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J&J settles drug manufacturing probe by U.S. states for $33 million
(Reuters) — Johnson & Johnson has agreed to pay $33 million to resolve charges by most U.S. states that it misrepresented the manufacturing practices behind Tylenol, Motrin, Benadryl and other over-the-counter drugs.

POSTED MAY 24, 2017 5:07 PM
Dismissal of negligence charge against broker upheld
An insurance broker provided ample warning to a trucking firm of a new exclusion in its insurance policy, said an appeals court in upholding dismissal of a negligence charge.

POSTED MAY 24, 2017 4:56 PM
Reinsurer financials on the rise in first quarter
U.S. reinsurers saw net premiums written rise 15.0% to $11.67 billion in the first quarter of 2017 compared with the same quarter a year ago.

POSTED MAY 24, 2017 4:48 PM
Liberty Mutual names energy underwriting leader

POSTED MAY 24, 2017 4:27 PM
Federal budget proposal would combine EEOC and OFCCP
In an apparently unpopular move, the Trump administration has proposed folding the Office of Federal Contract Compliance Programs into the EEOC.

POSTED MAY 24, 2017 4:10 PM
Maritime industry enters uncharted waters
A combination of technology and political and economic events are creating new risks and opportunities for the global maritime sector, Marsh Ltd. reports.

POSTED MAY 24, 2017 3:54 PM
Property/casualty insurer profits nosedive in first quarter
The U.S. property/casualty sector saw a sharp decline in net income during the first quarter of 2017 despite a rise in net premiums written, says a report by A.M. Best.

POSTED MAY 24, 2017 2:15 PM
Alabama comp fund adopts underwriting analysis platform
AlaComp, an Alabama workers compensation self-insurance fund, will adopt the predictive application of Valen Analytics’ InsureRight platform.

POSTED MAY 24, 2017 1:58 PM
Ironshore expands mergers and acquisitions consortium capacity
Ironshore Inc. increased its mergers and acquisitions consortium capacity to £100 million ($130.4 million) from its previous limit of £78.5 million ($102.3 million), effective immediately.

POSTED MAY 24, 2017 1:45 PM
Give risky millennial drivers time to mature
Millennials in their early 20s are riskier drivers than previous generations. But there’s hope.

POSTED MAY 24, 2017 12:14 PM

News – Insurance Journal

Louisiana Disaster Declarations in Last 18 Months Involved Nearly 90% of Parishes
With hurricane season fast approaching, the Louisiana Department of Insurance is pointing out that in the last 18 months, nearly 90 percent of the state’s parishes have been included in major disaster declarations. The LDI is advising policyholders to take …

POSTED MAY 24, 2017 4:43 PM
A.M. Best: Outlook Stable for MGA Insurance in Dallas
A.M. Best has revised the long-term issuer credit rating (long-term ICR) outlook to stable from positive and affirmed the financial strength rating (FSR) of B++ (Good) and the long-term ICR of “bbb” of MGA Insurance Company Inc. (MGA), based in Dallas. The …

POSTED MAY 24, 2017 4:36 PM
Damage Assessment from 7 Oklahoma Tornados Ongoing
Meteorologists say seven tornados that occurred in northeast Oklahoma last week have received preliminary damage ratings. The Tulsa World reports tornados near Wagoner, Red Bird and Porter reached estimated wind speeds of up to 105 mph. The storms uprooted trees, …

POSTED MAY 24, 2017 4:32 PM
Iowa Agency, Two Rivers Insurance, to Repay Cities, Counties
State regulators say an Iowa insurance agency accused of a deceptive practice has agreed to repay more than $1.3 million to local governments. The Des Moines Register reports that Two Rivers Insurance Co., which is based in Burlington, was accused …

POSTED MAY 24, 2017 4:28 PM
Leaks Discovered in Dakota Access Pipeline System
The Dakota Access pipeline and a feeder line leaked more than 100 gallons of oil in North Dakota in separate incidents in March as crews prepared the disputed $3.8 billion pipeline for operation. Two barrels, or 84 gallons (320 liters), …

POSTED MAY 24, 2017 4:25 PM
ISMIE Mutual Insurance Leader, Harold Jensen, Passes
 Chicago-based medical professional liability insurer, ISMIE Mutual, is mourning the the loss of its late chairman, Harold L. Jensen, M.D. Jensen died unexpectedly on Monday, May 22, 2017. A strong and visionary leader, Dr. Jensen transformed ISMIE into a medical …

POSTED MAY 24, 2017 4:23 PM
Ironshore Raises Capacity for M&A Cover, Tax Consortium Launched
Ironshore International’s Mergers & Acquisitions and Tax Insurance unit has enhanced its consortium programs to meet client and broker demand for larger, streamlined limits. Ironshore will increase the capacity for its Mergers & Acquisitions Consortium to £100 million ($129.8 million), from …

POSTED MAY 24, 2017 4:18 PM
Mass. Court Says Suspended Public Employee Can Receive Workers’ Comp
The Massachusetts Supreme Judicial Court has ruled that an injured public employee is still eligible to receive workers’ compensation benefits after being suspended from employment. The court concluded that workers’ compensation benefits are not compensation as defined in the state’s …

POSTED MAY 24, 2017 2:47 PM
Insurance Groups Welcome Delay in Liability Insurance Law Restatement
Insurance groups breathed a sigh of relief this week after legal scholars delayed a vote on a controversial restatement of liability insurance law. As reported by Insurance Journal, the American Legal Institute (ALI) on Tuesday formally decided to postpone a …

POSTED MAY 24, 2017 2:01 PM
California’s Single-Payer Bill Comes with $400B Price Tag
A California bill that would eliminate health insurance companies and provide government-funded health coverage for everyone in the state would cost $400 billion and require significant tax increases, legislative analysts said. Much of the cost would be offset by existing …

POSTED MAY 24, 2017 1:55 PM
Small Quake Jolts Southern Part of Hawaii’s Big Island
A magnitude 3.0 earthquake hit the island of Hawaii, the U.S. Geological Survey confirmed. The earthquake hit at 5:59 p.m. local time on Monday. Its epicenter was 12 miles (20 kilometers) north of Pahala, a town with a population of …

POSTED MAY 24, 2017 1:50 PM
Target to Pay $18.5 Million to Settle States’ Claims from 2013 Data Breach
Target Corp. on Tuesday agreed to pay $18.5 million to settle claims by 47 states and the District of Columbia and resolve a multi-state investigation into the retailer’s massive data breach in late 2013. The investigation — led by the Attorneys …

POSTED MAY 24, 2017 12:48 PM
Climate Change Research, Flood Mapping Funds Take Hit in Proposed Trump Budget
President Donald Trump’s first budget request to Congress would cut or eliminate a range of programs designed to reduce greenhouse gas emissions, as well those helping communities prepare for more intense flooding or hurricanes expected to result from climate change. …

POSTED MAY 24, 2017 12:41 PM
U.K. Security Services Warn of Imminent Terrorist Attack; U.S. Leaks Criticized
Soldiers are to patrol British landmarks and sporting events in their biggest homeland deployment in decades, as security services warned that another attack by terrorists who killed 22 people at a pop concert on Monday was imminent. Prime Minister Theresa …

POSTED MAY 24, 2017 12:24 PM
Rhode Island Insurance Agents Have New Coastal Insurance Market
Independent insurance agencies in Rhode Island have a new market for coastal homes – Spinnaker Insurance Company. Spinnaker’s New England distributor, Insurance Agency and Customer Service Company (IACSC) of New London, Conn., is offering selected agents appointments. Founded last October, …

POSTED MAY 24, 2017 11:54 AM
tKg Wholesale Brokerage Hires Wischnowsky as an Account Executive
tKg Wholesale Brokerage has hired Matt Wischnowsky as an account executive focused on professional liability. Wischnowsky brings more than ten years of experience to the position. Most recently, Wischnowsky served as the managing director of GT Pro, a division of …

POSTED MAY 24, 2017 10:52 AM
Former Vermont Homeowners Hope to Recover $4M After Evictions
A group of former homeowners from a Vermont lakeside neighborhood hopes to recover some of the nearly $4 million they lost after they were forced to vacate. The Burlington Free Press reports the Mallets Bay Homeowner’s Association says the 24 …

POSTED MAY 24, 2017 10:43 AM
Companies May Soon Be Required to Disclose Financial Impact of Climate Risk
Companies’ disclosure of risks to their business from climate change could become mandatory in a few years as investor pressure gathers pace, climate finance experts said on Tuesday. Investors have urged companies, particularly those operating in the oil, gas and coal sectors, to …

POSTED MAY 24, 2017 10:15 AM
Cyber Security Expert Leonardo to Offer Anti-Ransomware Weapon
When a wave of ransom-requesting cyber attacks hit computers across the globe earlier this month, Leonardo SpA cyber-security experts had already warned clients that a larger-than-usual strike was about to hit. Now, the company is set to roll out a …

POSTED MAY 24, 2017 9:44 AM
Bermuda Can Withstand Trump’s U.S. Tax Plans, Says Premier Dunkley
Bermuda Premier Michael Dunkley said the nation will be able to attract businesses even as U.S. President Donald Trump plans to reduce tax rates to help keep companies onshore. “One of the things that I find very comforting about Bermuda …

POSTED MAY 24, 2017 9:20 AM
Swiss Re Corporate Solutions Taps Kleiterp as CEO EMEA, Replacing Buckle
Swiss Re Corporate Solutions has appointed Fred Kleiterp as CEO Europe, Middle East, Africa (EMEA), effective July 1, 2017. In this role, Kleiterp will be responsible for managing the strategy, development and performance of the company’s presence in the EMEA …

POSTED MAY 24, 2017 9:05 AM
Paul Hanson’s Pedisich Heads to EPIC as Producer in California
EPIC Insurance Brokers and Consultants has added Nick Pedisich as an insurance broker/producer. Pedisich will be based in EPIC’s Concord, Calif. office and report to Curt Perata, president of EPIC’s Pacific North region. He is focused on the transportation industry …

POSTED MAY 24, 2017 9:00 AM
There’s No ‘Typical’ Day in the Work Cycle for Whirlpool’s Risk Manager
How does a company incorporate a sustainable and cohesive risk management system for an enterprise with nearly 100,000 employees, 70 manufacturing and technology research centers located in 170 countries around the world, and $21 billion in annual sales? It’s a …

POSTED MAY 24, 2017 5:00 AM
Florida CFO: $8M Recovered in Q1 Through Insurance Consumer Helpline
Insurance specialists working to assist Floridians through Florida’s insurance consumer helpline recovered nearly $8.1 million in the first quarter of 2017, according to a statement from Florida’s Chief Financial Officer Jeff Atwater. Recoveries included insurance claim payments and premium refunds …

POSTED MAY 24, 2017 4:44 AM
4-Foot Sinkhole Opens Outside Trump’s Florida Resort
A small sinkhole has opened on the road just outside President Donald Trump’s Mar-a-Lago resort in Florida. The Palm Beach Post reports that the 4-foot-by-4-foot (1-meter-by-1-meter) hole was discovered Monday in Palm Beach County just west of one the resort’s …

POSTED MAY 24, 2017 4:30 AM
Driver of Tanker Truck Killed in Fiery North Carolina Crash
The North Carolina Highway Patrol says a tanker truck overturned and caught fire, killing the driver. The patrol told local media outlets that the truck apparently veered off the road in the town of Clayton and hit two culverts, causing …

POSTED MAY 24, 2017 4:00 AM
Indiana Couple Awarded $744K for Son’s Unnecessary Shoulder Surgery
A northern Indiana jury has awarded $744,000 to a couple who claimed a now-deceased doctor performed unnecessary surgery on their teenage son. Dean and Tracy Dixon’s medical malpractice suit alleged that Dr. Willard G. Yergler performed unneeded shoulder surgery in …

POSTED MAY 23, 2017 10:54 PM
State Auto’s Clark Named CEO of GuideOne Insurance
West Des Moines, Iowa-based GuideOne Insurance has named Jessica E. Clark as the company’s new chief executive officer (CEO). Bringing nearly 20 years of leadership experience in property and casualty insurance, Clark assumes her new role on June 12. She succeeds …

POSTED MAY 23, 2017 10:52 PM
Colorado Hailstorm on Pace to be Most Expensive in State History
More than 150,000 auto insurance claims and 50,000 homeowners claims are estimated to be filed in the wake of a monster hailstorm that pounded Colorado’s Front Range on May 8, putting it on pace to be the state’s most expensive …

POSTED MAY 23, 2017 7:03 PM
California’s Enforcement against W.R. Berkley Ends in $12M Settlement
California Insurance Commissioner Dave Jones today announced that the enforcement action taken against W.R. Berkley Corp. entities and operating units has resulted in a $12 million settlement. Admiral Insurance Co., Admiral Risk Insurance Services Inc. nka BXM Insurance Services Inc., …

POSTED MAY 23, 2017 6:52 PM

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