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News – Insurance Journal

11/20/2018 01:00 AM
How Insurance Market Will Expand in Age of Autonomous Vehicles
Though it’s estimated that by 2025 auto insurance premiums will drop by $25 billion as a result of the adoption of driverless cars, the insurance market is expected to recover through new lines of coverage, according to a report by …

11/20/2018 12:30 AM
Florida Picks Up the Pieces from Powerful Hurricane Michael
It has been just over a month since Hurricane Michael slammed the Florida Panhandle as a Category 4 hurricane with wind speeds reaching just shy of Category 5 status. The devastation from the storm that killed at least 35 people …

11/20/2018 12:13 AM
Keating Expands Property Coverage Options with Monoline, Package Product
Keating, Inc., a specialty property and casualty wholesale intermediary and program manager, has launched a new in-house monoline property package product. The new program features the monoline property coverage as well as package capabilities including general liability and equipment breakdown …

11/19/2018 02:00 PM
S&P Upgrades Outlook for CNA Group
CNA Group gained an outlook upgrade from Standard & Poor’s based on improvement of its commercial lines business. S&P Global Ratings revised its outlook for CNA to positive from stable. The ratings agency also affirmed its “A” long-term issuer credit …

11/19/2018 01:34 PM
United Valley Adds IWV in California, Maki in Arizona
United Valley Insurance Services Inc. has added IWV Insurance Agency LLC of Ridgecrest, Calif., and Maki Insurance Group of Anthem, Ariz. IWV offers personal and businesses insurance services throughout California. Maki Insurance offers personal, commercial and life/health insurance services. United …

11/19/2018 01:32 PM
Topa CFO Morrison to Retire, Genalo Named Successor of California Company
Calabasas, Calif.-based Topa Insurance Group announced that Cynthia Morrison, senior vice president and chief financial officer, will retire. Morrison is retiring effective Jan. 31, 2019. Lawrence Genalo, assistant vice president of financial planning and analysis, has been named is replace …

11/19/2018 12:51 PM
Missouri’s Lindley-Myers Elected Treasurer of Interstate Insurance Product Regulation Commission
Missouri Director of Insurance Chlora Lindley-Myers has been elected treasurer of the Interstate Insurance Product Regulation Commission (IIPRC). The Insurance Compact also selected Ohio Insurance Director Jillian Froment as chair and Rhode Island Insurance Superintendent Beth Dwyer as vice chair. …

11/19/2018 12:48 PM
3 Louisiana Parishes Designated USDA Natural Disaster Areas
The U.S. Department of Agriculture (USDA) has designated three Louisiana parishes as contiguous disaster areas as the result of excessive rain and flooding that occurred April 1 to June 30, 2018, according to Agriculture and Forestry Commissioner Mike Strain, D.V.M. …

11/19/2018 12:46 PM
Reiter Named Deputy General Counsel at Oklahoma Insurance Department
Oklahoma Insurance Commissioner John D. Doak has appointed Ron Kreiter as deputy general counsel at the Oklahoma Insurance Department (OID). Kreiter previously worked at the OID from 1980-1987 as an assistant commissioner and staff attorney. He brings with him more …

11/19/2018 12:43 PM
North Dakota Oil Industry Pushing to Loosen Crude Oil Safety Rules
North Dakota oil industry leaders are pushing to loosen the state’s oil conditioning regulations, but an environmental group is arguing to tighten rules. The North Dakota Industrial Commission is considering changing regulations adopted nearly four years ago to make Bakken …

11/19/2018 12:42 PM
School’s Insurer to Cover Michigan Runner’s $4.5M Injury Lawsuit Settlement
A runner who sued his Michigan high school cross-country coach after he was severely injured during a dark early-morning practice has settled the case for $4.5 million. In 2011, Kersch Ray was a 13-year-old member of the Chelsea High School …

11/19/2018 12:18 PM
Texas’ Hochheim Mutual Insurers Removed From Credit Watch Negative
S&P Global Ratings has removed Texas-based Hochheim Prairie Farm Mutual Insurance Assn. (HPFMIA) and its subsidiary, Hochheim Prairie Casualty Insurance Co. (HPCIC, collectively Hochheim) from Credit Watch Negative, where the companies were initially placed on Nov. 28, 2017. S&P Global …

11/19/2018 11:14 AM
Woman Sues Hospital in New Mexico for Resuscitating Her
A New Mexico woman who was brought back to life is suing the hospital for violating her rights. The Albuquerque Journal reports lawyers for Jamie Sams filed a lawsuit last week in New Mexico state district court against Santa Fe’s …

11/19/2018 11:04 AM
Latest Estimates of Insured Losses from California Wildfires at $9B to $13B
Insured losses from the Camp and Woolsey wildfires in California will be between $9 billion and $13 billion, according to the latest estimates from catastrophe modeler RMS. RMS’ latest estimates released on Monday show $7.5 billion to $10 billion for …

11/19/2018 10:43 AM
PG&E Says There Was Another Outage on Morning of California Wildfire
California utility PG&E Corp , facing investor concerns over its possible role in the deadly Camp Fire in Northern California, has reported another power-line outage that it experienced on the morning of Nov. 8 when the blaze started. The incident …

11/19/2018 10:04 AM
Willis Towers Watson Launches Cyber Solution for Airports
In response to cyber and digital risk being identified as the top concern facing airports today¹, Willis Towers Watson has introduced CyFly for Airports, an insurance solution specifically tailored to cover cyber exposures affecting airports around the globe. CyFly is …

11/19/2018 09:38 AM
Winter Storm Packs Snowy, Icy Punch in Pennsylvania, Making Roads a Mess
Pennsylvanians have dealt with their first taste of wintry weather this season, and the storm brought much more snow than predicted, making roads around the state icy and treacherous. A meteorologist told the Allentown Morning Call the storm was “an …

11/19/2018 09:29 AM
Thousands of Homes Still Lack Gas Service After Massachusetts Blasts
The company at the center of the natural gas explosions in Massachusetts in September says it has restored gas service to about 60 percent of affected homes, but nearly 1,760 families remain in temporary housing. The Sept. 13 blasts in …

11/19/2018 09:11 AM
Flood Insurance Program to Lapse Nov. 30 Unless Congress Acts
Once again the fate of the nation’s flood insurance program is coming down to the wire. Authorization for the program is set to expire Friday, Nov. 30 unless Congress acts. The most likely action will be another short-term extension. Sens. …

11/19/2018 09:07 AM
Head of Connecticut Crumbling Foundations Entity Concerned About Funding Delay
The superintendent of the new entity charged with distributing millions of dollars to Connecticut homeowners with crumbling foundations says he’s within weeks of shutting down if state bonding isn’t released. Michael Maglaras told members of several legislative committees on Friday …

11/19/2018 08:39 AM
Danske Bank Whistleblower Says U.S., European Banks Helped Launder Money
The whistleblower who revealed suspected money laundering involving Danske Bank said on Monday that two major U.S. and one European banks were among several which had helped process suspicious payments. Payments totaling 200 billion euros ($228.5 billion) made through Danske …

11/19/2018 08:12 AM
Explaining Danske Bank’s €200 Billion Money Laundering Scandal
Danske Bank has been caught up in one of the largest-ever money laundering scandals. Howard Wilkinson, the whistleblower who first alerted Denmark’s biggest bank to the problem, testified before the Danish parliament on Monday. HOW BIG A SCANDAL IS THIS? …

11/19/2018 05:53 AM
Brit Launches Sussex Capital UK to Write Collateralized Reinsurance
Brit Ltd., the specialty insurer and reinsurer, announce the launch of Sussex Capital UK PCC Ltd., a new multi-arrangement insurance special purpose vehicle (MISPV). Sussex Capital UK is the first transformer vehicle to be given permission by the Prudential Regulation …

11/19/2018 04:45 AM
China’s Ping An Invests $47M in German Fintech Incubator Finleap
Ping An Insurance Group Co., China’s biggest insurer by market value, led investors in injecting 41.5 million euros ($47 million) into Germany’s Finleap GmbH in its latest round of funding. The Chinese behemoth’s $1 billion-Global Voyager Fund led the investment …

11/19/2018 04:21 AM
China Eyes Allowing Foreign Insurers to Own Local Joint Ventures: Sources
China will accept applications early next year from foreign insurers seeking to take control of their local joint ventures and is even weighing giving them full ownership earlier than flagged, people with direct knowledge of the matter said. The regulator …

11/19/2018 01:00 AM
AutoNation On-Demand Used Car Subscription Bundles Maintenance, Insurance
AutoNation Inc., the country’s largest automotive retailer, has announced a partnership with Fair, a digital subscription service, that will allow consumers to lease used vehicles on a month-to-month basis rather than buying them. Consumers can shop and sign for a …

11/19/2018 01:00 AM
CREST Insurance Group in Arizona Names Baena President of Employee Benefits
CREST Insurance Group LLC of Arizona has named Cristina Baena president of the employee benefits division. Baena will be overseeing 32 employees from the Tucson, Scottsdale, Sierra Vista, Flagstaff, as well as San Diego, Calif., and Denver, Colo., office locations. …

11/19/2018 01:00 AM
State Insurance Regulators Elect Maine’s Cioppa President of NAIC for 2019
State insurance regulators have elected new officers of the National Association of Insurance Commissioners (NAIC). The following officers will assume their duties on Jan. 1, 2019: President: Maine Insurance Superintendent Eric A. Cioppa. Cioppa joined the Maine regulatory bureau in …

11/19/2018 01:00 AM
Medical Professional Liability Insurers Post Underwriting Loss Again
U.S. medical professional liability insurers reported an underwriting loss again last year, according to Fitch Ratings in a new report that says the results are drawing more scrutiny around reserves that are shrinking. For the second consecutive year, the medical …

11/19/2018 01:00 AM
What Agents Should Know About Cryptocurrency Insurance Market
Cryptocurrency and blockchain entities may seem like a hot market for insurance agents looking to specialize, but right now there are not many insurers willing to write it. Before jumping in, agents would be wise to consider partnering with a …

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