Insurance defense lawyers who are wondering how to get on the AIG panel counsel list may find it helpful to have some background on the firm, its lines of coverage, and recent strategic priorities. Currently, American International Group Inc. (AIG) is in the news because it is considered by the Federal Reserve Board to be […]
Liberty Mutual Launches Tech Venture Fund
Driverless cars, home automation and the gig economy are the focus of an investment fund launched by Liberty Mutual Global Markets, the personal insurance business division of the fifth largest U.S. property and casualty insurer based on 2015 direct written premiums. An investment pool of $150 million is available to Liberty Mutual Strategic Ventures (LMSV) […]
Cybersecurity Insurance and Law Firm Risk
Cyber hackers are targeting law firms with increasing frequency, according to a recent article in Bloomberg BNA titled, “Views on Cybersecurity Insurance for Law Firms.” Law firms are viewed as prime targets for cyber attacks because they hold sensitive, confidential information on client transactions and frequently have weaker security defenses than the clients they represent. […]
DOJ Yates Memo and D&O Insurance
Corporate directors and officers are requesting that companies reassess the coverage of once standard advancement and indemnification provisions in D&O insurance policies, following release of the “Yates Memo” issued by the U.S. Department of Justice in September, 2015. Senior level corporate board members and executives are concerned about the adequacy of D&O insurance coverage. The […]
Louisiana Targets Uninsured Motorists
The state of Louisiana will now collect fines from residents it believes to be driving without valid insurance, in an effort to minimize the number of uninsured motorists. The new tactic was covered in a current ClaimsJournal.com article titled, “Louisiana Using New Tactics to Collect Fines for Insurance Lapses.” The recently enacted Act 399 of […]
Auto Injury Claims Decline as Costs Rise
The average cost paid per claim for bodily injury (BI) and personal injury protection (PIP) liability claims increased from 2005 to 2013, even though the frequency of auto injury claims decreased, according to a report issued recently by an insurance industry group. “Trends in Auto Injury Claims, 2015 Edition,” is the title of the research […]
Auto Insurers Speed Up on Usage Data
The use of personalized driving data is a growing trend among auto insurance companies, according to a recent Wall Street Journal article titled, “Car Insurers Find Tracking Devices Are a Tough Sell.” Insurers are gathering and analyzing insured-generated usage data to better analyze potential risks among drivers, in addition to relying on the traditional demographic […]
Florida Defense Funding at Citizens
$65 million in 2016 funding is approved by Citizens Property Insurance Corp. for Florida defense law firms selected to serve on one or more of its five panels. In the recent past Citizens operated its panel counsel program under three separate contracts, each with an initial expiration period of February 2016. In 2015, the carrier […]
AIG Panel Counsel: Budget Cuts Ahead?
Hundreds of senior management positions are being cut at American International Group (AIG), according to a recent Wall Street Journal article titled, “AIG Posts Loss, Cuts Top-Tier Jobs.” Overall, 300 to 400 jobs are slated for elimination, representing 20% of senior positions. Additional cuts are expected in 2016. The firm has set aside $500 million […]
Truck Driver Risks Steering More Crashes
Long-haul truck driving ranks among the deadliest professions, according to the Bureau of Labor Statistics. Drivers are involved in an estimated 250,000 crashes per year, with 1- to 2 percent resulting in fatalities. A recent study released by the Rocky Mountain Center for Occupational and Environmental Health (RMCOEH) at the University of Utah recently identified […]
