Showing posts with label insurance. Show all posts
Showing posts with label insurance. Show all posts

Sunday, June 30, 2013

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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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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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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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.

 

 

Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.Email ThisPrintNewslettersTweetCategories: Texas / South Central NewsTopics: Arkansas guns in church, church liability insurance, gun liabilityHave a hot lead? Email us at newsdesk

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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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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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Sunday, May 19, 2013

Penn. Regulators Urge Consumers to Consider Buying Flood Insurance

March 22, 2013Email ThisPrintNewslettersTweetArticleComments

The Pennsylvania Insurance Department is encouraging homeowners to consider buying flood insurance to help protect against potential spring floods.

Winter ice and snow increases the chance of spring flooding, Pennsylvania regulators warned. Further, Pennsylvania is one of the most flood-prone states in the nation and flooding can occur at any time of year.

Pennsylvania residents must carry flood insurance if they live in a designated flood zone, but flooding can happen inland and away from major waterways. Homes that could be flooded by an overflowing creek or pond, water running down a steep hill or melting snow are at risk for flood damage.

Regulators stressed that homeowners insurance policies do not cover flood damage. Also, it takes 30 days for newly purchased flood insurance policies to go into effect, so the ideal time to buy a policy is long before flooding is forecast.

Other flood insurance facts include:



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Texas Lawmaker Scolds Insurance Industry over Coastal Coverage

March 14, 2013Email ThisPrintNewslettersTweetArticle3 Comments

A state senator in Texas is taking the insurance industry to task for what he perceives as its disinterest in coming up with new approaches to solving coastal windstorm insurance issues.

In a Senate committee meeting on March 12, Sen. John Carona, a Republican from Dallas, scolded property/casualty insurance industry representatives saying,

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Saturday, May 18, 2013

Federal Crop Insurance Board Gets 4 New Directors

February 22, 2013Email ThisPrintNewslettersTweetArticle1 Comments

Agriculture Secretary Tom Vilsack recently named four new members of the Federal Crop Insurance Corp. (FCIC) board of directors. The new appointees are James Bardenhagen, Iris Saenz, John F. Finston, and Kenneth Ray Sneed. They joined the FCIC board in February.

James Bardenhagen, of Bardenhagen Farms, is a specialty crop farmer growing apples, cherries, grapes, potatoes, hay, and small grains in Suttons Bay, Mich. He has been a participant in the crop insurance program for approximately 13 years and was a Michigan State University Extension Director in Leelanau County for 20 years.

Iris V. Sáenz, a native of Premont, Texas, is a crop insurance agent and the owner of South Texas Insurance Services in McAllen, Texas. She has sold and serviced crop insurance policies for more than 25 years. She is also owner of MonteDuro Land and Cattle Company, a Beefmaster cow-calf operation and land management company.

John F. Finston is a deputy commissioner for the California Department of Insurance, an insurance regulator, and an attorney in San Francisco, Calif. Before joining the California Department of Insurance he was in private practice focusing on insurance, reinsurance, and insurance regulation for more than 30 years.

Kenneth Ray Sneed of Sneed Farms Inc. is a third generation farmer growing soybeans, cotton, corn, and wheat in partnership with his brothers in Drummonds, Tenn. for 35 years. He has 18 years of experience with the crop insurance program.

The Federal Crop Insurance Corp. was created by the Agricultural Risk Protection Act of 2000 and is responsible for maintaining and creating new programs for risk management and risk mitigation in agriculture.

 

 

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A.M. Best Withdraws Ratings of Community Mutual Insurance Co. in N.Y.

January 17, 2013Email ThisPrintNewslettersTweetArticleComments

Insurance ratings agency A.M. Best Co. said it has downgraded the financial strength rating to C (Weak) from C

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Arthur J. Gallagher Acquires Insurance Risk Managers of Missouri

January 8, 2013Email ThisPrintNewslettersTweetArticleComments

Arthur J. Gallagher & Co. has acquired Insurance Risk Managers of Missouri Inc. in St. Louis. Terms of the transaction were not disclosed.

Founded in 1996, Insurance Risk Managers of Missouri (IRM) is a retail insurance broker providing commercial property/casualty and risk management insurance services for clients throughout the United States. The firm specializes in insurance coverage for the moving and storage industry including owner/operator segments.

Patrick E. McAleenan, Novis D. Adkins and their associates will continue to operate in St. Louis under the direction of Mike Henthorn, head of Gallagher’s South Central retail property/casualty brokerage operation.

Arthur J. Gallagher & Co., an international insurance brokerage and risk management services firm, is headquartered in Itasca, Ill.

Source: Arthur J. Gallagher & Co.

 

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Oklahoma Insurance Commissioner No. 2 User of State-Owned Plane

January 8, 2013Email ThisPrintNewslettersTweetArticle1 Comments

Oklahoma Insurance Commissioner John Doak has crisscrossed the state in state-owned aircraft on his mission to educate the public and reach out to constituents.

As a result, Doak is the top statewide elected official using state-owned aircraft, behind Gov. Mary Fallin. The costs billed to his agency are $3,462.

His predecessor, Kim Holland, did not use state-owned aircraft to travel, according to the Department of Public Safety.

Doak said he is the only insurance commissioner to visit each of the state’s 77 counties each year.

He said the voices of people in Grove, Antlers and Woodward are just as important as those in Tulsa and Oklahoma City.

Fallin, Lt. Gov. Todd Lamb and Doak are the only statewide elected officials to use state-owned aircraft.

Lamb used the aircraft on June 5 to travel to western Oklahoma. The cost was $2,264, according to DPS.



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Thursday, March 28, 2013

Esurance and Walmart Team Up for Auto Insurance Discount Program

March 22, 2013Email ThisPrintNewslettersTweetArticle4 Comments

Esurance is launching a pilot program offering auto insurance discounts to customers at select Walmart stores in Illinois.

Through the pilot program, drivers may obtain a savings card from Esurance kiosks located in approximately 150 Walmart stores in the state. The cards contain special codes that customers can use to get a discount on their car insurance.

Walmart is providing space for the Esurance kiosks but no auto insurance is being sold in the stores either by Walmart or Esurance, according to a statement issued by Esurance.

Allstate, the parent company of Esurance, is not involved in the promotion.

Customers who obtain a card may call the toll-free number to speak with a licensed Esurance agent or they may go online, fill out an application and get a quote. In both cases, they will need to provide the savings code and answer a few underwriting questions to receive their discounted quote.

Customers may also send a text message to a dedicated number to get the special savings code.

The pilot program currently has no end date.

Esurance said the program is aimed at

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Court Upholds Florida Sinkhole Insurance Loss Rule

March 15, 2013Email ThisPrintNewslettersTweetArticleComments

A Florida court has upheld a decision by state insurance regulators that property insurers must offer sinkhole loss coverage in an amount equal to the dwelling coverage limit.

Farm Bureau asked the Office of Insurance Regulation to approve an amendment to its endorsement form that would limit sinkhole loss coverage to 25 percent of the overall coverage amount. When OIR rejected the Farm Bureau request, the insurer turned to the courts.

The 1st District Court of Appeal said that deductibles are tied to casualty coverage limits in the base policy, concluding the amount of sinkhole loss coverage is intended to be the same as the amount of coverage provided in that policy. Florida property insurers are required to provide catastrophic ground cover collapse in addition to optional sinkhole coverage.

 

Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.Email ThisPrintNewslettersTweetCategories: Southeast NewsTopics: Florida court sinkhole coverage, Florida sinkhole costs, sinkhole insuranceHave a hot lead? Email us at newsdesk

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FEMA: $2.7B Paid Out in New Jersey Flood Insurance Claims Post-Sandy

March 15, 2013Email ThisPrintNewslettersTweetArticleComments

The Federal Emergency Management Agency says it has made $2.7 billion in flood insurance payments to New Jersey claimants since Superstorm Sandy hit the state last October.

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CloudInsure, Lockton to Offer Cloud Risk Insurance Coverage

January 25, 2013Email ThisPrintNewslettersTweetArticleComments

CloudInsure, a cloud insurance platform designed to specifically address privacy and security liabilities within the cloud environment, has formed an agreement with independent (re)insurance broker Lockton to provide risk management products for clients exposed to hazards associated with cloud technologies.

Through this agreement, CloudInsure will be positioned to establish relationships with primary insurers to offer liability coverage, underpinned by tailored underwriting models and proprietary analytics, to meet the growing needs of businesses in the cloud computing space.

CloudInsure, a wholly owned subsidiary of Cyber Risk Partners, LLC, offers insurance products that address cloud technology. CloudInsure is a sister company to CyberFactors, a proprietary cyber risk analytics database that models cyber risk data and events.

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China Insurance Watchdog Warns Sector of Cash Crunch, Low Returns

January 25, 2013Email ThisPrintNewslettersTweetArticleCommentsSome Chinese insurers may face a cash crunch this year as many policies mature, and as the sector faces sliding investment returns and rising costs, the China Insurance Regulatory Commission (CIRC) said.

Insurance companies need to broaden their investment channels to improve their returns, the CIRC said late on Thursday in its annual work report. The commission said it would also promote reform on the launch of infrastructure and real estate debt projects and introduce new types of investors.

“We see many more difficulties in ensuring steady growth of the insurance industry this year due to a comparatively lower investment return rate and the imminent peak of due payments on policies,” Xiang Junbo, the commission’s chairman said in the report.

With existing average investment returns for insurers being lower than the interest rate of five-year deposits, more policyholders are expected to surrender their policies — a trend which may cause a number of insurers to face a cash crunch, the CIRC said.

After enjoying an average growth of more than 20 percent in the past two decades, China’s insurance premium income slowed to single-digit growth in 2012.

The premium income increased 8 percent to 1.55 trillion yuan ($249 billion) last year, with health insurance premiums leading the growth, the commission said, while total assets of the insurance industry jumped 22.29 percent on year to 7.35 trillion yuan

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Best Affirms Balboa Insurance Co., Subs Ratings, as Transfer to QBE Continues

of California-based Balboa Insurance Company and its wholly owned subsidiaries, Meritplan Insurance Company and Phoenix-based Newport Insurance Company, which operate under an intercompany reinsurance pooling agreement, collectively referred to as Balboa Insurance Group. All of the companies are owned by the BA Insurance Group, Inc., which is ultimately owned by Bank of America Corporation (BAC). The outlook for all ratings is stable.

The rating affirmations

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