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Insurance Journal

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Insurance Journal delivers the latest business news for the Property/Casualty insurance industry
Updated: 1 day 16 hours ago

Gymnast Sexual Abuse Victims Offered $215 Million Insurance Payout to Settle Claims

Tue, 02/04/2020 - 14:24
USA Gymnastics has filed a bankruptcy plan that includes an offer of $215 million for sexual abuse survivors to settle their claims against the embattled organization. The $215 million total is the amount the insurance carriers for USA Gymnastics and …

The Andrew Agency Acquires Virginia’s A & R Associates

Tue, 02/04/2020 - 13:54
The Andrew Agency has acquired A & R Associates in Alexandria, Va., effective January 15, 2020. Terms of the transaction were not disclosed. Founded in 1971, A & R Associates provides commercial insurance services to clients throughout Virginia, Maryland and …

Searchlight Capital to Acquire Majority Stake in UK’s Global Risk Partners

Tue, 02/04/2020 - 13:53
Insurance intermediary Global Risk Partners announced a major investment into the firm from Searchlight Capital Partners, a global private investment firm. Founders Peter Cullum and David Margrett and founding investor Penta Capital will all retain minority stakes, alongside the broader …

R-T Specialty Names Adcock, May President of National Personal Lines Practice

Tue, 02/04/2020 - 13:52
R-T Specialty LLC has named Dave Adcock and Claudia May as President of RT Specialty’s National Personal Lines Practice. Adcock began his insurance career as a personal lines underwriter in 2000 and joined RT Specialty through the acquisition of Atlantic …

Alliant Hires New York’s Hessel as Senior Vice President

Tue, 02/04/2020 - 13:47
Alliant has hired New York’s CJ Hessel as senior vice president. In this role, Hessel will provide customized risk and insurance solutions engineered to address industry-specific risks for clients across the region. Hessel joins Alliant with a background that includes …

Twitter Says Users’ Phone Numbers Exposed by Flaw in Contacts Upload Feature

Tue, 02/04/2020 - 13:38
Twitter said on Monday that it had discovered attempts by possible state actors to access the phone numbers associated with user accounts, after a security researcher unearthed a flaw in the company’s “contacts upload” feature. In a statement published on …

FDA Hearing to Address Testing of Talcum Powders, Cosmetics for Asbestos

Tue, 02/04/2020 - 13:28
For the first time in nearly 50 years, the U.S. Food and Drug Administration will examine asbestos testing for talc powders and cosmetics at a hearing on Tuesday. Regulators are taking a closer look after finding asbestos, a known carcinogen, …

Update: Airline Flight Cancellations Due to Coronavirus

Tue, 02/04/2020 - 13:18
Feb 4 – Airlines are suspending flights to China in the wake of the new coronavirus outbreak. Here is the latest on their plans (in alphabetical order): AIR CANADA Air Canada said on Jan. 28 it was canceling select flights …

The Unique Requirements of a Lloyd’s Syndicate-in-a-Box

Tue, 02/04/2020 - 08:48
Lloyd’s developed the concept of a syndicate-in-a-box (SiaB) to make it easier for innovative capital to enter the market, but there are certain requirements and differences compared to traditional syndicates. The first company to announce the launch of an SiaB …

Lloyd’s 1st Syndicate-in-a-Box, Operated by Munich Re, Aims to Be an Innovation Lab

Tue, 02/04/2020 - 08:47
Lloyd’s of London is expecting big things for 2020 as it rolls out the key initiatives for its massive modernization project designed make it easier to do business with Lloyd’s and, ultimately, reduce the cost base of the market. One …

Credit Ratings of National Lloyds, American Summit Insurance Under Review

Tue, 02/04/2020 - 06:58
AM Best has placed under review with developing implications the Financial Strength Rating (FSR) of A (Excellent) and Long-Term Issuer Credit Rating (Long-Term ICR) of “a” of Texas-based National Lloyds Insurance Co. (National Lloyds). Concurrently, AM Best has placed under …

Nelson Joins RHSB in Texas as Vice President

Tue, 02/04/2020 - 06:57
Roach Howard Smith & Barton (RHSB), an independent insurance brokerage firm based in North Texas, has added Lucas Nelson as vice president in the agency’s Commercial Property/Casualty sales practice. Nelson has more than years’ experience in insurance sales for both …

South & Western to Service AmTrust Farm/Ranch Business in Oklahoma, Texas

Tue, 02/04/2020 - 06:54
South & Western General Agency Inc., with offices in Addison, Texas, and Memphis, Tennessee, has reached an agreement with AmTrust to underwrite and service AmTrust’s Farm and Ranch business in Oklahoma and Texas. The effective date for the transition of …

AM Best Upgrades Ratings of The Cincinnati Insurance Co.

Tue, 02/04/2020 - 06:28
AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “aa” from “aa-” and affirmed the Financial Strength Rating (FSR) of A+ (Superior) of The Cincinnati Insurance Co. (CIC), and its three subsidiaries — The Cincinnati Indemnity Co., …

Chubb Launches Non Damage Terrorism Product for Businesses

Tue, 02/04/2020 - 06:27
Chubb has launched an insurance coverage aimed at bridging gaps in traditional terrorism business interruption policies. Chubb’s Non Damage Terrorism Solutions is a single policy offering non damage business interruption, plus employee and customer care assistance as a result of …

Csik to Take Over as COO of Safety National Casualty as Luebbert Retires

Tue, 02/04/2020 - 06:21
St. Louis, Missouri-based specialty insurance and reinsurance provider, Safety National Casualty Corp., is changing its executive management structure, effective April 1, 2020. Steve Luebbert, chief operating officer, will retire after a successful 44-year career in the insurance industry. Luebbert has …

Oklahoma Insurance Department Moving to New Location in Oklahoma City

Tue, 02/04/2020 - 06:14
The Oklahoma Insurance Department (OID)’s Oklahoma City office is relocating to a new facility, effective Feb. 10. The new location is 400 NE 50th St. in Oklahoma City. As part of the moving process, email and network access will be …

3M Subpoenaed by Federal Grand Jury Over Alabama Chemical Discharges

Tue, 02/04/2020 - 06:13
3M has been subpoenaed by a federal grand jury in connection to discharges from a chemical plant in northern Alabama that may not have complied with permit requirements. Michael Roman, the Minnesota-based company’s CEO, announced the subpoena during an investor …

Worker Killed at Amazon Hub Construction Site in Kentucky

Tue, 02/04/2020 - 06:03
A worker was killed at an Amazon delivery hub under construction at an airport in northern Kentucky, authorities said. The workplace accident occurred Saturday at the Cincinnati/Northern Kentucky International Airport, WXIX-TV reported. The Boone County coroner’s office confirmed the fatality, …

RT Specialty Names Lentz in Nevada National Practice Leader

Tue, 02/04/2020 - 06:00
R-T Specialty LLC has named Jason Lentz national practice leader of its private client group. Lentz, who is based in Las Vegas, Nev., has been with RT Specialty for more than three years and has focused on high net worth …

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