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Lemonade Remains in the Red With $68M Loss in Q3

Insurance Journal

Insurtech Lemonade reported a third quarter 20243 net loss of nearly $68 million and a year-to-date loss of $172.2 million. Results were in comparison to a net loss of $61.5 during the same quarter and a loss of $194.5 as …

Posted: Oct 31, 2024

Judge Affirms $16.7K in OSHA Penalties Against New York Roofing Contractor

Insurance Journal

An administrative law judge has ordered a Rochester, New York commercial roofing company to pay $16,782 in penalties for safety violations, after an investigation and litigation by the federal government. The company, Elmer W. Davis Inc., had contest...

Posted: Oct 31, 2024

Navigating 2025: Embracing Change to Build a Resilient Commercial Insurance Future

Risk & Insurance

The use of AI in underwriting, greater global volatility and the ongoing threat of cyber incursions will be key trends in 2025. The post

Posted: Oct 31, 2024

Property cat reinsurance rates to be up 5-10% in US & Europe at Jan 1: Everest CEO Andrade

Reinsurance News

Executives at global insurer and reinsurer Everest Group said today that they expect property catastrophe reinsurance pricing in the US and Europe to be up by as much as 10% heading into the January 1st, 2025, renewals, following the impacts of hu...

Posted: Oct 31, 2024

Trick or Treat? Lawsuit Alleges Some Hershey Candy Wrappers Contain PFAS

Insurance Journal

Just two days before Halloween, The Hershey Co. was hit with a class action lawsuit alleging that the packaging of some of its candies contains unsafe levels of chemicals known as fluorine and/or per- and polyfluoroalkyl substances (PFAS). The suit &...

Posted: Oct 31, 2024

The Hanover’s CoR improves to 95.5% in Q3’24, net income climbs to $102.1m

Reinsurance News

The Hanover Insurance Group has released its financial results for the third quarter of 2024, which includes its combined ratio improving 8.9 points to 95.5%, driven in part by lower catastrophe losses, while net income increased to $102.1 million...

Posted: Oct 31, 2024

TPG’s Exactech Goes Bankrupt After Lawsuits Over Recalled Implant Devices

Insurance Journal

Exactech Inc., a maker of joint-replacement implants owned by TPG Capital, has filed bankruptcy after being accused in more than a thousand lawsuits of making defective hip and knee implants that hurt patients. The Florida-based company sought court...

Posted: Oct 31, 2024

SRG expands equestrian portfolio with Stonehatch acquisition

Reinsurance News

Insurance intermediary Specialist Risk Group (SRG), has acquired Stonehatch, a specialist bloodstock and livestock insurance broker, a move that will complement its existing equestrian portfolio. Stonehatch was founded in 2024 by Chris Williamson,...

Posted: Oct 31, 2024

‘Pivotal’ Q3 Sees Insurtech Root Achieves Net Income Profit for the First Time

Insurance Journal

For the first time in the company’s history, Root Inc. recorded a quarterly net income profit. The Columbus, Ohio-based parent company of Root Insurance founded in 2015 recorded third quarter net income of about $23 million compared to a net &#...

Posted: Oct 31, 2024

THE TOP 5 WAYS TO GET A PROSPECT TO OPEN UP

Rough Notes

Seizing the opportunity to learn pain points and figure out how you can truly help When you actually provide that cure and continue to keep them from falling “ill” again, you are in a great position to have a client for a long time. by Michael Wayne...

Posted: Oct 31, 2024

People Moves: Rivera Appointed CEO of Marsh McLennan LATAM/Caribbean, Brockman Named Chair; HDI Glob...

Insurance Journal

This edition of International People Moves details appointments at Marsh McLennan Latin America and HDI Global. A summary of these new hires follows here. Rivera Appointed CEO of Marsh McLennan LATAM and Caribbean, Brockman Named Chair Insurance brok...

Posted: Oct 31, 2024

Howden launches new cyber insurance solution backed by Mosaic, Chubb and LSM

Reinsurance News

Global insurance intermediary group Howden has launched Howden Safe+, a cyber insurance solution developed in partnership with Safe Security aimed at clients with revenues between $250 million and $2 billion. Backed by Mosaic Insurance, Chubb and...

Posted: Oct 31, 2024

Chubb Continues ‘Record’ Year With 13.8% Jump in Q3 Net Income

Carrier Management

Chubb Continues ‘Record’ Year With 13.8% Jump in Q3 Net Income Chubb reco...

Posted: Oct 31, 2024

Howden Launches Cyber Ins. Solution With Chubb, LSM and Mosaic

Carrier Management

Howden Launches Cyber Ins. Solution With Chubb,...

Posted: Oct 31, 2024

Companies Boost Social and Climate Reporting Amid ESG Backlash

Insurance Journal

Many U.S. companies have stepped up reporting on environmental and social matters in recent years even with sustained pressure from conservative politicians, data reviewed by Reuters shows. The trend shows the importance investors and regulators now...

Posted: Oct 31, 2024

WTW posts $1.67bn net loss in Q3 as revenue hits $2.29bn

Reinsurance News

Global brokerage WTW has posted its financial results for the third quarter of 2024, which includes a net loss of $1.67 billion compared to net income of $139 million in the prior-year third quarter. WTW’s revenue for Q3’24 climbed by...

Posted: Oct 31, 2024

New York Reduces Workers’ Compensation Assessment Rate for 2025

Insurance Journal

New York employers will pay 22% less in the annual assessment to run the state’s workers’ compensation system in 2025. The rate assessed on standard premiums will be 7.1% beginning January 1, 2025, down from 9.2% in 2024. The Hochul &#823...

Posted: Oct 31, 2024

Optio Group expands leadership with appointment of Joanna Eilts as Head of Legal

Reinsurance News

Specialty MGA Optio Group has appointed Joanna Eilts as Head of Legal, a newly established London-based role in which she will report to CFO Mark Mugge, effective immediately. This appointment adds to Optio’s leadership team as it continues...

Posted: Oct 31, 2024

Allstate sees net income and revenue growth despite higher cat losses in Q3’24

Reinsurance News

The Allstate Corporation has reported it was able to generate “excellent” returns in the third quarter of 2024 despite higher catastrophe losses, seeing its net income applicable to common shareholders improve to $1.2bn, compared to a net loss of...

Posted: Oct 31, 2024

Markets/Coverages: Howden Launches Cyber Ins. Solution with Chubb, LSM and Mosaic

Insurance Journal

Howden, the London-based insurance intermediary group, announced the launch of Howden Safe+, a cyber insurance solution aimed at clients with revenues between $250 million and $2 billion. Safe+ simplifies the procurement process by reducing the numbe...

Posted: Oct 31, 2024

Markets/Coverages: Howden Launches Cyber Solution With Chubb, LSM and Mosaic

Insurance Journal

Howden, the London-based insurance intermediary group, announced the launch of Howden Safe+, a cyber insurance solution aimed at clients with revenues between $250 million and $2 billion. Safe+ simplifies the procurement process by reducing the numbe...

Posted: Oct 31, 2024

Insured losses from Spain flooding to be well above €1bn: Morningstar DBRS

Reinsurance News

According to Morningstar DBRS, insured losses from the extreme flooding in eastern and southern regions of Spain are expected to be well above €1 billion, given the significant damage to people, properties, vehicles, and businesses as well as to t...

Posted: Oct 31, 2024

Carlos Rivera named CEO of Marsh McLennan LAC and President of Marsh LAC

Reinsurance News

Marsh McLennan, a global insurance and reinsurance broker, has announced the appointment of Carlos Rivera as CEO, Marsh McLennan Latin America and the Caribbean (LAC) and President, Marsh LAC, effective January 1, 2025. Based in Bogotá, Colombia,...

Posted: Oct 31, 2024

Markel’s operating income up on investments but elevated losses drive reinsurance segment loss

Reinsurance News

Global re/insurer Markel Group Inc. has reported operating income of $1.4 billion and $3.1 billion for the third quarter and first nine months of 2024, respectively, and while overall the firm’s insurance engine performed well in both period...

Posted: Oct 31, 2024

Typhoon Kong-Rey Hits Taiwan as Shanghai Braces for Downpour

Insurance Journal

Typhoon Kong-Rey made landfall in Taiwan packing dangerous winds, with Shanghai bracing for the heaviest November rain burst since 1981 as the large storm tracks toward mainland China. Kong-Rey had maximum sustained winds of 51 meters per second (114...

Posted: Oct 31, 2024

AXIS reports Q3’24 net income of $173m, CoR hits 93%

Reinsurance News

Insurer and reinsurer AXIS Capital has disclosed a Q3 2024 net income available to common shareholders of $173 million, down slightly from $181 million in the same period last year, with a combined ratio of 93.1%. In Q3 2024, pre-tax catastrophe a...

Posted: Oct 31, 2024

Spain Declares Three Days of Mourning as Storms Kill More Than 90

Insurance Journal

Spain declared three days of mourning as heavy rains killed more than 90 people, in what is already one of the country’s worst-ever natural disasters. The local government of Valencia, the coastal region at the epicenter of the disaster, said &...

Posted: Oct 31, 2024

Arch grows reinsurance GPW 29% as group net income hits $978m in Q3’24

Reinsurance News

Arch Capital Group Ltd., the Bermuda-based insurer and reinsurer, has reported premium growth across its insurance and reinsurance segments in the third quarter of 2024, although the underwriting result dipped year-on-year amid elevated losses fro...

Posted: Oct 31, 2024

Everest delivers solid Q3’24 underwriting result as reinsurance GWP rises to $3.3bn

Reinsurance News

Bermuda-based re/insurer Everest Group, Ltd. generated underwriting income of $272 million in the third quarter of 2024, driven by the strong performance of its reinsurance business in spite of elevated catastrophe losses. Everest has reported a s...

Posted: Oct 31, 2024

B.P. Marsh & Partners fund SRT with up to £2.5m, subscribe to 25.5% share

Reinsurance News

B.P. Marsh & Partners, a specialist private equity investor, has acquired a 30% cumulative preferred ordinary shareholding in SRT & Partners Limited, a start-up UK Retail and London Market broker. B.P. Marsh has provided £2.5 million in fu...

Posted: Oct 31, 2024

Scheerer joins ASIC Board as Non-Exec Director

Reinsurance News

AM Specialty Insurance Company (ASIC), a provider of specialised insurance products, has announced the appointment of Joseph M. Scheerer, CEO and Principal of Stonybrook Capital, to its board as a non-executive director. Scheerer brings a wealth o...

Posted: Oct 31, 2024

Macquarie expands offerings with new rent-a-captive insurance solution

Reinsurance News

Macquarie Insurance Facility has expanded its client offerings by introducing a rent-a-captive insurance solution for property and casualty (P&C) risks. This solution enables clients to benefit from Macquarie’s captive insurer status without t...

Posted: Oct 31, 2024

Online Insurer Waterdrop Mulls Secondary Listing in Hong Kong

Insurance Journal

US-listed Waterdrop Inc. is looking at a secondary listing in Hong Kong as it seeks to expand its insurance business in the financial hub, according to Chief Executive Officer Shen Peng. The online insurance broker, which has overhauled its business...

Posted: Oct 31, 2024

Alexandros Ampatzis named Head of Marine for Asia-Pacific at Tokio Marine Kiln

Reinsurance News

Tokio Marine Kiln (TMK), an international insurer specialising in niche insurance and reinsurance, recently announced the appointment of Alexandros Ampatzis as Head of Marine for the Asia-Pacific (APAC) region, effective November 1, 2024. Ampatzis...

Posted: Oct 31, 2024

Huntington Starts Coaching Program for Insurance Marketing, PR, and Ad Pros

Insurance Journal

Ted Huntington, a marketing leader with a track record in the insurance, finance, and energy sectors, announced the launch of his new national coaching enterprise, dedicated to helping insurance marketing, communications, public relations, and advert...

Posted: Oct 31, 2024

People Moves: Huntington Launches Insurance Focused Marketing Program

Insurance Journal

Ted Huntington announced the launch of a new national coaching enterprise, dedicated to helping insurance marketing, communications, public relations, and advertising professionals elevate their careers. Huntington brings decades of experience and a...

Posted: Oct 31, 2024