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News – Insurance Journal

02/20/2019 02:38 PM
AM Best Revises Status to Developing for California Capital Insurance Co. and Subsidiaries
AM Best has revised the implications of the under review status to developing from negative for the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” of California Capital Insurance Co. and its subsidiaries. …

02/20/2019 02:17 PM
Insurer Hit With $102K Fine for Selling Illegal NRA-Branded Policies
Illinois Union Insurance Co. has paid a $102,000 fine after Washington Insurance Commissioner Mike Kreidler ordered the company to cease underwriting self-defense policies branded by the National Rifle Association. After an investigation, Kreidler ordered Illinois Union in January to stop …

02/20/2019 12:38 PM
Great American Insurance Promotes Mercurio, Thompson
Cincinnati, Ohio-based Great American Insurance Group has promoted Anthony (Tony) J. Mercurio and David L. Thompson Jr. to executive vice presidents of its property/casualty group. Mercurio will continue to serve as president and CEO of National Interstate – a position …

02/20/2019 12:25 PM
North Dakota House OKs Medical Marijuana Law Changes
The North Dakota House approved legislation that would expand the list of medical conditions for which residents can use medical marijuana, add health care professionals who can certify patients for the drug and increase the forms it can come in. …

02/20/2019 12:21 PM
Louisiana Flood Victims Still Waiting for Federal Recovery Grants
The month-long partial federal government shutdown likely further delayed aid grants to homeowners still trying to recover from the 2016 flooding, Louisiana’s top disaster recovery official said. As many as 6,000 Louisiana residents who took out loans from the U.S. …

02/20/2019 12:17 PM
Insurers Reminding Farmers About the Dangers of Working in Grain Bins
Working in grain bins can be deadly, so insurers want to remind farmers of the dangers. Nationwide insurance is helping sponsor a campaign to educate farmers about safety procedures they can use when working in grain bins. Farmers should wear …

02/20/2019 12:15 PM
Texas Woman Sentenced for $46K Workers’ Comp Fraud
A Texas woman owes just over $46,000 to the state’s largest workers’ compensation insurance carrier after being sentenced for workers’ compensation fraud in a Travis County district court. According to Texas Mutual Insurance Co., Shannon Drew of Aubrey, Texas, Drew …

02/20/2019 12:11 PM
Round 12: Louisiana Citizens Property Insurance Shedding More Policies
Louisiana’s property insure of last resort has completed another round of policy depopulation — it’s 12th, the state insurance department announced. As the state’s insurer of last resort, Louisiana Citizens Property Insurance Corp. (Citizens) offers property insurance to any home …

02/20/2019 12:06 PM
MGA Coalition Covers Firms with Cyber Exposure Under EU’s Data Privacy Law
Coalition, the San Francisco-based managing general agency that specializes in cyber insurance for small and mid-sized businesses, announced it is broadening coverage to include exposures to violations of the European Union’s General Data Protection Regulation (GDPR). Unlike other cyber insurance …

02/20/2019 11:06 AM
Rental Vacation Home Owners in Hawaii Sued over Fines
Kauai officials are suing the owners of a vacation home, claiming they are violating county zoning ordinances for using the property as a short-term rental. The Garden Island reports the Kauai County Planning Department filed the lawsuit last week, seeking …

02/20/2019 11:03 AM
Data Breach in Arizona Hits Restaurants, Hotels
A data breach may have compromised the personal information of customers who patronized any of 50 Arizona businesses last month. North Country Business Products says an investigation of “suspicious activity” led to the discovery that an unauthorized party deployed malware …

02/20/2019 09:24 AM
Ironshore’s Shrubb Joins AXA XL’s Terrorism Insurance Team in U.S.
Morgan Shrubb has joined AXA XL Insurance as underwriting manager for War, Terrorism & Political Violence insurance. Shrubb joins AXA XL from Ironshore International where she served as a production specialist, charged with growing the company’s war, terrorism and political …

02/20/2019 09:15 AM
C&S Insurance Acquires Massachusetts’ Francis M. Walley Insurance Agency
C&S Insurance has acquired Dedham, Mass.-based Francis M. Walley Insurance Agency. Since assuming ownership in 2012, C&S Insurance second-generation owners Ben Cavallo and Keith Signoriello have completed seven agency acquisitions. Altogether, C&S Insurance – headquartered in Mansfield, Mass. – now …

02/20/2019 09:06 AM
N.J. Insurers, Regulated Entities Urged to Assist Marcal Employees Affected by Fire
New Jersey Department of Banking and Insurance Commissioner Marlene Caride last week issued a bulletin encouraging insurers and entities regulated by the department to work with and assist employees of the Marcal paper products facility who lost their jobs after …

02/20/2019 08:22 AM
As Health Plan Deductibles Rise, Expect More Workers’ Compensation Claims
Are employees injured at work more likely to file under workers’ compensation instead of group health insurance when their group health plan has a higher deductible? The Workers Compensation Research Institute (WCRI) found evidence they do in a new study …

02/20/2019 08:11 AM
Vermont Workers’ Comp Rates to Decrease for Third Year in a Row
Workers’ compensation insurance will continue to cost less for most Vermont employers when new rates approved by the Department of Financial Regulation (DFR) become effective on April 1, 2019. This is the third rate decrease since Governor Phil Scott took …

02/20/2019 07:59 AM
UK to Extend No-Fly Zone for Drones Flying Near Airports
Britain will impose a 5 kilometer (3.1 mile) drone exclusion zone around its runways as the government responds to illegal incursions that closed London Gatwick airport for 36 hours in December, disrupting travel for more than 120,000 people. The measures, …

02/20/2019 07:31 AM
Crypto Startup BitGo Offers Insurance Against Quadriga Cold-Wallet Debacle
While users of the troubled Quadriga CX cryptocurrency exchange remain unable to retrieve millions in funds, a startup backed by mainstream companies such as Goldman Sachs says they’re able to offer some protection. BitGo Inc., which provides custodian services on …

02/20/2019 07:08 AM
Hong Kong Insurer FWD Hires Ex-Deutsche Bank Dealmaker as M&A Adviser
FWD Group, the insurer backed by Hong Kong billionaire Richard Li, has hired former Deutsche Bank AG dealmaker Tan Boon-Kee as senior adviser for mergers and acquisitions. Tan, who will be based in Singapore, started in her new role at …

02/20/2019 06:59 AM
Aviva Gets Court Approval to Move Assets to Ireland as Part of Wider Brexit Wave
England’s High Court on Tuesday gave Aviva, Britain’s second largest insurer, approval to transfer around 9 billion pounds ($11.69 billion) in assets to a new Irish company just before the starting gun is fired on Brexit. The move, timed for …

02/20/2019 06:38 AM
SCOR Names Conoscente CEO of SCOR Global P&C, Succeeding Peignet
SCOR announced the appointment of Jean-Paul Conoscente, currently chief executive officer of reinsurance at SCOR Global P&C, as CEO of SCOR Global P&C. This appointment follows Victor Peignet’s decision to retire for personal reasons, after 35 years with the SCOR …

02/20/2019 06:32 AM
Dodrill Appointed as West Virginia Insurance Commissioner to Succeed McVey
West Virginia Governor Jim Justice has appointed James A. Dodrill as insurance commissioner, effective March 4, 2019. Dodrill succeeds Allen McVey, who was appointed earlier this year as secretary of the West Virginia Department of Administration. For the past two …

02/20/2019 06:12 AM
SCOR’s Net Profit in 2018 Rises 13% Despite Spate of Q4 Natural Disasters
French reinsurer SCOR, which was the target of a thwarted acquisition by rival Covea last year, posted a surge in overall 2018 net profits despite making a loss in the fourth quarter caused by a spate of natural disasters. Net …

02/20/2019 04:42 AM
UK Probe of Wholesale Brokers Finds No Evidence of Anti-Competitive Behavior
Britain’s wholesale insurance brokers got a clean bill of health from the markets watchdog on Wednesday, providing some relief for an industry already spending millions of pounds on Brexit. London’s insurance market, which spans the Lloyd’s of London market and …

02/20/2019 03:50 AM
Allianz Targets Tech, Insurance Investments with $1.1B Venture Capital Fund
European insurer Allianz SE is increasing the size of its tech investment fund to 1 billion euros ($1.1 billion), making it one of the largest corporate-backed venture funds in Europe. Allianz X was launched in 2016 with a 430 million-euro …

02/20/2019 01:00 AM
Rail Tank Car Leak Injuries Lead to Safety Recommendations
The National Transportation Safety Board has issued five safety recommendations following completion of its investigation of the Aug. 27, 2016, chlorine release from a ruptured rail tank car near New Martinsville, West Virginia. There were eight injuries reported in connection …

02/20/2019 01:00 AM
Supreme Court Justice Thomas Calls for Overturning Landmark Libel Case
Justice Clarence Thomas called for the U.S. Supreme Court to overturn the landmark 1964 New York Times v. Sullivan ruling, which protects news organizations from most libel suits when they write about public figures. Adding to a list of far-reaching …

02/20/2019 01:00 AM
High School Student at Lincoln Memorial Protest Sues Washington Post
A high school student from Covington, Kentucky, sued the Washington Post for defamation on Tuesday, claiming the newspaper falsely accused him of racist acts and instigating a confrontation with a Native American activist in a January videotaped incident at the …

02/20/2019 12:46 AM
Georgia Volunteer Firefighter Arrested for Arson
A volunteer firefighter from Nicholls, Ga., was arrested and charged with three counts of arson after a fire at a wood structure in Alma, Ga., according to a statement from the Georgia Department of Insurance (GADOI). Investigators in Safety Fire …

02/20/2019 12:35 AM
AM Best Revises Outlooks to Negative for Florida-Based Universal North America
AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” of Universal North America Insurance Co. (UNAIC), based in Sarasota, …

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