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Pacific Northwest Poll: Belief That Young Adults Can’t Afford Homes on The Rise

Insurance Journal

Young adults across the Pacific Northwest have found homeownership to be increasingly out of reach as home prices across the nation rise, a poll by PEMCO Mutual Insurance shows. The poll shows that 81% of respondents agree that Gen Z …

Posted: Dec 30, 2024

People Moves: EPIC Names Rosson Northern California Growth Leader; Lara Makes Reappointments to CIGA...

Insurance Journal

EPIC Insurance Brokers & Consultants Appoints Rosson as Northern California Growth Leader EPIC Insurance Brokers & Consultants hired Charlie Rosson as Northern California growth leader. Based in San Ramon, Rosson spent nearly nine years as Wo...

Posted: Dec 30, 2024

AM Best maintains stable outlook for Malaysia’s non-life insurance market

Reinsurance News

AM Best, a globally recognised credit rating agency specialising in the insurance sector, has maintained a Stable outlook for Malaysia’s non-life insurance market. This assessment is based on key factors such as anticipated premium growth driven b...

Posted: Dec 30, 2024

When 2025 Arrives, So Will the End of the Amateur Athlete in College Sports

Insurance Journal

When the page turns on 2024, it will be time to say goodbye, once and for all, to the amateur athlete in college sports. In theory, the concept held on stubbornly via the quaint and now all-but-dead notion that student-athletes …

Posted: Dec 30, 2024

Cyber Attack on Italy’s Foreign Ministry, Airports Claimed by Pro-Russian Hackers

Insurance Journal

Hackers targeted around ten official websites in Italy on Saturday, including the websites of the Foreign Ministry and Milan’s two airports, putting them out of action temporarily, the country’s cyber security agency said. The pro-Russian...

Posted: Dec 30, 2024

Atos Says Ransomware Group Claims It Compromised a Database

Insurance Journal

Atos SE said a ransomware group called Space Bears claimed on Saturday to have compromised an Atos database.The French technology company, whose activities include cybersecurity as well as cloud and high-performance computing, said there’s no e...

Posted: Dec 30, 2024

Though U.S. Jobless Claims Slip, Numbers Point to Worker Scarcity

Insurance Journal

The number of Americans filing new applications for jobless benefits dipped to the lowest in a month last week, consistent with a cooling but still-healthy U.S. labor market that is likely to keep Federal Reserve officials from cutting interest rates...

Posted: Dec 30, 2024

Though US Jobless Claims Slip, Numbers Point to Worker Scarcity

Insurance Journal

The number of Americans filing new applications for jobless benefits dipped to the lowest in a month last week, consistent with a cooling but still-healthy U.S. labor market that is likely to keep Federal Reserve officials from cutting interest rates...

Posted: Dec 30, 2024

Fast Quoting, AMS Integration Are Key to Agent-Carrier Partnerships

IA Magazine

When choosing carriers to work with, agents listed the quality of product offerings as the most important factor, followed by great customer service and ease of business enabled by technology.

Posted: Dec 29, 2024

vQuip Launches AdventureShield for Adventure Rental Businesses

IA Magazine

Coverage provides comprehensive commercial insurance coverage for the high-risk adventure rental sector.

Posted: Dec 29, 2024

The Changing Face of Personal Umbrella Purchasing Profiles

IA Magazine

Awareness of an increasingly litigious environment is leading to higher demand for personal umbrella coverage.

Posted: Dec 29, 2024

Fiery Plane Crash Kills 179 in Worst Airline Disaster in South Korea

Insurance Journal

The deadliest air accident ever in South Korea killed 179 people on Sunday, when an airliner belly-landed and skidded off the end of the runway, erupting in a fireball as it slammed into a wall at Muan International Airport. Jeju …

Posted: Dec 29, 2024

Pittsburgh Regional Transit Dealing With Ransomware Attack

Insurance Journal

Pittsburgh Regional Transit (PRT) has reported it is responding to a ransomware attack that was first detected on December 19, a day when the rail service experienced temporary disruptions. Upon discovering the incident, PRT said it immediately launc...

Posted: Dec 27, 2024

Amwins 2025 Outlook: Cyber insurance pricing set to decline by 5% as competition intensifies

Reinsurance News

Amwins, a distributor of specialty insurance solutions, has published its 2025 Outlook: State of the Market Report, providing valuable insights into the shifting dynamics of the cyber insurance landscape. The cyber insurance market is facing incre...

Posted: Dec 27, 2024

Root Expands to Minnesota

Insurance Journal

Root has announced the availability of Root Insurance in Minnesota. The insurer now serves drivers in 35 states, extending its auto insurance offering to over 4 million registered drivers in Minnesota and covering more than three-quarters of the U.S....

Posted: Dec 27, 2024

Inszone Acquires Texas-Based Roten & Company Insurance

Insurance Journal

Inszone Insurance Services announced the acquisition of Roten & Company Insurance, a longstanding family-owned and operated insurance agency based in San Antonio, Texas. This acquisition strengthens Inszone’s footprint in Texas and enhances...

Posted: Dec 27, 2024

New Texas Law Eliminates Annual Vehicle Safety Inspections

Insurance Journal

Most Texas drivers will no longer be required to have their cars pass an annual safety exam after state lawmakers removed the rule from Texas code. Texas is one of 15 states that mandate annual inspections for noncommercial cars. That …

Posted: Dec 27, 2024

Minnesota Restaurant Owner to Pay $105K in Back Wages

Insurance Journal

Four Minneapolis restaurants with shared ownership will pay $105,784 in back wages, damages and penalties to resolve violations identified by U.S. Department of Labor, including illegally firing an employee who cooperated with investigators. The depa...

Posted: Dec 27, 2024

SCDOI Orders Atlantic Coast Life and its Reinsurer to Cease Writing in the State

Insurance Journal

South Carolina regulators have ordered Atlantic Coast Life Insurance and its captive reinsurer, Southern Atlantic Re, to stop writing new policies by Tuesday, Dec. 31. The carriers also were ordered to notify all producers about the cease-and-desist...

Posted: Dec 27, 2024

Colorado Secures Record Insurance Coverage for Stars Playing in Bowl Game

Insurance Journal

Colorado secured what it said was record insurance coverage for quarterback Shedeur Sanders and Heisman Trophy winner Travis Hunter as the star duo opted to complete their college careers in the Alamo Bowl rather than sit out and prepare for …

Posted: Dec 27, 2024

Germany’s BioNTech Settles With US Agency, UPenn Over COVID Vaccine Royalties

Insurance Journal

BioNTech has entered into two separate settlement agreements with the U.S. National Institutes of Health and the University of Pennsylvania over the payment of royalties related to its COVID-19 vaccine, the company said in filings. The German company...

Posted: Dec 27, 2024

PICC P&C announces continuation of reinsurance agreement with PICC Re

Reinsurance News

China’s PICC Property and Casualty Company (PICC P&C) has entered into a new Reinsurance Framework Agreement with PICC Reinsurance, under which the two parties will cede insurance premiums to each other in exchange for commissions. This agreem...

Posted: Dec 27, 2024

Crum & Forster Sells Credit Insurance Division to Amynta

Insurance Journal

Insurer Crum & Forster, a subsidiary of Fairfax Financial Holdings Limited, has sold its C&F Credit Division to Amynta Group. The C&F Credit Division underwrites and manages credit insurance products, including mortgage credit and alterna...

Posted: Dec 27, 2024

Redline launches new General Aviation insurance in collaboration with Allianz

Reinsurance News

Redline Underwriting, a Lloyd’s coverholder specialty underwriting firm, has announced the launch of its General Aviation Insurance solution, developed in collaboration with Allianz Commercial from their UK region. This new offering, designed spec...

Posted: Dec 27, 2024

Improved exposure data key for cat reinsurance renewals: Poll

Reinsurance News

In a recent Reinsurance News poll, industry experts and observers identified “getting more exposure data” as the most important factor for upcoming property catastrophe reinsurance renewals, with 44% of respondents selecting this optio...

Posted: Dec 27, 2024

LL Bean Agrees to Injunction to End Skechers Shoe Patents Lawsuit

Insurance Journal

LL Bean, the clothing and outdoor gear company, agreed to stop selling a line of casual shoes to settle a lawsuit in which Skechers USA accused it of copying a design for its own shoes, which have sold in the …

Posted: Dec 27, 2024

NATO to Boost Baltic Sea Presence After Power, Internet Cable Damage

Insurance Journal

NATO said on Friday it would boost its presence in the Baltic Sea after the suspected sabotage this week of an undersea power cable and four internet lines, while alliance member Estonia launched a naval operation to guard a parallel …

Posted: Dec 27, 2024

AM Best upgrades L&G Re’s financial strength ratings

Reinsurance News

Ratings agency AM Best has upgraded Legal & General Reinsurance Company No. 2 Limited’s (Bermuda) Financial Strength Rating (FSR) to A+ (Superior) from A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “aa-” (Superior) fr...

Posted: Dec 27, 2024

New York to Fine Fossil Fuel Companies $75 Billion Over 25 Years for Climate Damage

Insurance Journal

New York state will fine fossil fuel companies a total of $75 billion over the next 25 years to pay for damage caused to the climate under a bill Governor Kathy Hochul signed into law on Thursday. The law is …

Posted: Dec 27, 2024

FDA Proposes Standardized Testing of Talc Cosmetics to Identify Asbestos

Insurance Journal

The U.S. Food and Drug Administration (FDA) has unveiled a proposed rule to require standardized testing to detect asbestos in talc-containing cosmetic products. The FDA says the proposed rule, if finalized, would help protect consumers who use talc-...

Posted: Dec 27, 2024

Saudi Re opens subscription for capital increase

Reinsurance News

Saudi Reinsurance Company (Saudi Re) has commenced its subscription period for a capital increase, running from December 26th to 30th. The offering comprises 26,730,000 new ordinary shares, which represent 30% of the company’s current capital, wit...

Posted: Dec 27, 2024

Doha Insurance receives approval to open reinsurance arm in India

Reinsurance News

Doha Insurance Group (DIG), a provider of insurance and reinsurance solutions in the Middle East and North Africa region, has revealed plans to open a reinsurance branch in the Republic of India. The insurer has obtained the approval of the Qatar...

Posted: Dec 27, 2024

Florida Re names Jeremy Baczkiewicz as CUO

Reinsurance News

Florida Insurance and Reinsurance Company (Florida Re), a property and casualty re/insurer serving commercial clients across Florida, has appointed Jeremy Baczkiewicz as its new Chief Underwriting Officer (CUO). Baczkiewicz brings over 21 years of...

Posted: Dec 27, 2024

Amynta Group acquires Crum & Forster’s credit insurance business 

Reinsurance News

Insurance services provider, Amynta Group has acquired the Credit Division of Crum & Forster (C&F), a subsidiary of Fairfax Financial Holdings Limited. According to the announcement, the business will operate as a full-service Managing Gen...

Posted: Dec 27, 2024

AM Best remains stable on Japan’s life insurance sector amidst premium boom

Reinsurance News

Global credit ratings agency AM Best has maintained its stable outlook on Japan’s life insurance market segment, citing in part the growth in premium income and stable core profits that are supported by higher levels of investment income. Ac...

Posted: Dec 27, 2024

A Look at the $100B Disaster Relief in the Government Spending Bill

Insurance Journal

Congress is allocating more than $100 billion in emergency aid designed to address extensive damage caused by disasters after this week’s scramble to find consensus on a government spending bill. The money comes after back-to-back hurricanes —...

Posted: Dec 27, 2024

Florida DFS Posts Latest Enforcement Actions Against Agents, Adjusters

Insurance Journal

Florida’s Department of Financial Services has posted its enforcement actions for much of the last half of 2024, listing 12 insurance agents and 43 adjusters who were penalized, suspended, or had their licenses revoked or voluntarily surrendere...

Posted: Dec 27, 2024

The War on Wildfires Is Going High-Tech

Insurance Journal

Last December, a farmer was burning dry grapevines in his vineyard in Deir Mar Moussa, a hill town a dozen miles east of Beirut known for its 18th century monastery and stands of pine forest. Usually this would be dangerous, …

Posted: Dec 27, 2024

National Flood Insurance Program Authorized to Continue Through Mid-March

Insurance Journal

The National Flood Insurance Program has been renewed for another three months. On Dec. 21, 2024, the day after it was set to expire, the president signed legislation passed by Congress that funds the federal government and extends the NFIP’s &...

Posted: Dec 27, 2024

Flood Gates Removed From Storm Plan for Jersey Shore’s Back Bays

Insurance Journal

federal government has dropped huge gates at the mouths of three inlets, as well as internal waterway barriers from a plan to protect New Jersey’s back bays from the type of catastrophic flooding they endured during Superstorm Sandy. Instead, t...

Posted: Dec 27, 2024

Young Drivers Warned That Policy ‘Fronting” Is Fraud

Insurance Journal

One in six (17%) young drivers admit to being on a ‘fronted’ policy, which is illegal, according to research by United Kingdom insurer Aviva. Fronting is a form of insurance fraud where the young driver is listed as a named …

Posted: Dec 27, 2024

People Moves: Petruziello Joins Alliant Employee Benefits Group

Insurance Journal

Mark Petruziello joined Alliant Insurance Services as vice president within its employee benefits group. Based in California, he will work with clients across the West region. Petruziello has more than a decade of experience in strategic consulting,...

Posted: Dec 27, 2024