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Insurance Journal

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Insurance Journal delivers the latest business news for the Property/Casualty insurance industry
Updated: 14 hours 8 min ago

Austin Association of Insurance Professionals Installs 2018 Officers And Directors

Fri, 05/17/2019 - 20:06
The Austin Association of Insurance Professionals held their 2019 installation dinner on Tuesday at Balcones Country Club in Austin, Texas. The 2019/20 officers and directors for AAIP were installed. In addition, the AAIP past presidents in attendance were recognized, and …

Louisiana House Gives Nod to Medical Marijuana Inhaler Bill

Fri, 05/17/2019 - 20:02
Louisiana’s medical marijuana patients would be able to inhale cannabis, if senators agree to a proposal that won overwhelming support from lawmakers in the House. Rep. Ted James, a Baton Rouge Democrat, says his bill shouldn’t be seen as an …

Frederick H. DiMeo Acquires Ozwald and Speaker in California

Fri, 05/17/2019 - 19:59
The Frederick H. DiMeo Insurance Agency Inc. has purchased the personal lines division of Oakland, Calif.-based Ozwald and Speaker Insurance Services Inc. The acquisition includes the purchase of six books of business, adding a reported $1.2 million of written premium …

Ohio Launches Campaign Urging Safety Belt Use by Drivers

Fri, 05/17/2019 - 14:49
The Ohio State Highway Patrol has begun a campaign urging Ohio motorists to wear their safety belts. The patrol says troopers will be encouraging drivers to “buckle up” to save lives. A statement released by the patrol this week says …

Nearly $1M Settlement in Wyoming Shooting of Man

Fri, 05/17/2019 - 14:47
A city in Wyoming has settled a lawsuit over a fatal shooting by two police officers. Attorneys for the estate of John Randall Veach said Tuesday they settled the lawsuit for $925,000 in damages. Rawlins Police Sgt. Jared Frakes and …

Lawsuit Says Utah Bus Driver Was Sick, Tired Before Fatal Crash

Fri, 05/17/2019 - 14:45
A Greyhound driver who authorities say fell asleep before the bus careened off a road in the Utah desert two years ago was tired, sick and should never have been behind the wheel, according to a new lawsuit over the …

London Marine Insurers Expand Middle East Threat Zone After Saudi Ship Attacks

Fri, 05/17/2019 - 14:42
London’s marine insurance market has extended the list of waters deemed high risk to include Oman, the United Arab Emirates and the Gulf after ship attacks off Fujairah, officials said on Friday, in a move that could push up premiums. …

Insurer Says Iran’s Guards Likely Facilitated Saudi Tanker Attacks: Reuters

Fri, 05/17/2019 - 14:29
Iran’s elite Revolutionary Guards (IRGC) are “highly likely” to have facilitated attacks last Sunday on four tankers including two Saudi ships off Fujairah in the United Arab Emirates, according to a Norwegian insurers’ report seen by Reuters. The UAE, Saudi …

California Bill to Expand Customer Ability to Sue over Handling of Data Fails

Fri, 05/17/2019 - 14:26
California’s senate blocked a bill on Thursday that would have expanded the ability of consumers to sue companies over their handling of personal data, a win for tech industry groups concerned about wide-ranging privacy lawsuits. Under California’s data privacy law, …

AXA XL Names Bertha to Lead U.S. East Region Multinational Casualty Group

Fri, 05/17/2019 - 13:45
AXA XL has promoted Marc Bertha as team lead for the U.S. Eastern Region Multinational Casualty group. Based in New York, Bertha will be leading the region’s underwriting team whose overall mission is to partner with new and existing clients …

First Connecticut Crumbling Foundation Repaired with State’s Help

Fri, 05/17/2019 - 13:41
Work has been completed on the first Connecticut home with a crumbling foundation, using funds from a captive insurance company created by the General Assembly in 2017. It took about six weeks to replace Kevin and Aisling McCloskey’s basement in …

Eight Days After Cyberattack, Baltimore’s Network Still Hobbled

Fri, 05/17/2019 - 13:31
More than a week after a cyberattack hobbled Baltimore’s computer network, city officials said Wednesday they can’t predict when its overall system will be up and running and continued to give only the broadest outlines of the problem. Baltimore’s government …

Prosecutor Says Limo Company Operator Knew of Vehicle Problems in New York Crash

Fri, 05/17/2019 - 13:27
Prosecutors say the limousine company operator charged in connection with an upstate New York crash that killed 20 people was aware of prior passenger complaints about the ill-fated vehicle and had even refunded fares. In a document filed last week …

Sompo Global Risks Forms Life Sciences Team Led by Ex-OneBeacon Exec Lauer

Fri, 05/17/2019 - 12:46
Sompo Global Risk Solutions (GRS) has formed a new team offering insurance to clients in the life sciences industry. The GRS Life Sciences team is led by Todd Lauer who has joined Sompo GRS as senior vice president. Lauer brings …

Senators Urge Allies to Heed Trump’s Warning on China’s Huawei

Fri, 05/17/2019 - 12:34
U.S. senators warned allies that Chinese telecommunications companies such as Huawei Technologies Co. can’t meet security standards for advanced networks due in part to Chinese law that demands cooperation with security agencies. “There is no way in hell China can …

Brazil’s Vale Warns Another Mine Tailings Dam at Risk of Collapse

Fri, 05/17/2019 - 11:34
Brazilian iron ore miner Vale SA told prosecutors in the state of Minas Gerais that a dam is at risk of rupturing at its Gongo Soco mine, about 40 miles from where its Brumadinho dam collapsed, killing more than 230 …

Aon Makes Leadership Changes in Global Reinsurance Clients Team

Fri, 05/17/2019 - 10:23
Aon plc announced organizational changes within its Global Reinsurance Clients team, which supports 25 of the largest global insurers. Part of Aon’s Reinsurance Solutions business, the team was launched in 2014 to ensure that the firm consistently delivers the full …

Jet-Powered Flying Taxi Completes Debut Flight Near Munich

Fri, 05/17/2019 - 09:33
The world’s first all-electric vertical takeoff and landing passenger jet has been unveiled after completing its first flight. German startup Lilium aims to have a fleet of the five-seat aircraft — which can operate with a pilot or in drone …

AM Best Affirms Ratings of Third Point Re While Revising Outlook to Negative

Fri, 05/17/2019 - 08:04
AM Besthas revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” of Bermuda-based Third Point Reinsurance Co. Ltd. (TPRE) and Third Point Reinsurance …

Bank of England Warns Against Weakening Rules for Insurers, Banks After Brexit

Fri, 05/17/2019 - 07:30
Weakening rules for banks and insurers after Brexit would be “anathema,” but Britain could change its style of regulating to respond faster to change, Bank of England Deputy Governor Sam Woods said on Thursday. “So as far as the stringency …

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