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OneBeacon Insurance Group today announced a new solution that makes affordable Employment Practices Liability insurance available to businesses with 50 or fewer employees. Employment Practices Liability insurance covers employers for allegations of wrongful termination, discrimination or harassment, including sexual harassment. It pays for liability damages and defense costs (within the liability limit) due to claims… Continue reading OneBeacon Announces New Employee Practices Liability Solution for Small Businesses

According to a report released on Friday by MarketScout, the Dallas-based electronic insurance exchange, Commercial property/casualty insurance rates fell an average 15% in September from those in 2006.    The report states that rates dropped in every line of business, and ranged from a decline of 17% for commercial property to 6% for surety. Rates… Continue reading P/C Rates Continue to Fall

A bill signed on Friday by Governor Arnold Schwarzenegger could result in higher premiums for the more than 760,000 California homeowners who buy earthquake insurance through a state-run authority. However, the measure’s supporters say that without the legislation, homeowners could be hit with even bigger rate increases. The measure by Senator Mike Machado, D-Linden, creates… Continue reading CA Bill Could See Earthquake Premiums Rise

The London arm of New York-based brokerage Marsh Inc. has launched a property facility for companies in the United States and Canada.    The facility provides $425 million of non-catastrophe cover and can be adapted to provide up to $262.5 million of non-critical catastrophe cover. The facility can also be used as quota share capacity… Continue reading Marsh Launches Property Facility

Health Secretary Mike Leavitt expressed hope Sunday on ABC’s “This Week” for a deal with the Democratic-run Congress on expanding children’s health insurance even as House speaker Nancy Pelosi worked on getting enough Republicans to override President Bush’s veto of legislation passed last week for increase spending and expansion of the State Children’s Health Insurance… Continue reading Administration Looking to Work Out a Deal with Dems on SCHIP amid Efforts to Override Veto

On Friday the Florida House and Senate adopted legislation to re-enact the state’s automobile no-fault law, in addition to approving reforms that should cut costs and reduce litigation and fraud in the PIP system. Under the bill as passed, the transition back to no-fault will happen in one step: as of January 1, 2008, all… Continue reading FL to Restore State’s Auto No-Fault

The House overwhelming voted to exted the tax provision enabling low- to moderate-income homebuyers to deduct the cost of mortgage insurance premiums from their federal income tax returns until 2014, a move heralded by the PMI Group, Inc, a provides residential mortgage insurance to mortgage lenders, capital market participants, and investors throughout the United States.  … Continue reading PMI Group Applauds House on Extending Tax Deductibility for Mortgage Insurance

Arthur J. Gallagher & Co. announced the acquisition of BIS Insurance Services, Inc. located in Sacramento, California. Terms of the transaction were not disclosed. Founded in 1979, BIS Insurance Services, Inc. is an employee benefits insurance broker that provides customized benefits programs to their clients in Northern California. They specialize in medical, dental, vision, life… Continue reading Arthur J. Gallagher Co Acquires BIS Insurance Services

A House committee in Florida when proposing to cap the amount an attorney can collect in car accident cases threatens to unravel the fragile political truce between the state Senate and House on restoring Florida’s no-fault automobile insurance system.    The Senate, which earlier on Thursday, had advanced compromise legislation to restore mandatory personal-injury protections,… Continue reading Restoring No-Fault in FL Stalls on Senate Opposition to Capping Attorney Fees

In yesterday’s “Daily Newsflash,” we provided excerpts from the testimonies of the PIA, IIAA and the AIA at the hearing that took place before a congressional subcommittee on Wednesday regarding proposals to modernize and reforming insurance regulation. We also included the NAIC’s press release which outlined its testimony.       Here is what the National… Continue reading NAMIC Also Weighed In On Federal Regulation for P/C Industry