for 2018. “I am pleased with …

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Delaware Sues Opioid Manufacturers, Distributors Over Epidemic

Delaware on Friday became the latest state to file a lawsuit accusing corporations of helping fuel the national opioid epidemic, suing a wide range of companies involved in making, distributing and selling prescription painkillers. The lawsuit, filed by Delaware Attorney …

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AIG Agrees to Acquire Bermuda Reinsurer Validus for $5.56B in Cash

American International Group Inc., emerging from years of retrenching after its near demise in the financial crisis, agreed to buy Bermuda reinsurer Validus Holdings Ltd. for about $5.56 billion in cash. Validus stakeholders will get $68 a share, the companies …

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London Market’s Priorities in 2018 Are Regulation, Brexit, Modernization: IUA

Regulatory developments, such as the EU’s new data protection law, will dominate priorities for the London company insurance market in 2018, according to the International Underwriting Association in its annual business plan. While preparations for Brexit will continue to require …

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Companies Across Globe Race to Comply with EU’s Data Protection Law

Business is booming for software and privacy experts as companies across the globe spend millions of dollars to comply with a landmark European data protection law, even as many uncertainties remain about how the rules will be enforced. The General …

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Cyber Attacks on U.S. Power Grids Can Be Deterred With Password Changes

A key to preventing cyber attacks from crippling U.S. power grids could be changing passwords on internet routers, wifi-connected thermostats and smart lawn-sprinklers. “A significant share” of internet attacks result from unchanged factory default passwords on web-connected devices that allow …

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Global Companies Find Economic Opportunities in UN Sustainable Development Goals

Many companies are looking past quarterly results to discover long-term economic opportunities in U.N. goals to end poverty and protect the planet, the head of an international business commission has said. Mark Malloch-Brown’s Business and Sustainable Development Commission has contacted …

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McDonald’s, U.S. Labor Board Begin Talks to Settle ‘Joint Employment’ Trial

McDonald’s Corp and a U.S. labor board are in talks to settle a case claiming the fast food company is liable for purported labor law violations by its franchisees, leading a judge on Friday to pause a trial that began …

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Saudi Arabia Asks U.S. Judge to Throw Out 9/11 Lawsuits

Saudi Arabia asked a U.S. judge to throw out lawsuits claiming it helped al-Qaeda carry out the Sept. 11 terrorist attacks, arguing the victims haven’t provided any evidence to back their cases. Michael Kellogg, a lawyer for the Kingdom, said …

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Luxembourg Sees No Reason to Change EU ‘Delegation’ Rules After Brexit

Luxembourg’s finance minister Pierre Gramegna said on Friday the European Commission should stick to the current rules that allow funds managed in London to be domiciled and regulated in another country. His comments pit the tiny and wealthy country against …

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No Initial Sign that Sunken Iran Oil Tanker Breached Safety Protocols: Panama

The Iranian tanker that sank after a collision in the East China Sea, causing the worst oil ship disaster in years, had its paperwork in order, according an initial review by maritime authorities in Panama, whose flag it was sailing …

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Women More Likely Than Men to Lose U.S. Jobs by Automation: WEF Report

Women are more likely than men to be knocked out of their U.S. jobs by automation in the next eight years, and they’ll find half as many opportunities to land new positions unless there’s a new effort to retrain them. …

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SoftBank Plans $400M Investment in Ping An’s Health-Care Portal: Sources

SoftBank Group Corp. is nearing a deal to invest about $400 million in Ping An Insurance (Group) Co.’s health-care portal ahead of the Chinese company’s initial public offering, people with knowledge of the matter said. The Ping An unit, known …

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Tennessee Lawmakers Introduce Medical Marijuana Bill

Two Republican lawmakers have introduced legislation to make medical marijuana legal in Tennessee, but only in oil-based products. Sen. Steve Dickerson of Nashville and Rep. Jeremy Faison of Cosby announced the bill’s filing Thursday amid wide support for medical marijuana …

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Hub International Caught Up in $42M Lawsuit by South Carolina School District

A South Carolina school district has sued an insurance brokerage and several insurance companies, saying the district was sold excessive policies and charged too much. The Berkeley County School District filed suit in U.S. District Court, seeking more than $42 …

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DiGregorio to Join Lockton as Senior Vice President in Florida

Privately held independent insurance broker Lockton named Matt DiGregorio as a senior vice president in its South Florida operation. DiGregorio will advise clients in private equity, real estate and other industries on employee benefits programs. He will also be responsible …

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Commercial Automobile Remains Sore Spot in P/C: A.M. Best

The performance of the commercial automobile segment continued to deteriorate through third quarter 2017, according to a new A.M. Best report. Commercial auto has been a sore spot in the property/casualty for several years. Commercial auto insurers have tried to …

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Sioux Falls, S.D., Scores Record Year for Commercial Construction

Commercial construction climbed to another record-breaking year in Sioux Falls. Building permits issued in 2017 for commercial projects reached $739 million. City leaders say it’s the fifth year in a row that construction has reached record-breaking levels. The city’s biggest …

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Drone Owners Warned Against Use near Oklahoma Air Force Base

Officials at a northern Oklahoma air force base are asking the public to keep recreational drones away from aircraft after a near collision on a training flight. Lt. Col. Eric Schmidt works at Vance Air Force Base. He told the …

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Nationwide Chief Information Officer Keller to Retire

Columbus, Ohio-based insurer, Nationwide, announced that Chief Information Officer Michael Keller will retire from his role later this year. Keller has been the CIO for Nationwide since 2001. The company anticipates it will name Keller’s successor sometime in the second …

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JLT Specialty USA Locating Headquarters in Chicago

JLT Specialty USA, a U.S. subsidiary of Jardine Lloyd Thompson Group plc (JLT), the global specialist risk advisor and broker, has chosen Chicago as its U.S headquarters. The company said it has seen impressive growth over the last three years …

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People Injured at Riot Sue UC Berkeley, City,

Four San Francisco Bay Area residents who say they were injured by protesters during a riot ahead of a speech by a right-wing provocateur at the University of California, Berkeley filed a lawsuit against the university and the city, their …

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The MEMIC Group Promotes Cavallaro to Production Underwriter Based in Georgia

To support growth within the Georgia market, workers’ compensation specialist The MEMIC Group has announced the promotion of Ben Cavallaro to the position of production underwriter. A native of Portland, Maine, and resident of Alpharetta, Ga., Cavallaro began his career …

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Maine Gas Station Fuel Mishap Leads to Damaged Vehicles

Some drivers in Maine say their vehicles were damaged when they purchased fuel that was in the wrong pumps at a gas station. The Kennebec Journal reports all of the drivers filled their tanks at a Mobil station in Waterville …

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Fire Damages Businesses at New Hampshire Strip Mall, Officials Investigate

Investigators are working to determine the cause of a fire that broke out at a New Hampshire strip mall. Fire officials say none of the stores were open at the time and there were no injuries. WMUR-TV reports firefighters responded …

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Lockton Hires Steed as Senior Account Executive in South Florida Office

Lockton, a privately held, independent insurance broker, has hired JoAnne Steed in its South Florida operation as a senior account executive. In this role, Steed will be based in Lockton’s Miramar, Fl., office. She will be responsible for client strategy …

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Massachusetts’ Coverys Invests in Patient Engagement, Medical Education Companies

Coverys, a Boston, Mass.-based medical professional liability insurance provider, has announced its investment in two separate organizations, Knowledge Diffusion Inc. (Osmosis) and Pack Health LLC (Pack Health). Osmosis is a medical and health education technology company with headquarters in Baltimore, …

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Tennessee Captive Insurance Companies Exceed $1 Billion in Premiums

The state of Tennessee saw domestic captive insurance companies exceed $1 billion in written premiums in 2017 for the first time – a milestone for Tennessee’s burgeoning captive insurance marketplace. In addition to setting a new benchmark in premiums, the …

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Edison Motor Launches on Volante’s New UK-Based MGA Platform

Volante Global Ltd., a new multi-class and multi-territory international managing general agent (MGA) platform, has announced the launch of Edison Motor and the appointment of Steven Dickie and Doug Ockwell as joint managing directors of the new operation. Edison Motor …

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London’s Brexit-Related Job Losses Will Be Fewer Than 1st Feared: Policy Chief

Britain’s vast financial services industry will suffer far fewer job losses from Brexit than first feared, the City of London’s policy chief told Reuters, in remarks that will boost supporters of leaving the EU who say the threat has been …

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Lebanon Spy Agency Turns Smartphones into Spycams, Targeting Thousands: Researchers

Lebanon’s intelligence service may have turned the smartphones of thousands of targeted individuals into cyber-spying machines in one of the first known examples of large-scale state hacking of phones rather than computers, researchers say. Lebanon’s General Directorate of General Security …

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U.S. Regulator Pulls Back from MetLife’s Systemic Risk Designation

The U.S. government and MetLife Inc. announced on Thursday they would jointly seek to dismiss an appeal over whether the insurance company should face stricter oversight as a key part of the financial system. MetLife and the Financial Stability Oversight …

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AIG Taps Barron from PwC as Head of International Government Affairs

American International Group (AIG) announced that Ed Barron will join the company as head of International Government Affairs, effective March 2018. In this new role, Barron will be responsible for developing a cohesive, global perspective and engagement strategy for legislative …

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U.S. Banks Face Growing Threat from Cyber Attacks: New Bank Regulator

U.S. banks are facing a growing threat from cyber attackers and making defense against them more complex by relying on third-party firms for support, according to a report released Thursday by Joseph Otting, the Trump administration appointee who took over …

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RenaissanceRe to Buy Minority Stake in Run-Off Firm Catalina Holdings

RenaissanceRe will pick up a minority stake in Catalina Holdings (Bermuda) Ltd., a long-term manager of legacy runoff P/C insurance and reinsurance businesses. Neither side is disclosing financial terms. RenaissanceRe will pursue the investment through its subsidiary RenaissanceRe Ventures Ltd. …

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Profile: Microinsurer BIMA Aims to Close Developing Nations’ Protection Gap with Life & Health Cover

The insurance protection gap in developing nations is being filled by a growing group of microinsurers, which provide coverage that ranges from life and health insurance, to crop insurance, to property protection after natural disasters. It is all aimed to …

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California Earthquake Authority Chief Talks About 1 Million Policies

Glenn Pomeroy, CEO of the California Earthquake Authority, is as enthusiastic of an earthquake policy salesman as you’ll find anywhere. Pomeroy has headed the state’s privately funded, publicly managed seller of earthquake policies for the past 10 years. Since Pomeroy, …

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Lockton Adds Ring as Vice President in Northern California

Lockton has added David Ring in its Sacramento, Calif. office as a vice president. Ring will be responsible for client consulting and business development for employee benefits and commercial insurance. Ring has specialized in advising clients in the banking, financial …

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Insurers Increasing Payments to California Wildfire Victims Sans Itemization

California Insurance Commissioner Dave Jones on Thursday released the results of the formal notice he issued last month to all residential property insurers requesting they provide up to 100 percent of contents coverage limits for fire survivors who experienced a …

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Arkansas Insurance Commissioner Named Consumer Committee Chair at NAIC

Arkansas Insurance Commissioner Allen Kerr has been named chairman of the Market Regulation and Consumer Affairs (D) Committee of the National Association of Insurance Commissioners (NAIC) for 2018. The mission of the Market Regulation and Consumer Affairs (D) Committee is …

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A.M. Best: Ratings Outlooks Negative for Texas-Based Standard Casualty

A.M. Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Standard Casualty Co. (Standard Casualty), based in New Braunfels, Texas. Standard Casualty …

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Oil from Sunken Iran Tanker Begins Diffusing into 4 Separate Slicks

Oil from an Iranian tanker that sank in the East China Sea has diffused into four separate slicks, covering a combined area of just over 100 square kms (39 square miles), Chinese authorites said late on Wednesday. Earlier satellite imaging …

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Legislative Panel Backs Proposal to Ban Dicamba Herbicide in Arkansas

Arkansas lawmakers recommended regulators move forward on Jan. 16 with efforts to ban an herbicide that farmers in several states say has drifted onto their crops and caused damage, advancing the prohibition despite a lawsuit by a maker of the …

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Truck Leaks Natural Gas, Causes $2M in Damage in Kansas Fire

Authorities have determined the cause of a fire that caused more than $2 million in damage and losses at a truck maintenance facility in southwest Wichita, Kansas. Wichita fire Lt. Jose Ocadiz says employees were doing mechanical work Monday on …

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Woman Paralyzed by Chicago Bus Shelter Collapse Settles for $115M

Attorneys for a woman partially paralyzed by a collapsed bus shelter at Chicago’s O’Hare International Airport say she will receive a $115 million settlement from the city and its insurer. Jurors in August found the city liable for injuries to …

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Michigan Businesses Likely to Get a Break on Jobless Fund Tax

Michigan officials say state businesses are expected to pay less into a fund providing temporary benefits to eligible jobless residents. The Talent Investment Agency said in a release that unemployment insurance tax rates are projected to decrease an average 4.5 …

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Silent Cyber Included in Willis Re’s Cyber Risk Portfolio Modeling Tool PRISM-Re

Willis Re, the reinsurance business of Willis Towers Watson, the global advisory and broking company, has upgraded its cyber risk portfolio modeling tool PRISM-ReTM to include “silent cyber.” Willis Re defines “silent cyber” as potential cyber-related losses resulting from insurance …

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Business, Political Leaders List Cyber Attacks, Geopolitical Tensions as Top Concerns: WEF Survey

The threat of large-scale cyber attacks and a “deteriorating geopolitical landscape” since the election of U.S. President Donald Trump have jumped to the top of the global elite’s list of concerns, the World Economic Forum said ahead of its annual …

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S. Africa Mobile Phone Firm Cell C Seeks M&A to Provide Insurance

Cell C Pty Ltd. is seeking acquisitions that will help transform South Africa’s third-biggest mobile-phone company into a full-service telecommunications provider offering internet and financial services as well as traditional calls and texts. The wireless carrier is working on two …

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Hard-hit California Town to Get Little Rain from Storm

Crews clearing mud and restoring utilities in Montecito, California, have another day of dry weather before the next chance of rain, but forecasters say the approaching system is weakening. The National Weather Service says Montecito should see very little precipitation …

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Aon Benfield’s Christian Named Chair of ClimateWise, Raising Climate Risk Resilience

Dominic Christian, executive chairman of Aon Benfield International, has been appointed chair of ClimateWise, an organization that aims to help the insurance industry respond to the risks and opportunities of the climate-risk protection gap – the growing divide between total …

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CAL Insurance Adds Boukhalil in Affluent Families Division in California

CAL Insurance & Associates Inc. has added Elian Boukhalil as an account manager. Boukhalil will work within CAL’s affluent families division. She was previously an intern with Publiscreen Online. Before that she was an intern for Booksmart Inc. CAL Insurance …

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Uber Finally Settles $1-per-Driver Pay Settlement in California

Though at first Uber Technologies Inc. didn’t succeed in settling a lawsuit by California drivers alleging labor-code violations, it tried and tried again. A Los Angeles state judge finally said on Tuesday she’s comfortable approving a $7.75 million deal offering …

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Kaplansky Insurance Acquires Massachusetts’ Anthony and Malcolm Insurance Agency

Kaplansky Insurance has acquired Anthony and Malcolm Insurance Agency in Bradford, Mass. Founded in 1919, Anthony and Malcolm Insurance provides a range of insurance services to both personal and commercial clientele. The addition of Anthony & Malcolm marks the 28th …

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Innovative Coverage Concepts Appoints Gross President of Wholesale Division

Innovative Coverage Concepts LLC (ICC), a national wholesale broker and managing general agency, has announced an expansion of its wholesale operations under the leadership of Steven R. Gross, who has been appointed president of the wholesale division. “Insurance brokers and …

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Personal Auto Insurance Business Performed Better in 2017: A.M. Best

The underwriting profitability of the U.S. personal auto line showed signs of improvement in 2017 as carriers’ aggressive rate actions have been effective against loss frequency and severity trends, according to a new A.M. Best report. The combined ratio for …

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Arthur J. Gallagher & Co. Acquires New Jersey’s The Daniels Group

Arthur J. Gallagher & Co. has acquired New Providence, N.J.-based The Daniels Group Inc. Terms of the transaction were not disclosed. Founded in 1991, The Daniels Group is a full-service employee benefits consultant and broker serving corporations, schools, hospitals, municipalities, …

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U.S. Judge Excludes 70,000 Women from Sterling Jewelers Sex Bias Lawsuit

A U.S. judge on Tuesday overturned an arbitrator’s ruling allowing about 70,000 women to take part in a nationwide sex discrimination case against Sterling Jewelers Inc even though they had not opted to join. U.S. District Judge Jed Rakoff in …

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Insurance Agency M&As Soared 31% in 2017: OPTIS

Mergers and acquisitions of insurance agencies last year broke all records in 2017, according to OPTIS Partners’ annual report. The OPTIS database recorded 604 deals in the United States and Canada in 2016, a 31 percent jump from 461 in …

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Industry Needs to Join Insurtech Wave to Digitize Insurance: AFL’s Esser

There is a fundamental need for reform and modernization, particularly in the London market. We should be electronically processing all lines of business, not just specialty classes. Of course, we should look at ubiquitous electronic placement too. So what can …

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Judge Allows Philadelphia’s Unfair Lending Claim Against Wells Fargo

A federal judge in Philadelphia on Tuesday rejected Wells Fargo & Co.’s bid to dismiss that city’s lawsuit accusing the largest U.S. mortgage lender of predatory lending targeting black and Hispanic borrowers. U.S. District Judge Anita Brody said Philadelphia may …

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Ratings Assigned to Iowa’s Midwest Family Advantage Insurance

A.M. Best has assigned a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” to Midwest Family Advantage Insurance Co. (Midwest Advantage). The outlook assigned to these ratings is stable. Concurrently, A.M. …

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Harvey-Devastated Texas Coastal Towns Still Working on Recovery

Some Texas coastal towns where Hurricane Harvey made landfall are working to restore tourism and other economic attractions nearly five months after the storm. Hundreds of businesses in Rockport and Fulton are now open amid recovery efforts assisted by Aransas …

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Carroll Promoted to VP, Underwriting at ISMIE Mutual Insurance

Chicago-based ISMIE Mutual Insurance Co., a provider of medical professional liability insurance services, has promoted Edward J. Carroll JD to vice president of Underwriting. Carroll joined ISMIE Mutual in early 2017 when he was appointed as director of Underwriting – …

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A.M. Best Removes Pacific Compensation Insurance in California from Review

A.M. Best has removed from under review with developing implications and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” of Thousand Oaks, Calif.-based Pacific Compensation Insurance Co. The outlook …

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Settlements Reached in West, Texas, Fertilizer Plant Explosion

The city of West, Texas, and several other plaintiffs have reached settlements and partial settlements of claims stemming from a deadly explosion in the central Texas town. An April 13, 2013, blaze heated up 30 tons of ammonium nitrate at …

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Houston International Insurance Group Promotes 5 in Senior Management

Houston International Insurance Group (HIIG) announced it has promoted five senior management executives. Kirby A. Hill was promoted to executive vice president of HIIG Property/Casualty operations and his role will be expanded. Hill, who has been with the company for …

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Estate of Ohio Policeman Who Died in Crash Sues Motorcycle Makers

Two motorcycle manufacturers and their trainers are accused of negligence in a lawsuit over the death of a central Ohio police officer. Sean Johnson lost control of his motorcycle during an on-duty training ride with fellow officers from Hilliard and …

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Brit Global Specialty USA Adds Arch’s Hartman to Construction Practice

Brit Global Specialty USA has appointed Rich Hartman as senior vice president, Construction Professional. Hartman brings 35 years of experience in the insurance industry. Most recently he spent more than six years at Arch Insurance Group, where he led the …

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Washington Town on High Alert over Slow-Moving Landslide

A slow-moving landslide in central Washington state has forced evacuations as officials prepare for what they say is inevitable – the collapse of a ridge near an interstate highway. Washington is wary of landslides following one in 2014 that killed …

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California Utilities Sued Over Deadly Mudslides

Two utilities were sued Tuesday for the widespread destruction from last week’s deadly mudslides that were caused when hillsides ravaged by California’s largest wildfire let loose in heavy rain. An amended negligence lawsuit filed in Santa Barbara County Superior Court …

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Canada Fintech Firm Ratehub Raises $12M to Grow Insurance & Mortgage Offerings

Canadian financial technology company Ratehub Inc. has raised a $12 million Series A investment led by Elephant, a venture capital firm. Participating in the funding round was Simon Nixon, co-founder of UK-based financial comparison site MoneySuperMarket. Launched in 2010, Ratehub …

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Change at Top at AmWINS: Purviance to Take Over DeCarlo’s CEO Role

Charlotte-based wholesale broker AmWINS Group announced that Scott M. Purviance will succeed M. Steven DeCarlo as the company’s chief executive officer, effective May 1, 2018. DeCarlo, who has served as CEO of AmWINS since joining in December 2000, will transition …

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Cyber Incidents Most Feared BI Trigger for Global Companies: Allianz Risk Report

Business interruption and cyber incidents interlink as the major threat facing companies over the coming year, according to a published by Allianz Global Corporate & Specialty (AGCS). Allianz revealed that business interruption – including supply chain disruption – ranks as …

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Alera Group Acquires New Jersey’s FIRM Inc.

Alera Group, a national employee benefits, property and casualty, risk management and wealth management firm, has acquired FIRM Inc., an insurance agency located in Mahwah, N.J. Terms of the transaction were not disclosed. FIRM Inc. provides clients with tailored property …

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Unlicensed Contractor Sentenced to Prison for Fraud in Massachusetts

An unlicensed home improvement contractor whose false promises left an elderly Massachusetts woman’s home in ruins and others temporarily homeless is heading to prison. The Salem News reports that 49-year-old Jaime Ford was sentenced to two years in prison Thursday …

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Starkweather & Shepley Hires Corner II as a Construction and Surety Specialist

Starkweather & Shepley Insurance Brokerage Inc. hired Russell Corner II as a construction and surety specialist. Corner’s key responsibilities in this role include managing relationships with current and prospective clients, as well as bringing in new business. He will focus …

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EU Will Reap Benefits of London Staying Strong Financial Hub After Brexit: Opinion

Last week, the U.K. government asked German business leaders for help in securing a good deal with the European Union on financial services. The request deserves to be taken seriously. Europe’s businesses have much to gain from keeping London as …

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Iran Oil Tanker Creates Oil Slicks Covering 42 Square Miles: Chinese Government

An Iranian oil tanker that sank in the East China Sea has left two oil slicks covering a combined 109 square km (42 square miles), the Chinese government said late on Tuesday, as maritime police scour for damage and prepare …

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UK’s Thomas Cook Partners with Fintech Firm to Offer Pay-Per-Day Travel Cover

British travel company Thomas Cook has partnered with fintech firm Revolut to launch a “pay-per-day” travel insurance service which automatically provides users with medical cover by tracking their location through their mobile phones. Revolut, the digital bank start-up, said it …

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Insurance Protection Gap Is Growing Global Problem; Swiss Re, RenRe & WTW Comment

The insurance protection gap. It’s a phrase that will be increasingly heard over the coming years – because it is getting bigger. The protection gap is the difference between insured losses and economic losses, or uninsured losses. The protection gap …

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Cavignac & Associates in California Names Aceves Account Manager

San Diego, Calif.-based Cavignac & Associates has hired Brittany Aceves to serve as an account manager within the firm’s surety department. Aceves serves as the main point of contact for the agency’s surety department clients, managing and maintaining their surety …

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MJ Insurance Adds Rarick as Risk Management Consultant in Arizona

MJ Insurance has added Justin Rarick as a risk management consultant in its Phoenix, Ariz. office. Rarick is responsible for driving sales and service to new and existing clients. Rarick previously was a commercial claims specialist at Nationwide Insurance. He …

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California Commissioner and Legislators Unveil Wildfire Insurance Bills

California Insurance Commissioner Dave Jones and legislators from wildfire-damaged communities across the state unveiled eight bills and two additional legislative proposals proponents say will strengthen consumer protections for those making insurance claims. Jones and state Senators Mike McGuire and Bill …

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EIURS Adds Marine Energy Unit to Energy Division

Energy, Industrial & Utility Risk Solutions (EIURS), a division of DUAL Commercial, has expanded its Energy Division with the addition of a new marine energy unit. The new unit will be headed by Michael Jacobs. The Marine Energy unit will …

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Texas Workers’ Comp Division Seeks Comments on Compounded Drug Rule

The Texas Department of Insurance – Division of Workers’ Compensation (TDI-DWC) is accepting comments through Feb. 20 on a compounded drug rule that was first proposed in June 2017. On June 16, 2017, DWC announced an informal draft rule to …

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Winter Storm in Southeast Leads to Icy Roads, Hundreds of Wrecks

James A. Jones saw enough cars stranded along the icy highway to know it was time to pull over as a winter storm blasted parts of Tennessee and Kentucky with sleet, freezing rain and snow Friday. Jones counted 25 cars …

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Former Head of Louisiana State Police Commission Files Retaliation Suit

The former executive director of the State Police Commission is suing, claiming she was retaliated against for challenging Louisiana State Police brass and calling attention to a string of illegal campaign contributions made by commission members. Cathy Derbonne, who served …

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Oklahoma Says Farmowners Insurance Program Insurer, Rockingham, not Licensed

The Oklahoma Insurance Department says a farmowners insurance program being advertised in Oklahoma is not valid because the insurer, Rockingham Casualty, is not licensed to operate in the state. In early January, Rockingham Casualty and Edmond, Oklahoma-based FarmAssure LLC announced …

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Corporation Pays Maximum Fine in Wisconsin Asbestos Exposure Case

Authorities say the corporate owner of a former Wisconsin factory accused of ordering workers to remove insulation that contained asbestos has paid the maximum fine under terms of a plea agreement. The incident happened six years ago at Grede foundry …

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NTSB: Broken Wheel Caused 2015 Oil Train Wreck in North Dakota

Federal investigators believe a broken wheel caused a May 2015 oil train derailment that prompted the evacuation of Heimdal, North Dakota. The National Transportation Safety Board says investigators found a mark on the track indicating a broken wheel that caused …

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North Dakota Livestock Producers Say Trucking Mandate Will Cost Them

A federal mandate requiring many motor carriers to install electronic logging devices could cost be costly to North Dakota’s cattle industry. Warren Zenker, who runs a cattle feeding operation near Elgin, told the Bismarck Tribune that electronic logging devices could …

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AGCS Names Vissing to Succeed Henson as Head of Claims, Regional Unit London

Allianz Global Corporate & Specialty (AGCS), Allianz Group’s specialist corporate insurer, has appointed Lars Vissing as Regional Unit London (RUL), head of Claims, starting in February 2018. Vissing succeeds Martin Henson who retires after nearly 20 years with Allianz. Based …

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Former California Hospital Owner Sentenced in $600M Workers’ Comp Scheme

The former owner of Pacific Hospital in Long Beach was sentenced to federal prison on Friday for running a $600 million workers compensation fraud scheme. Michael Drobot, 73, was sentenced Friday to 63 months in prison and fined $500,000. Earlier …

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Panic Gripped Hawaii After False Missile Alert

The second recent blunder in Hawaii’s planning for a possible North Korean nuclear attack left islanders shaken after an emergency alert warning of an imminent strike sounded on hundreds of thousands of cellphones. For nearly 40 minutes people waited. Then …

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Deutsche Bank Forms Bancassurance Partnership with Digital Broker Friendsurance

Deutsche Bank and digital insurance broker Friendsurance have formed a partnership designed to make it simpler and more transparent and convenient for clients to arrange for their insurance needs. To drive this, Deutsche Bank said it will integrate Friendsurance’s digital …

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California Mudslides: Residents Commit to Rebuilding

At the end of a heartbreaking week that saw deadly mudslides kill at least 20, residents of Montecito gathered to grieve, pay tribute to victims and commit to rebuilding their cherished community on the Southern California coast. Mourners lit prayer …

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G2 Insurance Services Adds Heffernan’s Stringer as Client Manager in California

G2 Insurance Services has named Erinn Stringer a client manager. Stringer is located in G2’s San Francisco office and will serve commercial clients, including hospitality, commercial real estate and nonprofits. She was an account manager at Heffernan Insurance Brokers before …

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State Auto’s Rockhill Sells Environmental Insurance Renewals to CapSpecialty

Capitol Indemnity Corp., a wholly-owned subsidiary of CapSpecialty Inc., said it has acquired the renewal rights to Rockhill Insurance Group’s excess and surplus environmental insurance book of business. Rockhill is a member of the State Auto Insurance Group, which has …

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GE Still Grappling with Legacy Insurance Business

General Electric Co. will take a $6.2 billion charge for the fourth quarter as the manufacturing behemoth grapples with lingering problems in a legacy insurance business. The after-tax charge will be $7.5 billion when adjusted to the rate following the …

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BP Still Paying Gulf Oil Spill Claims But End in Sight

BP Plc raised the amount it will pay this year for the Deepwater Horizon accident as thousands of lawsuits related to the biggest oil spill in U.S. history start to wind down. The 2010 explosion at a well in the …

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Insurance Center of New England Acquires Massachusetts’ Eastman & Davis

Insurance Center of New England (ICNE), based in Agawam, Mass., has added Eastman & Davis Insurance Agency of West Springfield, Mass., to its company. ICNE is a privately-owned and independent insurance agency with three offices in Agawam, Gardner and Westford, …

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Risk Placement Services Announces Opening of Massachusetts Branch Office

Risk Placement Services (RPS) has announced the opening of a branch office in Hopkinton, Mass. RPS is a managing general agent, underwriting manager and nationally focused wholesale insurance broker. Rich Martino is executive vice president and branch manager of the …

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CVS Says It Will Keep Aetna in Connecticut’s Capital City

CVS Health Corp. said Friday it has “no plans” to move Aetna from Connecticut’s capital city, reversing last year’s announcement by the insurance giant that it would move its headquarters to another state after nearly two centuries in Hartford, Conn. …

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Here Are Some Post-Brexit Scenarios Being Discussed for UK Financial Services

A stand-off between Britain and the European Union over the future of London’s vast financial services industry is shaping up as one of the key Brexit battlegrounds of this year. EU trade negotiator Michel Barnier has said there will be …

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Randall & Quilter Sells Insurance Services & Captive Management Operations to Davies Group

Randall & Quilter Investment Holdings Ltd. (R&Q) announced the sale of its Insurance Services and Captive Management Operations to Davies Group, a London-based operations management, consultancy and digital solutions provider. The transaction involves the sale of the entire share capital …

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Argo Group Renews Harambee Re Sidecar Reinsurer for 2018

Argo Group International Holdings Ltd., the international underwriter of specialty insurance and reinsurance products, announced the renewal of Harambee Re Ltd. as Argo Group’s sidecar reinsurer for 2018. Launched in 2013, the sidecar continues with the company’s “successful track record …

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Insurance Industry Bands Together to Make a Difference in North Carolina City

A group of insurance and risk management professionals are working together to make a difference in one of North Carolina’s largest cities. The group, Community Matters: Insurance Partners of Charlotte, started in 2012 to help raise funds to build a …

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Mudslides Take 17 Lives, 65 Homes in Wealthy Montecito Community

The mudslides on the California coastal town of Montecito have devastated a wealthy enclave where billionaires including Charlie Munger, Eric Schmidt and Oprah Winfrey own properties, with hundreds of millions of dollars of damage in one of America’s most expensive …

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Sunken Iranian Oil Tanker Causes 10-Mile Oil Slick in East China Sea

The burning Iranian oil tanker that sank in the East China Sea on Sunday in the worst oil ship disaster in decades has produced a 10-mile long oil slick as black smoke continued to billow from the site, Chinese media …

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Iowa High-Rise Project Uncertain After Property Swap with Insurer

Plans for an $88 million high-rise apartment tower in downtown Des Moines, Iowa, are uncertain after the developer announced a property swap with an insurance company. The Des Moines Register reports that Blackbird Investments announced plans to sell the property …

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Chicago-Area Fire Destroys Half of Metal Recycling Facility

Crews worked through the night to extinguish large fire at a recycling facility in suburban Chicago. No injuries were reported following the fire that started late on Jan. 10 in Des Plaines. Deputy Chief Peter Dyer of the Des Plaines …

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Arthur J. Gallagher & Co. Acquires Houston’s AquaSurance

Arthur J. Gallagher & Co. announced it has acquired AquaSurance LLC in Houston, Texas. Terms of the transaction were not disclosed. Founded in 2002 by Harry Peyton and Marshall Schoth, AquaSurance is a property/casualty broker focused exclusively on serving Texas …

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J.M. Wilson Adds James as Assistant Property/Casualty Underwriter in Ohio

J.M. Wilson has hired Taylor James as assistant property/casualty underwriter in its Westerville, Ohio, office. James is responsible for assisting underwriters on a wide variety of property and casualty risks, as well as quoting new and renewal business and servicing …

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Philadelphia Insurance Cos. Employees Plant Trees in Wildfire-Devastated Texas Park

Fifty Philadelphia Insurance Companies (PHLY) employees are supporting the company’s efforts to plant 80,000 trees for the third consecutive year through a two-day project near Austin, Texas. Employees have finished their second day of planting in Bastrop State Park as …

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Fifth Circuit: State, not Maritime, Law Applies in Well Services Injury Case

The Fifth Circuit Court of Appeals in New Orleans has reversed the previous findings of its own panel and a lower court, ruling that state, not maritime, law applies in a case involving a worker injury at an oil and …

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California Mudslide Victims ID’d as Crews Continue Survivor Search

The oldest victim swept away in a California mudslide was Jim Mitchell, who had celebrated his 89th birthday the day before. He died with his wife of more than 50 years, Alice. The youngest, 3-year-old Kailly Benitez, was one of …

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Leavitt Group Insurance Advisors Adds Scott in Utah

Salt Lake City, Utah-based Leavitt Group Insurance Advisors has named Mike Scott a senior risk advisor and director of program business. Scott will focus on middle markets, large accounts, and hard-to-place specialty risks. He specializes in insurance for technology, exporters, …

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Hub International Acquires P/C Book from Montreal Broker Daniel Picard

Hub International Ltd. (Hub), the Chicago-based global insurance brokerage, announced it has acquired a property and casualty insurance book of business from Montreal broker Daniel Picard. Terms of the acquisition were not disclosed. Daniel Picard’s property and casualty insurance book …

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All Risks Adds CRC Swett’s Aasen in Northern California

All Risks Ltd. has added Brandon Aasen to its San Francisco, Calif. office as a property broker. Aasen will be responsible for producing new property business for the West Coast. He will also specialize in commercial property coverages including difference …

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The Hartford and Travelers Among Companies Offering Bonuses Due to New Tax Law

Hartford, Conn.-based The Hartford and New York City-headquartered Travelers confirmed they are among several companies giving their employees bonuses of $1,000 each if they earn $75,000 or less annually as a result of what U.S. Treasury Secretary Steven T. Mnuchin …

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Massachusetts Radiology Lab Loses Medical Records of About 9,400 People

A Massachusetts radiology lab says it has lost a portable hard drive that may contain the personal information and X-ray images of almost 9,400 patients. Charles River Medical Associates, based in Framingham, Mass., mailed letters this week to patients whose …

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Explosions Continue on Iranian Oil Tanker, Hampering Rescue Efforts

A stricken Iranian oil tanker continued exploding on Friday, hampering rescue efforts, Chinese state media reported, as Japan’s Coast Guard said the ship drifted away from the Chinese coast and into Japan’s exclusive economic zone (EEZ). The ship, which has …

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Vermont Poised to Enact Legal Pot Through Legislature

The Vermont Senate on Wednesday gave final approval to a bill that would allow the recreational use of marijuana, putting the state on course to become the first in the country to legalize pot by an act of the Legislature …

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NYC Halts $9.6M Incentive Package to Move Aetna to City

New York City is halting a $9.6 million incentive package offered to Aetna to move its headquarters to the city. The insurance giant announced in June that it would move its headquarters to New York City beginning in late 2018 …

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After Another Death by Airbag, Ford Warns Owners of Older Pickups to Stop Driving

Ford Motor Co. said on Thursday it had confirmed a second death in an older pickup truck caused by a defective airbag inflator of Takata Corp. and urged 2,900 owners in North America to stop driving immediately until they can …

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GM Seeks OK for Self-Driving Commercial Vehicle Without Steering Wheel for 2019

General Motors Co. is seeking U.S. government approval for a fully autonomous car – one without a steering wheel, brake pedal or accelerator pedal – to enter the automaker’s first commercial ride-sharing fleet in 2019, executives said. For passengers who …

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CNA Hardy Names Middleton as CEO of Luxembourg Unit, Its Post-Brexit EU HQ

CNA Hardy, a specialist commercial insurance provider for clients within the Lloyd’s and company markets, has appointed Stuart Middleton as CEO of its Luxembourg subsidiary, subject to regulatory approval. The company set up a subsidiary in Luxembourg as its post-Brexit …

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German Prosecutors Investigate Bosch over Suspected Audi Emissions Test Cheating

German prosecutors said on Thursday they had launched another probe into Robert Bosch GmbH over its suspected involvement in emissions test cheating – this time in relation to its work with Volkswagen’s premium carmaker Audi. Audi developed the V6 diesel …

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Insured Losses for Europe’s Storm Egon Finalized at $329.7M by PERILS

The final insured loss estimate for windstorm Egon, which primarily affected France and Germany on Jan. 12-13, 2017, is €275 million (329.7 million), according to PERILS AG, the independent Zurich-based company that provides industry-wide catastrophe insurance data. This final and …

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Insured Losses from Europe’s Storm Eleanor/Burglind Estimated at $1.3B-$1.9B: AIR

Insured losses from winter Storm Eleanor/Burglind, which hit northern Europe on Jan. 3, will range between €1.1 billion ($1.3 billion) and €1.6 billion ($1.9 billion), according to estimates from catastrophe modeling firm AIR Worldwide. The majority of wind-related losses are …

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India’s Tata Consultancy Expects Growth in Country’s Insurance Sector

Tata Consultancy Services (TCS) Ltd, India’s top IT services firm, said its insurance services business would soon post faster growth thanks to higher client spending but remained cautious on a turnaround in its key banking segment. Western banking, financial services …

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Green Bonds Booming Despite Washington’s Animus, Report Shows

In spite the U.S. withdrawal from the global climate change accord hammered out in Paris a year earlier, green bond issuance around the world reached $155.5 billion in 2017, a new report shows. That figure surpassed the initial, and somewhat …

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Arkansas Has Lower Auto Insurance Rates than Nearby States

Arkansas has the sixteenth lowest auto insurance rates and the lower rates than any of the states it borders, the state insurance department reports. The Arkansas Insurance Department cited a study by the National Association of Insurance Commissioners (NAIC) that …

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Ohio Imposes Restrictions on Injured Workers’ Back Surgery, Opioid Use

Ohio residents with work-related back injuries in most cases must try remedies like rest, physical therapy and chiropractic care before turning to spinal fusion surgery and prescription painkillers under a groundbreaking new guideline that is partly meant to reduce the …

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Minot, N.D., Schools, Company Settle Lawsuit Over Flood Cleanup for $950K

The Minot Public School District has settled a lawsuit filed by a company over unpaid cleanup expenses resulting from the 2011 Souris River flood. The case was set to go to trial Monday in federal court, but the two sides …

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Judge Rules North Dakota Law Limiting Malpractice Damages Unconstitutional

A state district judge has ruled that North Dakota’s law limiting damages in medical malpractice cases is unconstitutional. The Bismarck Tribune reports the ruling came in a case involving a Fort Yates woman who suffered a disabling stroke due to …

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Iowa Agrees to Pay $1.1M in Lawsuit Over Worker Injury, Firing

An Iowa board has approved payment of nearly $1.1 million in a lawsuit by a former state worker who said the state Natural Resources Department fired him because of a work injury. A judge had ordered the state to pay …

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Idea of Texas Coastal Barrier Resurrected After Harvey

A new study suggests if the Houston area continues to boom for 60 years and sea levels rise, a direct hit to Galveston from a massive hurricane could destroy $31.8 billion worth of homes, the Houston Chronicle reports. Texas A&M …

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Verisk’s ISO Personal Lines Program Targets $40 Billion Private Flood Insurance Market

Things just got a bit easier for private personal lines insurance carriers wanting to enter the flood insurance market. Through its ISO subsidiary, data analytics firm Verisk has launched a new personal lines flood insurance program that is designed to …

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Parents Sue Oregon School District for $1.7M Over Daughter’s Back Injury

Parents of an Oregon girl who slipped and fractured her back while attempting to walk into school on a snowy day have filed a $1.7 million lawsuit against the Lake Oswego School District. The Oregonian/OregonLive reported that Jonathan and Marisa …

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Search for Victims of California Mudslide Continues, 17 Dead

Hundreds of searchers continued the grueling work Thursday of hunting for survivors and digging up bodies in the sea of mud and wreckage left by flash flooding in Montecito, Calif. The death toll from Tuesday’s flash flood rose to 17 …

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Owner of Blazing Iran Oil Tanker Hopes Crew Alive in Engine Room

The crew of an Iranian oil tanker set ablaze at the weekend following a collision could still be alive, the vessel’s owner said, calling on the Chinese authorities working at the scene to prioritize a rescue attempt. “We are still …

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