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Insurance Journal

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Insurance Journal delivers the latest business news for the Property/Casualty insurance industry
Updated: 9 hours 39 min ago

Hurricane Dorian’s Bahamas Storm Toll: $3.4 Billion in Damages, 3 Years of Rebuilding

Fri, 01/17/2020 - 17:02
The Bahamas may need to tap international debt markets as it confronts the steep cost of recovering from the most destructive hurricane ever to hit the islands. The government will probably borrow about $500 million in coming months as it …

California Lawmaker Wants Probe of PG&E’s Chief Regulator

Fri, 01/17/2020 - 16:40
A state lawmaker is demanding an extensive review of the California Public Utilities Commission to determine whether regulators’ lax oversight enabled neglect at Pacific Gas & Electric that triggered catastrophic wildfires, a messy bankruptcy and exasperating blackouts. The request by …

California Sleep Apnea Company Pays $37.5M to Settle Kickback Lawsuits

Fri, 01/17/2020 - 16:36
ResMed, a San Diego, Calif.-based company that sells sleep apnea machines, will pay $37.5 million to settle allegations that it provided kickbacks to obtain customer referrals, federal prosecutors announced this week. The settlement covers five whistleblower lawsuits filed on behalf …

Forex Firm Travelex Resumes Customer-Facing Operations After Ransomware Attack

Fri, 01/17/2020 - 16:24
More than two weeks after a crippling ransomware attack forced Travelex staff to use pen and paper to calculate foreign currency exchanges, the company said the first of its customer-facing systems in Britain was up and running again. The cyber …

USG Adds Aguilar as a Producer in Arizona

Fri, 01/17/2020 - 16:18
USG Insurance Services Inc. has named Jay Aguilar a producer/broker in commercial lines in the Scottsdale, Ariz. office. Aguilar will work to expand USG’s Southwestern territory. Aguilar has 23 years of insurance industry experience, most recently at Agents Alliance Services. …

MGA Incubator Castel Taps Carlos from Arch Insurance as Head of Specialty

Fri, 01/17/2020 - 15:26
Castel Underwriting Agencies Ltd., the managing general agent and club-style MGA formation platform, has announced the appointment of Raoul Carlos as head of Specialty as it structures its underwriting cells and MGAs into a number of centres of excellence focused …

Three Massachusetts Workers Shocked When Scaffolding Touches Power Line

Fri, 01/17/2020 - 15:06
Three people were injured, one critically, on Tuesday when scaffolding they were working with at a Massachusetts home came in contact with power lines, police said. Beverly police responded to a report that two workers had fallen from the roof …

SterlingRisk Insurance Promotes DelPrete to President of Programs

Fri, 01/17/2020 - 15:04
SterlingRisk Insurance, a Woodbury, N.Y.-based independently owned insurance brokerage, has promoted Geraldine DelPrete to president of Programs. According to SterlingRisk CEO David Sterling in a company press release, DelPrete’s background in reinsurance and underwriting and understanding of programs has directly …

Boeing Employees’ Emails on Pilot Training Could Boost Crash Victim Claims

Fri, 01/17/2020 - 14:45
Internal emails from Boeing Co. employees could strengthen the legal case for families claiming the company’s push to minimize the training needed for new 737 Max aircraft contributed to two crashes that killed 346 people. Employees bragged about fooling the …

Aon’s Quintal Jumps to Marsh’s Financial Institutions Practice

Fri, 01/17/2020 - 14:39
Insurance broker Marsh announced the appointment of Jacqueline Quintal as a managing director in its U.S. Financial Institutions Practice. In this role, Quintal will bring together transactional and risk advisory brokerage, claims, and consulting resources for financial institution clients throughout …

Distinguished Programs Promotes Bah in Massachusetts, McFadden in New York

Fri, 01/17/2020 - 14:36
Distinguished Programs, a national insurance program manager, has promoted Mamadou Bah to regional sales executive and Renée A. McFadden to vice president and regional sales executive in New Jersey and eastern Long Island, including Queens and Brooklyn. With more than …

Massachusetts’ RogersGray Promotes Deems to Partner

Fri, 01/17/2020 - 14:31
RogersGray has promoted Greg Deems to partner within the Massachusetts-headquartered, independent insurance agency. Deems joined RogersGray in 2011 and became a top performer in his sales role, devoting himself to the furthering of his insurance knowledge and was instrumental in …

P/C Insurers Boosted Underwriting Profit, Surplus in 2019’s First 9 Months

Fri, 01/17/2020 - 14:13
The private U.S. property/casualty insurance industry saw its net underwriting gains increase to $5.4 billion in the first nine months of 2019 from $4.7 billion a year earlier, bolstered by growth in premiums and a drop in catastrophe losses. The …

Supreme Court Says State Universities Not Immune to Patent Challenges

Fri, 01/17/2020 - 14:04
The U.S. Supreme Court refused to shield state-run universities from having to appear before a federal administrative body to defend the validity of patents they own. The justices turned down an appeal by the University of Minnesota that argued it …

Judge Presses PG&E on How It Will Protect Wildfire Victims’ Funds Given FEMA Demand

Fri, 01/17/2020 - 13:51
PG&E Corp. needs to explain how it will keep a promise to pay fire victims $13.5 billion in the face of a demand from the Federal Emergency Management Agency for a cut of that money, a bankruptcy judge said Wednesday. …

Liberty Mutual’s Irish Insurer Exits Several Lines Including Commercial Liability, Property

Fri, 01/17/2020 - 13:06
Liberty Insurance, the Irish subsidiary of Liberty Mutual Insurance Group, is exiting its commercial liability, commercial property and development bonds lines of business. Liberty will continue to provide services and honor its commitments to existing liability, property and bonds customers …

Indonesia Takes Action to Rescue State Insurers, Potentially Raising Funds

Fri, 01/17/2020 - 12:38
Indonesia will appoint state financial firm PT Bahana Pembinaan Usaha Indonesia as a holding company for state insurers to improve their finances, a deputy minister said on Thursday, as the government puts together a rescue plan for a second troubled …

Japan Firms Have Done Little to Build Resilience Against Increasing Floods: Reuters Poll

Fri, 01/17/2020 - 12:16
Japanese companies have contingency plans for the floods that increasingly drench this island nation, but most have done little to fortify facilities, relying instead on insurance and securing alternative supply sources, a Reuters poll found. Japanese have long been conditioned …

2019 Floods Brought Financial Woes to South Dakota Townships

Fri, 01/17/2020 - 08:25
Townships in South Dakota are facing economic difficulties as 2019 flood repair costs mount. Townships primarily depend on their taxpayers for funds to repair more than 31,000 miles (50,000 kilometers) of roads while they wait for reimbursements from the Federal …

Oklahoma Oil Rig Explosion Wrongful Death Trial Begins in Oklahoma

Fri, 01/17/2020 - 07:19
The wrongful death trial against a oilfield equipment contractor in connection with a January 2018 explosion and fire that killed five men in southeastern Oklahoma is underway. The McAlester News-Capital reports that attorneys for the families of Parker Waldridge of …

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