All Posts

People Moves: Grange Insurance Names Carter VP, Personal Lines Sales & Strategic Distribution

Insurance Journal

Grange Insurance Company, headquartered in Columbus, Ohio, named Nicole Carter as vice president, personal lines sales and strategic distribution, effective Jan. 1, 2025. Carter has nearly 30 years of experience in the insurance industry. Before join...

Posted: Nov 07, 2024

Biden Rushing Study That Threatens to Slow Trump’s LNG Plans

Insurance Journal

The Biden administration is racing to complete a study that could complicate President-Elect Donald Trump’s plan to immediately approve new liquefied natural gas export terminals, according to people familiar with the matter. The study, underwa...

Posted: Nov 07, 2024

RenRe CEO expects ~$10bn of additional US cat limit purchase in 2025, sees rates trading at current...

Reinsurance News

President and Chief Executive Officer (CEO) of Bermudian reinsurer RenaissanceRe (RenRe), Kevin J. O’Donnell, expects U.S. catastrophe limit purchases to increase by around $10 billion in 2025, and foresees property cat reinsurance rates tra...

Posted: Nov 07, 2024

Lloyd’s & ABI launch guide to help re/Insurers define major cyber events

Reinsurance News

Recognising cyber as one of the most significant systemic and emerging risks, Lloyd’s and the Association of British Insurers (ABI) have jointly published a guide to help re/insurers define major events and identify key factors to consider. Accord...

Posted: Nov 07, 2024

SageSure partners with new reciprocal exchange Auros

Reinsurance News

Managing general underwriter SageSure and Auros Reciprocal Insurance Exchange, a Mississippi-domiciled property insurer, have partnered to launch homeowners solutions to Louisiana and Mississippi. Auros is the third reciprocal exchange formation s...

Posted: Nov 07, 2024

Westfield Specialty secures Lloyd’s approval for £774m 2025 syndicate business forecast

Reinsurance News

Westfield Specialty International, a global insurance provider, has received approval from Lloyd’s for its 2025 Syndicate Business Forecast, setting it at £774 million—a rise of £56 million, or 8%, over the 2024 forecast. Since acquiring the Syndi...

Posted: Nov 07, 2024

U.S. Auto Safety Agency Ends Ford Engine Failure Probe After Recall, Warranty Extension

Carrier Management

U.S. Auto Safety Agency Ends Ford Engine Failure Probe After Recall, Warranty Extension The U.S. govern...

Posted: Nov 07, 2024

People Moves: Marsh Names Fraser as Int’l Corporate & Commercial Leader; Clear Group Appoints Chisho...

Insurance Journal

This edition of International People Moves details appointments at the brokers Marsh and Clear Group. A summary of these new hires follows here. Marsh Names Fraser as Int’l Corporate & Commercial Leader Marsh, the insurance broker, risk adv...

Posted: Nov 07, 2024

Aon joins Asia Investor Group on Climate Change as member

Reinsurance News

Global insurance and reinsurance broker Aon has joined the Asia Investor Group on Climate Change (AIGCC) as a member with risk capital capabilities. As a member, Aon will contribute to developing market-based climate solutions for increasing resil...

Posted: Nov 07, 2024

SageSure Expands HO Business in Mississippi, Louisiana

Insurance Journal

SageSure, a managing general underwriter for catastrophe-exposed markets, said it has joined with Auros Reciprocal Insurance Exchange to bring more homeowners coverage to Louisiana and Mississippi. Auros is a property insurance company domiciled in M...

Posted: Nov 07, 2024

CFC expands corporate cyber offering in Europe with new team and key appointment

Reinsurance News

CFC, an insurance provider with expertise in cyber risk, has announced that it is expanding its corporate cyber offering by launching a team dedicated to supporting brokers across Europe. With established offices in Brussels and Madrid and plans t...

Posted: Nov 07, 2024

Volkswagen to Recall Over 114,000 US Vehicles Over Airbag Concern, NHTSA Says

Insurance Journal

Volkswagen will recall 114,478 vehicles in the United States on concerns over the driver-side airbag, the National Highway Traffic Safety Administration said on Thursday. The recall consists of some Beetle and Passat vehicles from model years 2006-20...

Posted: Nov 07, 2024

H.W. International Agrees to Sell UK, French and Greek Operations to Steadfast Group

Insurance Journal

H.W. International B.V., the Amsterdam-based, privately owned insurance broker, announced the sale of H.W. Wood Ltd. and HWI France to Steadfast Group, the largest general insurance broker network and underwriting agency group in Australasia and owne...

Posted: Nov 07, 2024

RenRe adds Loretta J. Mester as an Independent Director

Reinsurance News

Bermuda-domiciled reinsurer RenaissanceRe (RenRe) has appointed Loretta J. Mester as an Independent Director, effective November 6, 2024, following the retirement of Brian G. J. Gray, who had served as a Board member since 2013. Most recently, Dr....

Posted: Nov 07, 2024

Kevin Peterson returns to WCF Insurance

coverager

Kevin began his career at Nationwide.

Posted: Nov 07, 2024

Counter partners with MassMutual

coverager

Members can submit claims through the Counter platform for access to funds.

Posted: Nov 07, 2024

Matt Fowler joins Ethos

coverager

Auros received its certificate of authority in Mississippi earlier this year and has $25 million in initial policyholder surplus.

Posted: Nov 07, 2024

SC Man Sentenced for Taregeting Drivers in Parking Lot Insurance Fraud Scheme

Insurance Journal

A 44-year-old South Carolina man was sentenced to 18 months in prison after he pleaded guilty to an auto insurance fraud scheme that targeted elderly drivers in parking lots. In 2020 through 2022, Cornelius Jones, 44, of Lake City, would …

Posted: Nov 07, 2024

SC Man Sentenced for Targeting Drivers in Parking Lot Insurance Fraud Scheme

Insurance Journal

A 44-year-old South Carolina man was sentenced to 18 months in prison after he pleaded guilty to an auto insurance fraud scheme that targeted elderly drivers in parking lots. In 2020 through 2022, Cornelius Jones, 44, of Lake City, would …

Posted: Nov 07, 2024

Liberty Mutual sees $892m net income in Q3, total CoR hits 96.7%

Reinsurance News

Liberty Mutual Holding Company Inc. (LMHC) and its subsidiaries has posted a net income attributable to LMHC of $892 million for the third quarter of 2024, a notable shift from last year’s income of $219 million, while also posting consolida...

Posted: Nov 07, 2024

Liberty Mutual Quadruples Q3 Net Income Despite Catastrophe Losses

Insurance Journal

Liberty Mutual Holding Company said consolidated third quarter net income more than quadrupled to $897 million compared to $215 million during the same period a year ago. Catastrophe losses remained elevated at nearly $1.1 billion, nearly matching th...

Posted: Nov 07, 2024

American Coastal posts $28m net income in Q3’24, revenue climbs 56% to $82m

Reinsurance News

Property and casualty (P&C) holding company, American Coastal Insurance Corporation (ACIC) has posted a $28.1 million net income for the third quarter of 2024, an improved figure compared to the $10.6 million income that was posted in the thir...

Posted: Nov 07, 2024

Washington Sawmill Fined $126K for 61 Safety and Health Violations

Insurance Journal

The Washington State Department of Labor & Industries is levying more than $126,000 in fines for 61 reported safety and health violations by a lumber seller. Fox Lumber Sales buys leftover wood, cuts it down, and sells it for pallet …

Posted: Nov 07, 2024

AI-focused InsurTechs lead funding surge in Q3’24 with $897.4m raised: Gallagher Re

Reinsurance News

Gallagher Re, a reinsurance broker, has released its latest InsurTech report, revealing that AI-focused InsurTechs raised $897.4 million across 29 deals in Q3 2024. Eight of the top 10 companies by funding round were centred around artificial inte...

Posted: Nov 07, 2024

Chaucer Offers Nuclear Power Stations Insurance for Cyber Attacks

Carrier Management

Chaucer Offers Nuclear Power Stations Insurance for Cyber Attacks Chaucer...

Posted: Nov 07, 2024

How Trump’s Second Administration Affects Business: Musk, Tariffs and More

Carrier Management

How Trump’s Second Administration Affects Business: Musk, Tariffs and More Dona...

Posted: Nov 07, 2024

Cuba’s Electrical Grid Down After Hit From Hurricane Rafael

Carrier Management

Cuba’s Electrical Grid Down After Hit From Hurricane...

Posted: Nov 07, 2024

Loadsure partners with Google Cloud to launch AI-powered claims verification system

Reinsurance News

Loadsure, an insurtech managing general agent (MGA), has partnered with Google Cloud to develop an AI-powered claims verification system that processes claims more efficiently and accurately. Traditionally, insurance claims processing has been lab...

Posted: Nov 07, 2024

Conditions in property cat to remain ‘very attractive’ in 2025: Hiscox CFO

Reinsurance News

Paul Cooper, Group Chief Financial Officer of Hiscox, has noted that in light of recent catastrophe activity, rates are expected to remain robust, creating “very attractive” conditions in the property cat market. As a result, the compa...

Posted: Nov 07, 2024

Danone Wins Dismissal of Evian Microplastics Lawsuit

Insurance Journal

The maker of Evian spring water, Danone, won the dismissal of a lawsuit on Tuesday accusing it of defrauding consumers with labels that claim the water is “natural” even though it contains microplastics that seep from the bottle. U.S. Dis...

Posted: Nov 07, 2024

Heritage posts solid $8.2m net income in Q3, despite $48m of retained hurricane losses

Reinsurance News

Heritage Insurance Holdings has released its financial results for the third quarter of 2024, which includes a net income of $8.2 million, a solid improvement compared to the $7.4 million net loss that the firm posted in the prior year period. Acc...

Posted: Nov 07, 2024

Renewable Energy Offers a Cost and Opportunity to Insurance Sector

Insurance Journal

Policyholders in the renewable energy insurance market are paying between 20%-40% more for cover today than a year ago as insurers seek to recover the cost of “devastating claims” in regions hit by natural catastrophes, industry sources s...

Posted: Nov 07, 2024

Munich Re expects property cat pricing to plateau at Jan 1 renewals: CFO Jurecka

Reinsurance News

Christoph Jurecka, Chief Financial Officer (CFO) of global reinsurer Munich Re, said this morning that he expects property catastrophe reinsurance rates, overall, to be flat on average at the January 1st, 2025, renewals, despite the elevated level...

Posted: Nov 07, 2024

2024 Will Be World’s Hottest Year on Record, EU Scientists Say

Insurance Journal

This year is “virtually certain” to eclipse 2023 as the world’s warmest since records began, the European Union’s Copernicus Climate Change Service (C3S) said on Thursday. The data was released ahead of next week’s U.N....

Posted: Nov 07, 2024

Zurich P&C sees revenue increase as GWP grows 4% in 9M’24

Reinsurance News

Zurich has released its financial results for the first nine months of 2024, reporting a “robust performance” as gross written premiums (GWP) for its P&C segment rose 4% and insurance revenue was up 6% with rate increases of 5% year-on-year. T...

Posted: Nov 07, 2024

Parametrix launches new cyber insurance solution for digital interruption

Reinsurance News

Parametrix has launched “Parametrix Enterprise Solutions”, a new type of parametric cyber insurance that covers the costs associated with digital interruptions. Parametrix, a specialist in parametric cloud downtime cyber insurance and...

Posted: Nov 07, 2024

From Incident to Insight: How Experienced Employers Can Mentor Peers in Injury Reporting

Risk & Insurance

A recent work injury encounter reiterates the need for those in the WC space to share the lessons learned and the problems solved. The post

Posted: Nov 07, 2024

Hamilton reports Q3’24 CoR of 93.6% with an underwriting income of $29.1m

Reinsurance News

Bermuda-domiciled re/insurer Hamilton Insurance Group has reported a slightly increased combined ratio of 93.6%, with an underwriting income of $29.1 million for the third quarter of 2024. The reinsurer reported catastrophe losses (current and pri...

Posted: Nov 07, 2024

CITA Insurance Services and Ascot Insurance Company announce nationwide real estate agents and broke...

Insurance Journal

ORANGE, CA, November 6, 2024 – CITA Insurance Services and Ascot Insurance Company (Ascot) have partnered to deliver a new real estate agents and brokers error & omissions (E&O) program nationwide. This admitted insurance product was designed...

Posted: Nov 07, 2024

Gallagher Re pegs preliminary insured loss estimate for October Spanish floods at €1.5bn – €2.5bn

Reinsurance News

Preliminary estimates from global reinsurance broker Gallagher Re have placed the potential public and private insured losses from October’s Spanish floods between €1.5 billion and €2.5 billion ($1.6 billion and $2.7 billion). It’s imp...

Posted: Nov 07, 2024

Cytora & Dataplor collaboration to provide insurers with global location intelligence

Reinsurance News

Digital risk processing platform Cytora has entered into a partnership with data intelligence platform Dataplor, which will enable property insurance underwriters to gain access to a wide range of location data via Cytora’s platform. This integrat...

Posted: Nov 07, 2024

Zurich’s Exposure to Hurricanes Helene, Milton Below $360M as Catastrophe Losses Rise

Insurance Journal

Zurich Insurance Group said on Thursday that its exposure to Hurricanes Helene and Milton, which recently wreaked havoc in the United States, would be less than $360 million, as insurers face increasing losses from natural catastrophes. Analysts expe...

Posted: Nov 07, 2024