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News from Insurance Journal

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Channel Title: News – Insurance Journal
Channel Website: https://www.insurancejournal.com

Channel Description: Insurance Journal delivers the latest business news for the Property/Casualty insurance industry

 
Tesla Debuts 500-Mile Electric Heavy Duty Truck
Tesla Inc. upstaged its own debut of an electric heavy duty truck on Thursday when a red Roadster pulled out of the big rig’s trailer and Chief Executive Elon Musk said the new $200,000 sports car would be the fastest …
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Texas Surplus Lines Premium Up 6% for the Year
Texas has recorded $4.6 billion in surplus lines premium through the end of October 2017, a 6 percent increase over 2016, according to the Surplus Lines Stamping Office of Texas (SLTX). Providing an update at the annual meeting of the …
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Louisiana Business, Industry Group Names LUBA Workers’ Comp Company of the Year
LUBA Workers’ Comp, a regional casualty insurance company, was named Company of the Year in the 100 employees or less category of the Louisiana Association of Business and Industry’s 2017 Free Enterprise Awards. The awards recognize companies with an unparalleled …
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Minnesota Commerce Commissioner Rothman to Run for State Attorney General
Minnesota Commerce Commissioner Mike Rothman announced that he is leaving his post to run a campaign for state attorney general. In a statement, Rothman said he is stepping down as of 11 a.m. today. “I have made the decision to …
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Rate Increases Approved for Texas Automobile Insurance Plan Association
Texas Insurance Commissioner Kent Sullivan has approved changes in the rates for private passenger and commercial automobile insurance provided through the Texas Automobile Insurance Plan Association (TAIPA), which is the state’s assigned risk plan. The changes, which are effective March …
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Historic Indiana Fieldhouse Hit by Storm Insured for Nearly $10M
A central Indiana fieldhouse that’s one of the nation’s largest high school basketball venues was insured for nearly $10 million when a severe thunderstorm recently damaged it, school officials say. The historic Muncie Fieldhouse was valued at $9,858,130 on Feb. …
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Miralles to Lead Enterprise Risk Management at CNA as Chief Risk Officer
Chicago-based commercial, CNA, has appointed Al Miralles as chief risk officer (CRO), effective Jan. 1, 2018. Miralles joined CNA in 2011 as senior vice president and treasurer and has been leading the Long Term Care business since 2014. In addition …
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Markel Finalizes Acquisition of State National Companies
Markel Corp. has completed its previously announced acquisition of State National Companies, a specialty provider of property/casualty insurance services that operates two core businesses, program services and lender services. Markel, a Virginia-based in Virginia holding company for insurance, reinsurance and …
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UK’s IUA Publishes Good Practice Guide for Delegated Authorities
A guide to good practice for delegated authority arrangements in the London company market has been published by the International Underwriting Association, the group that represents non-Lloyd’s international and wholesale insurance and reinsurance companies in the London Market. The guide …
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United Valley Insurance Services in California Adds De La Torre in Marketing
Fresno, Calif.-based United Valley Insurance Services Inc. has named Maggie De La Torre a marketing team assistant. De La Torre holds a will provide support to the United Valley marketing team and will market high net worth personal lines, flood …
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China Tightens Rules on $15 Trillion Asset Management Sector to Cut Systemic Risks
China’s central bank on Friday issued sweeping guidelines to tighten rules on asset management business, the latest step by Beijing to fend off systemic risks in the country’s rampantly growing shadow banking sector. The guidelines unified rules covering asset management …
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Assurance Adds Wolfrey to Washington D.C. Team as Risk Management Consultant
Assurance, a Top 50 U.S. insurance brokerage, has hired Eric Wolfrey to its Washington D.C. team to serve as a risk management consultant. Wolfrey will provide business insurance and risk management solutions to a variety of industries with a concentration …
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Patron Injured After Car Crashes Into Maine Diner
Police in Maine say a man has been injured and another man arrested after a car involved in a collision barreled into a diner. According to police, three vehicles were involved in a collision in Sanford around 3:36 p.m. Tuesday. …
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American Arbitration Association Opens Office in Upstate New York
The American Arbitration Association (AAA), a provider of conflict management and dispute resolution services, has opened a new office in Buffalo, N.Y., offering local arbitration support in a region that has experienced an increase in arbitration requests for no-fault auto …
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Barbican Insurance Launches U.S. Specialty Property MGA Targeting Southeast, Gulf Coasts
Barbican Insurance Group has launched Barbican Specialty US, a new managing general agency (MGA) providing wholesale excess and surplus (E&S) property insurance for small-to-medium-sized commercial operations along the southeastern coast of the United States. Based in Atlanta and Kansas City, …
...read more

California Jury Sides with J&J Against Talcum Powder Cancer Claims
A California jury on Thursday ruled in favor of Johnson & Johnson in a lawsuit by a woman who said she developed the cancer mesothelioma after being exposed to asbestos in the company’s talc-based products including J&J’s Baby Powder. The …
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Court Orders J&J to Pay $247 Million, Another Big Loss Over Hip Implant Product
Johnson & Johnson was ordered to pay $247 million to half a dozen patients who claimed the company hid defects in its Pinnacle artificial hips, its third big-dollar loss over the products. Officials of the company’s DePuy unit, which makes …
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Markel’s Crowley to Retire at End of 2017
Markel Corp. announced that F. Michael Crowley, the company’s vice chairman, plans to retire on December 31, 2017. Crowley will transition his duties and responsibilities as well as his relationships with key producers and clients to designated employees through the …
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Canada’s Economical Restructures to Strengthen Broker Relationships, Profits
Economical Insurance announced the creation of a new organizational structure, with three market-facing regions. The restructuring is designed to improve profits, strengthen relationships with broker partners, capture more market share in small business, and expand capabilities in middle market and …
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EU Wants Insurers to Plug Investment Gap, but Bank Partners Needed: Regulator
Efforts to get insurers to plug Europe’s investment gap by backing riskier assets could be undermined if banks are unwilling to share crucial credit data with them, a European Union insurance regulator said. EU insurance capital rules known as Solvency …
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