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07, 2016
Markel Leads Lloyd’s Livestock Consortium, Covering Up to $30M Per Location
Markel International, the London-based specialist insurer, has joined forces with Tokio Marine Kiln, Pembroke and AEGIS London to lead the Markel livestock consortium, offering cover of up to $30 million per location for livestock risks. The consortium offers larger single …
14
07, 2016
Isn’t It Ironic: Lightning Destroys Lightning RV Supply Warehouse in Florida
The owner of Lightning RV Supply company says he can’t believe the irony after his southwest Florida warehouse was destroyed by lightning. Brad Green says his employees heard three earth-shaking booms during a storm on the night of July 11. …
14
07, 2016
MMG Names Herweh to Succeed Lombard as VP Human Resources
Presque Isle, Maine-based regional insurer MMG Insurance Co. has promoted John Herweh to vice president and director of Human Resources. Herweh replaces Lynn Lombard, who retired on July 1, 2016 after a 45-year career with the company. Herweh brings 20 …
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07, 2016
Insurers Lose Bid to Dismiss Suit Over Bear Stearns Financial Crisis Settlement Costs
A decade ago, Bear Stearns Cos. agreed to pay $250 million to resolve regulators’ claims that it was at the center of a system that allowed clients to break mutual-fund trading rules. JPMorgan Chase & Co., which acquired the company …
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07, 2016
A.M. Best’s ‘A-‘ Rating Not as Good as It Seems: Fitch
Fitch Ratings this week warned that users of insurance ratings from four large credit rating agencies (CRAs) fail to understand differences in the rating scales – differences that separate A.M. Best from the rest of that pack. Specifically, Fitch said …
14
07, 2016
Insurers Applaud FAA Reauthorization Provision on Drone Use in Disasters
Insurers could soon be able to deploy drones for speedier response to natural disasters under a provision in legislation reauthorizing the Federal Aviation Administration passed by the Senate Wednesday. “The process called for in this legislation represents a vital step …
14
07, 2016
XL Estimates Q2 Cats to Cost $240M, Led by Alberta Wildfires
XL Group Plc, the insurer that expanded last year with the purchase of Catlin Group Ltd., said second-quarter catastrophe costs were probably about $240 million pretax, with wildfires in Alberta, Canada, responsible for about half the total. Flooding in Europe …
14
07, 2016
New Jersey Tax Breaks Could Lure More Financial Firms to Wall Street West
New Jersey is offering almost $200 million in incentives over 10 years to insurance, technology and financial companies to operate across the Hudson River from Manhattan. One applicant, Ernst & Young U.S. LLP, would score $40 million over 10 years …
14
07, 2016
Alabama Police Looking for Suspects in Gun Store Theft
Police in Tuscaloosa say several young men broke into a gun store and stole between 10 and 30 guns. Police Capt. Brad Mason tells the Tuscaloosa News the break-in happened early in the morning on July 12. Mason said the …
14
07, 2016
Negative Interest Rates Described as ‘Dirt Sandwich’ for Insurers, Asset Managers
Central bankers globally need to realize the risks that extreme monetary policies will backfire, according to Voya Financial Inc.’s Karyn Cavanaugh. “Negative rates are turning out to be a dirt sandwich, especially for Japan,” Cavanaugh, who works as senior market …