Even with Rescue, Puerto Rico Default Likely; Insurers Still at Risk for Millions

By Andrew G. Simpson Investors in Puerto Rico’s debt-burdened economy still face risks of default on some of the island’s $70 billion in debt even after the U.S. Congress on Wednesday created a powerful federal oversight board to manage credit restructurings. U.S. President Barack … Read More Read more here:: Insurance Journal       

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Insurance Office of America Acquires Hornung Agency in Delaware

By Andrew G. Simpson Insurance Office of America (IOA) of Longwood, Florida, has acquired Thomas J. Hornung & Associates, an independent insurance agency in the Wilmington, Delaware area. Thomas J. Hornung, who founded the agency in 1997, and all employees will join the IOA … Read More Read more here:: Insurance Journal       

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Hard Hat Saved Life of Construction Worker at Syracuse Site

By Andrew G. Simpson Police said a worker’s hard hat likely saved his life after he was hit by a falling steel beam at a suburban Syracuse, New York construction site. Officials told The Post-Standard of Syracuse that officers responded around 11 a.m. Monday … Read More Read more here:: Insurance Journal       

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New York’s High Court Rules on Joint Duty to Warn of Asbestos Danger

By Andrew G. Simpson New York’s highest court has upheld court judgments against a steam valve manufacturer, citing its failure to warn of the dangers of using its valves with gaskets and packing that contain asbestos. The Court of Appeals rejected Crane Co.’s argument … Read More Read more here:: Insurance Journal       

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Judge: Delaware’s Aggressive Abandoned Property Practices Violate Due Process

By Andrew G. Simpson A federal judge this week blasted Delaware’s practice of collecting abandoned property, issuing a ruling that could have dire budget consequences for the state. U.S. District Court Judge Gregory Sleet said Delaware’s abandoned property, or escheat, practices violate due process … Read More Read more here:: Insurance Journal       

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MarketScout Adds McGowan Program Administrators as Market Specialist

By Stephanie K. Jones MarketScout, an insurance distribution and underwriting company headquartered in Dallas, announced that McGowan Program Administrators (MPA) has joined the MarketScout Exchange as a certified market specialist for community associations, hospitality and real estate. The MarketScout Exchange specializes in connecting thousands of … Read More Read more here:: Insurance Journal       

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National Interstate Rejects Stock Bid from Great American Insurance

By Stephanie K. Jones National Interstate Corp., Richfield, Ohio, has rejected a verbal proposal from Great American Insurance Co., a wholly-owned subsidiary of American Financial Group Inc., to pay $30.75 per share of common stock of the company for the outstanding shares of the … Read More Read more here:: Insurance Journal       

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GE Erases ‘Too-Big-to-Fail’ Tag with Sale of Financial Businesses

By Andrew G. Simpson General Electric Co. won approval to drop its designation as a too-big-to-fail financial institution, capping a transformation that has included the sale of nearly all of its lending business. The decision marks the first time a company has been granted … Read More Read more here:: Insurance Journal       

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5 Specialty Insurance Coverages Reserved for Municipal Airports

By Andrew G. Simpson Municipal airports, as well as the authorities and fix-base operators that manage many of their activities, must navigate a wide range of potential liability exposures related to the safety and security of passengers, aircraft, materials and equipment on their premises. … Read More Read more here:: Insurance Journal       

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