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Archive for the Insurance Industry News1 Category

Hilb Group acquires Indiana agency

Hilb Group acquires Indiana agency

Posted: December 21, 2017 The Hilb Group, based in Richmond, Va., has acquired Insurance Trustees Inc. in Garrett, Indiana. Founded over 100 years ago, Insurance Trustees offers a wide range of property/casualty and employee benefits insurance products and services for businesses and individuals in the Indiana region. Mike […]

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Trends that will shape the insurance technology landscape in 2018

Trends that will shape the insurance technology landscape in 2018

Posted: December 21, 2017 Jamie Macgregor, an innovation analyst and senior vice president at Celent, takes a look at what 2018 may hold as technology expands within the insurance industry. Macgregor’s most-recent observations were published online at the Digital Insurance website: Opinion: Five trends that will influence the […]

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MacLean to retire as president of Travelers

MacLean to retire as president of Travelers

Brian MacLean, president and COO of The Travelers Companies, will retire from the company early next year, and upper management will see a realignment of its reporting structure. Travelers announced that MacLean will retire effective March 31, 2018, after 30 years with the company. As a result […]

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Insurance start-up gets $120 million backing from Japanese firm

Insurance start-up gets $120 million backing from Japanese firm

Posted: December 20, 2017 Lemonade, a technology-based company that launched last year as an insurance carrier to sell homeowners and renters insurance online in New York, has received an additional $120 million to fund global expansion. AI-based insurance tech company Lemonade has raised US$120 million in Series C […]

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Ringleader pleads guilty to $23 million auto insurance fraud scheme

Ringleader pleads guilty to $23 million auto insurance fraud scheme

Posted: December 20, 2017 One of the ringleaders of a massive $23 million auto insurance fraud pleaded guilty this week to his role in an elaborate crime ring that operated at several South Florida chiropractic clinics. Felix Filenger, who agents said drove around in a Bentley and doled […]

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Medical share of workers comp costs drop to new low in N.Y.

Medical share of workers comp costs drop to new low in N.Y.

Posted: December 19, 2017 In New York, the medical share of total workers compensation benefit costs to 37% in 2015 and 2016 from a high of 42% in 2007, below the national average of 51.4%, according to a report released by the New York Compensation Insurance Rating Board. […]

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CareFirst BCBS announces efforts to combat opioid abuse

CareFirst BCBS announces efforts to combat opioid abuse

CareFirst BlueCross BlueShield announced that it is undertaking efforts to help stem opioid and substance abuse among its members in Maryland, Northern Virginia and Washington, D.C. The following is a statement issued by the health insurer: CareFirst BlueCross BlueShield Announces New Efforts to Combat Opioid and Substance […]

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Former Michigan agent gets jail time for $800,000 scam

Former Michigan agent gets jail time for $800,000 scam

A former Michigan life insurance agent will spend at least the next six years behind bars for stealing more than $800,000 from mostly elderly clients. Paul Garceau, Jr., 51, of Grosse Point Park, pleaded in a Macomb County court to three felonies as part of a Ponzi […]

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N.Y. bans use of education, job in setting auto insurance rates

N.Y. bans use of education, job in setting auto insurance rates

New York State has banned auto insurers from using educational attainment level or occupation and earnings as a base when determining rates, saying the practice could be discriminatory. The New York Department of Financial Services (DFS), which regulates insurance in the state, has made an agreement with […]

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Iroquois Group announces regional realignment

Iroquois Group announces regional realignment

Posted: December 14, 2017 The Iroquois Group, an Allegany, N.Y.-based service provider for independent property and casualty insurance agencies, announced changes to its regional structure, adding agencies to Iroquois of New England,  Iroquois Mid-Atlantic and Iroquois South. According to a statement, the changes will better align Iroquois regions […]

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