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Days of Torrential Rains in Southeast Leave Swollen Rivers, Mudslides

Insurance Journal - Fri, 02/14/2020 - 17:59
Days of torrential rain across the Southeast left residents to deal with rising rivers, falling trees, weakened dams and mudslides Thursday as storms finally subsided. An Alabama town asked residents to cut back on water usage after a pumping station …

Soaking Rains Cause Rock Slide in West Virginia, Prompt Flood Warning Along Ohio River

Insurance Journal - Fri, 02/14/2020 - 17:57
Soaking rains caused part of a hillside to collapse in southern West Virginia and prompted a flood warning along the Ohio River. Highways officials said high water forced road closings in multiple counties Thursday. Near Williamson, a rock slide Wednesday …

Missouri Man Sentenced for Stealing Almost $4M from Former Employer

Insurance Journal - Fri, 02/14/2020 - 17:33
A Kirkwood, Mo., man has been sentenced to 48 months in federal prison and ordered to pay approximately $3.8 million in restitution after being convicted of stealing that amount from his former employer, the U.S. Attorney’s Office for the Eastern …

SLTX: Texas Adopts Updated Surplus Lines License Rules for Military Spouses

Insurance Journal - Fri, 02/14/2020 - 17:19
The Surplus Lines Stamping Office of Texas (SLTX) reported that new rules for surplus lines agents in Texas who are military spouses have been adopted by the Texas Department of Insurance (TDI) and became effective Feb. 6, 2020. A new …

Oklahoma Senate OKs Bill to Allow More Armed Teachers

Insurance Journal - Fri, 02/14/2020 - 17:09
School teachers in Oklahoma with a gun license would be able to carry firearms into their classrooms with district approval under a bill approved in the state Senate. The bill, approved on a 37-7 vote mostly along party lines, passed …

Ohio House Approves PTSD Coverage for Emergency Responders, Again

Insurance Journal - Fri, 02/14/2020 - 16:54
The Ohio House has once again approved a measure covering post-traumatic stress disorder for emergency responders who haven’t suffered a physical injury. Police and firefighters have been pushing for the coverage under the state insurance fund for injured workers for …

Luxury Yacht, Owned by Third Point Re’s Loeb, Damages Belize Coral Reef

Insurance Journal - Fri, 02/14/2020 - 16:04
A luxury yacht owned by hedge fund manager Daniel Loeb damaged a pristine reef atoll in Belize near the famous Great Blue Hole, a popular diving site. The 200-foot (61 meter) Samadhi, owned by Third Point founder Loeb, was filmed …

With Ultimate Frisbee Sport Catching On, Researchers Track Pro Athletes’ Injuries

Insurance Journal - Fri, 02/14/2020 - 16:03
Researchers at the University of Alabama at Birmingham have published what they believe is the first look by medical science at injury rates of professional athletes from Ultimate, originally known as Ultimate Frisbee, an increasingly popular sport. They have found …

AIG Maps Out Major Investment in Technology, Core Processes

Insurance Journal - Fri, 02/14/2020 - 16:00
American International Group said it will invest $1.3 billion over the next three years in its massive AIG 200 initiative, which is designed to revamp and improve core processes, technology infrastructure and services. The company has broken down the effort …

Deepwater Horizon Oil Spill in 2010 Was Bigger Than Satellite Images Showed

Insurance Journal - Fri, 02/14/2020 - 15:43
Toxic and invisible oil spread well beyond the known satellite footprint of the 2010 Deepwater Horizon oil spill, according to a new study. Scientists at the University of Miami (UM) Rosenstiel school of Marine and Atmospheric Science say their findings …

AssuredPartners Acquires Nevada West Business Insurance Agency, Inc.

Insurance Journal - Fri, 02/14/2020 - 15:39
AssuredPartners Inc. has acquired Nevada West Business Insurance Agency Inc. in Las Vegas, Nev. The team of five will remain under the operational leadership of Jeff Maren. Terms of the deal weren’t disclosed. Nevada West Business Insurance Agency currently reports …

4.0-Magnitude Earthquake Hit Central California Coast

Insurance Journal - Fri, 02/14/2020 - 15:37
An earthquake with a preliminary magnitude of 4.0 shook California’s central coast on Wednesday but no damage or injuries were immediately reported, the U.S. Geological Survey confirmed. The quake that hit at 7:33 p.m. on the San Andreas Fault was …

Analyst Warns Regulatory Battle Over AI Bias to Grow; Lemonade Argues It’s Fair

Insurance Journal - Fri, 02/14/2020 - 14:53
As insurers introduce artificial intelligence into pricing and claims handling activities, regulatory focus on disparate impact will grow into “one of the biggest topics of the next 10 years,” a well-known insurance analyst predicted at an industry conference. V.J. Dowling, …

SCOR Buys Majority Stake in Brazil MGA with Agricultural Specialty

Insurance Journal - Fri, 02/14/2020 - 14:34
Global reinsurer SCOR said it has acquired a majority stake in AgroBrasil, an MGA focused on distributing fruit and grain loss of crop quality and yield insurance protection to Brazilian farmers. Neither side disclosed financial details. Paris-based SCOR has partnered …

Insured Losses for Europe’s Storm Ciara-Sabine Could Hit $2 Billion: Modeling Firms

Insurance Journal - Fri, 02/14/2020 - 14:20
Catastrophe risk modeling firm AIR Worldwide estimates that insured losses due to wind from Europe’s winter storm Ciara (also known as Sabine) will range between €1.1 billion and €1.9 billion (US$1.2 billion and US$2.1 billion), with the majority of claims …

B3i’s Blockchain Platform Places 30 Reinsurance Contracts, Including Cat XoL Treaties

Insurance Journal - Fri, 02/14/2020 - 13:11
B3i Services AG, a two-year-old company owned by members of the insurance industry, announced that 30 contracts of reinsurance have been concluded on its platform, including some of the most complex catastrophe excess of loss (XoL) reinsurance treaties. Nine insurers, …

Lawsuit Alleges Pennsylvania School District Knew About Lead, Asbestos Contamination

Insurance Journal - Fri, 02/14/2020 - 13:08
Current and former employees of a Pennsylvania school district claimed in a lawsuit filed Monday that officials knew for years that unsafe levels of lead and asbestos posed potential health risks for students and staff but never disclosed the information …

Vermont Governor Announces Decreases in Workers’ Comp Rates

Insurance Journal - Fri, 02/14/2020 - 13:05
Vermont Governor Phil Scott announced that rates for workers’ compensation premiums will drop by about 11% when new rates take effect in April. Scott’s administration said the reductions are part of a trend in workers’ compensation rates, which have decreased …

Man Gets 15 Years for Conspiring to Set Fire to His Business in Maryland

Insurance Journal - Fri, 02/14/2020 - 12:59
A man convicted of conspiring to set fire to his Maryland business to collect insurance money has been sentenced to 15 years in federal prison. The office of the U.S. Attorney in Maryland said Demetrios Stavrakis, 54, of Lutherville-Timonium, was …

Commissioner Navarro Responds to Report of Premium Increases for Military Members

Insurance Journal - Fri, 02/14/2020 - 12:56
Delaware Insurance Commissioner Trinidad Navarro responded strongly to a Consumer Federation of America report that Delaware service members may return home from deployment to increased auto insurance premiums, calling the practice completely unacceptable and issuing a formal bulletin to insurance …

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