Insurance

Cannabis Broker Spotlight: Schutz with NIF Group is a ‘Cannabis Ninja’

Insurance Journal - Thu, 01/21/2021 - 2:17pm
Editor’s note: This part of a series of profiles on cannabis brokers, in which Insurance Journal explores why and how these folks got into the business, the ups and downs of insuring cannabis, as well as a few tips for …
Categories: Insurance

The Villages Insurance Partners of Florida Adds Allstate Agent Sheats

Insurance Journal - Thu, 01/21/2021 - 11:58am
The Villages Insurance Partners of Florida has added Alexis Ball-Sheats to its team of Personal Lines Risk Consultants. Ball-Sheats will be one of three licensed risk consultants at the agency’s Mulberry Grove location specializing in home, auto, and golf car …
Categories: Insurance

Banker Enns to Succeed Retiring Chubb CFO Bancroft

Insurance Journal - Thu, 01/21/2021 - 11:57am
Chubb announced that Philip Bancroft, executive vice president of Chubb Group and chief financial officer, plans to retire from the company on July 1 after 19 years of service. Peter Enns, an investment banker who was most recently the Global …
Categories: Insurance

U.S. Charges 2 Oil Workers With Allowing Gulf of Mexico Oil Spills

Insurance Journal - Thu, 01/21/2021 - 11:37am
Two Fieldwood Energy LLC oil workers face federal criminal charges for allegedly separately allowing crude oil spills from offshore U.S. Gulf of Mexico platforms to avoid required shut downs. The two were indicted Tuesday for spills in 2015 and 2018, …
Categories: Insurance

Analysis: Fight Over Mississippi Flood Control Project Continues

Insurance Journal - Thu, 01/21/2021 - 11:35am
Farmers and environmentalists have been arguing for decades over proposals for a massive federal flood-control project in the south Mississippi Delta. The fight is continuing into a new presidential administration. Four conservation groups are suing the Environmental Protection Agency, with …
Categories: Insurance

Kansas Insurance Agent to Repay $86K After Guilty Plea

Insurance Journal - Thu, 01/21/2021 - 10:36am
A former Kansas insurance agent from Johnson County has pleaded guilty to insurance fraud charges and agreed to repay nearly $86,000 in restitution, the state’s attorney general’s office reported. Kansas Attorney General Derek Schmidt said Armond R. Peghee, 42, pleaded …
Categories: Insurance

N.Y. Court Takes Contrary Position on Insurers’ Right to Recoup Defense Costs

Insurance Journal - Thu, 01/21/2021 - 9:52am
It has long been understood that under New York law, an insurance company may recoup defense costs paid on behalf of an insured once it has been ultimately determined that there was no coverage in connection with the underlying action, …
Categories: Insurance

Fire Official Says Arcing Power Lines Caused Big Nevada Brush Fire

Insurance Journal - Thu, 01/21/2021 - 9:42am
Satellite imagery and surveillance video from a casino roof 5 miles away helped pinpoint arcing power lines in gale force winds as the cause of a November brush fire that destroyed five Reno homes and damaged two dozen others, investigators …
Categories: Insurance

Deal Offers More Financial Services for California Cannabis Firms

Insurance Journal - Thu, 01/21/2021 - 9:39am
A California cannabis industry group announced Tuesday that it reached an agreement with a state credit union that will provide checking, wire transfers and other banking services for more marijuana companies, helping ease what has been an obstacle for many …
Categories: Insurance

Judge Approves Settlement in Annapolis Housing Discrimination Lawsuit

Insurance Journal - Thu, 01/21/2021 - 9:01am
A federal judge has approved a consent decree between the Maryland city of Annapolis and dozens of public housing residents. The Capital Gazette reported Tuesday that the decree will mandate that the city pay a $900,000 settlement in a discrimination …
Categories: Insurance

Travelers Insurance Profit Soared in Q4 on Fewer Claims, Investment Gains

Insurance Journal - Thu, 01/21/2021 - 8:40am
Property and casualty insurer Travelers Cos. Inc. reported a jump in quarterly profit that beat analysts’ estimates on Thursday, helped by an increase in returns from investments and lower catastrophe claims. Travelers reported a core income of $1.26 billion, or …
Categories: Insurance

China’s Top Financial Regulator Rejects ‘State Monopoly’ Criticism

Insurance Journal - Thu, 01/21/2021 - 8:00am
China’s top financial regulator dismissed claims the nation is distorting its economy through “state monopoly capitalism” as pressure grows on China to align more with global trade rules. Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, said …
Categories: Insurance

Trump Order Allows Government to Block Use of U.S. Cloud Services in Foreign Countries

Insurance Journal - Thu, 01/21/2021 - 7:47am
On his last full day in office, President Donald Trump signed an executive order the White House said was aimed at preventing foreign malicious cyber-actors from using U.S. online infrastructure to carry out their activities. The order, which provides the …
Categories: Insurance

Maryland Insurance Agencies Accuse Erie Insurance of Discriminatory Practices

Insurance Journal - Thu, 01/21/2021 - 7:40am
Three Maryland independent insurance agencies contracted with Erie Insurance have filed complaints with the Maryland Insurance Administration alleging Erie engaged in discriminatory practices against low-income and minority communities in the Baltimore area. The complaints were filed by Baltimore, Maryland-based Baltimore …
Categories: Insurance

French Car Rental Firm’s Credit Insurance Woes Send Warning to Speculators

Insurance Journal - Thu, 01/21/2021 - 7:29am
A failed attempt to settle debt insurance on a struggling French car-rental company is the latest blow to the $9 trillion market in credit derivatives, but this time the focus is on speculators. Protection buyers who didn’t hold any of …
Categories: Insurance

Japan’s Automakers Adding Safety Technology for Often-Isolated Older Drivers

Insurance Journal - Thu, 01/21/2021 - 7:24am
Automakers in Japan, where almost 30% of the population is 65 or older, are taking the lead on adapting cars so the nation’s legions of elderly drivers can feel more confident — and be safer — behind the wheel. A …
Categories: Insurance

Bage Appointed CEO at MAX Insurance in Kansas

Insurance Journal - Thu, 01/21/2021 - 12:25am
Overland Park, Kansas-based MutualAid eXchange (MAX) has named Dr. Lisa Bage, currently chief operating officer at MAX, as CEO and president effective Feb. 15, 2021. She will succeed current President and CEO David M. Wine, who is retiring following 20 …
Categories: Insurance

Alera Group Acquires CSNW Benefits in Oregon

Insurance Journal - Thu, 01/21/2021 - 12:00am
Alera Group has acquired CSNW Benefits in Portland, Ore. The CSNW Benefits team will continue serving clients in their existing roles. Terms of the deal were not announced. CSNW Benefits serves clients throughout the Northwest region, creating employee benefits and …
Categories: Insurance

Poms & Associates in California Adds Fontelieu and Toland

Insurance Journal - Thu, 01/21/2021 - 12:00am
Poms & Associates has added Ed Fontelieu and Jason Toland to the commercial insurance production team. Fontelieu and Toland will work with Poms & Associates clients to deliver risk management solutions. Fontelieu is based in Fresno, Calif. He joins Poms …
Categories: Insurance

2020 Could Make 2021 the Year of Insurance Agency E&O Lawsuits

Insurance Journal - Thu, 01/21/2021 - 12:00am
Insurance agents and brokers should prepare for a big agency errors and omissions (E&O) litigation wave to crash their shores in 2021. Agency E&O claims are a lagging indicator, meaning plaintiffs typically only go after agents and brokers after they …
Categories: Insurance