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Insurance Journal delivers the latest business news for the Property/Casualty insurance industry
Updated: 22 hours 21 min ago

Nebraska Senators Aiming to Get Medical Marijuana on 2020 Ballot

Fri, 12/14/2018 - 17:46
Two Nebraska lawmakers have announced plans to place a medical marijuana legalization measure on the 2020 ballot. Sens. Anna Wishart and Adam Morfeld, both of Lincoln, on Dec. 13 announced the formation of Nebraskans for Sensible Marijuana Laws. The campaign …

Feds Cite Missouri Demolition Company After 2 Workers Die

Fri, 12/14/2018 - 17:34
A Missouri demolition company has been cited by federal safety regulators for failing to provide fall protection after two employees suffered fatal injuries at a demolition site in St. Louis. The U.S. Department of Labor’s Occupational Safety and Health Administration …

AM Best: Outlooks Revised to Stable for Texas Farm Bureau Insurance Companies

Fri, 12/14/2018 - 17:28
AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” of Texas Farm Bureau Casualty Insurance Co. and Farm Bureau …

Indiana Officer Settles Racial Discrimination Lawsuit for $50K

Fri, 12/14/2018 - 17:23
Records show a former western Indiana police officer who appealed his firing has accepted $50,000 to settle a 2015 federal lawsuit alleging racial discrimination. The Tribune-Star reports Jonathan Stevens signed an agreement in January 2017 to resolve the complaint he’d …

ICT: Central Texas October Flood Insured Losses Top $22M, So Far

Fri, 12/14/2018 - 17:21
Payments made by FEMA’s National Flood Insurance Program (NFIP) for insured losses from flooding in central Texas in mid-October have exceeded $22 million and could exceed $30 million when all claims have been filed and paid, the Insurance Council of …

Texas Hurricane Harvey Rebuilding Commission: Storm Was a ‘Wakeup Call’

Fri, 12/14/2018 - 17:20
A commission convened by Texas Gov. Greg Abbott to focus on rebuilding after Hurricane Harvey issued a report on Dec. 13 saying the state should take a series of steps to prepare for the next big storm, including improving local …

Latest Edition of AMA Guides Lowers Impairment Ratings in Workers’ Compensation

Fri, 12/14/2018 - 16:26
For workers injured at work, the amount of compensation they receive depends on which edition of the medical guidelines on evaluating impairments is used. The American Medical Association (AMA) Guides to the Evaluation of Permanent Impairment is used in workers’ …

Authorities: At Least $3B to Clear Debris from Homes Destroyed By California Wildfires

Fri, 12/14/2018 - 15:48
State and federal authorities estimate that it will cost at least $3 billion to clear debris from 19,000 homes and businesses destroyed by three California wildfires last month. The disaster relief officials said the cleanup costs will far surpass the …

More Than 100 Buildings Found Unsafe After Alaska Quake

Fri, 12/14/2018 - 15:43
More than 100 homes and buildings in the Anchorage area have been found unsafe to enter because of damage caused by the magnitude 7.0 earthquake, according to city data. At least another 182 buildings received some kind of damage from …

SEC Actions Against Public Companies Surged in Second Half

Fri, 12/14/2018 - 15:39
The number of new U.S. Securities and Exchange Commission (SEC) enforcement actions against public companies and subsidiaries jumped substantially in the second half of fiscal year 2018. According to a report by the NYU Pollack Center for Law & Business …

California Regulators to Look at New Blackout Rules to Prevent Deadly Wildfires

Fri, 12/14/2018 - 15:33
California regulators have decided they need to step in and help determine when power blackouts are appropriate to prevent wildfires after a series of deadly blazes linked to electrical equipment. Utilities PG&E Corp., Edison International and Sempra Energy have been …

S&P Upgrades Outlook for AXIS

Fri, 12/14/2018 - 15:03
AXIS Capital Holdings won an outlook upgrade from Standard & Poor’s Global Ratings as well as an affirmation of its other ratings, thanks to growing confidence in its various strategic initiatives. Standard & Poor’s revised its AXIS outlook to stable …

Connecticut Insurance Department Partnering with RiskGenius in Tech Pilot Program

Fri, 12/14/2018 - 14:55
The Connecticut Insurance Department is one of nine state insurance regulators participating in a pilot program to test a web-based platform that uses machine learning. The pilot states are partnering with RiskGenius, a Kansas-based tech company that has developed software …

Massachusetts Lawmakers Grill Natural Gas Execs After September Explosions

Fri, 12/14/2018 - 14:47
Natural gas companies in Massachusetts are compromising safety by increasingly turning to outside contractors for pipeline work while cutting back on staff that would oversee these projects, state lawmakers said Tuesday at a hearing following September’s natural gas explosions in …

New York Contractor Convicted of Hiring Hit Men for Killing

Fri, 12/14/2018 - 14:36
A Schenectady, N.Y., contractor has been convicted of first-degree murder in a scheme to kill a man for life insurance money. A jury convicted 54-year-old Tarchand Lall on Wednesday for hiring hit men from Delaware to kill Charles Dembrosky, who …

AnaCap Equity Firm to Sell French Broker AssurOne Group

Fri, 12/14/2018 - 14:33
AnaCap Financial Partners, a private equity firm, has agreed to sell French insurance broker AssurOne Group to Societe Centrale Prevoir SA, an asset management firm based in Paris. AOG specialises in online distribution and management of personal insurance products. AnaCap …

Schumer Says Farm Bill Will Help New York Dairy Farmers

Fri, 12/14/2018 - 14:26
Sen. Chuck Schumer says the sweeping farm bill approved by Congress will help New York dairy farmers. The Senate’s Democratic leader says the bill invests $100 million in the federal dairy insurance program to help make it work better for …

UN Talks Seeking Climate Rulebook Reflect U.S.-China Tension

Fri, 12/14/2018 - 13:48
China accused some of the richest nations in the world of “backsliding” on pledges to clean up pollution and provide $100 billion a year in climate-related aid by 2020. The comments at a United Nations conference on global warming in …

Markel’s Maher Joins AXIS Cyber Team

Fri, 12/14/2018 - 08:00
AXIS Insurance announced the hiring of Andrew Maher as senior cyber underwriter. Maher joins AXIS from Markel in London, where he spent two years as a senior cyber underwriter. He began his career at Beazley, where he held several underwriting …

Agents Warned About E&O Risks in Claiming Cyber, Cannabis Expertise

Fri, 12/14/2018 - 06:00
Insurance agents and brokers who market themselves as experts in cannabis or cyber could wind up regretting that positioning. Because both are relatively new exposures subject to changing regulations and coverages, producers marketing themselves as experts could face scrutiny, lawsuits …

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