All Posts

McGill and Partners promotes Samuel Harris to Partner within Complex P&C

Reinsurance News

Insurance and reinsurance broker McGill and Partners has named Samuel Harris, who joined the firm in 2022, as a Partner in its Complex Property and Casualty team. Harris joined the brokerage two years ago as an Associate with a focus on mining and...

Posted: Apr 26, 2024

Aon’s Reinsurance Solutions delivers 7% organic revenue growth in Q1’24

Reinsurance News

Global insurance and reinsurance broker Aon has reported a 5% increase in total revenue in the first quarter of 2024 to $4.1 billion, reflecting 5% organic growth and a strong performance its Reinsurance Solutions arm. Aon attributes the $199 mill...

Posted: Apr 26, 2024

Vantage launches U.S. Large Property offering

Reinsurance News

Vantage Group Holdings Ltd. recently announced the launch of its U.S. Large Property offering via its U.S. subsidiaries, which builds on its existing property expertise and sustained portfolio growth. The new offering has been designed to serve a...

Posted: Apr 26, 2024

Understanding Distracted Driving: 5 Questions for Arity’s Henry Kowal

Risk & Insurance

The use of smartphones while driving continues to rise. Risk & Insurance spoke with Arity’s director of outbound product management about how telematics can help us understand driver behavior — and save lives. The post

Posted: Apr 26, 2024

German non-life profitability to recover from historical lows in 2025, says Fitch

Reinsurance News

According to Fitch Ratings, German non-life insurers’ profitability will start to recover from historical lows in 2025, with weak returns continuing to be seen in 2024 due to low investment income and higher reinsurance costs. However, the a...

Posted: Apr 26, 2024

Cincinnati Financial reports $755m net income in Q1’24 results

Reinsurance News

Cincinnati Financial Corporation announced a notable surge in its first-quarter 2024 net income, reaching $755 million, a significant improvement compared to $225 million in the first quarter of 2023. This increase was primarily driven by a $484 m...

Posted: Apr 26, 2024

Jamaica gets $150m of named storm insurance coverage with renewal of World Bank cat bond

Reinsurance News

The World Bank has priced a catastrophe bond that provides $150 million in insurance coverage for the Government of Jamaica against named storm events. IBRD CAR Jamaica 2024 is a renewal of The World Bank’s 2021 cat bond for Jamaica, IBRD CAR 130,...

Posted: Apr 26, 2024

The Hartford reports 41% rise in Q1’24 net income to $748m

Reinsurance News

Insurer The Hartford has reported strong Q1 2024 results with net income of $748 million, up 41% on the $530 million seen a year earlier, as P&C written premiums increased 9% in the quarter on the back of 8% growth in commercial lines and 13%...

Posted: Apr 26, 2024

Universal’s Q1’24 CoR strengthens to 95.5% as net income rises

Reinsurance News

Universal Insurance Holdings has announced net income of $33.7 million for the first quarter of 2024, an increase of more than 39% on the prior year quarter, as the company’s combined ratio strengthened by 4.5 percentage points to 95.5%. As...

Posted: Apr 26, 2024

Missouri House Backs Legal Shield for Weedkiller Maker Facing Cancer Lawsuits

Insurance Journal

JEFFERSON CITY, Mo. (AP) — The manufacturer of a popular weedkiller won support Wednesday from the Missouri House for a proposal that could shield it from costly lawsuits alleging it failed to warn customers its product could cause cancer. The &#8230...

Posted: Apr 26, 2024

A. J. Gallagher reports 26% rise in net earnings in Q1’24 results

Reinsurance News

Global insurance broker A. J. Gallagher & Co. has reported net earnings of $612.7 million for the first quarter of 2024, an increase of 26% on the $486.6 million seen a year earlier, driven by a strong performance in both its brokerage and ris...

Posted: Apr 26, 2024

Central US Braces for Severe Weather Outbreak

Insurance Journal

An active weather pattern could bring destructive tornadoes, heavy rains, large hail and strong wind gusts to parts of the central United States over the next several days, according to meteorologists at the National Weather Service and Accuweather....

Posted: Apr 26, 2024

Aon completes acquisition of broker NFP

Reinsurance News

Global insurance and reinsurance brokerage Aon has completed the previously announced acquisition of NFP, a middle-market property and casualty broker, benefits consultant, wealth manager and retirement plan advisor. This acquisition expands Aon&#...

Posted: Apr 26, 2024

Swiss Re completes milestone in safety performance assessment of Luminar’s LiDAR & software driving...

Reinsurance News

Reinsurance giant Swiss Re, as part of a partnership with automotive tech firm Luminar, has recently completed a milestone in the safety performance assessment of Luminar’s LiDAR (Light Detection And Ranging) and software driving system. Las...

Posted: Apr 26, 2024

Judge Won’t Dismiss Lawsuits Against Travis Scott Over Deadly Astroworld Concert

Insurance Journal

HOUSTON (AP) — A judge has declined to dismiss hundreds of lawsuits filed against rap star Travis Scott over his role in the deadly 2021 Astroworld festival in which 10 people were killed in a crowd surge. State District Judge …

Posted: Apr 26, 2024

Here’s Why Experts Don’t Think Cloud Seeding Caused Dubai Flooding

Insurance Journal

With cloud seeding, it may rain, but it doesn’t really pour or flood — at least nothing like what drenched the United Arab Emirates and paralyzed Dubai, meteorologists said. Cloud seeding, although decades old, is still controversial in the wea...

Posted: Apr 26, 2024

US Revives Net Neutrality to Establish Authority Over Internet

Insurance Journal

US regulators reinstated net neutrality rules that aim to ensure everything on the internet is equally accessible, reclaiming authority over broadband service and setting the stage for legal challenges. The Federal Communications Commission’s D...

Posted: Apr 26, 2024

BHSI appoints Hart Humble to Head of Customer & Broker Engagement, South Central

Reinsurance News

Berkshire Hathaway Specialty Insurance (BHSI), a property and casualty insurer (P&C), has announced the appointment of Hart Humble to the newly created position of Head of Customer & Broker Engagement for the South Central U.S. In her new...

Posted: Apr 26, 2024

Lockton Re: Hypothetical Cyber Event Offers Carriers an Opportunity to Review Risks

Insurance Journal

A simulated cyber catastrophe highlights the benefits and problems cyber insurance carriers will encounter as a result, according to a report released by Lockton Re. The report, “A Kaleidoscope of Possibilities: Preparing for Ivan Wiper,”...

Posted: Apr 26, 2024

Price or Safety? Priorities Change for Small Businesses After a Workers Comp Claim

Insurance Journal

Previous workers’ compensation claims can present an opportunity for agents serving small-business clients. The Hanover’s “2024 Small Business Risk Report: A Focus on Workers’ Compensation,” which surveyed 300 small busi...

Posted: Apr 26, 2024

EU Should Revisit Bank and Insurer Capital Rules: French President Macron

Insurance Journal

French President Emmanuel Macron called on Thursday for a revision of how Europe applies minimum capital rules to banks and insurers so that they are not too risk-averse and Europe is put at an economic disadvantage. The Basel Committee of …

Posted: Apr 26, 2024

Employer Can’t Deny Comp Claim in Shooting Then Argue Immunity, Court Says

Insurance Journal

An employer cannot deny a workers’ compensation claim on the grounds that a shooting injury was not work-related then turn around and argue it has immunity from a tort lawsuit because the incident happened at work, a Florida appeals court &#823...

Posted: Apr 26, 2024

Family of Nigerian Businessman Killed in California Helicopter Crash Sues Charter Company

Insurance Journal

The family of a Nigerian business leader who died in a Southern California helicopter crash that killed five others in February filed a lawsuit claiming the flight should have been grounded because of treacherous weather. Relatives of Abimbola Ogunba...

Posted: Apr 26, 2024

Family of Nigerian Businessman Killed in Helicopter Crash Sues Charter Company

Insurance Journal

The family of a Nigerian business leader who died in a Southern California helicopter crash that killed five others in February filed a lawsuit claiming the flight should have been grounded because of treacherous weather. Relatives of Abimbola Ogunba...

Posted: Apr 26, 2024

Boston Agent Charged With Creating Fake Insurance Policies to Collect Commissions

Insurance Journal

A Boston man has been charged with a fraud scheme in which prosecutors say he collected about $45,000 in unearned sales commissions on insurance policies he created using personally identifiable information stolen from individuals. The state attorney...

Posted: Apr 26, 2024

Orion180 Launches Homeowners Insurance in Arizona

Insurance Journal

Orion180 is expanding its homeowners insurance services to Arizona under a push by the company into the Western U.S. Orion180 currently operates in Alabama, Arizona, Georgia, Indiana, Mississippi, North Carolina and South Carolina through its two ins...

Posted: Apr 26, 2024

Connecticut M&A Advisor Agrees to Pay $1.5M to Settle Data Breach Class Action

Insurance Journal

Merritt Healthcare Advisors, a Connecticut mergers and acquisitions (M&A) advisory firm for healthcare practices, has agreed to a $1.525 million settlement of a class action stemming from a 2022 data breach. The money will go into a fund to compe...

Posted: Apr 26, 2024

Jury Rejects Sex Abuse Claims Against Virginia School System by Former Student

Insurance Journal

A jury on Wednesday rejected a woman’s lawsuit seeking tens of millions of dollars from Virginia’s largest school system over allegations that she was raped multiple times as a middle schooler. The woman, who was identified in court paper...

Posted: Apr 26, 2024

Omaha National acquires Sutter insurance, rebrands it as Omaha National Casualty

Reinsurance News

Omaha National Group Inc., the tech-enabled provider of workers’ compensation insurance, has acquired Sutter Insurance Company, a California-domiciled inusrer. Sutter has been renamed to Omaha National Casualty Company, owned by Omaha National whi...

Posted: Apr 26, 2024

3-Alarm House Fire Likely Caused by Oily Rags, Newton Fire Chief Says

Insurance Journal

A three-alarm fire in Newton, Massachusetts this week was most likely caused by the combustion of oily rags used during renovations on the unoccupied home, according to Newton Fire Chief Gregory J. Gentile. The Newton Fire Department responded to 8 &...

Posted: Apr 26, 2024

Workers’ Comp Rating Bureau of California OKs Higher Pure Premium Rate Filing

Insurance Journal

The Workers’ Compensation Insurance Rating Bureau of California submitted its Sept. 1, 2024, pure premium rate filing to the California Department of Insurance, proposing advisory rates on average 0.9% above the average approved Sept. 1, 2023 r...

Posted: Apr 26, 2024

Thames Water Debt Insurer Taps Advisers as Crisis Deepens

Insurance Journal

A US insurance firm with at least $2 billion in exposure to Thames Water Utilities Finance Plc is working with bondholders and advisers to protect their interests ahead of potential debt talks, according to people familiar with the matter. Assured &#...

Posted: Apr 25, 2024

Russia Reinsurer Backs Domestic Carriers to Get Indian Marine Insurance Permits

Insurance Journal

Russia’s state-owned reinsurer has given financial backing to three Russian insurance firms, allowing them to get Indian approval to provide marine insurance cover to tankers, two sources said, as Moscow seeks to facilitate trade with India ami...

Posted: Apr 25, 2024

Global Basel Committee Bolsters Rules for Supervising Banks, Non-Bank Sector

Insurance Journal

The world’s forum for banking regulators on Thursday tightened up its rulebook to focus better on spotting risks from climate change, the rise of non-banks, and digitalisation of finance. The Basel Committee on Banking Supervision, made up of b...

Posted: Apr 25, 2024

Aon Completes $13B Acquisition of Middle-Market Broker NFP

Insurance Journal

Aon plc said late Thursday that it has completed its $13 billion acquisition of middle-market P/C broker NFP. The purchase price will be funded by $7 billion in cash and $6 billion of Aon stock. Closing was earlier than originally …

Posted: Apr 25, 2024

ALKEME Acquires Illinois’ Ralph Weiner & Associates

Insurance Journal

ALKEME announced the acquisition of Ralph Weiner & Associates, a retail insurance agency based in Wheeling, Illinois. Established in 1951, Ralph Weiner & Associates has earned acclaim for its specialized focus on the long-term health care fac...

Posted: Apr 25, 2024

Hiscox Re & ILS and Ariel Re launch cyber catastrophe consortium

coverager

The CyberShock consortium is designed to offer up to $50 million of per-program capacity providing tailored, event-based protection for cyber insurers worldwide.

Posted: Apr 25, 2024

What Endorsement Adds an HOA as an Additional Insured to a Renters Insurance Policy?

IA Magazine

An agency is getting regular requests from homeowners associations (HOAs) to list the HOA as an additional insured on its tenants’ renters insurance policies. However, the carriers will only list the HOAs as certificate holders or additional interest...

Posted: Apr 25, 2024

iPipeline Names Adam Boone CFO to Accelerate Strategic Growth

IIR

The technology industry veteran will lead iPipeline’s financial management to drive its long-term growth strategy.

Posted: Apr 25, 2024

Cybersecurity, Data and Gen AI: Vertafore CEO Keynote

IIR

Amy Zupon emphasized change and unprecedented investment in products, with a focus on three key industry trends.

Posted: Apr 25, 2024

Pacific Life integrates with Selerix

coverager

Selerix is a benefits administration platform.

Posted: Apr 25, 2024