Insurance Journal


The latest articles and news from Insurance Journal

  • Gulf of Mexico Oil Spill Stirs Comparison to BP Disaster October 17, 2017 5:00 am
    An oil spill in the Gulf of Mexico last week may be the largest in the U.S. since the 2010 blowout at BP Plc’s Macondo well that sank the Deepwater Horizon rig. The Delta House floating production facility about 40 …
    Andrew G. Simpson
  • Saltzman Opens Third Brightway Agency in Tampa Area October 17, 2017 4:37 am
    Rich Saltzman, owner of Brightway, The Saltzman Agency in Tampa, Fla., is now a multi-unit owner with Brightway Insurance with the purchase of a Brightway store located in Largo, Fla. The new agency is located at t 1601 East Bay …
  • Hub International Acquires Assets of Banyan Consulting Group of North Carolina October 17, 2017 4:33 am
    Hub International Limited has acquired the assets of Banyan Consulting Group, Inc. (Banyan). Terms of the acquisition were not disclosed. With offices in Greensboro, Raleigh and Charlotte, North Carolina, Banyan specializes in employee benefits. Alan Overbey, CEO of Banyan, will …
  • Florida Workers’ Comp Rate Hearing Scheduled for Oct. 18 October 17, 2017 4:31 am
    The Florida Office of Insurance Regulation (OIR) will conduct a public hearing to discuss the National Council on Compensation Insurance’s (NCCI) proposed overall statewide average workers’ compensation premium decrease of 9.6 percent on Oct. 18 at 1:00 pm EST. The …
  • When Hurricanes Wreak Havoc: An Insurance Agency’s Perspective October 17, 2017 1:19 am
    Weathering a storm like Hurricanes Harvey, Irma or Maria requires planning, insurance and grit. In a span of 30 days the devastation from multiple hurricanes impacted millions of American families and businesses. When Harvey was offshore and still setting its …
    Stephanie K. Jones
  • Minnesota Chiropractor and 2 ‘Runners’ Convicted for Auto Insurance Fraud Scheme October 17, 2017 12:53 am
    Minnesota chiropractor and two co-defendants have been convicted by a federal jury for their roles in an insurance fraud conspiracy, state Commerce Commissioner Mike Rothman announced. Chiropractor Preston Ellard Forthun, 39, of Bloomington, was convicted on charges of conspiracy, mail …
    Stephanie K. Jones
  • Wignes Joins Alliant as Senior VP in Chicago October 17, 2017 12:43 am
    Wayne Wignes, a specialist in aviation and aerospace insurance, has joined Alliant Insurance Services as a senior vice president. He is based in Chicago. At Alliant he will provide targeted risk management and insurance solutions to a national portfolio of …
    Stephanie K. Jones
  • Kansas Workers’ Comp Rates to Decrease in 2018 October 17, 2017 12:37 am
    Kansas Commissioner of Insurance Ken Selzer announced that workers’ compensation insurance rates on average will drop in his state in 2018. The National Council on Compensations Insurance Inc. (NCCI) filing for the 2018 workers’ compensation rate shows a decrease of …
    Stephanie K. Jones
  • Arthur J. Gallagher & Co. Acquires New Mexico’s Reynolds & Rodar Insurance Group October 17, 2017 12:18 am
    Arthur J. Gallagher & Co. has acquired Santa Fe, New Mexico-based Reynolds & Rodar Insurance Group Inc. Terms of the transaction were not disclosed. With roots going back to 1882, Reynolds & Rodar is the oldest independent agency in New …
    Stephanie K. Jones
  • Vegas Risk Management Summit Tackled Commercial Auto, Workers’ Comp And More October 16, 2017 11:38 pm
    One reason behind continuously dismal commercial auto insurance losses is a spate of “nuclear cases” that are plaguing the industry with multi-million lawsuits. The amount of money and resources being put into the legal battlefield over commercial auto lawsuits is …
    Don Jergler
  • Safety a Priority for Oklahoma Wind Turbine Maintenance Workers October 16, 2017 4:53 pm
    For Kalon Moore and Jackson Rollins, it’s a sight they never tire of. Just about every day on the job, the two look out at the Oklahoma landscape in every direction for miles, several hundred feet atop a wind turbine. …
    Stephanie K. Jones
  • After Harvey Suspension, OSHA Resumes Regular Enforcement in Texas, Louisiana October 16, 2017 4:41 pm
    After suspending most enforcement actions in Texas and Louisiana following Hurricane Harvey, the U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) on Oct. 10 resumed normal enforcement throughout Texas and Louisiana. Following Hurricane Harvey, OSHA provided compliance assistance …
    Stephanie K. Jones
  • Natural Gas Well Leak Forced Evacuations in Oklahoma October 16, 2017 4:32 pm
    Some residents of Velma have returned to their homes after a leak in a natural gas well forced them to evacuate. Velma Fire Chief Jay Dumas said Saturday that a buildup of pressure caused the Stephens County well head to …
    Stephanie K. Jones
  • Gov. Brown Signs Bill that Could Energize Insurance Markets October 16, 2017 4:28 pm
    Given the far-reaching nature of some of the bills that Gov. Jerry Brown signed into law in recent weeks, it’s no surprise that a relatively minor tweak to the insurance code didn’t muscle its way onto the front pages. But …
    Christian Cámara
  • Indiana Fines Kansas Contractor $24.5K After Worker Dies in Fall October 16, 2017 4:27 pm
    A contractor was fined $24,500 for safety violations after a worker died from a fall at a Richmond, Ind., factory. The Richmond Palladium-Item reports 23-year-old Jacob Bugg died June 27 after falling about 40 feet at a Purina animal food …
    Stephanie K. Jones
  • Detroit Free Press Hit with Pay Discrimination Lawsuit October 16, 2017 4:26 pm
    Four female photo journalists have filed a pay discrimination lawsuit in federal court against the Detroit Free Press. Former and current staff members allege in the complaint that the newspaper underpaid them because they’re women. The lawsuit follows a study …
    Stephanie K. Jones
  • Bill to Lower Michigan Auto Insurance Premiums on Shaky Ground October 16, 2017 4:23 pm
    Legislation to reduce Michigan’s high auto insurance premiums by letting drivers opt out of mandatory unlimited medical coverage is in peril, with majority Republicans lacking enough support to pass it on their own and many Democrats pushing an alternative plan. …
    Stephanie K. Jones
  • Louisiana Oil Platform Explodes; Search Continues for Missing Worker October 16, 2017 4:20 pm
    The search continued for a worker missing from an oil production platform in Louisiana’s Lake Pontchartrain that exploded and caught fire late Sunday, sending six others to hospital with injuries, the U.S. Coast Guard said. Coast Guard rescue crews and …
    Stephanie K. Jones
  • California Wildfires Threaten Significant Losses for P/C Insurers, Moody’s Says October 16, 2017 3:52 pm
    Moody’s released a report on Monday assessing the impact of the wildfires in California on property/casualty insurers. “Based on history and the number of structures damaged, insured losses will run into the billions of dollars, a credit negative,” the report …
    Don Jergler
  • AmWINS Acquiring 15 Insurance Programs from Willis Towers Watson October 16, 2017 3:34 pm
    Specialty broker AmWINS Group reports it has agreed to acquire 15 insurance programs from broker Willis Towers Watson. Among the programs being acquired by AmWINS are MountainGuard, which provides underwriting, claims and loss control services to the majority of ski …
    Andrew G. Simpson
  • PG&E’s Possible Liability in California Wildfires Targeted by Investigators October 16, 2017 3:29 pm
    PG&E Corp. at the end of last week capped its worst week in nine years on speculation that downed power lines may have played a role in deadly wildfires raging across California. And the rout is far from over. After …
    Don Jergler
  • Supreme Court to Rule on Email Privacy and Government’s Access to Servers October 16, 2017 2:13 pm
    The U.S. Supreme Court on Monday agreed to resolve a major privacy dispute between the Justice Department and Microsoft Corp. over whether prosecutors should get access to emails stored on company servers overseas. The justices will hear the Trump administration’s …
    Andrew G. Simpson
  • Hiscox Re Offers Private Label Flood Insurance Endorsement for U.S. Insurers October 16, 2017 1:34 pm
    Bermuda-based reinsurer Hiscox Re, along with insurance linked securities investors (ILS), has launched a flood insurance product for personal lines insurers to sell in the U.S. The turnkey flood insurance product, named FloodXtra, is designed to take advantage of the …
  • New Jersey Teen Badly Burned After Touching High Voltage Train Lines October 16, 2017 1:11 pm
    A 17-year-old New Jersey teenager is in the hospital with extensive burns after he was shocked by high voltage lines on a train trestle. Lance Vargas’ grandmother says the teen is currently in the hospital with broken bones and burns …
  • Acquiring Insurers Underperformed in 2016: Willis Towers Watson October 16, 2017 1:04 pm
    Research from Willis Towers Watson published earlier this month revealed that insurers doing acquisitions in 2016 underperformed in comparison to peers that stayed away from M&A. WTW used a performance measure based on share price changes for the comparison. Noting …
  • Freeborn & Peters Hires Keely to New York Office October 16, 2017 1:00 pm
    Freeborn & Peters LLP has hired Sean Thomas Keely to the firm’s New York office as a partner in the Litigation Practice Group and a member of the Insurance and Reinsurance Industry Team. The addition of Keely continues the expansion …
  • Driverless Car Bill Under Consideration in New Hampshire October 16, 2017 12:49 pm
    A bill under consideration for the next legislative session would allow car manufacturers to test automated vehicles on New Hampshire roads by January 2019. The Concord Monitor reports under the proposal, anyone with a self-driving vehicle, a $10 million insurance …
  • S&P No Longer Expects Global Re Rate Drops at Jan. 1 October 16, 2017 12:41 pm
    A trio of third-quarter hurricanes and continued catastrophe losses impacting insurers and reinsurers will have a greater impact on reinsurers—and may potentially fuel reinsurance rate hikes at the Jan. 1, 2018 renewal date, S&P Global Ratings said Friday, Oct. 13. …
  • Q3 Catastrophe Losses Will Bring Rate Hikes by London Market Insurers: Fitch October 16, 2017 12:32 pm
    Catastrophe losses from the recent U.S. hurricanes and Mexican earthquakes will lead to price rises on London market insurers’ loss-affected lines and could also affect wider market pricing trends, according to Fitch Ratings in a new report. The total industry …
  • Kobe Steel Scandal Hits Global Supply Chains as Financial, Legal Fallout Grows October 16, 2017 11:52 am
    Just over a week out from revelations of a cheating scandal that plunged Kobe Steel Ltd. in crisis and ensnared hundreds of firms, the embattled steelmaker’s shares skidded to five-year lows on Monday as investors worried about the financial and …
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