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News – Insurance Journal

08/20/2018 07:58 PM
California’s Plan for PG&E Bonds to Cover Fire Damages in Final Stages
California is finalizing the details of a plan that could let PG&E Corp. issue bonds to cover potential damages from wildfires that destroyed thousands of homes last year. The details are still being worked out, and a proposal may be …

08/20/2018 07:54 PM
California Workers’ Compensation Bureau Submits Lower Pure Premium Filing
The Workers’ Compensation Insurance Rating Bureau of California on Monday submitted an advisory pure premium rate filing lower than last year’s approved rate to the California Insurance Commissioner. The advisory pure premium rates proposed to be effective Jan. 1, 2019 …

08/20/2018 12:38 PM
Damage Reported in Mississippi City Hit by EF1 Tornado
The National Weather Service confirms a tornado hit the central Mississippi city of Madison. The agency, in a Twitter post Saturday, said a survey team confirmed Friday’s damage was the result of an EF1 tornado. Several trees were snapped along …

08/20/2018 11:10 AM
Washington Lawmaker Sues University, Investigator over Firing
Republican Rep. Matt Manweller is suing Central Washington University and the investigator it hired to look into allegations of inappropriate conduct. Manweller, a political professor at the college since 2003, was fired from the school last week, and immediately filed …

08/20/2018 11:08 AM
Jury Rules Nevada Liable for 2017 Wildfire That Burned 23 Homes
A jury has found the Nevada Division of Forestry liable for the loss of 23 homes and 17 other buildings in a 2016 wildfire after strong winds re-ignited a prescribed burn. The verdict set the stage for future court proceedings …

08/20/2018 11:06 AM
Dry Fall And Worsening Drought in Oregon Portends Wildfires
A climate prediction report issued by the National Weather Service says Oregon will remain hot, dry and smoky well into autumn this year. The Statesman Journal reported that forecast in the report released last week means that the state’s existing …

08/20/2018 10:46 AM
Changes in California Fire-Liability Law Looking Less Likely
California utilities won’t get a break from lawmakers who were weighing changes to state liability laws that expose the companies to billions in potential damages from last year’s wildfires. Lawmakers don’t have enough time to study and pass a bill …

08/20/2018 10:24 AM
Jewelers Mutual Acquires Shipping Software Firm TransGuardian
Specialty insurer Jewelers Mutual Group has purchased the assets of TransGuardian Inc., a high-value item shipping and logistics software company. Terms of the transaction were not disclosed. Jewelers Mutual partnered with TransGuardian in 2017 to develop its JM Shipping Solution, …

08/20/2018 09:53 AM
Trump Asks SEC to Study 6-Month Instead of Quarterly Corporate Filings
President Donald Trump said on Friday he had asked the U.S. Securities and Exchange Commission to study the impact of allowing companies to file reports with the financial regulator every six months instead of every quarter. “That would allow greater …

08/20/2018 09:36 AM
Pennsylvania Governor Declares Disaster After Recent Floods
Days after touring areas of eastern Pennsylvania that were hard-hit by flooding, Governor Tom Wolf has signed a “disaster emergency” proclamation for the area. Friday’s move allows the state to ask for a federal disaster declaration and seek funding for …

08/20/2018 09:30 AM
Massachusetts Dessert Company Awarded $720K in Fight Over Ice Cream
A Massachusetts dessert company that accused its ice cream supplier of destroying its business by secretly altering the recipe has been awarded $720,000. The jury verdict came Friday in the legal battle between 600 lb Gorillas Inc. and New Jersey-based …

08/20/2018 09:13 AM
Socius Insurance Services Hires Ascolese in New York City
Socius Insurance Services Inc., a management liability and property/casualty insurance wholesaler, has hired Jerry Ascolese to join its casualty practice as vice president. Ascolese will be based in New York City – a new region for Socius. Ascolese brings 25 …

08/20/2018 09:05 AM
A.M. Best Upgrades Ratings for Palisades Group, High Point Homeowners Group
Plymouth Rock Assurance has announced that A.M. Best Rating Services Inc. upgraded the financial strength ratings of the Palisades Group and High Point Homeowners Group to A- (Excellent). In addition, their long-term issuer credit ratings have been upgraded to a-. …

08/20/2018 09:01 AM
Swiss Re’s DePiero Joins Sompo Pro’s U.S. Cyber Practice
Richard DePiero has joined Sompo Pro, the U.S. professional liability insurer unit of Sompo International, as senior vice president, U.S. Cyber Product leader. DePiero will be responsible for Sompo Pro’s U.S. cyber and network security offerings. He brings more than …

08/20/2018 08:52 AM
China Imports with Iranian Oil Tankers and Insurance, Amid Sanctions: Sources
Chinese buyers of Iranian oil are starting to shift their cargoes to vessels owned by National Iranian Tanker Co. (NITC) for nearly all of their imports to keep supply flowing amid the re-imposition of economic sanctions by the United States. …

08/20/2018 08:30 AM
As Cyber Insurance Market Grows, Accumulation Risk Is Key Concern: Geneva Assn.
Although cyber risk premiums have expanded sizably in recent years with loss ratios that compare favorably to other product lines, the danger of accumulation risks is a key concern for the market, according to a study released by insurance industry …

08/20/2018 06:26 AM
India Hit with Worst Floods in Century, Bringing Damages of $3B, 350-Plus Deaths
Some 800,000 people have been displaced and over 350 have died in the worst flooding in a century in southern India’s Kerala state, as authorities rushed to bring drinking water to the most affected areas, officials said Sunday. At least …

08/20/2018 05:44 AM
Steamship Mutual Authorized to Establish Branch in Hong Kong
Steamship Mutual P&I Club announced the Hong Kong Insurance Authority has formally authorized the Club to establish a branch in Hong Kong from Aug. 17, 2018. Steamship Mutual said it is the first P&I Club to gain authorization from the …

08/20/2018 05:16 AM
China’s Online Insurer ZhongAn to Get Investment from SoftBank for Overseas Growth
ZhongAn Online P&C Insurance Co. Ltd., the first internet-only insurer in China, announced its subsidiary ZhongAn International will receive a strategic investment from SoftBank Vision Fund, which will support the growth of ZhongAn’s technology solutions businesses outside China. The amount …

08/20/2018 03:10 AM
No-Deal Brexit: A Lose-Lose for UK and EU Financial Stability
With Brexit talks back from the summer holidays, it’s worth considering one way in which failure to reach a deal before the U.K.’s departure in March would also be bad for the European Union. Such an outcome would unsettle the …

08/20/2018 02:41 AM
Chubb Launches Major Accounts Division in Asia-Pacific Region, Headed by White
Chubb announced the establishment of a Major Accounts Division in the Asia Pacific region, a dedicated premium service that encompasses underwriting, risk engineering and claims for the region’s large, global and multi-national clients and business partners. The new Major Accounts …

08/20/2018 02:28 AM
Spokesman: City’s Insurer, not Kansas Family’s, Paid for Broken Sculpture
An Overland Park, Kansas, official admits he was mistaken about who paid for a $132,000 sculpture at the city’s community center that was damaged by a young boy. City spokesman Sean Reilly said in July that the insurance company for …

08/20/2018 02:18 AM
Phi Delta Theta Fraternity, LSU Sued by Parents After Son’s Death
The parents of a Louisiana State University freshman who died of alcohol intoxication last year after an alleged fraternity hazing filed a federal lawsuit against the university board, the fraternity and several of the fraternity’s members. Stephen and Rae Ann …

08/20/2018 01:53 AM
Kansas Commissioner: Enrollment Rises in College Insurance Programs
Enrollment in courses eligible for the Kansas Insurance Certificate Program at several Kansas higher learning institutions is rising, according to the state insurance department. The department says around 500 students have enrolled in the certificate program for the 2018 fall …

08/20/2018 01:45 AM
Ohio Work Comp Bureau to Distribute $1.1M in Grants to Fire Depts.; $1.2M to Employers
Through a program to protect firefighters from carcinogens and other harmful health hazards encountered by firefighters during their daily work activities, the Ohio Bureau of Workers’ Compensation (BWC) will distribute $1.1 million in safety grants to more than 100 fire …

08/20/2018 01:07 AM
Arkansas ‘Tort Reform’ Advocates Stunned by Church Group’s Opposition
So-called tort reform has been an easy sell in states controlled by Republicans, and backers of a lawsuit-limiting proposal on the ballot in Arkansas this fall expected little trouble winning passage until they ran into a surprising obstacle from a …

08/20/2018 01:02 AM
Finding Toyota Negligent in Accident, Texas Jury Awards $242M to Family
A Texas jury awarded damages of $242 million to a Dallas family after finding that defects in the family’s Lexus sedan caused injuries to their two children during a rear-end collision, the law firm representing the plaintiffs said on Friday. …

08/20/2018 01:00 AM
Stanford Study Links Medical Errors to Physician Burnout
The epidemic of physician burnout may be the source of even more medical errors than unsafe medical workplace conditions, a new study led by Stanford researchers has found. Physician burnout is at least equally responsible for medical errors as unsafe …

08/20/2018 01:00 AM
Millennials in Insurance Talk Age and Tech Gaps, Insurance Being a ‘Well-Kept Secret’
What is the best part about working in insurance? For a group of millennials speaking with Insurance Journal at a July roundtable, the answer was simple. “The people,” roundtable participants agreed. At the same event, when asked about one challenge …

08/20/2018 01:00 AM
Court Says Trump Administration Must Implement Chemical Safety Rule
A federal appeals court on Friday ordered the Trump administration to immediately implement an Obama-era chemical safety rule introduced in response to a 2013 explosion at a fertilizer plant in Texas that killed 15 people. The D.C. Circuit Court ruling …

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