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CCRIF SPC pays Government of Panama $26.7m after excess rainfall

Reinsurance News

CCRIF SPC (Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company) has paid The Government of Panama $26.7 million within two weeks of a rainfall event that affected that country from October 31st to November 4th, 2024. Francis...

Posted: Nov 21, 2024

Inszone acquires LIA Texas

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This acquisition strengthens Inszone’s footprint in Texas.

Posted: Nov 21, 2024

Tesla reports Q3 2024 results for insurance carriers

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Tesla's carriers reported a net underwriting loss of $42 million for the first nine months of 2024. 

Posted: Nov 21, 2024

John Hancock partners with Home Base to provide cancer screening for special operations veterans

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Galleri, a blood test capable of detecting over 50 types of cancer, will be provided at no cost to veterans under Home Base's care.

Posted: Nov 21, 2024

Church Mutual announces leadership promotion

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In this new role, Kohli will be responsible for developing and implementing the company’s technology strategy.

Posted: Nov 21, 2024

Leveraging Data Analytics for Risk Management in Insurance with Alexandra Littlejohn

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Explore how data analytics transforms insurance risk management with insights from Alexandra Littlejohn in TrustLayer's latest podcast episode. Listen now!

Posted: Nov 21, 2024

Hagerty reports Q3 2024 results

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Hagerty plans to launch its Enthusiast Plus business in early 2025 through its newly acquired insurance company, finalized during the third quarter.

Posted: Nov 21, 2024

Ninety One Joins Rush of Asset Managers Chasing Insurer Deals

Insurance Journal

South African asset manager Ninety One Ltd. has agreed to sell a stake to Sanlam Ltd., joining a raft of investment firms that have been tapping the deep pockets of insurers through such deals. Sanlam, the country’s biggest insurer by …

Posted: Nov 21, 2024

People Moves: Omaha National Appoints Klucarich as Chief Actuary

Insurance Journal

Omaha National Group, Inc. announced the appointment of Joan Klucarich as its Chief Actuary. Ms. Klucarich is joining Omaha National after working as Actuarial Manager with Risk & Regulatory Consulting, a national professional services firm. Ms....

Posted: Nov 21, 2024

Risk Strategies Acquires Ohio’s Cornerstone

Insurance Journal

Risk Strategies announced it has acquired the assets of Ohio-based employee benefits specialty organization Cornerstone Broker Insurance Services Agency, Inc., an Ohio-based national provider of employee benefits solutions. The sale also included the...

Posted: Nov 21, 2024

CAC Specialty’s Fred Smith on the Risks and Opportunities in Lithium Extraction

Risk & Insurance

The discovery of vast stores of lithium in the U.S. heralds business opportunities for insurers; not without risk however. The post

Posted: Nov 21, 2024

Jonathan Ng joins Chaucer Singapore as Class Underwriter in Political Risk

Reinsurance News

Global speciality insurance and reinsurance group, Chaucer has announced the appointment of Jonathan Ng as a new Class Underwriter in Political Risk, Singapore. The executive is joining Chaucer from AXA XL, where he specialised in political risk u...

Posted: Nov 21, 2024

CSB: 27,000 Pounds of Toxic Gas Released in Texas Hydrogen Sulfide Release

Insurance Journal

The U.S. Chemical Safety Board released an investigation update into a fatal hydrogen sulfide release at PEMEX Deer Park Refinery in Texas. The incident occurred on October 10, 2024, and killed two workers and injured 13 others. CSB’s investiga...

Posted: Nov 21, 2024

New Orleans to Pay $20M to School District to Settle Long-Running Suit

Insurance Journal

The New Orleans City Council and Orleans Parish School Board announced Monday that they have found a partial solution to the NOLA Public Schools district’s estimated $36 million budget gap. The school board will agree to dismiss a 5-year-old la...

Posted: Nov 21, 2024

Canada Life Re posts Q3’24 earnings of $210m

Reinsurance News

Canada Life Reinsurance, a provider of reinsurance solutions for life and health, recorded solid earnings of $210 million for the third quarter of 2024, accounting for 20% of Canada Life Assurance Company’s total earnings for the period. For...

Posted: Nov 21, 2024

Connecticut Approves 6% Workers’ Compensation Rate Decrease for 2025

Insurance Journal

The trend of decreasing rates in Connecticut workers’ compensation insurance will continue as the state’s insurance regulator has approved an industry proposed 6% rate decrease beginning January 1, 2025. The now-approved rate filing submi...

Posted: Nov 21, 2024

NSA Director Wants Industry to Disclose Details of Telecom Hacks

Insurance Journal

The director of the National Security Agency on Wednesday urged the private sector to take swift, collective action to share key details about breaches they have suffered at the hands of Chinese hackers who have infiltrated US telecommunications. Gen...

Posted: Nov 21, 2024

Miami Insurance Agent Pleads Guilty to Keeping $6M in Premium Finance Loans

Insurance Journal

A Miami insurance agent has pleaded guilty to defrauding a Georgia credit union by obtaining loans for condominium associations’ premium financing then using the $6 million for personal gain. Heleonel Gonzalez, known as Leo, is set for sentenci...

Posted: Nov 21, 2024

Allstate’s October cat load takes YTD losses to $4.84bn

Reinsurance News

Allstate, the US primary insurer has reported estimated catastrophe losses of $286 million for the month of October, which includes $102 million, pre-tax from hurricane Milton, taking total catastrophe losses for October year-to-date to $4.84 bill...

Posted: Nov 21, 2024

Two Hospitalized After Small Plane Hits Another at Pennsylvania Airport

Insurance Journal

Two people were taken to hospitals after a small plane struck an unoccupied plane at an eastern Pennsylvania airport, authorities said. Police in Bucks County’s Buckingham Township said first responders were sent to Doylestown Airport shortly b...

Posted: Nov 21, 2024

Arthur J. Gallagher & Co. acquire THB Chile

Reinsurance News

Re/insurance broker Arthur J. Gallagher & Co. has acquired Santiago-domiciled retail insurance broker THB Chile. The terms of the transaction were not disclosed. The retail insurance broker provides property & casualty, life and health ben...

Posted: Nov 21, 2024

Allstate October Catastrophe Losses of $286M Include Milton, Helene

Insurance Journal

Allstate today said it estimated pretax catastrophe losses of $286 million for the month of October. Losses during October included $102 million, pretax, from Hurricane Milton as well as $144 million in unfavorable reserve reestimates from Hurricane...

Posted: Nov 21, 2024

Cowbell reveals surge in supply chain attacks and rising business risks

Reinsurance News

According to a new Cyber Roundup Report published by Cowbell, a provider of cyber insurance for small and medium-sized enterprises (SMEs) and mid-market businesses, companies with revenues surpassing $50 million (£40.5m) are 2.5 times more likely...

Posted: Nov 21, 2024

NuSureCo appoints nearly 50 agencies in Texas, including First Connect and Goosehead

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NuSureCo specializes in niche insurance products.

Posted: Nov 21, 2024

Trupanion reports Q3 2024 results

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This acquisition strengthens Inszone’s footprint in Texas.

Posted: Nov 21, 2024

How Will the Antitrust Showdown Launched Under Biden Change Under Trump?

Carrier Management

How Will the Antitrust Showdown Launched Under Biden Change Under Trump? The U.S. antitrust...

Posted: Nov 21, 2024

U.S. High Court Declines Appeal, Upholds Coverage Ruling on Treated Wood

Carrier Management

U.S. High Court Declines Appeal, Upholds Coverage Ruling on Treated Wood Insurance carriers may want to...

Posted: Nov 21, 2024

Musk, Ramaswamy Will Lean on Supreme Court Rulings to Cut US Agencies

Insurance Journal

Elon Musk and Vivek Ramaswamy said the government efficiency panel that President-elect Donald Trump has named them to lead will follow recent U.S. Supreme Court rulings that they say can be used to take power away from federal agencies and …

Posted: Nov 21, 2024

CYBER SURPRISES

Rough Notes

Rulings raise questions about key coverages and exclusions. [E]enterprises (that outsource e-commerce functions) can breathe a little easier after a recent decision of the Superior Court of Pennsylvania, but they need to remain vigilant regarding the...

Posted: Nov 21, 2024

Tampa Bay Rays Say New St. Pete Stadium Unlikely to Be Ready for 2028 Season

Insurance Journal

ST. PETERSBURG, Fla. (AP) — A combination of severe hurricane damage to Tropicana Field and political delays on financing means it is highly unlikely the Tampa Bay Rays’ planned new stadium will be ready for the 2028 season, if at …

Posted: Nov 21, 2024

James Pring joins ACORD Solutions Group as Director of Business Development

Reinsurance News

ACORD Solutions Group, a provider of digital solutions for the global insurance industry, has appointed industry veteran James Pring as the company’s Director of Business Development, where he will lead strategic direction for the organisation&#82...

Posted: Nov 21, 2024

Biden Requests Funds to Rebuild Collapsed Baltimore Bridge

Insurance Journal

President Joe Biden’s pending request for nearly $100 billion in emergency disaster aid includes money to rebuild Baltimore’s Francis Scott Key Bridge, which collapsed under the impact of a massive container ship that lost power and veere...

Posted: Nov 21, 2024

Only one in two risk leaders confident in their organisation’s risk response capability: WTW

Reinsurance News

Most risk leaders (80%) are concerned about their organisation’s capability to respond adequately to risks that might emerge in the next decade, as only two in ten (20%) believe in their companies’ resilience, a recent WTW survey has reveale...

Posted: Nov 21, 2024

Blacks and Hispanics Pay More for Auto Insurance. Study Tries to Answer Why.

Insurance Journal

A new study examining potential unintentional bias in auto insurance finds that while Black and Hispanic drivers pay more than other drivers for auto insurance, they also have more claims and driving infractions. The study’s authors accept that...

Posted: Nov 21, 2024

Markel names David Pressman Senior Underwriter, Marine Cargo

Reinsurance News

Markel, the insurance division of Markel Group Inc., has announced the appointment of David Pressman as Senior Underwriter, Marine Cargo, effective immediately. In his new role, Pressman will contribute to the strategic growth of Markel’s Ma...

Posted: Nov 21, 2024

Arthur J. Gallagher & Co. Acquires Chilean Broker THB Chile

Insurance Journal

Arthur J. Gallagher & Co. announced the acquisition of Santiago, Chile-based THB Chile. Terms of the transaction were not disclosed. THB Chile is a retail insurance broker providing property/casualty, life and health benefits, and reinsurance ser...

Posted: Nov 21, 2024

P&C reinsurance pricing expected to decline heading into Jan renewals: Morgan Stanley

Reinsurance News

Heading into the January 1 renewals, unless there’s a major catastrophe, property and casualty (P&C) reinsurance prices are expected to decline, according to analysts at Morgan Stanley. The 2025 reinsurance market outlook is shaped by a...

Posted: Nov 21, 2024

Lynn O’Leary named Intact’s US President for Specialty

Reinsurance News

RSA Luxembourg S.A. (RSAL) has announced that Lynn O’Leary, following a successful two-year stint as Chief Executive Officer (CEO) Luxembourg, will return to the US to oversee Intact’s Specialty Lines business as President, US, in the first quarte...

Posted: Nov 21, 2024

Australia’s Top Female Executives Make US$103,000 Less Than Men

Insurance Journal

Australia’s top female business chiefs are earning A$158,632 ($103,340) less per year than their male counterparts, according to the Workplace Gender Equality Agency, with the overall pay disparity between men and women nationally sitting at 21...

Posted: Nov 21, 2024

Commercial P&C premiums across all account sizes rise by 5.1% in Q3’24: CIAB

Reinsurance News

In the third quarter of 2024, premiums across all account sizes rose by 5.1% within the commercial property and casualty (P&C) insurance market, roughly the same as the 5.2% recorded in the previous quarter, according to The Council of Insuran...

Posted: Nov 21, 2024

At National Comp 2024 with Anderson Corp.’s Paul Stone

Risk & Insurance

Drawing from over 20 years of industry experience, Paul Stone provides candid advice for emerging risk management professionals. The post At Natio...

Posted: Nov 21, 2024

Cyber threats, climate change, and BI lead insurance concerns: Munich Re & Triple-I

Reinsurance News

Cyber threats, climate change, and business interruption (BI) are the top risk concerns among key marketplace segments in the insurance industry, according to a new survey by Munich Re America and Triple-I. The RiskScan 2024 survey highlights key...

Posted: Nov 21, 2024

Why Asbestos Is Still Being Found in Some Cosmetics

Insurance Journal

Asbestos, a notorious carcinogen, was in widespread use throughout the 20th century – from building materials to brake pads and even fake snow on film sets including The Wizard of Oz and White Christmas. In the 1960s, a link was …

Posted: Nov 21, 2024

Optio continues European expansion with completion of Den Hartigh acquisition

Reinsurance News

Managing general agent (MGA) Optio Group has completed the acquisition of Netherlands and Brussels based MGA Den Hartigh Beheer & Exploitatie B.V., a specialist in B2B insurance solutions. Established in 1916, Den Hartigh offers a variety of p...

Posted: Nov 21, 2024