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INSURANCE INDUSTRY NEWS
Courtesy of The Insurance Journal

Latest Top (25) News


$19 Billion in Potential Losses from Cloud Services Failure Mostly Uninsured: Lloyd’s, AIR
A cyber problem that temporary shuts down a top U.S. cloud computing provider could trigger as much as $19 billion in business losses, only a fraction of which would be insured, Lloyd’s of London said in a report on Tuesday. …

Tue, 23 Jan 2018 19:00:36 +0000


FIT Insurance in Washington Names Morales Personal Account Manager
Bellevue, Wash.-based FIT Insurance has named Cynthia Morales a personal account manager. Morales has more than five years of experience in the private client insurance industry. She comes to FIT from Pacific Northwest Insurance. FIT Insurance is a boutique insurance …

Tue, 23 Jan 2018 18:58:30 +0000


EPIC Adds Westphal in California Healthcare Practice
EPIC Insurance Brokers and Consultants has added Philip Westphal to its commercial property/casualty team in Sacramento, Calif., as a risk advisor/broker in the healthcare practice. Westphal will report to Tom McCready, managing principal and healthcare practice co-leader. He will be …

Tue, 23 Jan 2018 18:51:53 +0000


Registration for California Seismic Retrofit Grants Opens
Registration opens today for eligible homeowners to receive grants of up to $3,000 for seismic retrofits of their older homes. Homeowners have until Feb. 23 to apply for a grant from California’s Earthquake Brace + Bolt program. EBB is expanding …

Tue, 23 Jan 2018 18:48:14 +0000


Kentucky Accuses Drug Distributor of Helping Fuel Opioid Epidemic
Kentucky’s attorney general on Monday accused drug distributor McKesson Corp of helping fuel the opioid epidemic by failing to halt shipments of suspiciously large or frequent orders by pharmacies of prescription painkillers. The complaint by Kentucky Attorney General Andy Beshear …

Tue, 23 Jan 2018 17:52:19 +0000


Tree Company Sued, Blamed for 2011 Texas Wildfire that Killed 2
Texas is suing a vegetation management company that it alleges caused the 2011 Bastrop County Complex Fire, the most destructive wildfire in Texas history. The lawsuit filed on Jan. 19 by Texas Attorney General Ken Paxton alleges the Asplundh Tree …

Tue, 23 Jan 2018 17:42:21 +0000


Buildings Damaged, Power Cut by Strong Winds in Arkansas
Thousands of people are without electricity in Arkansas after strong storms moved through the state. Entergy Arkansas says crews are working to restore electricity to the 7,000 homes and businesses that lost power in the storms late Sunday and early …

Tue, 23 Jan 2018 17:40:11 +0000


In Turnabout, Wisconsin Governor Moves to Stabilize Insurance Market
In a tack to the left in an election year, Wisconsin Republican Gov. Scott Walker announced Sunday that he wants a state law that would bar insurers from denying a person health coverage due to a pre-existing condition. He also …

Tue, 23 Jan 2018 17:38:06 +0000


Former Arkansas Insurance Commissioner Horne Passes
Former Arkansas Insurance Commissioner Allan W. “Dick” Horne has passed away, according to the Arkansas Insurance Department. Horne led the department for three years, from 1968 through 1970. In a statement, Arkansas Insurance Commissioner Allen Kerr commented: “The Arkansas Insurance …

Tue, 23 Jan 2018 17:34:26 +0000


Professional Liability Insurance Brokerage, Gemini Risk, Launched in Michigan
Experienced lawyers and insurance professionals David Kramer and Theodore Nittis have launched Gemini Risk Partners as an independent professional liability insurance brokerage in Bloomfield Hills, Michigan. The firm will focus on serving law firms, as it did when it was …

Tue, 23 Jan 2018 17:26:43 +0000


Insurance Education Scholarships Available for Missouri Students
The Missouri Department of Insurance announced that high school seniors and college students who are Missouri residents are eligible to apply for Missouri Insurance Education Foundation (MIEF) scholarships. The deadline is March 31. Four, $1,500 scholarships are awarded to graduating …

Tue, 23 Jan 2018 17:19:22 +0000


Tata Group Predicts Significant Organic Growth Opportunities in Insurance
The Tata Group sees potential for significant growth in financial services without relying on acquisitions, as India’s largest conglomerate looks to sharpen its focus on about half a dozen businesses. “Both our insurance business and non-banking finance company have got …

Tue, 23 Jan 2018 16:29:10 +0000


Travelers Manages Q4 Profit Despite Wildfires, Tax Hit
Property/casualty insurance giant Travelers Companies Inc. reported net income of $551 million for the quarter ended December 31, 2017, a 42 percent drop compared to $943 million in the prior year quarter. The drop was attributable to claims from California’s …

Tue, 23 Jan 2018 16:23:57 +0000


Idaho School Trying to Recover Data Weeks After Ransom-Seeking Cyberattack
Nearly six weeks after being hit by a massive ransomware cyberattack, the Jerome School District is still working to recover. On Dec. 11, school district officials found out much of its data was encrypted. Each affected file included a message …

Tue, 23 Jan 2018 15:39:33 +0000


California Commissioner Wants Insurers to Pass Tax Savings to Policyholders
California Insurance Commissioner Dave Jones wants insurers in his state to pass along savings from taxes expected to be generated by the new tax bill passed in Congress recently. “The recent revision to the Federal Tax Schedule for 2018 reduced …

Tue, 23 Jan 2018 15:28:40 +0000


TigerRisk Names Beckers, from Aon, as Partner and Head of EMEA
TigerRisk Partners LLC, the Stamford, Conn.-based re/insurance broker, announced that Marc Beckers has been named partner and head of EMEA. Beckers, most recently head of Aon Benfield ReSolutions EMEA, is one of Europe’s foremost experts on non-traditional risk-transfer structures and …

Tue, 23 Jan 2018 14:26:15 +0000


Facebook Responds to EU’s New Data Law with Changes to Privacy Controls
Facebook will make it easier for its more than 2 billion users to manage their own data in response to a tough new European Union law that comes into force in May, the social network’s Chief Operating Officer Sheryl Sandberg …

Tue, 23 Jan 2018 13:46:59 +0000


Liberty Mutual Sells Off Life Insurance Unit, Realigns U.S., Global P/C Business
Liberty Mutual is getting out of the life insurance business, and the insurer will reorganize in order to better focus on its remaining P/C businesses. The Boston-based global insurer said it will sell its life insurance arm – Liberty Life …

Tue, 23 Jan 2018 13:42:30 +0000


Khan Promoted to CEO, President at ThinkRisk and CorPro
Ryan Specialty Group (RSG) announced the promotion of Reza Khan to chief executive officer and president of ThinkRisk Underwriting Agency and CorPro Underwriting Managers. Reza previously served as executive vice president for both entities and has been with ThinkRisk since …

Tue, 23 Jan 2018 13:24:46 +0000


SpaceX Lost Satellite on U.S. Mission Was Uninsured
U.S. taxpayers may end up paying for the missing satellite launched by Elon Musk’s Space Exploration Technologies Corp. that crashed into the ocean earlier this month, part of a classified U.S. government mission dubbed “Zuma.” Questions remain around the event, …

Tue, 23 Jan 2018 13:07:03 +0000


Two More Counties Added to New York’s Lake Flooding Disaster Declaration
New York officials say two more counties that sustained extensive shoreline damage from Lake Ontario flooding last year are now eligible for federal recovery aid. Gov. Andrew Cuomo and U.S. Sens. Chuck Schumer and Kirsten Gillibrand, all Democrats, announced Friday …

Tue, 23 Jan 2018 12:57:16 +0000


Filing Deadline Approaching for New York’s Cybersecurity Regulation
New York Department of Financial Services Superintendent Maria T. Vullo has reminded all regulated entities and licensed persons covered by the Department of Financial Services’s (DFS) cybersecurity regulation that the first certification of compliance must be filed on or prior …

Tue, 23 Jan 2018 12:51:49 +0000


Delaware Deputy Insurance Commissioner Crane to Leave State Service
Delaware Insurance Commissioner Trinidad Navarro has announced that Deputy Commissioner Mitch Crane will end his service to the state of Delaware on February 16, 2018. Crane has served as Commissioner Navarro’s deputy since the beginning of the Commissioner’s term on …

Tue, 23 Jan 2018 12:38:42 +0000


Connecticut’s Paragon Insurance Holdings Hires Petersen
Paragon Insurance Holdings LLC (Paragon), an Avon, Conn.-based national multi-line specialty managing general agent, has hired Andrew Petersen to the Paragon executive management team as regional president and executive vice president of reinsurance operations. In his new role, Petersen will …

Tue, 23 Jan 2018 12:31:35 +0000


6.1 Magnitude Quake Hits Indonesia, Causing Damages, Injuries on Java Island
Office workers fled high-rise buildings in the Indonesian capital on Tuesday after a strong earthquake shook the city, causing some injuries and damage to at least 130 buildings elsewhere on the densely populated island of Java. The relatively shallow quake …

Tue, 23 Jan 2018 12:29:45 +0000


For more news, visit The Insurance Journal online.