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Today’s Insurance News
Source: Insurance Journal
Brit Launches Sussex Capital UK to Write Collateralized Reinsurance
- November 19, 2018, 10:53 am
Brit Ltd., the specialty insurer and reinsurer, announce the launch of Sussex Capital UK PCC Ltd., a new multi-arrangement insurance special purpose vehicle (MISPV). Sussex Capital UK is the first transformer vehicle to be given permission by the Prudential Regulation …
China’s Ping An Invests $47M in German Fintech Incubator Finleap
Stefan Nicola - November 19, 2018, 9:45 am
Ping An Insurance Group Co., China’s biggest insurer by market value, led investors in injecting 41.5 million euros ($47 million) into Germany’s Finleap GmbH in its latest round of funding. The Chinese behemoth’s $1 billion-Global Voyager Fund led the investment …
China Eyes Allowing Foreign Insurers to Own Local Joint Ventures: Sources
Sumeet Chatterjee and Shu Zhang - November 19, 2018, 9:21 am
China will accept applications early next year from foreign insurers seeking to take control of their local joint ventures and is even weighing giving them full ownership earlier than flagged, people with direct knowledge of the matter said. The regulator …
AutoNation On-Demand Used Car Subscription Service Bundles Maintenance, Insurance
- November 19, 2018, 6:00 am
AutoNation Inc., the country’s largest automotive retailer, has announced a partnership with Fair, a digital subscription service, that will allow consumers to lease used vehicles on a month-to-month basis rather than buying them. Consumers can shop and sign for a …
CREST Insurance Group in Arizona Names Baena President of Employee Benefits
Don Jergler - November 19, 2018, 6:00 am
CREST Insurance Group LLC of Arizona has named Cristina Baena president of the employee benefits division. Baena will be overseeing 32 employees from the Tucson, Scottsdale, Sierra Vista, Flagstaff, as well as San Diego, Calif., and Denver, Colo., office locations. …
State Insurance Regulators Elect Maine’s Cioppa President of NAIC for 2019
- November 19, 2018, 6:00 am
State insurance regulators have elected new officers of the National Association of Insurance Commissioners (NAIC). The following officers will assume their duties on Jan. 1, 2019: President: Maine Insurance Superintendent Eric A. Cioppa. Cioppa joined the Maine regulatory bureau in …
Medical Professional Liability Insurers Post Underwriting Loss Again
- November 19, 2018, 6:00 am
U.S. medical professional liability insurers reported an underwriting loss again last year, according to Fitch Ratings in a new report that says the results are drawing more scrutiny around reserves that are shrinking. For the second consecutive year, the medical …
What Agents Should Know About Cryptocurrency Insurance Market
Don Jergler - November 19, 2018, 6:00 am
Cryptocurrency and blockchain entities may seem like a hot market for insurance agents looking to specialize, but right now there are not many insurers willing to write it. Before jumping in, agents would be wise to consider partnering with a …
28 Streamflow Records Broken in Carolinas by Hurricane Florence Floods
- November 19, 2018, 5:59 am
A federal report shows Hurricane Florence broke records in a key flooding measure at more than two-dozen stream gauges in the Carolinas. The U.S. Geological Survey released a report Nov. 13 on streamflow, which measures how much water passes a …
Judge Says Tennessee Waffle House Shooting Suspect Liable in $100M Death Suit
- November 19, 2018, 5:28 am
A judge says the man charged with killing four people at a Tennessee Waffle House is liable in a $100 million wrongful death lawsuit filed by a victim’s mother. News outlets report a Davidson County Circuit Court judge found 29-year-old …
At Least 1K Doctors in Georgia Have Yet to Register for Opioid Monitoring Program
- November 19, 2018, 5:13 am
About 1,100 doctors in Georgia have not signed up for a program to monitor opioid use. The Atlanta Journal-Constitution reported doctors were supposed to sign up by Jan. 1 for the state’s prescription drug monitoring program. The doctors were supposed …
$8.6B Worth of Homes at High or Extreme Risk from California Fires
- November 16, 2018, 10:22 pm
A report out on Friday shows 23,044 homes with a total reconstruction cost value of $8.6 billion are at high or extreme risk of wildfire damage within the perimeters of the Camp Fire in Northern California and the Woolsey Fire …
Delle Joins Missouri’s Town and Country Insurance Agency
- November 16, 2018, 5:55 pm
Troy, Missouri-based Town and Country Insurance Agency has hired Angie Delle as a Medicare specialist and producer. Delle will handle everything from Centers for Medicare & Medicaid Services (CMS) compliance and field underwriting to customer service and personal insurance reviews. …
Early Snowstorm Shuts Down Schools, Businesses in Eastern Missouri
- November 16, 2018, 5:48 pm
Snow arrived early in eastern Missouri this year, forcing hundreds of schools and many businesses to close on Nov. 15 and causing numerous traffic accidents. The snowstorm moved into the region Wednesday night and had dumped 4-6 inches (10-15 centimeters) …
Leicht Elected President of Texas Surplus Lines Association
- November 16, 2018, 5:39 pm
At its recent annual meeting, the Texas Surplus Lines Association Inc. elected Matt Leicht, owner/underwriter at the Houston-based wholesale insurance firm, Craig & Leicht, as the group’s president. Jennifer Mier, executive vice president with AmWINS Group in Dallas, was named …
UK Prime Minister Defiantly Battles to Save Brexit Divorce Deal – and Her Job
Costas Pitas and Alistair Smout - November 16, 2018, 5:37 pm
British Prime Minister Theresa May won the backing of the most prominent Brexiteer in her government on Friday as she fought to save a draft European Union divorce deal that has stirred up a plot to force her out of …
Michigan Man Sentenced to Prison for Staged Auto Crash Fraud Scheme
- November 16, 2018, 5:28 pm
A Michigan man who pled guilty to participating in a multi-state staged auto accident/insurance fraud scheme has been sentenced to prison, according to the United States Attorney’s Office. Marvin David Ramirez, 45, of Grand Rapids, Michigan, was sentenced to 37 …
Nearly 3.5 Tons of Chicken Salad Recalled by Houston Company
- November 16, 2018, 5:18 pm
A Houston company has recalled nearly 3.5 tons (2.72 metric tons) of ready-to-eat chicken salad that regulators say may be contaminated with listeria. The U.S. Department of Agriculture on Nov. 14 announced the recall by Ron’s Home Style Foods. The …
Arkansas Deputy Insurance Commissioner Anderson Receives NAIC Award
- November 16, 2018, 5:15 pm
Mel Anderson, deputy commissioner at the Arkansas Insurance Department (AID), has received the Robert Dineen Award for Outstanding Service and Contribution to the State Regulation of Insurance from the National Association of Insurance Commissioners (NAIC). A 20-year veteran of the …
S&P Says Insurers And Reinsurers Can Absorb Losses from California Wildfires
- November 16, 2018, 3:55 pm
S&P Global Ratings expects both the primary insurers and reinsurers to be able to absorb losses from the California wildfires, limiting them to an earnings event. However, the mounting bills from more frequents large wildfires in the state against a …
CREST Insurance Group in Arizona Names Perrin COO
- November 16, 2018, 3:30 pm
CREST Insurance Group LLC of Arizona has named Heather Perrin chief operations officer. Perrin will reside at the company headquarters located in Tucson, Ariz., and will oversee operations at the Arizona branches located in Scottsdale, Flagstaff, and Sierra Vista as …
California Judge Sets Date for Next Next Monsanto Cancer Trial
Tina Bellon - November 16, 2018, 3:23 pm
A California judge has granted an expedited trial in the case of a California couple suffering from cancer who sued Bayer AG’s Monsanto unit, alleging the company’s glyphosate-containing weed killer Roundup caused their disease. The order by Superior Court Judge …
New York Clinic Owner, Doctor, Attorney Arrested for Insurance Fraud Scheme
- November 16, 2018, 3:02 pm
The owner, doctor and attorney involved with a medical clinic in Brooklyn, N.Y., have been charged for their alleged participation in a $1 million auto insurance fraud scheme. New York State Attorney General Barbara D. Underwood announced a 61-count indictment …
Liberty Mutual Restructures Distribution for Commercial & Specialty Products
- November 16, 2018, 2:59 pm
Liberty Mutual has introduced a new distribution model for the U.S. in an effort to improve broker access to the insurer’s full suite of commercial and specialty insurance products. Shaun Kelly, president Global Risk Solutions Distribution, said in a statement …
Deutsche Bank, BofA, JPM Drawn into Danske Money Laundering Probe: Sources
Christian Berthelsen, Tom Schoenberg and Jonathan Browning - November 16, 2018, 2:53 pm
Deutsche Bank AG and Bank of America Corp. have been contacted by U.S. criminal investigators for information about transactions they handled for a small bank branch in Estonia that’s at the center of one of the biggest money-laundering investigations in …
Parts of Northern New England Hit with Heavy, Wet Snow
- November 16, 2018, 2:24 pm
More than 6 inches of heavy, wet snow fell in parts of northern New England on Tuesday in one of the first significant snowfalls of the season. Caledonia and Essex counties in northeastern Vermont reported 4 inches to 7.5 inches, …
New South Carolina Jury Fails to Reach Verdict in Talc Cancer Case Retrial
Tina Bellon - November 16, 2018, 2:21 pm
A second South Carolina jury on Thursday failed to reach a verdict in the retrial of a case by a woman whose family said her long-term use of Johnson & Johnson’s baby powder led to her death from asbestos-related cancer. …
Massachusetts Lawmakers Set Hearings on Natural Gas Disaster
- November 16, 2018, 2:03 pm
The Massachusetts Senate has scheduled two oversight hearings next month on issues stemming from the September natural gas explosions and fires in three communities. Senate leaders say the first hearing, planned for Dec. 4 in Boston, will examine the overall …
Boeing Defends 737 Safety as First U.S. Lawsuit Filed Over Lion Air Crash
Bob Van Voris - November 16, 2018, 1:50 pm
Boeing Co. has been sued in what may be the first U.S. claim tied to the crash of Lion Air Flight 610, which dove into the Java Sea after taking off from Jakarta Oct. 29. Irianto, the father of Dr. …
Tokio Marine’s Sale of Reinsurance Units to Boost Operational Efficiency: Fitch
- November 16, 2018, 12:35 pm
Tokio Marine Holdings Inc.’s (TMHD) sale of two European reinsurance subsidiaries is likely to streamline its holdings and boost operational efficiency in the group’s underwriting businesses, Fitch Ratings said. RenaissanceRe Holdings is buying Tokio Millennium Re AG (TMR) and Tokio …

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