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News – Insurance Journal

Lloyd’s Returns to Profit in 1st Half After 2 Full Years of Losses

18 Sep 2019 07:06


Lloyd’s of London, the world’s biggest insurance market, returned to profit in the first half after two full-year losses. The more than 300-year-old corporation made a profit before tax of 2.3 billion pounds ($2.8 billion) in the first six months …


BNP Broker Wins Sex Discrimination Lawsuit, Highlighting Unequal Pay, Laddish Culture

18 Sep 2019 07:00


A broker at BNP Paribas SA who complained about being paid less than male colleagues won her employment suit after a London judge ruled that she suffered sexual discrimination. Stacey Macken, a prime brokerage product manager who still works at …


As Legacy Acquisitions Boom, What Will Happen to Deal Pricing?

18 Sep 2019 06:50


Activity in the legacy insurance market has boomed. However, as capital pours in, perhaps it is best to understand how pricing will develop in the space and whether increased capital will drive price deterioration. For a start, it is widely …


Insurtechs Poised to Challenge Traditional Home Insurers: J.D. Power

18 Sep 2019 05:00


Traditional home insurers appear to be in need of an image change, and that, in turn, could create a big opportunity for insurtech startups, according to the latest J.D. Power U.S. Home Insurance study. Approximately 74 percent of their customers …


Gays’ Job Rights at Stake in Upcoming Supreme Court Cases

18 Sep 2019 05:00


Gerald Bostock says he’s convinced his participation in a gay softball league was why he was fired from his job running the child-advocate program at the juvenile court in Clayton County, Georgia. The Atlanta-area county’s decision sent “a homophobic message …


New Hog Slaughterhouse Rules Please Firms, Worry Food Safety Advocates

18 Sep 2019 05:00


U.S. food safety and the health of plant workers will be at risk from new federal rules that allow meat companies to slaughter hogs as fast as they want and shift the role of government inspectors, food and environmental advocates …


Southern Fidelity Insurance Recruiting New Agents in Mississippi

18 Sep 2019 04:59


Southern Fidelity Insurance Company, a regional insurance company serving consumers throughout the Southeast, is looking to recruit local agents in Mississippi after expanding into the state in July. The company, which has been doing business since 2005, said it is …


Georgia Man Accused of Faking Burglary to Business for Insurance Payout

18 Sep 2019 04:46


A man trashed his pizza restaurant and ice cream shop near Atlanta to fake a racially motivated burglary so he could file an insurance claim, police said. Gwinnett County police officers responded just before 9:30 p.m. on Sept. 11 after …


Chubb Personal Auto Service Protects Insured Info for Total Loss Vehicles

18 Sep 2019 04:13


Chubb has launched a new service designed to help personal auto clients remove sensitive electronic information from their vehicles in the event of an insured total loss. “While hands-free GPS and mobile connectivity has made driving more convenient and safer, …


California Workers’ Comp 2020 Temporary Total Disability Rates to Rise

17 Sep 2019 21:11


The California Division of Workers’ Compensation has announced that the 2020 minimum and maximum temporary total disability rates will increase on Jan. 1, 2020. The minimum TTD rate will increase from $187.71 to $194.91 and the maximum TTD rate will …


Update: Tropical Storm Imelda Makes Landfall on Texas Coast

17 Sep 2019 19:01


A tropical depression in the Gulf of Mexico that quickly upgraded into Tropical Storm Imelda has made landfall on the Texas coast near Freeport. The National Hurricane Center said the storm likely will produce life-threatening flash flooding in some parts …


Liberty Company Insurance Brokers in California Names Lalsa Chief Financial Officer

17 Sep 2019 17:16


The Liberty Company Insurance Brokers in Woodland Hills, Calif., has named Megvarran Lalsa chief financial officer. Megvarran has 20 years of experience in accounting and finance. Megvarran previously worked at Venbrook Group, SCAN Health Plan, Crescent Healthcare and Cardinal Health. …


Lawsuit Claims Poor Information About Pipeline Led to Fatal Blast in Alabama

17 Sep 2019 16:58


A federal lawsuit accuses a major pipeline company based in Georgia of failing to tell work crews where a major underground pipeline was located before they ruptured the line, touching off a deadly explosion in Alabama. The workers were trying …


Low-Pressure System Off Texas Coast Expected to Bring Heavy Rain, Flooding

17 Sep 2019 16:56


With a low pressure system hovering off the Texas Gulf Coast that the National Hurricane Center could become a tropical depression, Texas Gov. Greg Abbott has elevated the state operations center to an increased readiness (level 3) status. The Texas …


Chicago-Area Contractor Cited, Fined $250K for Fall, Scaffolding Hazards

17 Sep 2019 16:38


A contractor has been cited by the U.S. Department of Labor’s Occupational Safety and Health Administration which says workers were exposed to fall and scaffolding hazards at a commercial building project in Chicago. The Labor Department says that Polo Masonry …


Indiana’s Protective Insurance Names Barnett as CFO, Omidfar as CIO

17 Sep 2019 16:36


Carmel, Indiana-based Protective Insurance Corp., a specialty property/casualty holding company in the transportation and workers’ compensation insurance industries, has appointed John Barnett as its new chief financial officer, effective Sept. 30, 2019, and Bahr Omidfar as chief information officer, effective …


Louisiana Farm Program Receives More Funding for Flood Recovery

17 Sep 2019 16:32


A Louisiana program aimed at helping farmers recover from extreme flooding events in 2016 has received an additional $10 million in grant awards, the Louisiana Department of Agriculture and Forestry announced. The additional funds will be made available to eligible …


Gall Named CEO of Texas’ Tricolor Insurance

17 Sep 2019 16:31


Archie Gall has been named CEO of Tricolor Insurance, an affiliate company of Dallas-based Tricolor, a used vehicle retailer focused on the Hispanic consumer market. Tricolor Insurance, a provider of insurance for subprime vehicle owners, will roll out its new …


Iowa’s Global Insurance Accelerator to Host 17 Firms for InsurTech Week 2019

17 Sep 2019 16:28


The Global Insurance Accelerator (GIA), a Des Moines, Iowa-based InsurTech accelerator focused on innovation for the insurance industry, says 17 companies will participate in its fifth annual InsurTech Week, being held Oct. 14-18. Designed to amplify the industry outreach and …


Prime Minister Johnson’s Brexit Plan Goes to Court as Latest EU Talks End in Failure

17 Sep 2019 14:56


Boris Johnson’s Brexit strategy has been on trial ever since he became prime minister eight weeks ago, and on Tuesday his lawyers will defend it in the U.K.’s highest court. Fresh from being lambasted by a fellow European leader after …


Synthetic Marijuana Sold as CBD in Los Angeles, Tests Show

17 Sep 2019 14:45


An Associated Press investigation shows a dark side to booming sales of the cannabis extract CBD. Some people are substituting cheap and dangerous street drugs for the real thing. As part of the investigation, a reporter in Los Angeles purchased …


CopperPoint Acquires Alaska National Insurance Company

17 Sep 2019 14:42


CopperPoint Insurance Cos. has agreed to acquire Alaska National Corp. and its wholly owned subsidiary Alaska National Insurance Co., an Alaska-domiciled workers’ compensation and commercial insurance carrier. The transaction is expected to close once customary regulatory reviews and approvals are …


Feds Investigating How U.S. Olympic Boards Handled Sex Abuse Claims

17 Sep 2019 14:12


Federal investigators are looking into the way the U.S. Olympic and Paralympic Committee and national governing bodies of Olympic sports handled sex-abuse allegations, people with knowledge of the investigations told The Associated Press. The probes, first reported by The Wall …


Here’s How Aon’s New Reinsurance Auction Works

17 Sep 2019 14:05


The broker Aon plc has launched an auction capability for the Jan. 1, 2020 reinsurance renewals, which is designed to provide additional options for insurer clients by reducing the timeframe around pricing negotiations while providing contract certainty to secure pricing …


Smart Insurance Forms Platform Broker Buddha Raises $4.5 Million

17 Sep 2019 14:01


Broker Buddha, a company that simplifies the commercial insurance application and renewal process, announced a $4.5 million funding round led by Vertex Ventures. Broker Buddha’s technology converts PDF insurance applications into user-friendly interactive smart forms. It also offers a web …


AssuredPartners Acquires Connecticut’s Alton E. Woodford Insurance Agency

17 Sep 2019 13:24


AssuredPartners Inc. has acquired Alton E. Woodford Insurance Agency Inc., located in West Hartford, Conn. The team of nine will remain under the operational leadership of Tallison Noble and Nerissa Smith following the acquisition. Headquartered in Lake Mary, Fla., and …


Fairmatic Bets On Driver-Driven Premium Adjustments to Score in Commercial Auto

17 Sep 2019 13:15


Managing general agent (MGA) Fairmatic has introduced a usage-based insurance model that features monthly commercial auto premium adjustments based on an insured’s driving behaviors. Fairmatic’s “performance-priced commercial auto insurance” product is currently available to commercial fleets and on-demand delivery and …


Rochester Woman Arraigned for Defrauding Workers’ Comp System of More Than $5K

17 Sep 2019 13:08


A Rochester, N.Y., woman has been arraigned on charges that she defrauded the workers’ compensation system of more than $5,000 by endorsing and cashing wage reimbursement checks intended for her deceased grandmother. “This is an egregious case where an individual …


Hub International Limited Acquires Assets of Virginia’s Washington Financial Group

17 Sep 2019 12:59


Hub International Limited , a global insurance brokerage and financial services firm, has acquired the assets of Wash Financial L.L.C., doing business as Washington Financial Group (WFG). Terms of the transaction were not disclosed. Headquartered in McLean, Va., and led …


Probe into Deadly Genoa Bridge Collapse Reveals Falsified Safety Reports: Police

17 Sep 2019 12:52


The long-standing head of Italian infrastructure group Atlantia is ready to step down as a probe into a deadly bridge collapse snowballs, prompting its top shareholder, the Benetton family, to pull support, sources said on Monday. Giovanni Castellucci, who masterminded …

        
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