Archive for June 2016

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       

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       

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       

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       

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       

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       

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       

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       

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