USI to Acquire TD Bank’s U.S. Insurance Subsidiary

USI Insurance Services, a brokerage and financial service firm based in Briarcliff Manor, N.Y., has agreed to acquire TD Insurance Inc., a wholly-owned U.S. subsidiary of TD Bank, N.A. The terms of the deal were not disclosed.

USI said the acquisition is expected to contribute $58.2 million in revenues to USI on an annual basis. TD Insurance Inc. is one of the largest bank-owned insurance agencies and brokerage firms in the U.S., offering property/casualty insurance and employee benefits. It has 20 office locations from Maine to Florida with most of those concentrated in the U.S. Northeast.Read more...

(ref : Insurance journal, Aug 23, 2012)

Do Brokers Have to Offer the Cheapest Coverage?

The question of whether insurance brokers are required to obtain the lowest cost insurance that meets the insured’s needs was answered recently by the Missouri Supreme Court in the case of Emerson Electric Co. v. Marsh & McLennan Cos., 362 S.W.3d 7 (Mo. 2012).

In the Emerson case, the insured, Emerson Electric Co., utilized the brokerage services of Marsh & McLennan in procuring liability insurance. During the course of the relationship as broker and insured, Emerson paid Marsh to place particular types of insurance with insurers to meet a variety of Emerson’s insurance needs. (Read more...)

(Ref: Insurance Journal, Aug 16, 2012)

N.Y. Man Harnesses Social Media to Protest Against Progressive..

Progressive Corp. is getting a lot of attention in the social media world this week. But it’s clearly not the kind of attention the insurer wants to get.

On Monday, a New York-based comedian named Matt Fisher posted a story online in his Tumblr blog. In his post, provocatively titled “My Sister Paid Progressive Insurance to Defend Her Killer in Court,” Fisher tells the story of his family’s ongoing legal fight against the insurer.

So far, the post garnered over 11,000 notes online and generated thousands of negative Twitter comments. Read more..

(Ref: Insurance Journal, Aug 15, 2012)

Experts warn against salvaged cars..

Cars restored after flooding or salvaged after crashes can wind up on dealer lots and can pose serious safety and performance problems for unwary buyers, reports USA Today(8/7/12, O’Donnell). Disclosure of past wrecks and other damage is “spotty,” so consumers need to know the signs of past trouble, the paper reports. 

(Ref: IIABL News, Aug 9, 2012)

Insurance Industry Poised to Add Jobs Over Next Year: Survey

Insurance industry hiring appears to be steady with 54.5 percent of companies saying they intend to increase staff and 77.4 percent expect to grow revenue.

If the industry follows through on its plans, there will be a one percent increase in industry employment during the next 12 months, according to the Mid-Year Insurance Labor Market Study conducted by The Jacobson Group and Ward Group. (Read more...)

(Ref: Insurance Journal, Aug 8, 2012)

License of Bismarck Insurance Agent Revoked..

North Dakota Insurance Commissioner Adam Hamm has revoked the license of Brent Kitzan, a Bismarck insurance agent. The revocation bars him from selling, soliciting or negotiating insurance in North Dakota.

Kitzan was arrested in July 2012 and charged with 14 counts of felony theft of property, eight counts of felony insurance fraud and five counts of felony fraudulent securities practices.Read more..

(Ref: Insurance Journal, Aug 3, 2012)

House Passes H.R. 8..

The U.S. House of Representatives passed H.R. 8, the “Job Protection and Recession Prevention Act,” that would extend the 2001 and 2003 tax rates through 2013. H.R. 8 includes an extension of current marginal tax rates, as well as dividend and capital gains tax rates. Independent insurance agents support the tax rate extension bill because any tax increases resulting from a repeal would also hit many agencies across the country.

“Without this extension American taxpayers will endure the largest tax hike in the country’s history at a time when economic growth and job creation are stagnant,” said Robert Rusbuldt, president & CEO of the Independent Insurance Agents & Brokers of America (Big “I”). “Small businesses, like many independent insurance agencies and those that line Main Streets across America, will also be hit with this tax increase, stifling any chance of a recovery.” Read more...

(Ref: Insurance Journal, August 2, 2012)