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Insurance Business Magazine - US
Posted: Jan 03, 2025
Insurance Business Magazine - US
Posted: Jan 03, 2025
The Amor, a Cameroon-flagged vessel known to have transported Iranian oil, has become the first supertanker to be registered for demolition in more than two years, a sign that increased scrutiny on ships hauling sanctioned crude is raising pressure o...
Posted: Jan 03, 2025
Canadian financial holding company, Fairfax Financial Holdings Limited, has appointed Brian Young as President of Fairfax Insurance Group, with Carl Overy taking over as Chief Executive Officer (CEO) of Odyssey Group, effective January 1st, 2025....
Posted: Jan 03, 2025
In terms of net premiums written (NPW), health insurance companies continued to dominate in 2023 as four out of the top five were US-based health insurers, with UnitedHealth Group holding on to the top spot for the 10th year in a row with NPW grow...
Posted: Jan 03, 2025
NEW ORLEANS (AP) — Seven years ago, New Orleans officials began installing adjustable barriers at intersections in the famed French Quarter to temporarily prevent vehicles from entering the tourist area where the narrow streets are typically teeming...
Posted: Jan 03, 2025
The 1 January 2025 cyber reinsurance renewals progressed smoothly, with some notable price moderation, the entry of new reinsurers, and a growing focus on non-proportional products, reflecting an increasingly mature and efficient market, according...
Posted: Jan 03, 2025
Global data analytics and technology provider, Verisk, has submitted its wildfire catastrophe model for review by the California Department of Insurance (CDI), which recently finalised regulatory changes aimed at stabilising the state’s insu...
Posted: Jan 03, 2025
Finland’s national power grid operator said on Thursday it had asked a Helsinki court to seize the Eagle S oil tanker in a bid to secure the company’s claim for damages related to the breakdown of the undersea Estlink 2 …
Posted: Jan 03, 2025
Managing general underwriter SageSure has closed the previously announced acquisition of GeoVera Advantage Insurance Services, LLC. The entity will now function as a newly formed MGA, including the residential earthquake risk underwriting franchis...
Posted: Jan 03, 2025
Reinsurers view the current market as an attractive space, even after some moderation in terms and conditions. However, they face ongoing pressure to deliver strong results amid a renewal season marked by variability and diverse outcomes, accordin...
Posted: Jan 03, 2025
Investigators say they haven’t found evidence linking separate deadly attacks in New Orleans and Las Vegas, as the FBI continues to probe two incidents that rattled Americans as they rang in 2025. The tragedies, which occurred just hours apart...
Posted: Jan 03, 2025
President Joe Biden is preparing to issue a decree permanently banning new offshore oil and gas development in some US coastal waters, locking in difficult-to-revoke protections during his final weeks in the White House. Biden is set within days to &...
Posted: Jan 03, 2025
After announcing its reserve review in November, Maiden Holdings has reported that it currently anticipates that it will incur charges of up to $150 million in the fourth quarter of 2024. The reserve review, outlined in the company’s third-quarter...
Posted: Jan 03, 2025
Posted: Jan 03, 2025
Posted: Jan 03, 2025
Marsh McLennan Agency (MMA), a division of Marsh offering insurance and financial services across North America, has acquired Melville, New York-based full-service insurance agency Acumen Solutions Group LLC, with terms of the deal undisclosed. Fo...
Posted: Jan 03, 2025
Chinese state-sponsored hackers broke into the computers of senior US Treasury Department leaders as part of a recent breach of the agency, according to a US official and another person familiar with the matter. The hackers were able to access …...
Posted: Jan 03, 2025
Last year, there were 5,283 fatal work injuries recorded in the United States, a 3.7% decrease from 5,486 in 2022, the U.S. Bureau of Labor Statistics reported. The fatal work injury rate was 3.5 fatalities per 100,000 full-time equivalent (FTE) R...
Posted: Jan 03, 2025
SageSure closed the acquisition of GeoVera Advantage Insurance Services LLC in Fairfield, California. The entity will now function as a newly formed managing general agent and includes the residential earthquake risk underwriting franchise. As part o...
Posted: Jan 03, 2025
The Dartmouth men’s basketball team on Tuesday dropped its attempt to unionize, abruptly ending a push to become the first college athletes to bargain for a contract in order to avoid a potentially damaging precedent from a National Labor Relat...
Posted: Jan 03, 2025
Fairfield CT, January 03, 2025 — Globex International Group, with US offices in New Jersey and Connecticut, is pleased to announce the following Globex Underwriting Services (GUS) staff promotions and new additions to its global staff. Effectiv...
Posted: Jan 03, 2025
A Pennsylvania battery firm has been found responsible for paying $22.25 million in backpay to workers to cover the actual time they spent changing and showering for their jobs working with hazardous materials. Their employer, East Penn Manufacturing...
Posted: Jan 02, 2025
A Pennsylvania battery firm has been found responsible for paying $22.25 million in backpay to workers to cover the actual time they spent changing and showering for their jobs working with hazardous materials. Their employer, East Penn Manufacturing...
Posted: Jan 02, 2025
Verisk said on Thursday it will be the first modeler to request a review of its wildfire catastrophe model under a reform pushed by California Insurance Commissioner Ricardo Lara. The reform allows catastrophe models to be used by insurance carriers...
Posted: Jan 02, 2025
Posted: Jan 02, 2025
The U.S. Senate Committee on the Budget is a peculiar entity. The committee was established in 1974 in response to President Richard Nixon “impounding” money allocated by Congress to prevent spending on programs he did not favor. This led...
Posted: Jan 02, 2025
Waves of intense cold will send temperatures plunging as much as 20F (11C) below normal across the central and eastern U.S. this month, triggering ice storms that could down power lines and snarl travel from the Midwest to the Mid-Atlantic. …
Posted: Jan 02, 2025
A U.S. government fund to compensate people swindled by Bernard Madoff announced its tenth and final distribution on Monday, saying it will have paid out $4.3 billion to 40,930 of the late Ponzi schemer’s victims. Richard Breeden, the former U....
Posted: Jan 02, 2025
According to the Q4 CRESTA Industry Loss Index (CLIX) update, which provides data on non-US catastrophe events that have generated industry losses above $1 billion, 2024 was dominated by flood events, driving 78% of the total industry loss figure....
Posted: Jan 02, 2025
A gruesome attack on revelers celebrating New Year’s in New Orleans thrust US domestic security back into the spotlight just weeks before Donald Trump is sworn in as president. The tragedy, which killed at least 15 people and injured dozens ...
Posted: Jan 02, 2025
The world’s biggest climate coalition for financial firms is making adjustments after several high-profile banks, insurers and asset managers opted out. The Glasgow Financial Alliance for Net Zero, which was established in 2021 and operates as...
Posted: Jan 02, 2025
Marsh McLennan Agency (MMA) announced the acquisition of Acumen Solutions Group LLC, a Melville, New York-based insurance agency. Founded in 2012, Acumen provides personal insurance and customized commercial insurance programs, with specialties in th...
Posted: Jan 02, 2025
The Risk & Insurance Management Society today announced that effective Jan. 1 Kristen Peed will serve as president for 2025 — the organization’s 75th anniversary year. Peed is head of corporate risk at Sequoia, a leading human resources tec...
Posted: Jan 02, 2025
Amwins, a distributor of specialty insurance products and services, has reached an agreement to acquire Superior Underwriters, a Bellevue, Washington-based managing general agency (MGA) that specialises on commercial lines, personal lines and tran...
Posted: Jan 02, 2025
South Korean police said on Thursday they had raided Jeju Air and the operator of Muan International Airport as part of their investigation into Sunday’s crash that killed 179 people in the worst aviation disaster on the country’s soil. J...
Posted: Jan 02, 2025
Three firefighters and a dozen passengers were injured in Florida last week when a fire truck with its lights flashing drove around rail crossing arms and into the path of a high-speed passenger train after waiting for another train to …
Posted: Jan 02, 2025
(THE CONVERSATION) On Dec. 30, 2021, a wind-driven wildfire raced through two communities just outside Boulder, Colorado. In the span of about eight hours, more than 1,000 homes and businesses burned. The fire left entire blocks in ash, but among ...
Posted: Jan 02, 2025
(THE CONVERSATION) On Dec. 30, 2021, a wind-driven wildfire raced through two communities just outside Boulder, Colorado. In the span of about eight hours, more than 1,000 homes and businesses burned. The fire left entire blocks in ash, but among ...
Posted: Jan 02, 2025