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Today’s Insurance News
Source: Insurance Journal
Aspen Ceases Underwriting Property Insurance from Bermuda Platform
L.S. Howard - February 16, 2018, 7:20 pm
Aspen Insurance Holdings confirmed on Friday, Feb. 16 that it has ceased underwriting property insurance on its Bermuda platform, effective immediately, as a result of the company’s 2017 catastrophe losses. The move was made in response to CEO Chris O’Kane’s …
Texas Petro-Chemical Contractor Sued for Disability Discrimination
- February 16, 2018, 5:47 pm
A blood disorder led to the unlawful firing of three laborers at a Texas-based petro-chemical contractor, federal officials say. the U.S. Equal Employment Opportunity Commission (EEOC) has charged in a lawsuit that Signature Industrial Services LLC (SIS) unlawfully fired the …
Detroit Suburb Settles Fatal Police Shooting for $1.25M
Ed White - February 16, 2018, 5:24 pm
A Detroit suburb agreed to a $1.25 million settlement in a lawsuit filed by the family of a woman who was fatally shot by police near a shopping mall, according to a document released on Feb. 15. A Dearborn officer …
Agency Warns of Possible Hepatitis Exposure at Arkansas Restaurant
- February 16, 2018, 5:19 pm
State health officials say people who visited a Taco Bell restaurant in northeast Arkansas may have been exposed to hepatitis A after an employee tested positive for the virus. The health department says the affected restaurant is in Corning, about …
Associated Benefits and Risk Acquiring Wisconsin’s Diversified Insurance
- February 16, 2018, 5:14 pm
Associated Benefits and Risk Consulting (ABRC) announced it will acquire Diversified Insurance Solutions (Diversified), based in Milwaukee, Wisconsin. The transaction is expected to close next month. Terms of the transaction were not disclosed. Based in Green Bay, Wisconsin, ABRC is …
Former Texas Agent Gets Life Sentence for Insurance Scam
- February 16, 2018, 5:13 pm
A former Lubbock, Texas, insurance agent has been sentenced to life in prison and ordered to pay back $810,000 to his victims, the Texas Department of Insurance (TDI) reported. Officers with the Texas Department of Insurance Fraud Unit found that …
Owner of Arizona Car Rental Companies Hit with $1.8M Verdict
- February 16, 2018, 4:14 pm
A judge has ruled that the owner of two rental car companies in Phoenix, Ariz. must pay $1.85 million for defrauding Arizona consumers. The verdict was announced this week by the Arizona Attorney General’s Office. State prosecutors filed a consumer …
Coal Company Cited for Safety Issues in Wyoming Miner’s Death
- February 16, 2018, 4:12 pm
Rocky Mountain Power has been cited with a safety violation for the death of a miner in September. Jaimie Olivas was killed in the Bridger Underground Coal Mine when part of a wall of coal collapsed on him. The Casper …
Hundreds of Illegal Pot Shops Operating in Los Angeles, Police Say
Michael Balsamo - February 16, 2018, 4:09 pm
Los Angeles has issued licenses to nearly 100 marijuana retailers but police estimate there are at least two times that number operating illegally in the city and undercutting those who are playing by the rules. Police have shut down eight …
New York Working to Deter Fraud, Manipulation in Virtual Currency Markets
- February 16, 2018, 3:15 pm
New York Department of Financial Services (DFS) has issued guidance reminding all virtual currency entities licensed by New York State, including those that hold a money transmitter license, that they are required to implement measures designed to detect, prevent and …
Motor Vehicle Deaths in U.S. Again Top 40,000
- February 16, 2018, 3:08 pm
Motor vehicle accidents claimed 40,100 deaths in 2017, almost the same as in 2016 when 40,327 were reported. The National Safety Council says its preliminary 2017 estimate is six percent higher than the number of deaths in 2015 and, if …
Virginia Woman Gets Four Years for Fraud, Fake Death Notice
- February 16, 2018, 3:05 pm
A Virginia woman has been sentenced to four years in prison for an identity fraud scheme that included publishing a fake death notice. The Daily Press reports 50-year-old Alexandra Hatcher also has to pay almost $203,000 in restitution to victims …
Maryland Man Sentenced in Felony Theft Scheme with Value of at Least $10K
- February 16, 2018, 2:43 pm
Maryland Attorney General Brian E. Frosh has announced that Jamar Marlyn Jones, of Edgewood, Md., pleaded guilty and was sentenced on one count of a felony theft scheme having a value of at least $10,000 but less than $100,000. “Insurance …
XL Catlin Names Carpenter’s Xue as CEO/General Manager of XL Insurance (China)
- February 16, 2018, 2:35 pm
XL Catlin announced the appointment of Phil Xue as chief executive officer (general manager) of XL Insurance (China) Co. Ltd. The appointment is pending regulatory approval. Xue will also act as country manager for XL Catlin in China, coordinating all …
Zurich, Insurtech Startup CoverWallet Offer End-to-End Insurance for SMEs
- February 16, 2018, 2:02 pm
Zurich Insurance has launched ZurichEmpresas.es, a new digital distribution channel, which initially will provide insurance solutions for small-and-medium-sized enterprises (SMEs) in Spain. The platform, powered by CoverWallet, will provide end-to-end insurance solutions, streamlining the entire process for business owners and …
Trump’s FTC Appointee Eyes Task Force to Investigate Drug Prices
- February 16, 2018, 1:37 pm
President Donald Trump’s nominee to lead the Federal Trade Commission said he’s “very concerned” about price increases for prescription drugs and will explore forming a task force to monitor whether higher prices are due to anti-competitive conduct. Joe Simons, a …
Europe’s Windstorm Burglind (aka Eleanor) Estimated to Cost $802.5M: PERILS
- February 16, 2018, 12:59 pm
Initial insured losses for Extratropical Cyclone Burglind (also known as Eleanor) are estimated at 643 million (US$802.5 million), according to PERILS, the Zurich-based organization that provides industry-wide catastrophe insurance data. On Jan. 2-3, the event caused significant damage across Austria, …
London Unveils New Rules for Uber’s Drivers, Cars; Fleet Insurance Also Eyed
Alex Morales - February 16, 2018, 11:34 am
London’s transport authority unveiled proposed new rules for private hire taxi companies such as Uber by requiring them to limit working hours for their drivers, share data on travel patterns and ensure provision of wheelchair-accessible vehicles. Companies “should ensure that …
Cyber Risk Management Fails to Measure Up to Escalating Cyber Risks: Marsh, Microsoft
- February 16, 2018, 10:37 am
Few organizations are highly confident in their ability to manage the risk of a cyber attack, despite viewing cyber security as a top risk management priority, according to a new global survey conducted by Marsh and Microsoft Corp. In the …
Allianz Reports 22% Drop in Q4 Profit but Still Plans Dividend Hike
Julie Edde and Andrew Blackman - February 16, 2018, 10:19 am
A record year for natural-disaster insurance claims worldwide and a decline in fourth quarter profit wasn’t enough to stop Allianz SE from raising its dividend. Europe’s biggest insurer will increase the dividend for 2017 by 5.3 percent to 8 euros …
Siemens Joins 8 Industry Partners (Including Allianz) to Counter Cyber Attacks
Oliver Sachgau - February 16, 2018, 9:18 am
Siemens AG is joining with companies including Airbus SE and IBM to try to counter large-scale hacking attacks that threaten to cost $8 trillion in damage over the next five years. The group plans to sign a charter Friday at …
UK Supports Post-Brexit Mutual Recognition System for London’s Financial Services
Andrew MacAskill - February 16, 2018, 8:27 am
Britain’s government is ready to push for the kind of Brexit plan for financial services that the City of London has long favored, but which has already run into opposition in Brussels, two government officials said on Friday. London is …
Weinstein-Wary Businesses Updating Employee Dating Policies
Joyce Rosenberg - February 16, 2018, 6:00 am
It happens in so many workplaces — two colleagues begin a romantic relationship. But a heightened awareness about sexual harassment means small business owners can get more anxious when employees start dating. Many owners have consulted with employment attorneys or …
Drone Suspected in Helicopter Crash Landing in South Carolina
Alan Levin - February 16, 2018, 6:00 am
A helicopter’s crash landing in South Carolina this week may have been triggered by a civilian drone, which would make it the first drone-related crash of an aircraft in the U.S. The incident on Wednesday involved a student pilot and …
‘Public Is Tired of Excuses’ for Delays in Anti-Crash Tech: Republican Chairman
David Shepardson - February 16, 2018, 6:00 am
The chair of a congressional committee on Thursday urged U.S. railroads and transit agencies to meet a looming deadline to install an anti-crash technology called positive train control after a series of recent crashes. “I think the American public is …
U.S. Says Russia to Blame for Last June’s NotPetya Cyber Attack
Andrew G. Simpson - February 16, 2018, 6:00 am
The United States on Thursday publicly blamed Russia for carrying out the so-called NotPetya cyber attack last year that crippled government and business computers in Ukraine before spreading around the world. The statement by the White House came hours after …
Hub International Forms 8 Industry Specialty Practices
- February 16, 2018, 5:51 am
Hub International, a global insurance brokerage, is forming new industry specialty practices as part of its strategy to be a specialist broker offering tailored insurance products for its business clients. The first eight industry specialty practices include Transportation, Financial Institutions, …
Georgia Insurance Agent Faces 28 Counts of Insurance Fraud
- February 16, 2018, 5:32 am
A Georgia insurance agent from Pierce County has been arrested and charged with 28 counts of insurance fraud, according to a statement from Georgia Insurance Commissioner Ralph Hudgens. Dana Larson Bowen, 52, of Blackshear, Ga., is alleged to have misappropriated …
Kentucky Launches Website to Help Fight Opioid Abuse
- February 16, 2018, 5:22 am
State officials have announced an online tool to join Kentucky’s fight against opioid drug abuse. Gov. Matt Bevin’s administration says the website – FindHelpNowKY.org – allows people to search in real-time for a local substance use disorder treatment center. The …
18 States, Business Groups Oppose Coal Ash Cleanup Order at Tennessee Utility
Jonathan Mattise - February 16, 2018, 5:06 am
Eighteen states, the U.S. Chamber of Commerce, national coal industry interests and more than a dozen other groups are urging an appeals court to overturn a coal ash cleanup order at a federal utility’s Tennessee plant, contending the decision will …

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