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National Underwriter Property And Casualty Insurance News.

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DANIEL HAYS
Assistant Managing Editor

dhays@nuco.com

Daniel Hays is Assistant Managing Editor, in charge of the National Underwriter daily Online News Service at www.property-casualty.com. For NU’s weekly P&C newsmagazine, he also specializes in workers' compensation and insurance fraud coverage, editing several NU special reports, including the "Workers' Compensation Review," "Claims Review," "Insurance Fraud Review" and "Claims Services Review." Mr. Hays joined NU in 1997. He previously worked at BestWeek, Reuters, the New York Daily News and Newark Star-Ledger. Mr. Hays holds a Bachelor of Journalism degree from Missouri University.

Articles by DANIEL HAYS
Oil Spill Likely To Boost Rates For Energy Producers
May 17, 2010
U.S. commercial property and casualty insurance rates were down 4 percent on average last month....
What Dan Hays Learned Covering Insurance
May 13, 2010
What does one learn after covering insurance news for 15 years? NU Online News Editor Dan Hays reflects on his career as he begins retirement.What does one learn after covering insurance news for 15 years? NU Online News Editor Dan Hays reflects on his career as he begins retirement....
Insurers Often Make Poor Use Of Websites, Consultant Warns
May 13, 2010
Improper managing of websites by insurers can negatively impact their companies, according to the head of a media consulting firm that has polled consumers on website usage.Improper managing of websites by insurers can negatively impact their companies, according to the head of a media consulting firm that has polled consumers on website usage....
Rx Pot Purveyors Have New Insurance Source
May 13, 2010
Medical marijuana dispensers and growers can now buy insurance against claims of selling illness inducing product and other risks, a marijuana retailing school and an insurer have announced.Medical marijuana dispensers and growers can now buy insurance against claims of selling illness inducing product and other risks, a marijuana retailing school and an insurer have announced....
PIANY Reports ‘Success’ In Talks On N.Y. Fee Disclosure Rule
May 12, 2010
While two agent groups have said they will sue over New York State’s upcoming fee disclosure regulations another agent group reported great success in a meeting on rules issues with regulators.While two agent groups have said they will sue over New York State’s upcoming fee disclosure regulations another agent group reported great success in a meeting on rules issues with regulators....
AIG Moves Toward Recovery, CEO Tells Shareholders
May 12, 2010
In his first annual shareholder meeting address, American International Group chief executive officer Robert Benmosche highlighted positives such as the company’s strong 2010 first quarter results and increased retention of business and employees.In his first annual shareholder meeting address, American International Group chief executive officer Robert Benmosche highlighted positives such as the company’s strong 2010 first quarter results and increased retention of business and employees....
Auto Owners Taking Higher Comprehensive Deductibles
May 05, 2010
Auto policyholders’ comprehensive coverage deductible amounts are rising at a 160 percent faster rate than collision deductibles, according to a Mitchell International Inc. study.Auto policyholders’ comprehensive coverage deductible amounts are rising at a 160 percent faster rate than collision deductibles, according to a Mitchell International Inc. study....
Companies Have $1.4 Billion In To Cover Oil Rig Claims, Says I.I.I.
May 05, 2010
Companies facing claims from the Gulf of Mexico oil rig disaster are insured for losses totaling about $1.4 billion, the Insurance Information Institute reported. Companies facing claims from the Gulf of Mexico oil rig disaster are insured for losses totaling about $1.4 billion, the Insurance Information Institute reported....
PIANY Puts Up Web Page To Update, Explain Disclosure Rule
May 05, 2010
The Professional Insurance Agents of New York State Inc. said it has put up a Web page explaining the state’s controversial producer disclosure regulation due to go into effect next year. The Professional Insurance Agents of New York State Inc. said it has put up a Web page explaining the state’s controversial producer disclosure regulation due to go into effect next year....
Zurich Examines Political And Other Construction Risks
April 29, 2010
Many construction firms significantly underestimate the political risks they face when moving into emerging markets, according to a study by Zurich Financial Services Group.Many construction firms significantly underestimate the political risks they face when moving into emerging markets, according to a study by Zurich Financial Services Group....
Rig Loss Costing Hannover Re $52 Million; Coast Guard Oil Burn Begins
April 28, 2010
The sinking of the Deepwater Horizon drill rig in the Gulf of Mexico will create a €40 million ($52.8 million) loss for German reinsurer Hannover Re, the firm said.The sinking of the Deepwater Horizon drill rig in the Gulf of Mexico will create a €40 million ($52.8 million) loss for German reinsurer Hannover Re, the firm said....
Moody’s Foresees European Insurers’ M&A Activity Rising
April 27, 2010
European insurers will be ramping up merger and acquisition activity driven by regulatory action, a search for growth and group restructuring to meet EU competition rules, a rating firm predicted.European insurers will be ramping up merger and acquisition activity- driven by regulatory action, a search for growth and group restructuring to meet EU competition rules, a rating firm predicted....
Nearly 1,000 Homes Hit By Tornadoes
April 26, 2010
Close to 1,000 homes were destroyed or damaged by the fatal weekend tornado activity in eight southern states, according to reinsurance brokerage Guy Carpenter and other sources.Close to 1,000 homes were destroyed or damaged by the fatal weekend tornado activity in eight southern states, according to reinsurance brokerage Guy Carpenter and other sources....
U.K. Poll Finds GPS Units Distract, Cause Crashes
April 23, 2010
With concerns mounting over the dangers of driver distraction from cell phones and texting, a new British survey is highlighting perils from GPS devices.With concerns mounting over the dangers of driver distraction from cell phones and texting, a new British survey is highlighting perils from GPS devices....
IBHS Powering Up A Monster Lab To Turn Storm Winds On Houses
April 23, 2010
Researchers said by summer’s end they plan to start extensive tests on a gigantic new facility that will try to blow apart houses to gauge the effects of hurricane winds.Researchers said by summer’s end they plan to start extensive tests on a gigantic new facility that will try to blow apart houses to gauge the effects of hurricane winds....
Iceland Ash Blast Effects Evaluated By RMS
April 22, 2010
A second, more gigantic, ash cloud eruption from another Icelandic volcano named Katla is now “probable” a catastrophe modeling firm is warning.A second, more gigantic, ash cloud eruption from another Icelandic volcano named Katla is now “probable” a catastrophe modeling firm is warning....
Securities Lawsuits Down 39 Percent, With Several High-Profile Cases Dismissed
April 19, 2010
Securities lawsuit filings fell by 39 percent in the first quarter, according to a report by Advisen, which noted that several high-profile stockholder actions were dismissed as well....
Chinese Manufacturers Lose Two Suits
April 19, 2010
It has not been a good month for Chinese product manufacturers, with a pair of court rulings going against companies based in China making drywall and toys....
Securities Lawsuits Fell Off In The First Quarter, Advisen Finds
April 14, 2010
Securities lawsuit filings fell by 39 percent in the first quarter, Advisen reported, noting that several high-profile stockholder actions were dismissed as well.Securities lawsuit filings fell by 39 percent in the first quarter, Advisen reported, noting that several high-profile stockholder actions were dismissed as well....
AIG Complains Salary Restrictions Make It Non-Competitive
April 14, 2010
American International Group this week in SEC filings said federal salary restrictions prevent it from being competitive in a defense of the millions it pays management. American International Group this week in SEC filings said federal salary restrictions prevent it from being competitive in a defense of the millions it pays management....
Allstate, State Farm Moving Toyota Subrogation Actions
April 12, 2010
Big auto insurers, who said in February they were reviewing Toyota auto accident claims for subrogation actions involving accelerator problems, have begun moving cases with the carmaker. Big auto insurers, who said in February they were reviewing Toyota auto accident claims for subrogation actions involving accelerator problems, have begun moving cases with the carmaker....
Up To 4 Hurricanes May Hit U.S. Shores, Says TSR
April 12, 2010
Between one and four hurricanes may hit the U.S. coast, according to a new forecast from a team at University College London in the United Kingdom.Between one and four hurricanes may hit the U.S. coast, according to a new forecast from a team at University College London in the United Kingdom....
P&C Sector First Quarter Profits Foreseen By KBW
April 09, 2010
The property and casualty insurance group is looking at limited top-line growth, but should record a profitable first quarter despite Chilean earthquake and winter storm losses, an investment bank’s analysts said.The property and casualty insurance group is looking at limited top-line growth, but should record a profitable first quarter despite Chilean earthquake and winter storm losses, an investment bank’s analysts said....
Flood Insurance Passage Urged, Perils Mounting, Trade Groups Say
April 09, 2010
Congress’ failure to reauthorize the National Flood Insurance Program is hurting real estate markets and consumers and may cost taxpayers billions, trade groups have warned federal lawmakers.Congress’ failure to reauthorize the National Flood Insurance Program is hurting real estate markets and consumers and may cost taxpayers billions, trade groups have warned federal lawmakers....
ACE Wins Appeal In Chinese Toy Case
April 09, 2010
A federal appeals court in Chicago has ruled that ACE American Insurance Co. does not have to pay $1.62 million in defense costs for a company that sold lead-tainted toys from China.A federal appeals court in Chicago has ruled that ACE American Insurance Co. does not have to pay $1.62 million in defense costs for a company that sold lead-tainted toys from China....
Chinese Drywall Maker Owes 7 Families $2.6 M, Judge Rules
April 08, 2010
A federal judge in New Orleans has awarded $2.6 million in damages and repair costs to seven Virginia families that sued the manufacturer of Chinese drywall material.A federal judge in New Orleans has awarded $2.6 million in damages and repair costs to seven Virginia families that sued the manufacturer of Chinese drywall material....
100-Plus Aftershocks Follow Baja Quake
April 06, 2010
More than 100 aftershocks have followed Sunday’s killer earthquake that hit Baja California, Mexico, with reverberations in Los Angeles and San Diego, Guy Carpenter said.More than 100 aftershocks have followed Sunday’s killer earthquake that hit Baja California, Mexico, with reverberations in Los Angeles and San Diego, Guy Carpenter said....
Insurers Should ‘Cherry Pick’ States, Conning Suggests
April 06, 2010
Personal lines insurers need to pay more attention than ever to many variables between states to determine where they can grow their business and make a profit, a research firm advises.Personal lines insurers need to pay more attention than ever to many variables between states to determine where they can grow their business and make a profit, a research firm advises....
Senate Leaves Flood Program High & Dry
April 05, 2010
The National Flood Insurance Program was once again allowed to lapse last week, a victim of a feud between the House and Senate over proposed legislative changes....
Insurers Battle With California Over Iran-Linked Investments
April 05, 2010
The California Insurance Department rejects an argument by insurance groups that its rules concerning investments with Iran-linked companies are illegal, a representative for the agency said....
Poizner Says He Has Right To Set Iranian Investment Restriction
March 31, 2010
The California Insurance Department rejects an argument by insurance groups that its rules concerning investments with Iran-linked companies are illegal, a spokesman for the agency said.The California Insurance Department rejects an argument by insurance groups that its rules concerning investments with Iran-linked companies are illegal, a spokesman for the agency said....
Insurance Groups Challenge Calif. Action On Iranian Investments
March 30, 2010
Five insurance trade groups have filed a petition asking California officials to review whether the state insurance commissioner created “illegal underground regulations” concerning Iranian investments.Five insurance trade groups have filed a petition asking California officials to review whether the state insurance commissioner created “illegal underground regulations” concerning Iranian investments....
Health Reform To Impact Workers’ Comp, One Expert Says
March 29, 2010
The impact of the new federal health care law on workers’ compensation insurance will be a mixed bag, with some positives for the industry, a managed care expert predicts.The impact of the new federal health care law on workers’ compensation insurance will be a mixed bag, with some positives for the industry, a managed care expert predicts....
Ambac Unit’s Distress Prompts Rating Action
March 26, 2010
Standard & Poor's Ratings Services said the rating status for the Wisconsin subsidiary of municipal bond insurer Ambac Financial Group has been revised after that state’s regulator halted claim payments to certain policyholders. Standard & Poor's Ratings Services said the rating status for the Wisconsin subsidiary of municipal bond insurer Ambac Financial Group has been revised after that state’s regulator halted claim payments to certain policyholders....
Senate Adjourns Without Extending Flood Insurance
March 26, 2010
The National Flood Insurance Program will be allowed to expire once again, a victim of a feud between the House and Senate over proposed legislative changes for NFIP.The National Flood Insurance Program will be allowed to expire once again, a victim of a feud between the House and Senate over proposed legislative changes for NFIP....
Marsh Says No To Contingent Commissions On Core Business
March 25, 2010
Marsh has announced it will not accept controversial contingent commissions in its U.S. core insurance broking segment.Marsh has announced it will not accept controversial contingent commissions in its U.S. core insurance broking segment....
Health Reform Act Challenged By State Suits, Va. Bill
March 24, 2010
Reacting to the new health care reform law, Virginia Gov. Bob McDonnell signed legislation outlawing the U.S. government from requiring state residents to purchase medical insurance. Reacting to the new health reform law, Virginia Gov. Bob McDonnell signed legislation outlawing the U.S. government from requiring state residents to purchase medical insurance....
N.Y. Logs A 24% Hike In ‘09 Insurance Fraud Convictions
March 22, 2010
Insurance fraud-related convictions increased by 24 percent last year in New York State, the State Insurance Department’s Fraud Bureau reported. Insurance fraud-related convictions increased by 24 percent last year in New York State, the State Insurance Department’s Fraud Bureau reported....
Global ’09 Insured Cat Losses Down By More Than 50 Percent
March 22, 2010
Worldwide natural catastrophes and man-made disasters cost insurers $26 billion last year...
Forecast Sees Southeast Facing Biggest 2010 Hurricane Threat
March 18, 2010
The U.S. coastal area most vulnerable to a hurricane strike this year is the Southeast stretch between the Florida-Georgia Border and Cape Hatteras, N.C., according to a new forecast.The U.S. coastal area most vulnerable to a hurricane strike this year is the Southeast stretch between the Florida-Georgia Border and Cape Hatteras, N.C., according to a new forecast....
AIG Paid No Dividends On Stock To U.S., Says Budget Office
March 18, 2010
The Congressional Budget Office, in a report on the Troubled Asset Relief Program, said American International Group has failed to pay quarterly cash dividends due on $40 billion in preferred company stock. The Congressional Budget Office, in a report on the Troubled Asset Relief Program, said American International Group has failed to pay quarterly cash dividends due on $40 billion in preferred company stock that the Treasury purchased to bail out the company....
Global ’09 Insured Cat Losses Fell More Than $26 Billion: Swiss Re
March 16, 2010
Swiss Re said worldwide natural catastrophes and man-made disasters, which killed 15,000 people last year, cost insurers $26 billion, $26.5 billion less than the firm reported for 2008. Swiss Re said worldwide natural catastrophes and man-made disasters, which killed 15,000 people last year, cost insurers $26 billion, $26.5 billion less than the firm reported for 2008....
Lloyd’s And Arch Must Pay Defense For Stanford
March 16, 2010
Lloyd’s underwriters and Arch Specialty Insurance must pay legal defense costs for accused Texas Ponzi scheme operator R. Allen Stanford, a federal appeals court has ruled.Lloyd’s underwriters and Arch Specialty Insurance must pay legal defense costs for accused Texas Ponzi scheme operator R. Allen Stanford, a federal appeals court has ruled....
Highway Fatality Drop, Has No Auto Rate Impact, Says Expert
March 12, 2010
The announcement by federal authorities that traffic fatalities reported at the end of 2009 reached the lowest level since 1954 has little impact for auto insurers, an expert in the field said.The announcement by federal authorities that traffic fatalities reported at the end of 2009 reached the lowest level since 1954 has little impact for auto insurers, an expert in the field said....
World Trade Captive Settles With 10,000 Plaintiffs For $657 Million
March 12, 2010
The federal taxpayer funded WTC Captive Insurance Company announced that it has reached a $657 million injury settlement with workers involved in World Trade Center cleanup and rescue activity. The federal taxpayer funded WTC Captive Insurance Company announced that it has reached a $657 million injury settlement with workers involved in World Trade Center cleanup and rescue activity....
AIG’s Transatlantic Shares Priced For Sale At $53.35
March 10, 2010
American International Group Inc. in its latest asset sale activity said the shares of reinsurer Transatlantic Holdings it is disposing of have been priced at $53.35 per share.American International Group Inc. in its latest asset sale activity said the shares of reinsurer Transatlantic Holdings it is disposing of have been priced at $53.35 per share....
Zenith Sale To Fairfax Challenged By Investor Lawsuit Over $1.4B Price
March 01, 2010
An investor advocacy group announced it is suing the board of Zenith National Insurance Corp., alleging Zenith’s planned $1.4 billion sale to Fairfax Financial Holdings Ltd. undervalues the company....
Chile Insured Loss Will Exceed $2 Billion, Modeler Estimates
March 01, 2010
An early catastrophe modeling firm estimate puts the insured loss from the Chile earthquake as exceeding $2 billion.An early catastrophe modeling firm estimate puts the economic damage from the Chile earthquake at up to $30 billion....
Missouri Quake Coverage Is Restrictive, Difficult: Regulator
February 26, 2010
Missouri homeowners seeking earthquake insurance may face extremely large deductibles or have to leave their current homeowners insurance company in order to obtain it, a state official reported.Missouri homeowners seeking earthquake insurance may face extremely large deductibles or have to leave their current homeowners insurance company in order to obtain it, a state official reported....
AIG’s Aircraft Unit Seeks $750 Million Loan
February 23, 2010
American International Group’s financially stressed aircraft leasing operation said it is looking for a new senior secured term loan of up to $750 million backed by its inventory of jets.American International Group’s financially stressed aircraft leasing operation said it is looking for a new senior secured term loan of up to $750 million backed by its inventory of jets....

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