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News – Insurance Journal

Congressional Action Plan on Climate Change Applauded by Zurich, IBHS

2 Jul 2020 20:51


A Congressional action plan for a clean energy economy is garnering a bit of praise from a few important names in the insurance industry. The House of Representatives in 2019 established the House Select Committee on the Climate Crisis to …


LP Insurance Services Acquires Meridian Insurance Services in Nevada

2 Jul 2020 17:29


LP Insurance Services LLC has acquired Meridian Insurance Services in Nevada. As a result of the acquisition, Karen Wagner, former head of sales and service operations for Meridian, has been named the executive vice president of the Southwest Region of …


New Florida Laws Address Climate Issues, Require Sea Level Study for Construction

2 Jul 2020 16:59


Republican Florida Ron DeSantis signed a slew of environmental bills in less than 24 hours that address issues ranging from sea level rise to blue-green algae blooms – and even given the state authority to use drones to fight invasive …


Another One Down: Austin City Limits Music Fest Canceled Amid Virus Surge

2 Jul 2020 16:54


Austin City Limits has joined the ranks of major music festivals to be canceled because of the coronavirus. Festival organizers said in a statement on July 1 that scrapping the three-day October event was “the only responsible solution.” The announcement …


Midwest Business Leaders: Area’s Economy Improving with Reopening

2 Jul 2020 16:36


Business leaders say the economy has begun to recover as businesses reopened in the past month in nine Midwest and Plains states, but it remains weaker than before the coronavirus outbreak began, according to a monthly survey released on July …


Texas Independent Agents Name Stoffle Account Manager of the Year

2 Jul 2020 16:34


The Independent Insurance Agents of Texas (IIAT) has named Karla Stoffle of Upshaw Insurance in Amarillo as Account Manager of the Year. The Account Manager of the Year award is given annually to an account manager in Texas who exemplifies …


New Indiana State Law Bans Use of Handheld Phone While Driving

2 Jul 2020 16:32


Using a handheld cellphone while driving is now illegal on Indiana roads under a new state law that took effect this week. The move aimed at combating distracted driving went onto the books on July 1 after being approved by …


Texas Work Comp Division: Healthcare Providers Indicted for Drug Distribution, Fraud

2 Jul 2020 16:31


Three Texas healthcare providers will face trial for conspiracy to distribute controlled substances and mail fraud, according to the Texas Department of Insurance – Division of Workers’ Compensation. On June 17, 2020, a federal grand jury returned indictments against Arlington-based …


U.S. Supreme Court to Consider Child Slavery Appeals by Nestle, Cargill

2 Jul 2020 15:09


The U.S. Supreme Court will decide whether American corporations can be sued for alleged human rights abuses occurring abroad under a 1789 law, agreeing on Thursday to hear appeals by two companies – Cargill Inc and a Nestle SA subsidiary …


Insurer Group Warns About California Bill Mandating Business Interruption Coverage

2 Jul 2020 14:53


The American Property Casualty Insurance Association is opposing legislation that would create a rebuttable presumption that the COVID-19 virus caused property damage triggering business interruption coverage in commercial liability policies. The just amended Assembly Bill 1552 would retroactively rewrite business …


Maryland Insurance Commissioner Birrane Sees State as Leader in Tech Innovation

2 Jul 2020 14:49


Maryland Insurance Commissioner Kathleen Birrane has been in her new role for nearly two months, and she already has big plans for the state to establish itself as a leader in the tech space. “I’d like to see Maryland at …


Legacy Specialist Compre Signs 2nd Transaction with QBE

2 Jul 2020 14:23


Compre, the London-based independent re/insurance legacy specialist, announced it has signed its second legacy transaction with QBE for an undisclosed sum. The transaction follows Compre’s acquisition of QBE’s share of the Ridgwell Fox & Partners pool legacy reinsurance business in …


M&T Insurance Agency Benefits from Cyber Risk Analytics Platform Through CyberCube

2 Jul 2020 14:16


Clients of M&T Insurance Agency Inc. (MTIA), a provider of commercial insurance and risk management solutions that is part of the M&T Bank Corporation family, will now benefit from a new cyber risk analytics platform through CyberCube. The Broking Manager …


Delaware to Close Bars in Beach Towns Due to Virus Outbreak

2 Jul 2020 14:14


Bars in certain Delaware beach towns will close ahead of the Fourth of July holiday to limit the spread of the coronavirus, the state’s governor said. The new order from Delaware Governor John Carney announced Tuesday orders bars in eastern …


Allianz Expects to Be Back on Track with Profit Targets as COVID Crisis Subsides: CEO

2 Jul 2020 13:37


Allianz, which is facing headwinds from the coronavirus crisis, expects to be back on track in 2021 barring a second major outbreak or financial market correction, the German insurer’s chief executive said in an interview. Allianz is among global insurers …


How to Prepare for the Next ‘Black-Swan’ Event? Lloyd’s Has Some Suggestions.

2 Jul 2020 12:54


Lloyd’s of London is proposing solutions that could provide customers with greater protection against a future wave of the COVID-19 virus or future systemic – “black swan” – catastrophes, such as another pandemic, a global cyber attack or a solar …


Sompo Global Risk Solutions Launches Team in London to Serve UK, Europe Markets

2 Jul 2020 10:12


Sompo International Holdings Ltd., a Bermuda-based specialty provider of property and casualty insurance and reinsurance, announced that Sompo Global Risk Solutions (GRS) has formed a new team, Sompo GRS Europe, based in London to serve the European market through retail …


TuSimple Launches Self-Driving Truck Network with Berkshire’s McLane, UPS

2 Jul 2020 09:22


U.S. technology company TuSimple on Wednesday launched a self-driving freight network with UPS and Berkshire Hathaway Inc. supply chain unit McLane that it said should operate nationwide by 2024 and start running some driverless trucks routes by 2021. United Parcel …


AXIS Taps Woolley from GCube as Senior Underwriter, Int’l Construction Team

2 Jul 2020 08:57


AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings Ltd., announced the hiring of Anna Woolley as a senior underwriter in its International Construction team, effective immediately. In this role, Woolley will focus on writing new business and …


Update: Online Insurer Lemonade Raises $319M During U.S. Stock Market Debut

2 Jul 2020 08:29


Lemonade Inc., the online home insurance provider backed by SoftBank Group Corp., jumped as much as 86% after raising $319 million in its U.S. initial public offering. Shares of the company opened at $50.06 and rose as high as $53.96 …


North Carolina to Test All Nursing Home Residents, Workers

2 Jul 2020 07:46


All North Carolinians living and working in nursing homes will soon receive a one-time coronavirus test, the state announced Tuesday. Mandy Cohen, the state’s top public health official, said the state’s effort to boost testing will be underway from July …


FAA, Boeing Complete Certification Test Flights on 737 MAX, in Key Milestone

2 Jul 2020 07:43


The Federal Aviation Administration and Boeing Co have completed certification test flights on the 737 MAX, a key milestone toward the plane’s return to service, the U.S. regulator said on Wednesday. The MAX has been grounded since March 2019 after …


Propel Insurance Acquires HealthCare Services of Tennessee

2 Jul 2020 07:39


Propel Insurance, a retail insurance agency and a portfolio company of Flexpoint Ford, has acquired HealthCare Services (HCS), a risk management and insurance consulting firm based in Knoxville, Tenn., that specializes in serving senior care organizations. The combined agency will …


From Enron to Wirecard – Big 4 Accounting Firms Still Face Systemic Problems

2 Jul 2020 07:28


Two decades of financial disasters from Enron Inc.’s collapse in 2001 to Wirecard AG’s meltdown have left the Big Four accounting firms facing a major cultural problem that regulators may struggle to resolve. The 1.9 billion euros ($2.1 billion) missing …


Brightway to Offer Agency Franchise Option With $5K Fee, Free Second Unit

2 Jul 2020 07:23


Brightway Insurance, a nationwide personal lines insurance agency system, has enhanced its franchise model with an option to join with a $5,000 franchise fee and the right to open an additional location at no additional cost. Individuals that would like …


S. African Insurers Are Pushed to Pay COVID-19 Business Interruption Claims

2 Jul 2020 07:06


Virus-related claims from just over 500 small South African firms battling insurers who have rejected them are worth up to 4 billion rand ($232 million), the firm representing the businesses has calculated. Loss adjustment firm Insurance Claims Africa (ICA) is …


Novartis Pharmaceuticals Agrees to Pay $678M to Settle Doctor-Bribe Claims

2 Jul 2020 06:41


Novartis Pharmaceuticals Corp. agreed to pay $678 million to resolve a whistle-blower case accusing the company of paying kickbacks to thousands of doctors who prescribed its drugs and wooing them with lavish dinners and trips to Hooters, ending almost a …


Policygenius Adds Google’s Garr as VP of P&C Operations in North Carolina

2 Jul 2020 06:33


Online insurance marketplace Policygenius has made its first hire for its North Carolina headquarters. Erik Garr, who established Google Fiber’s operation in Durham, N.C, and was the director of strategy and operations at Google Cloud, will oversee property and casualty …


USI Closes Acquisition of Associated Benefits & Risk Consulting

2 Jul 2020 05:17


USI Insurance Services (USI), headquartered in Valhalla, N.Y., has completed its acquisition of Associated Benefits & Risk Consulting (ABRC) from Associated Banc-Corp., based in Green Bay, Wisconsin ABRC is a multi-line insurance agency and Midwest-based consulting firm with 400 employees, …


First Washington Employer Cited for Ignoring Governor’s Safe Start Order

1 Jul 2020 20:01


A fitness center near Yakima, Wash. is facing nearly $10,000 in fines for operating in violation of Gov. Jay Inslee’s Safe Start order. The Washington State Department of Labor & Industries cited company owner Bradshaw Development, Inc. this week after …

        
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