News: New Lexar XQD Card Is A 1100x Speed Freak.PMA@CES News

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News: Panasonic Revamps Compact Camera Lineup, Adds Wi-Fi NFC Technologies.PMA@CES News

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News: Photo Marketing Association/Consumer Electronics Show: Day 1 Report.PMA@CES News

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News: First Look: Sigma DP-3 Merrill.PMA@CES News In-Depth

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Article: Choose the Right iPhone Battery Backup So You Can Shoot All Day. Don't lose the power in your Apple iPhone 5

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Internet Sensation Arrested for Lawyer’s Murder

Internet Sensation Arrested for Lawyer’s Murder « Above the Law: A Legal Web Site – News, Commentary, and Opinions on Law Firms, Lawyers, Law Schools, Law Suits, Judges and Courts

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From the Career Files: Ten Tips for Your Summer at the Screen

From the Career Files: Ten Tips for Your Summer at the Screen « Above the Law: A Legal Web Site – News, Commentary, and Opinions on Law Firms, Lawyers, Law Schools, Law Suits, Judges and Courts

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Non-Sequiturs: 05.17.13

NY Attorney General investigating fast food restaurants for shorting their employees. This is a worthwhile cause, but what he should be looking into is who ate the bones?

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Maybe The Toronto Mayor Should Skip The P.R. Lawyer and Go Straight To Criminal Defense Attorney?

As we mentioned in Morning Docket today, Gawker has a story about the Mayor of Toronto, Rob Ford, smoking crack.

It’s a delightful tale about how a conservative was apparently caught on a camera phone smoking crack, slurring his speech, and calling people fa

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Career Alternatives for Attorneys: Disney World Guru

Mickey Mouse, Esquire?

“I’m leaving the legal profession.”

“Where are you going?”

“I’m going to Disney World!”

This is, in a nutshell, the story of the latest lawyer featured in our series on career alternatives for attorneys. But there is a lesson here of broader applicability.

Are you looking to leave the law? Your treasure trove of “useless” knowledge could be a valuable asset….

After graduating from Seton Hall Law School, clerking, and practicing with his father for almost a decade, Lou Mongello turned a longtime obsession into a full-time occupation. He explains how he transformed his lifelong interest in the world of Disney into a successful business, in this interview with Spencer Mazyck of Bloomberg Law:

It’s an inspiring story, isn’t it? Mongello took his incredible knowledge of all things Disney and parlayed it into a thriving multimedia enterprise, featuring radio and video shows, books, and websites. And as he explains in the video, he gives back to the community of Disney lovers through the Dream Team Project.

If you might want to follow in Mongello’s footsteps, try your best to maintain hobbies or interests outside practicing law. You never know how or when an interest in a seemingly obscure topic could evolve into something that allows you to enter the Magic Kingdom — of life beyond the law.

Stealth Lawyer: Lou Mongello, Disney Expert & Historian

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Morning Docket: 03.28.13

Based on the justices’ reactions during oral arguments in Windsor v. U.S., there was no defending the Defense of Marriage Act. Not even Paul Clement, the patron saint of conservative causes, could save the day.

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Michael Jordan’s Hitler Mustache Can’t Ruin The NCAA Tournament

Michael Jordan’s Hitler Mustache Can’t Ruin The NCAA Tournament « Above the Law: A Legal Web Site – News, Commentary, and Opinions on Law Firms, Lawyers, Law Schools, Law Suits, Judges and Courts

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Benchslap of the Day: The VA Needs To Do Better By Veterans

Given the Government’s conduct in this case, the court orders the Government to show cause why it should not be sanctioned under this court’s inherent authority. It seems that sanctions may be needed to motivate VA in the future to treat its commitments and representations to this court and opposing counsel with the seriousness to which they are entitled.

– Judge S. Jay Plager, reprimanding counsel for the Department of Veterans Affairs in National Organization of Veterans Advocates, Inc. v. Secretary of Veterans Affairs (Fed. Cir. Mar 21, 2013), a case concerning the due process rights of veterans seeking benefits.

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Non-Sequiturs: 03.22.13

So, after being shut down for more than two years, Caitlin Halligan asked President Obama to withdraw her nomination to the D.C. Circuit. This is how democracy works in our country, folks, and it’s pretty sad.

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Revamping Career Services: Two Modest Proposals

Does somebody need a professional headhunter?

There are two sides to law school career services. One side you meet at conferences and events. The CSO employees you meet in public are smart, earnest people. They care about their students, and they know better than their deans the challenges of the legal job market. They’re pleasing to look at and interested in meaningful reform. You end conversations with them feeling like they’re underpaid.

The other side of CSO is the side you only hear about from the disgruntled students who actually need them. If the student has a job, they say there is one good CSO person in an office beset by lazy morons. If the 3L doesn’t have a job, the whole office is a solitaire-playing, baby-making, incompetent den of secretaries who are contractually obligated to use the word “network” in every single sentence.

I think both sides are true. There are some real CSO gems who work hard, and the law schools like to show these people off. But the system of law school career services is based on legal jobs economy that is gone and never coming back. People are using 2003 skills to contend with the 2013 job market, and it’s failing students all across the country.

It’s failing even students at Ivy League schools, as this story will point out. But I have two simple solutions that law schools could implement for next fall that would significantly improve the performance of law school CSOs….

Today’s amazingly disgruntled 3L goes to the University of Pennsylvania Law School. In fairness to Penn, there are a number of schools where students are totally underwhelmed by their career services officers. But it is a little weird to hear this from a 3L at an Ivy:

Many of the graduating 3Ls from UPenn Law (who have attended other undergrad Ivies and schools such as Stanford and Berkeley) have been upset with the incompetency of UPenn Law’s Career Planning office (I know, it may not sound like news). This school is like a faux Ivy.

Many of us are still unemployed or stuck with undesirable back up jobs, even though we worked for consulting firms, the government, and major corporations before coming to Penn Law. There are still many of us with decent grades who are unemployed. And a lot of us have massive debt.

The Career Planning office at UPenn appears to do little to get job for students who strike out at On Campus Interviewing (or for those who want to work in public interest or government). It does not matter if you are west coast or east coast, the situation is bad all round.

Throughout the year, Penn’s career office will send a “job of the week” job posting email to the 3L class. Yes, that includes ONE job of the week. Other comparable schools (Duke and Harvard) send “job posting

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‘Tell the Truth and Nothing But… Aw Screw It, Bring Out the Truth Serum!’

‘Tell the Truth and Nothing But… Aw Screw It, Bring Out the Truth Serum!’ « Above the Law: A Legal Web Site – News, Commentary, and Opinions on Law Firms, Lawyers, Law Schools, Law Suits, Judges and Courts

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Non-Sequiturs: 03.14.13

Tiffany’s sued Costco for trademark violations because Tiffany’s is afraid someone walked into Costco and thought, “$20 Tiffany’s engagement ring? AWESOME!”

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Morning Docket: 03.15.13

“We are a teaching institution. We teach by not having television. We are judged by what we write.” Justices Kennedy and Breyer aren’t ready for their close-ups — they’re adamantly opposed to cameras in the courtroom.

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No, Sim City Debacle Doesn’t Mean Gamers Need A Bill Of Rights

No, Sim City Debacle Doesn’t Mean Gamers Need A Bill Of Rights « Above the Law: A Legal Web Site – News, Commentary, and Opinions on Law Firms, Lawyers, Law Schools, Law Suits, Judges and Courts

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The Departing Skadden Partner, His Ex-Wife, And The Substance Of African-Americans

Yesterday, we brought you the story of Garrett Waltzer. The former Skadden partner sent around a thrilling departure memo explaining to his colleagues that he was leaving the firm to help the music career of his wife, R&B artist and near-reality show star TaQuita Thorns. If you missed yesterday’s story, I’ll wait here while you catch up.

Yeah, that happened.

So when I say former Skadden partner, boy do I mean “former.” Skadden has already removed his bio from their website. That firm doesn’t play.

But Waltzer is still talking. After yesterday’s story, he opened up a little bit about his personal life to Vivia Chen of The Careerist.

Oh, and I did I mention we’ve got a clip of TaQuita Thorns on her reality show?

Waltzer’s Careerist interview contains a couple of wonderful nuggets. The best, by far:

He said that he met his current wife, TaQuita, online “after my ex-wife fell in love with her personal trainer.”

Waltzer also says he’s had some serious health problems. You can read the full interview here.

Since yesterday’s story, a few Skadden people who know Waltzer have stepped up to say that he’s a really good guy. And they are, of course, applauding his decision to leave Skadden and live a healthier, happier life.

That’s to be expected. Let’s be clear, folks: Biglaw jobs, in general, are horrible. It’s grueling work at odd hours almost without end. Sure, Biglaw attorneys, especially partners, make a lot of money. But they don’t give you that money for free. There are few who’ve been through it who aren’t happy for somebody who manages to get out. Good job, Garrett Waltzer!

But… doesn’t this story sound like this story is coming to you from a mid-life crisis textbook? He had health problems, and then his wife started banging her personal trainer. So he found some young, wanna-be starlet, married her, and is now quitting the stable job he’s done for his entire life to “devote” himself to her dreams. When you show up at the crisis store and purchase the “new job” and “new wife” package, they throw in the sports car and male earring for free.

Perhaps in an effort to battle the perception that he is, kind of, “going through a phase,” Waltzer said something very curious to Chen:

“We are a unique couple, and we get a lot of attention. She’s younger and African American. But anyone who knows me knows that I am drawn to someone with substance.”

This sounds to me like Waltzer thinks the reason his relationship is getting a lot of attention is because it’s interracial. Worse, I take this quote as trying to counter some kind of perception that an old white guy would only be attracted to a young black woman in some kind of exoticized, Jungle Fever situation, by saying, “No no no, she has substance!” What, unlike all the other young black women that he’s not drawn to?

I don’t know, maybe some people do think like that. To me, the relationship isn’t attention-grabbing because he’s white and she’s black. The relationship is attention-grabbing because a partner at Skadden is married to a fledgling R&B singer who, as described in his departure memo, is “an energetic performer with a dazzling voice and stunning looks.”

That’s the head turner. Even though I imagine most second wives of Biglaw partners are “energetic performers” in one way or another, putting it into a departure memo is a bit odd. If he was married to an old white lady who wanted to “improve the world through music and, in the process, become a force in the music industry,” we’d be writing about it too.

BUT… since Waltzer opened the door to the “substance” question:

The only way this could get any better would be if Waltzer ended up actually being married to Ronaiah Tuiasosopo.

I’m happy that Waltzer got out, and I sure hope he’s found the love of his life and is poised to have some happy and healthy golden years. I just can’t shake the feeling that I saw this plot on Mad Men and that Waltzer’s going to come home one day to a very uncomfortable performance of Zou Bisou Bisou.

Better Than Metrosexual

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DUI Case Puts Spotlight on Kentucky State Police Lab Tests

March 22, 2013Email ThisPrintNewslettersTweetArticleComments

The Jefferson County Attorney’s Office says a judge’s decision to acquit a Louisville woman of an impaired driving charge shows the shortcomings of Kentucky State Police lab tests.

The Courier-Journal reported that the judge said the prosecutor failed to show that 38-year-old Monica Holt was under the influence of anything when she was arrested in 2011.

“It doesn’t matter what the commonwealth thinks, you can’t prove it,” she said from the bench on March 5. “You charged her with driving under the influence, and there is no proof what it is.”

Prosecutors said Holt told a jail officer that she took a prescribed painkiller before being pulled over, but her attorney challenged that contention and state police tests showed no drugs in her system.

Forensic analyst Jason Berry testified the lab tests for only 35 to 40 drugs. He said nine others are being added on April 1, but the lab lacks funding to test for more.

“Can you test for everything known?” Frazier asked him.

“We are not a private lab,” he said. “We lack the money, basically, to look for more drugs.”

Warren Diepraam, a former prosecutor fellow for the National Highway Transportation Safety Administration, said many state crime labs deal with similar issues. He said there are potentially thousands of substances that could impair a driver and “testing for 40 is often going to result in failure to detect.”

Holt’s lawyer, Jan Waddell, argued the case shouldn’t have even made it to trial considering the scant evidence.

“Miss Holt was the victim here,” Waddell told the jury during the trial. “There wasn’t a scintilla of scientific evidence of impaired driving.”

Holt was arrested after a truck driver called 911 reporting an erratic driver who was nearly hitting other vehicles.

Metro Officer Nathan McCoy pulled Holt over and noted in a citation that she couldn’t answer “the simple question of where she was coming from and fumbled with insurance papers.” He said he did not find any alcohol or drugs in her vehicle, but she failed a field-sobriety test.

“She was under the influence,” Frazier told the jury during the trial, “and everyone in her path was in danger.”

Waddell presented a different scenario. In his opening statement, he said the man who reported Holt followed her closely at a high rate of speed and if she failed a field-sobriety test it was “only because she was nervous

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Florida Gov. Scott, Insurers Vow Fight to Save PIP Law After Injunction

March 22, 2013Email ThisPrintNewslettersTweetArticle1 Comments

A Florida circuit court judge has issued a temporary injunction against certain provisions of the state’s no-fault personal injury protection (PIP) law, ruling that it is no longer a

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SEC Testing ‘Customized’ Punishments

March 15, 2013Email ThisPrintNewslettersTweetArticleCommentsThe U.S. Securities and Exchange Commission is experimenting with punishments that more closely fit the wrongdoing at issue in a bid to give its enforcement cases more bite.

Criticized for its traditional practice of a broad ban on wrongdoers breaking securities law again, the SEC is testing injunctions that specifically bar certain behavior, such as giving advice to pension funds or profiting from presenting investment seminars.

Critics of the SEC’s typical broad prohibitions say they are ineffective and not well enforced. Customized injunctions could also be a more precise tool than the blunt instrument of barring an individual from being a company officer or director.

“We want to use all of the tools available to us to specifically discourage repeat misconduct and go beyond the injunctions we traditionally obtain,” George Canellos, the SEC’s acting enforcement director, told Reuters in an interview.

In the past year SEC lawyers have slowly started seeking injunctions that bar defendants from specific types of conduct, even if that conduct is itself legal.

They are relying on authority derived from the 2002 Sarbanes-Oxley investor protection law that makes explicit courts’ authority to follow through on the SEC’s recommended injunctions.

“We are actively exploring ways to invoke that authority more creatively toward the goal of creating remedies tailored to the misconduct at issue,” he said.

The new push comes as former top federal prosecutor Mary Jo White is poised to take over the agency. She is expected to win confirmation from the Senate and plans to tell lawmakers on Tuesday that she will bring a “bold and unrelenting” enforcement program to the agency.

Canellos previously worked under White as a federal prosecutor in the U.S. Attorney’s office in Manhattan, and could stay on at the SEC in a senior enforcement role.

TURNING A PAGE

As securities regulators turn their attention away from the financial crisis cases that have absorbed their attention for the past five years, and look to cases around market structure issues and high frequency trading, they are exploring tools they haven’t used much in the past.

In September, for example, the SEC settled an older case against a salesman who hosted investing classes the SEC alleged to be misleading. In settling the case, the SEC convinced a federal court to bar the defendant from receiving compensation for developing, presenting, or marketing investment classes.

And in May, when the SEC filed its corruption case against former Detroit mayor Kwame Kilpatrick and other top city officials, it sought to bar them from participating in any decisions involving investments in securities by public pensions. Kilpatrick was convicted on Monday on two dozen federal charges of corruption and bribery, and the SEC’s case remains pending.

Former SEC lawyers said the model could potentially apply to cases against larger institutions. A company that misstated earnings, for example, could face an injunction barring them from ever misstating earnings in the future, a scarier prospect than a generic ban on violating the securities laws.

But lawyers also said such a prospect would be fought hard by the defense bar, and it is unclear how aggressively the SEC would pursue such bans.

“What is the limiting principle?” said Daniel Nathan, a former SEC lawyer now in private practice at Morrison & Foerster. “For a conduct-based injunction, when do you do it, and when not? It’s very hard to draw the line.”

For an insider trading case, for example, Nathan said, it would be difficult to tailor a punishment that would bar an individual from trading, or bar a tipper from speaking to certain individuals.

Canellos likened the strategy to harassment cases, where courts not only impose bars on future harassment, but also limit the ability for the defendant to even approach a victim.

Courts “draw a bright and easily enforceable line, ordering the accused … not to get within 100 feet of the victim. This way, there’s no future debate in court about whether approaching or talking to the victim constitutes harassment,” he said.

The SEC pursued a similar remedy in its case against a former executive of Colonial Bank, which failed in 2009 as a result of a major fraud scheme.

In that case, the SEC barred the executive, former vice president Catherine Kissick, from not only serving as an officer or director of a public company, but also explicitly banned her from serving in any senior position at a mortgage firm or financial institution.

(Reporting by Aruna Viswanatha; Editing by Karey Van Hall and Tim Dobbyn)

 

Copyright 2013 Reuters. Click for restrictions.Email ThisPrintNewslettersTweetCategories: National NewsTopics: Securities and Exchange Commission, securities fraud penaltiesHave a hot lead? Email us at newsdesk

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Credit Suisse to Pay $400 Million to Settle U.S. Bond Lawsuits

March 15, 2013Email ThisPrintNewslettersTweetArticleCommentsCredit Suisse Group AG has agreed to pay at least $400 million to settle lawsuits by investors over the Swiss bank’s role in raising money for a healthcare financing company that collapsed in a $2.9 billion fraud more than a decade ago.

The settlement averts a trial in Manhattan federal court that had been scheduled to begin in two weeks. It stems from the activities of National Century Financial Enterprises Inc., which filed for bankruptcy protection in November of 2002.

Investors accused Credit Suisse of selling National Century notes and defending their creditworthiness despite knowing that the company misused investor funds, and while missing red flags that National Century co-founder and Chief Executive Lance Poulsen masterminded the fraud.

“This agreement represents a full and final settlement in respect of this noteholder litigation against Credit Suisse,” Credit Suisse said in a statement on Thursday.

Credit Suisse will pay $400 million to a group of plaintiffs that includes the state of Arizona, AllianceBernstein Holding LP and Allianz SE’s Pimco unit, the plaintiffs’ lawyer, Kathy Patrick of Gibbs & Bruns, said in a phone interview.

Investors who brought the lawsuits had bought National Century notes from 1998 to 2002.

In addition to the $400 million accord with Gibbs & Bruns’ clients, Credit Suisse has also agreed to separate settlements with Lloyds TSB Bank Plc and MetLife Inc.

Lloyds TSB spokesman Ed Petter confirmed the settlement but said its terms were confidential. MetLife spokesman Christopher Breslin said his company reached an “amicable resolution” to the case, addling it was glad “to put this issue to rest.”

Credit Suisse said the settlement will reduce its previously reported fourth-quarter net profit by 134 million Swiss francs ($141 million), to 263 million Swiss francs from 397 million.

National Century had helped finance clinics and hospitals, and bought accounts receivable with money it got through the sale of notes, including notes that Credit Suisse helped sell.

But the U.S. Department of Justice said the Dublin, Ohio-based company misused investor money, funneled corporate funds to top executives, and lied to investors to hide its fraud.

Poulsen is serving a 30-year prison term following his 2008 conviction for fraud, conspiracy and money laundering. Several other former National Century executives were also convicted of crimes.

Jury selection in the investor suit had been scheduled to begin on March 28.

Credit Suisse in January lost its bid to be tried separately from Poulsen, who is considered insolvent.

Noteholders had previously reached other settlements over the collapse, including a 2006 accord with JPMorgan Chase & Co .

“We have recovered $1 billion of losses for our clients, when prior settlements are taken into account,” Patrick said. “This represents nearly 80 cents on the dollar.”

The cases, all in the U.S. District Court, Southern District of New York, are Crown Cork & Seal Co et al v. Credit Suisse First Boston Corp et al, No. 12-05803; Arizona v. Credit Suisse First Boston Corp et al, No. 12-05804; City of Chandler et al v. Bank One NA et al, No. 12-05805; Lloyds TSB Bank Plc v. Bank One NA et al, No. 12-07263; and Metropolitan Life Insurance Co et al v. Bank One et al, No. 12-07264.

 

Copyright 2013 Reuters. Click for restrictions.Email ThisPrintNewslettersTweetCategories: International NewsTopics: Credit Suisse, investor lawsuit against Credi Suisse, National Century Financial EnterprisesHave a hot lead? Email us at newsdesk

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GJ Sullivan Co. Acquires Network E&S Insurance Brokers’ California Book

Featured Stories Right Street Blog: North Carolina's CartelPodcast: Agents' Market Share Report NewsMarketsJobs Front Page National International Most Popular Magazine Forums Blogs Videos/Podcasts Newsletters News Most Popular National International East Midwest South Central Southeast West Topics P&C Companies Agents & Brokers Government Markets/Coverages Operations Claims More Topics Magazines East Midwest South Central Southeast West Subscribe Directories Jobs SalesMarketingManagementFinanceClaimsUnderwritingOther Features Events Forums Buyers Guide Insurance Twitter Market Directories Ad Showcase Quotes Polls Subscribe GJ Sullivan Co. Acquires Network E&S Insurance Brokers’ California BookMarch 15, 2013Email ThisPrintNewslettersTweetArticle1 Comments

G.J. Sullivan Company Excess & Surplus Lines Brokers has acquired Network E&S Insurance Brokers’ book of California business.

David Gorin and Sherri Gust will join GJS E&S, and will operate from Sullivan’s Orange County, Calif. office. Gorin will be responsible for servicing Network’s book of business and acquiring new business for all lines.

G. J. Sullivan Company acts as a wholesaler, providing a variety of retail agents and brokers across the United States with access to the top North American and international surplus lines insurance markets. Specialized programs include directors & officers, tow trucks, trucking and restaurants. The G.J. Sullivan Company Excess & Surplus Lines Brokers is a member of The Sullivan Group consortium founded in 1933.

Email ThisPrintNewslettersTweetCategories: West NewsTopics: Business Moves & Mergers, David Gorin, G.J. Sullivan Company Excess & Surplus Lines Brokers, Network E&S Insurance Brokers, People, Sherri GustHave a hot lead? Email us at newsdesk

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Fireman’s Fund Names VPs of Programs and Professional Liability

March 15, 2013Email ThisPrintNewslettersTweetArticleComments

NOVATO, Calif.-based Fireman’s Fund Insurance Co. named Jay Dipasupil to vice president of programs, and Dan Reed to vice president of professional liability.

Dipasupil will lead Fireman’s Fund’s programs business. He will be responsible for providing strategic and operational direction and achieving profitable growth.

Dipasupil has more than 25 years of insurance industry experience. Most recently he led the specialty solutions group at Chartis and was responsible for the development and execution of underwriting, production and distribution management for its professional liability products. Prior to Chartis, Dipasupil held underwriting and leadership roles with Travelers and Zurich.

Reed will be responsible for managing the professional liability line of business and driving profitable growth.

Reed has more than 20 years of insurance experience and an expertise in professional liability. He has managed teams responsible for lawyers’ professional liability, accountants’ professional liability, real estate errors & omissions, and insurance agents and brokers errors & omissions. Prior to Fireman’s Fund, Reed worked for Travelers, St. Paul Companies and Great American Insurance Cos.

Fireman’s Fund is a member of the Allianz Group, one of the world’s largest providers of property and casualty insurance.

Email ThisPrintNewslettersTweetCategories: West NewsTopics: Dan Reed, Fireman's Fund Insurance Co., Jay Dipasupil, PeopleHave a hot lead? Email us at newsdesk

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California Senator Proposes 4 a.m Last Call for Alcohol

March 15, 2013Email ThisPrintNewslettersTweetArticle3 Comments

Last call at California restaurants, bars and nightclubs could come later under legislation proposed by a state senator from San Francisco.

Sen. Mark Leno’s bill would allow cities and counties to petition state alcohol regulators to allow alcohol service until 4 a.m., two hours later than current regulations.

Leno, a Democrat, tells the San Francisco Chronicle his bill would make California cities more competitive as tourist destinations with cities that allow alcohol service past 2 a.m.

Leno says he expects opposition based on public safety concerns, but he has not seen evidence that later alcohol service leads to increased alcohol-related traffic deaths.

Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.Email ThisPrintNewslettersTweetCategories: West NewsTopics: Alcohol-Related Traffic Deaths, Last call, liquor liability, public safety, State Sen. Mark LenoHave a hot lead? Email us at newsdesk

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Insurance Australia Group Posts US$ 840 Million Half Year Insurance Profit

February 22, 2013Email ThisPrintNewslettersTweetArticleComments

Insurance Australia Group Limited (IAG) announced an insurance profit of A$815 million

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Tennessee Reconsiders Requiring Concussion Policy for School Sports

February 22, 2013Email ThisPrintNewslettersTweetArticleComments

As the nation continues to debate increasing safety in contact sports, Tennessee lawmakers are looking at legislation that would require schools and other organizations conducting youth athletic programs to adopt concussion policies.

The measure was scheduled to be heard in the Senate Education Committee on Wednesday. A similar proposal failed last year.

Rep. Cameron Sexton is the sponsor of the House version of the bill.

Under the proposal, schools are required to “adopt guidelines … as approved by the department of health to inform and educate coaches, school administrators, youth athletes and their parents or guardians of the nature, risk and symptoms of concussion and head injury, including continuing to play after concussion or head injury.”

Sexton didn’t specify issues with the measure that have been worked out, but he said all parties involved seem to be pleased with the current version, which also appears to have bipartisan support.

“We’ve worked hard with all the groups from last year … and they’re all on board with this version of the bill,” said Sexton, R-Crossville.

Earlier this month, President Barack Obama said in an interview on CBS during a Super Bowl pre-game show said that, if he had a son, he would have to think about whether he would let him play football.

Obama, who has two daughters, said the threat of concussions for football players means that everything possible should be done to improve their safety

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Ratings Recap: GIC Re, Seguros Inbursa, National Grid

for 2010-11. GIC Re’s capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), also weakened in fiscal year 2011-12, mainly due to capital provisioning against the Indian Motor Third Party Insurance Pool (IMTPIP) and natural catastrophe losses in 2011-12.

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Ohio Took Enforcement Actions Against 167 Agents in 2012

February 22, 2013Email ThisPrintNewslettersTweetArticleComments

Ohio Lieutenant Governor and Department of Insurance Director Mary Taylor announced the department’s top fraud and enforcement cases for 2012.

During the calendar year, the department processed 7,274 allegations of agent misconduct and insurance fraud, initiated 2,310 investigations, identified more than 700 civil and criminal violations of Ohio insurance law, took administrative action against 167 insurance agents and agencies, assessed $134,900 in fines and referred 71 individuals for prosecution.

The Department’s top statewide fraud and enforcement cases for 2012 are:

EnforcementAnnuities Agent Scams Several Clients

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Indiana Man Sues over Crash That Killed His Wife

February 22, 2013Email ThisPrintNewslettersTweetArticle2 Comments

The husband of a northeastern Indiana woman who died when a semi-trailer rear-ended two cars in January is suing the truck driver and the truck’s owner.

The federal lawsuit seeks at least $75,000 in damages in the Jan. 8 death of 65-year-old Suzanne K. Stephenson of Monroeville. It names truck driver Scott A. Saunders and truck owner Wisconsin-based Kutzler Express.

The Journal Gazette reports Saunders was driving his truck on U.S. 30 when he rear-ended two vehicles, causing a six-vehicle wreck that killed Stephenson and 43-year-old Sandra Dealy of Convoy, Ohio, and injured six others.

Both women were traveling alone in separate vehicles and died of blunt-force trauma.

A Kutzler Express says the company is saddened by the accident and is cooperating with authorities in their ongoing investigation.

 

Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.Email ThisPrintNewslettersTweetCategories: Midwest NewsTopics: Commercial Auto, Indiana, lawsuit, traffic fatality, truck driver Scott A. Saunder, Wisconsin-based Kutzler ExpresHave a hot lead? Email us at newsdesk

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Report Criticizes Insurance Tech Firm Ebix’s Financials; Firm Refutes Allegations

February 22, 2013Email ThisPrintNewslettersTweetArticle5 Comments

Ebix Inc., a major provider of software and e-commerce products for the insurance industry, saw its stock price fall more than 25 percent Thursday, Feb. 21, after a research report critical of Ebix’s financial reporting began to circulate online.

The company’s shares fell further Friday morning before starting to rebound during late morning trading.

The report, from an investment and research firm called Gotham City Research LLC, appeared on the blog section of investment and research website Seeking Alpha as well as on Gotham City Research’s own website.

The report slams the Atlanta-based Ebix’s financial statements as “unreliable, inaccurate, and incomplete.” The report further argues that Ebix’s tax strategy does not appear sound. It alleges, for instance, that the software maker did not properly disclose to U.S. regulators a $65.8 million related-party loan to a Singapore-based subsidiary. (Gotham City Research states explicitly in the report’s disclaimer section that the readers “should assume that as of the publication date of this report, Gotham City Research LLC stands to profit in the event the issuer’s stock declines. We may buy, sell, cover or otherwise change the form or substance of its position in the issuer.”)

On Friday morning, Ebix Inc. issued a statement rebuking the report’s allegations, saying that the company has reviewed the “unsubstantiated report.”

“Management believes that to the best of its knowledge Ebix’s financial reporting, including, among other things, the company’s accounting for and reporting of intercompany loans, is appropriate and complies with all SEC reporting requirements,” according to the Ebix statement.

Popular investment website The Motley Fool called the report “a short attack” and says the Ebix has faced similar attacks in the past. It says there was a critical report in March 2011 from a firm called Copperfield Research. And last November, a news item surfaced that suggested Ebix may be under investigation by the Securities and Exchange Commission, which Ebix later called inaccurate.

The following is the Gotham City Research report’s summary that appeared on Seeking Alpha:

We read over 10,000 pages of documents from Sweden, Singapore, India, Australia, New Zealand, & the United States pertaining to the company. We consulted with professionals from the disciplines of forensic accounting, law, transfer pricing, background investigations, finance, and software. We found assets not adding, cash disappearing, and management misrepresenting. The more we looked, the more we found reality to be far worse than the prior critics had made it out to be.

For example, we discovered a $66 million undisclosed related party loan, $67 million accounting irregularity in long-lived assets, and Australian revenues at a fraction of what the SEC filings disclosed, per the Australian filings. We concluded that (i) Ebix’s financial statements are unreliable, inaccurate, and incomplete, (ii) their tax strategy does not appear sound, and (iii) the stock should be halted.

 

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U.S., Gulf States Considering $16 Billion BP Oil Spill Deal: WSJ

February 24, 2013Email ThisPrintNewslettersTweetArticleCommentsThe U.S. government and Gulf Coast states are considering offering BP Plc a deal under which it pays $16 billion to settle civil suits stemming from the deadly 2010 Deepwater Horizon explosion and oil spill, the Wall Street Journal reported on Friday.

The deal would cover the company’s potential penalties under the Clean Water Act and payments under the Natural Resources Damage Assessment, the newspaper said, citing sources familiar with the discussions.

It was unclear if the deal has been formally offered to BP, and both the company and the U.S. Justice Department declined to comment.

A settlement could avert a bruising courtroom battle over the worst ever U.S. offshore oil spill slated to start on Monday in New Orleans, although the trial may begin as the terms of the deal are hammered out.

A settlement would also put a solid number on BP’s costs under the Clean Water Act, which range from $4.5 billion to $17.5 billion, as well as potential natural resources damage assessments to the states under the Oil Pollution Act.

BP has spent or committed $37 billion on cleanup, restoration, payouts, settlements and fines. That includes an estimated $8.5 billion deal with most plaintiffs and a record $4.5 billion in penalties, and a guilty plea to 14 criminal counts to resolve criminal charges from the Justice Department and civil claims from the U.S. Securities and Exchange Commission.

BP has said it would settle on “reasonable terms,” but was prepared to go to trial if the demands were “excessive and not based on reality.”

 

 

Copyright 2013 Reuters. Click for restrictions.Email ThisPrintNewslettersTweetCategories: National NewsTopics: BP Justice oil spill, BP oil spill settlement, Gulf states oil spill settlementHave a hot lead? Email us at newsdesk

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Wilson to Advise Lockton Clients on Property Claims

February 13, 2013Email ThisPrintNewslettersTweetArticleComments

Lockton Companies has named Sheri Wilson as national property claim director to advise Lockton clients on complex property insurance claims. She is based in the insurance broker’s Dallas, Texas, office and serves as an expert resource for all of Lockton’s claims operations.

Wilson has more than 20 years of experience in property insurance claims. Before joining Lockton Companies, she was an executive general adjuster for Engle Martin & Associates in Dallas. Earlier in her career, she worked as a senior property insurance claim adjuster at FM Global, senior vice president of Property Claims at Marsh, a senior manager at Ernst & Young, and managing director at Crawford Technical Services.

A noted expert in property insurance claims, Wilson is a frequent speaker at Risk & Insurance Management Society (RIMS) events. She also is the author of several technical reports about property claims.

Source: Lockton

 

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International Chamber of Commerce Survey Finds Improved Economic Climate

February 13, 2013Email ThisPrintNewslettersTweetArticleComments

The Paris-based International Chamber of Commerce (ICC) and the Munich-based Ifo institute for economic research have released findings, which conclude that the

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Aspen Posts $2 Mn Q4 Net Income; FY $280.4 Mn; No Plans to Exit U.S. Property

February 13, 2013Email ThisPrintNewslettersTweetArticleComments

Bermuda-based Aspen Insurance Holdings Limited reported net income after tax of $2.0 million for the fourth quarter of 2012, compared to $12.4 million in Q4 2011. After tax net income for the full year was $280.4 million, compared to a loss of $110.1 million in 2011.

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Davos Strives to Make Climate Talk More than Hot Air

January 25, 2013Email ThisPrintNewslettersTweetArticleCommentsClimate change is back on the global agenda, with debate in the corridors at Davos given fresh impetus by U.S. President Barack Obama and U.N. Secretary-General Ban Ki-moon both highlighting it as top priority this week.

Yet business leaders are still struggling to find the economic incentives to change current practices.

The World Economic Forum (WEF) has not held back in its own assessment of the dangers, with former Mexican president Felipe Calderon warning of “a climate crisis with potentially devastating impacts on the global economy.”

Christine Lagarde, managing director of the International Monetary Fund, summed it up for any Davos doubters: “Unless we take action on climate change, future generations will be roasted, toasted, fried and grilled.”

There is a disconnect, however, between increasing evidence of extreme weather – from Superstorm Sandy in the United States in October to record heat in Australia this month – and the limited response from politicians and businesses.

In some cases the clash is stark, as highlighted on Friday when Greenpeace activists shut down a Shell gas station near the WEF meeting in protest at oil drilling in the Arctic that is made easier by a warmer world.

Many companies tout the opportunities presented by a shift to a low-carbon economy, yet the reality is that the continuing economic crisis has discouraged businesses and governments from developing a truly long-term view.

The rapid growth in shale gas – a greener alternative to coal when it is burned, although not when it leaks into the atmosphere – has also made renewables comparatively less attractive, adding to the challenge.

LACK OF URGENCY
The result is that while global investment in renewables is rising, the world still needs to spend $700 billion each year to curb its addiction to fossil fuels, according to a study issued by the WEF this week.

“There is a clear lack of urgency in the climate debate,” said Greenpeace Executive Director Kumi Naidoo. “Big business is holding us back.”

Business, in turn, complains that the failure of governments to provide a clear regulatory framework limits its ability to plan for the future.

After past failures, governments aim to work out a new U.N. plan to address climate change in 2015 but it will only enter into force from 2020.

“Climate change is a long-term issue and it is not clear how it is going to play out or what the returns are going to be,” said PricewaterhouseCoopers International Chairman Dennis Nally. “So CEOs have to measure how this investment stacks up vis-a-vis other opportunities that can generate clearer returns.”

In practice, only a quarter of CEOs surveyed by PwC said they planned to raise investment in climate risks as cash is rationed and allocated to projects with the most obvious near-term commercial returns.

That doesn’t mean CEOs are not worried, according Fred Krupp, president of the Environmental Defense Fund, who said virtually every corporation was affected to some degree.

“There was mostly silence on climate change for the last two years at Davos,” Krupp said. “But that has changed. The U.S. drought, especially, has grabbed people’s attention here in Davos because that has had a real effect on prices.”

Also chiming with business leaders is Obama’s argument that the United States cannot afford economically to fall behind in a global clean energy race dominated by countries like China, South Korea and Germany.

“The U.S. has to be among the leaders in this global discussion, so it is a positive development,” Andrew Liveris, CEO of Dow Chemical, said of Obama’s inauguration speech, in which he made climate change a priority for his second term.

RECORD LOW CARBON PRICES
U.N. chief Ban Ki-moon came to Davos with a similar message, saying he was very encouraged by Obama’s speech, while warning that climate change was approaching “much, much faster than one would expect.”

For investors, however, the climate issue remains hard to assess, as shown when the price of European permits to emit carbon fell this week to a new low below 3 euros a ton, providing minimal incentive for industry to change behavior.

Analysts estimate prices need to be between

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Ratings Roundup: First Insurance, InterGlobal, Salama

The ratings also take into consideration the recent acquisition of FIC’s majority stake by the Solidarity Group Holding BSC (c) (SGH) (Bahrain). FIC’s risk-adjusted capitalization of combined policyholders’ and shareholders’ funds is supported by the company’s low level of business leverage, a reinsurance program of good credit quality and a conservative investment profile.

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Arkansas Lawmakers Advance Guns in Church Bill Minus Insurance Provision

January 25, 2013Email ThisPrintNewslettersTweetArticle4 Comments

An Arkansas Senate panel advanced a proposal this week to allow concealed handguns in churches, but rejected an amendment to require places of worship to carry more insurance if firearms are permitted.

A House committee also endorsed a resolution encouraging government officials to not infringe on gun rights, the first among several bills aimed at loosening firearms restrictions in the newly Republican-controlled state Legislature.

The Senate Judiciary Committee endorsed the bill by Sen. Bryan King to remove churches from the list of places where concealed handguns are prohibited. King’s proposal would leave it up to churches to decide whether to allow the weapons and who could carry them.

The committee passed the bill on a voice vote, and no votes in opposition could be heard. The Senate is expected to vote on the measure Thursday.

“Churches need to be able to decide how to handle their own security,” said King, R-Green Forest.

Past efforts to allow guns in churches have failed in the Legislature. The House passed a similar bill by King in 2011, but was rejected by a Senate committee.

An amendment proposed by Sen. Stephanie Flowers, D-Pine Bluff, would have required churches allowing firearms to carry a liability insurance policy providing coverage of at least $100,000 per occurrence.

“This protects that innocent worshipper who comes to church expecting to peaceably assemble but then is in the crossfire or is injured or loses life because of the person the church engaged to protect with the concealed handgun permit,” Flowers told the panel. She later said she planned to vote against the guns-in-church bill when it comes to the Senate.

The panel rejected Flowers’ proposed amendment after King and other lawmakers said it would unfairly burden smaller churches that couldn’t afford the insurance policies.

Gov. Mike Beebe, a Democrat, in 2009 said he would have signed a measure similar to King’s bill if it reached his desk. Beebe told reporters he supported the measure in its current form.

“I think there’s a safeguard on that one and that is that the church itself can decide yes or no on that,” he said. “I’m comfortable with that safeguard.”

The House State Agencies and Governmental Affairs Committee also endorsed a non-binding resolution urging the federal government to not infringe on the 2nd Amendment. The measure now heads to the House for a vote. The resolution does not require the governor’s signature, but Beebe said Wednesday he supports the measure.

Rep. Richard Womack, R-Arkadelphia, said he filed the resolution to show his constituents that he hears their concerns about federal proposals to tighten regulations on firearms.

“They are scared to death that the federal government is going to come in and try to confiscate weapons,” Womack told reporters after the resolution passed. “The vast majority of my contacts just want things left alone, no change whatsoever.”

Womack conceded that he did not think the federal government would seek to confiscate weapons “anytime soon.”

A separate measure is pending before a House panel that would allow faculty and staff at universities and colleges to carry a concealed handgun on campus. Beebe told reporters he has more concerns about that legislation.

“You need to get input from the college administrators and personnel in the colleges before you come to any final conclusion one way or another, but the feedback I’d had from college officials was generally negative about that,” Beebe said.

Associated Press Writer Michael Stratford contributed to this report.

 

 

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Louisiana Commissioner Says ‘No’ to State Farm Regional Deductible Plan

January 25, 2013Email ThisPrintNewslettersTweetArticleComments

Louisiana Commissioner of Insurance Jim Donelon has denied a request by State Farm Fire & Casualty Co. (State Farm) to introduce a regional deductible plan for its Louisiana homeowner’s program.

Donelon said the company’s request

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Mass. Agents Group Says GEICO Failed to Report Some At-Fault Accident Data

January 25, 2013Email ThisPrintNewslettersTweetArticleComments

The Massachusetts Association of Insurance Agents (MAIA) this week has asked the state’s Merit Rating Board and the Division of Insurance to investigate GEICO for allegedly failing to report at-fault accident data to the Merit Rating Board, in violation of Massachusetts law and regulation.

MAIA vice president of communications Donna McKenna said that the association has provided the Division of Insurance and the Merit Rating Board with evidence that GEICO has on at least one occasion failed to notify the Merit Rating Board of an at-fault accident involving one of its policyholders.

A company’s failure to report at-fault accident information to the Merit Rating Board could result in a fine of not more than $500 for each violation, according to the MAIA.

The association has requested in a formal complaint that the Division of Insurance and the Merit Rating Board investigate not only the specific case the agents association outlined but also require GEICO to provide proof that, with the exception of this case, GEICO is in complete compliance with the reporting requirements.

The MAIA noted that under

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N.J. Lawmaker Aims to Classify Reverse Rate Evasion as Insurance Fraud

January 17, 2013Email ThisPrintNewslettersTweetArticle3 Comments

The New Jersey Assembly’s financial institutions and insurance committee advanced a bill that would include “reverse rate evasion” as a form of insurance fraud. The bill, A2204 — introduced by the Assembly’s Deputy Speaker Pro Tempore Wayne DeAngelo (D-Mercer and Middlesex) last year — was reported out of the Assembly committee this week with amendments.

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Ratings Roundup: New India Assurance, South China Insurance

New India’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), remained strong in fiscal year 2011-2012, which is attributable to New India’s initiative to improve its underwriting results. The company’s capital and surplus stood solid at INR 232 billion

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Marsh & McLennan Agency Acquires Michigan’s McGraw Wentworth

January 8, 2013Email ThisPrintNewslettersTweetArticleComments

Marsh & McLennan Agency LLC (MMA), a subsidiary of Marsh Inc., has acquired McGraw Wentworth Inc., an employee group benefits consulting and brokerage firm based in Troy, Mich. Terms of the transaction were not disclosed.

Founded in 1997 by Thomas P. McGraw and William D. Wentworth, McGraw Wentworth has annual revenues of approximately $15 million. The firm offers a broad range of strategic benefit consulting services to midsize organizations including manufacturers, automotive suppliers, financial services, non-profits, public schools and local municipalities.

McGraw Wentworth will operate out of MMA’s upper Midwest hub, expanding MMA’s footprint into Michigan. All of the firm’s 72 employees including Thomas McGraw and William Wentworth will join MMA and continue operating out of their existing office.

Source: Marsh & McLennan Agency

 

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Oklahoma Insurance Department Mourns Loss of Horace Rhodes

January 3, 2013Email ThisPrintNewslettersTweetArticleComments

The Oklahoma Insurance Department is mourning the loss of former Deputy Insurance Commissioner Horace Rhodes. Rhodes, 86, died Jan. 1 after a long illness, the department announced.

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Transocean to Pay $1.4 Billion to Settle Charges from BP Oil Spill

January 4, 2013Email ThisPrintNewslettersTweetArticleCommentsTransocean Ltd agreed to pay $1.4 billion to settle U.S. government charges over BP Plc’s massive Gulf of Mexico oil spill in 2010 and the rig contractor admitted that its crew on the Deepwater Horizon was partly responsible.

Transocean, which employed nine of the 11 workers killed in the accident, had set aside $1.5 billion for the U.S. Department of Justice out of a $1.95 billion Macondo loss provision. The settlement, unveiled on Thursday by the DoJ, includes $1 billion in civil penalties and $400 million in criminal penalties.

Still looming is a settlement with the plaintiffs committee that represents more than 100,000 individuals and business owners claiming economic and medical damages. So the ultimate cost of Macondo to Transocean could end up being more than $4 billion, UBS analyst Angie Sedita said. Last year, BP reached a $7.8 billion plaintiffs liability settlement.

The shares of Switzerland-based Transocean rose 6.4 percent to close at $49.21 in New York on the lower-than-expected DoJ payout, with Barclays having expected a settlement of $2.5 billion. The cost of insuring Transocean debt fell sharply.

“The bottom line to me is they now can put away the big black cloud that has been hanging over them,” said Phil Weiss, an oil analyst at Argus Research.

BP and its contractors have sought to push blame on to each other since the 2010 well explosion caused the largest-ever U.S. offshore oil spill. Lawyers and analysts see the federal settlements with BP, and now Transocean, as a solid legal framework to start putting the disaster behind them.

Halliburton Co, which performed cementing work on the Macondo well, remains the only one not to have settled. Daniel Becnel, a Louisiana lawyer representing spill-related claimants, believes that settlement is merely a matter of time because none of the three really wants to fight it out in court.

The BP-contracted Deepwater Horizon was drilling the mile-deep well on April 20, 2010, when a surge of methane gas caused a blowout. The accident led to a months-long U.S. deep water ban and intense scrutiny of the offshore drilling industry, which is now booming worldwide despite lingering public concerns.

Of the $400 million in Transocean criminal fines, $150 million will help protect the Gulf of Mexico, while another $150 million will fund spill prevention and response efforts there, the DoJ said. Transocean must also implement court-enforceable measures to improve safety and emergency response on U.S. rigs.

“From what I have read, they (Transocean) played a part, but BP is the lion’s share and ought to pay $15 billion dollars.” said Tony Kennon, mayor of Orange Beach, Alabama.

The U.S. Chemical Safety Board found that BP and Transocean both had “safety management system deficiencies that contributed to the Macondo incident,” and neither had adequate safety rules.

The DoJ said that in agreeing to plead guilty to violating the Clean Water Act, Transocean admitted that members of its crew, acting at BP’s direction, were negligent in failing fully to investigate indications that the Macondo well was not secure.

“Unfortunately, Halliburton continues to deny its significant role in the accident, including its failure to adequately cement and monitor the well,” BP said in a statement.

Halliburton said it had substantial legal arguments against any liability, including an indemnity in its contract with BP. Halliburton shares closed 1.7 percent higher at $36.31.

BP agreed in November to a DoJ settlement of its own worth $4.5 billion, including the largest criminal fine ever at $1.256 billion. The London-based oil company also agreed to plead guilty to obstruction of Congress, a felony.

New York-traded shares of BP closed 2 percent higher on Thursday.

Attention now turns to any possible settlements ahead of a Macondo-related trial due to start on Feb. 25 in New Orleans, including for Clean Water Act (CWA) violations that may cost BP $21 billion if it is found grossly negligent.

“That’s where fairness will be found – or lost,” National Audubon Society CEO David Yarnold said of BP’s CWA case, since most of the fines would go toward restoring the Gulf of Mexico.

Copyright 2013 Reuters. Click for restrictions.Email ThisPrintNewslettersTweetCategories: International NewsTopics: BP oil spill, environmental damage payments, Gulf of Mexico, Transocean liability settlementHave a hot lead? Email us at newsdesk

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Alleghany Expects $288M Sandy Loss; Assurant Estimates $200M Loss

December 20, 2012Email ThisPrintNewslettersTweetArticleComments

Alleghany Corporation said this week its preliminary estimate of after-tax loss related to Sandy — net of reinsurance and reinstatement premiums — would be approximately $288 million.

Alleghany said this estimate reflects a consolidated pre-tax loss estimate, net of reinsurance and reinstatement premiums, of approximately $443 million, comprising $265 million from Transatlantic Holdings Inc., $165 million from RSUI Group Inc., and $13 million from Alleghany’s Homesite Group Incorporated investment.

Alleghany’s preliminary loss estimate is based upon an analysis of reported claims, an underwriting review of in-force contracts, estimates of losses resulting from wind and other perils, including storm surge and flooding to the extent covered by applicable policies, and other factors requiring considerable judgment.

The company said the ultimate amount of actual losses may be materially different from this preliminary estimate due to the size and complexity of the event and the preliminary nature of the information available to prepare the estimate. These Sandy-related losses will be reflected in Alleghany’s fourth quarter 2012 results, and any subsequent changes will be recorded in the period in which they occur.

Meanwhile, Assurant Specialty Property said it expects losses from Superstorm Sandy to be in the range of $200 million and $220 million on a pre-tax basis and net of reinsurance. Based on this estimate, the company said it does not expect to exceed the retention limit of its 2012 property catastrophe reinsurance program.

Assurant Specialty Property, part of Assurant, is a leading provider of renters and lender-placed homeowners insurance and the sixth-largest administrator of the National Flood Insurance Program (NFIP). In addition to paying the majority of more than 13,000 Sandy-related claims on its own policies, the company has processed nearly 9,300 claims for the NFIP.

 

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Best Removes Flagstone Re from Review; Affirms Ratings

December 21, 2012Email ThisPrintNewslettersTweetArticleComments

A.M. Best Co. has removed from under review with developing implications and affirmed the financial strength rating of

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Ratings Roundup: Indiana Lumbermens Mutual, Noble

of Indiana Lumbermens Mutual Insurance Company and its reinsured subsidiaries, Lone Star National Insurance Company and National Building Material Assurance Company. All of the companies are domiciled in Indianapolis, Indiana. Best has also revised its outlook for all of the ratings to negative from stable.

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