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How a US judge Injected Culture Wars Into Boeing 737 MAX Plea Deal

Insurance Journal

A Texas federal judge with a record of ruling in favor of conservative causes injected uncertainty into Boeing’s agreement to plead guilty over two fatal 737 MAX plane crashes, seizing upon a single sentence in the deal about the U.S. …

Posted: Oct 24, 2024

Oka unveils lineslip to bring insurance capacity to global carbon markets

Reinsurance News

Oka, The Carbon Insurance Company (Oka) has introduced a lineslip for its innovative Article 6 insurance solution, Corresponding Adjustment Protect. Corresponding Adjustment Protect is the first-ever policy designed to protect voluntary carbon cre...

Posted: Oct 24, 2024

Iranian Hacker Group Focuses on US Election Websites, Media, Microsoft says

Insurance Journal

An Iranian hacking group is actively scouting U.S. election-related websites and American media outlets as election day nears, according to a Microsoft blog published on Wednesday. Researchers say the activity suggests “preparations for more di...

Posted: Oct 24, 2024

FM Global to support client investment in climate resilience with third ‘Resilience Credit’

Reinsurance News

Commercial property insurer FM has announced the allocation of approximately a $400 million ‘Resilience Credit’ to support client investment in climate resilience. With this third resilience credit, FM will have allocated more than $1 billio...

Posted: Oct 24, 2024

BCG reveals 74% of companies face challenges in unlocking AI value

Reinsurance News

Boston Consulting Group (BCG), a global management consulting firm, has released new research revealing that after years of investing in artificial intelligence (AI), CEOs are increasingly focused on achieving tangible returns from these technolog...

Posted: Oct 24, 2024

QBE partners with ERM to enhance its risk engineering capabilities in Asia

Reinsurance News

Global insurer QBE has partnered with Eos Rhea Metis (ERM) to enhance its risk engineering services for corporate clients in Taiwan and across Asia. This partnership reflects QBE’s commitment to providing advanced risk management solutions,...

Posted: Oct 24, 2024

THE PANDEMIC’S SHADOW

Rough Notes

Has success in rebuffing COVID claims reduced the scope of income coverage? Since 2020, courts have changed their tune. Why? We all know why: the COVID-19 pandemic. By Joseph S. Harrington, CPCU Attorney Richard P. Lewis of the law firm Reed Smith is...

Posted: Oct 24, 2024

Former Ga. Insurance Commissioner, Now in Prison, Surrenders Law License

Insurance Journal

ATLANTA (AP) — Former Georgia Insurance Commissioner John Oxendine, now in federal prison, has surrendered his law license after pleading guilty to conspiracy to commit health care fraud. The Georgia Supreme Court, in a brief decision on Tuesday, acc...

Posted: Oct 24, 2024

CRC Group expands team with three new hires across US

Reinsurance News

CRC Group, a wholesale specialty insurance distributor in North America, has announced the hire of three new professionals: Cory Gibson, to be based in Florida; Clark Miller, based in Texas; and Andrew Perez, who will be based in Colorado. Gibson...

Posted: Oct 24, 2024

Grieving Families Say Georgia Island Dock Collapse Tragedy Was Preventable

Insurance Journal

JACKSONVILLE, Fla. (AP) — Regina Brinson heard a crack before the metal walkway gave way beneath her feet, plunging her into the water beneath the state-operated ferry dock on Georgia’s Sapelo Island. As strong currents swept her and others who...

Posted: Oct 24, 2024

Marsh: US Commercial Insurance Rates Up 3% on Hikes in Casualty

Insurance Journal

Commercial insurance rates during the third quarter in the U.S. increased 3%, with casualty rates up 10%. According to Marsh’s Global Insurance Market Index — which noted the first decline in global commercial rates since the third quarter 2017...

Posted: Oct 24, 2024

Milton Ravaged One of the Most Popular Areas for Snowbirds on Florida’s Gulf Coast

Insurance Journal

BRADENTON BEACH, Fla. (AP) — The start of “snowbird” season in Florida is only weeks away, but many Florida Gulf Coast beaches, regularly voted some of the best in the United States, are closed to the public because of the …

Posted: Oct 24, 2024

The German re/insurance market has seen a shift towards using TPAs as strategic partners: Pro Global

Reinsurance News

During a recent interview with Reinsurance News, Stilianos Kalaitzidis, Head of Business Development, Pro Global Germany, discussed how the role of Third Party Administrators (TPAs) has evolved as a maturing model within the German-speaking reinsu...

Posted: Oct 24, 2024

Global Commercial Insurance Rates See 1st Quarterly Decline in Seven Years: Marsh

Carrier Management

Global Commercial Insurance Rates See 1st Quarterly Decline in Seven Years: Marsh Global commercial insurance ra...

Posted: Oct 24, 2024

Record-Breaking Temperatures Mask a Subtler Threat: Chronic Heat

Carrier Management

Record-Breaking Temperatures Mask a Subtler Threat: Chronic Heat Phoenix has become a...

Posted: Oct 24, 2024

SEC Accuses Four Firms of Downplaying SolarWinds-Related Hacks

Carrier Management

SEC Accuses Four Firms of Downplaying SolarWinds-Related Hacks Four hacked companies will pay a t...

Posted: Oct 24, 2024

Gas Leak Kills 2 in Home Previously Busted for Illegal Marijuana Operation

Insurance Journal

Two people died and two others were treated for carbon monoxide poisoning at a Freedom, Maine home previously busted for an illegal marijuana grow operation, officials said Tuesday. Freedom Fire Chief Jim Waterman said his agency was alerted to a &#8...

Posted: Oct 24, 2024

U.S. Gains $100M Settlement With Owner, Operator of Ship That Wrecked Key Bridge

Insurance Journal

The Singaporean corporations that owned and operated the cargo ship Dali have agreed to pay $101,980,000 to resolve a civil claim brought by the United States for costs related to the response to the catastrophic collapse of Baltimore’s Francis...

Posted: Oct 24, 2024

RGA extends coinsurance contract by KRW 150bn with Tongyang Life Insurance

Reinsurance News

Reinsurance Group of America (RGA) and Tongyang Life Insurance Company have agreed to increase coverage of an existing 200 billion Korean Won (KRW) coinsurance contract, originally executed in June 2024. Under the new arrangement, coverage is expa...

Posted: Oct 24, 2024

Former Propane Worker Charged in Virginia House Blast That Killed Firefighter

Insurance Journal

A former employee of a propane supplier has been charged in the death of a volunteer firefighter who died while responding to a house explosion in Sterling, Virginia in February, officials said this week. Roger Bentley was indicted Monday on …

Posted: Oct 24, 2024

Donegal Group’s CoR reaches 96.4% in Q3, insurance subsidiaries see $6m net loss from Helene 

Reinsurance News

US primary holding company Donegal Group has announced its financial results for the third quarter of 2024, reporting a net income of $16.8 million, compared to net loss of $0.8 million from the prior year quarter. At the same time, Donegal posted...

Posted: Oct 24, 2024

AM Best’s outlook on Canada’s P&C segment remains stable despite C$3.1bn cat losses in 2023

Reinsurance News

Global credit ratings agency AM Best is maintaining its stable outlook on Canada’s property & casualty (P&C) industry, amid significant challenges from catastrophic events in 2023 and this year. The rating agency noted that the stabl...

Posted: Oct 24, 2024

Global Commercial Insurance Rates See 1st Quarterly Decline in Seven Years: Marsh

Insurance Journal

Global commercial insurance rates fell 1% in the third quarter of 2024 from the previous quarter, which marked the first time the index has recorded a quarterly decline since the third quarter of 2017, according to the Global Insurance Market …

Posted: Oct 24, 2024

Miller partners with CyberCube to strengthen cyber risk advisory services

Reinsurance News

Miller, an independent specialist insurance and reinsurance broker, has formed a strategic partnership with CyberCube to enhance its ability to provide comprehensive, data-driven cyber exposure advice. Miller will utilise CyberCube’s Broking...

Posted: Oct 24, 2024

HCI subsidiaries assume approximately $200m of in-force premium from Citizens

Reinsurance News

Florida-domiciled insurtech, HCI Group, Inc.’s insurance subsidiaries have successfully assumed over 42,000 policies totalling approximately $200 million of in-force premium from Florida’s state-backed insurance company, Citizens Property Insuranc...

Posted: Oct 24, 2024

Dark Fleet Oil Tanker Caught in Recent Collision Heads to China

Insurance Journal

A dark-fleet oil tanker that was recently involved in a crash in Southeast Asia is now on its way to China. Ceres I, an aging very-large crude carrier that’s suspected of transporting sanctioned oil, is en route to Zhoushan in …

Posted: Oct 24, 2024

Commercial insurance rates decline for first time in seven years during Q3: Marsh

Reinsurance News

Marsh’s Global Insurance Market Index has revealed that commercial insurance rates fell 1% in Q3 of 2024, the first time the index has recorded a quarterly decline since Q3 of 2017. According to Marsh, the insurance broker, risk advisor and...

Posted: Oct 24, 2024

Goosehead’s net income reaches $12.6m in Q3, revenues up 10%

Reinsurance News

Goosehead Insurance, the independent personal lines insurance agency, has released its financial results for the third quarter of 2024, which includes a $12.6 million net income, a notable improvement from the prior year’s $11.3 million. At...

Posted: Oct 24, 2024

Lloyd’s launches new parametric disaster resilience vehicle in partnership with UNCDF and Aon

Reinsurance News

Lloyd’s of London, the specialist insurance and reinsurance marketplace, in collaboration with the United Nations Capital Development Fund (UNCDF), has launched a new disaster resilience vehicle that will provide crucial disaster risk financ...

Posted: Oct 24, 2024

AmCoastal estimates Milton losses of $150-200m, reinstatement protects reinsurance

Reinsurance News

American Coastal Insurance Corporation (ACIC) and its insurance holding company American Coastal Insurance Company (AmCoastal) estimate a gross loss range of $150 to $200 million from Milton. ACIC estimates net current accident quarter catastrophe...

Posted: Oct 24, 2024

Reinsurers to hold firm on T&Cs following back-to-back hurricanes: Moody’s

Reinsurance News

A new report from Moody’s has noted that the large losses incurred from Hurricanes Helene and Milton will provide support for the stabilisation of property catastrophe reinsurance pricing going into the January 2025 renewals. “Earlier...

Posted: Oct 24, 2024

Hymans Robertson adds Mahad Farooqui to risk transfer team

Reinsurance News

Hymans Robertson has further strengthens its risk transfer team with the addition of Mahad Farooqui, an experienced hire who brings a wealth of experience from his time as a consultant at Aon and previously Mercer. Farooqui’s move further bolsters...

Posted: Oct 24, 2024

Brazil to Sign Compensation Deal With Miners Over 2015 Dam Disaster on Friday

Insurance Journal

Brazilian authorities will sign on Friday a long-awaited reparation deal with miners Vale, BHP and Samarco over the 2015 Mariana dam collapse, the country’s presidential office said on Wednesday. The agreement will be signed in a ceremony atten...

Posted: Oct 24, 2024

Oliver Wyman Actuarial expands European P&C services with London office

Reinsurance News

Oliver Wyman Actuarial, a specialist business within the Oliver Wyman Group, has strengthened its property and casualty (P&C) capabilities in Europe by establishing a London-based presence. To lead this expansion, Matthew Facey has joined the...

Posted: Oct 24, 2024

WTW to transform fleet risk management with new facility

Reinsurance News

WTW has launched a new Structured Auto Buffer London Excess (StABLE) facility to transform fleet risk management by providing a risk financing solution through ‘Swing Plan’ structures. “This new offering is an innovative dedicated structured Auto...

Posted: Oct 24, 2024

Ryan Specialty announces key leadership appointments in international underwriting segment

Reinsurance News

Ryan Specialty, an international specialty insurance firm, has announced key leadership appointments within its international underwriting segment, Ryan Specialty Underwriting Managers International (RSUMI). Ben Purkiss has joined as Head of Busin...

Posted: Oct 24, 2024

Mission’s MGA Carrow Insurance to be led by Ronan Conboy

Reinsurance News

Mission Underwriters, which builds MGAs around experienced underwriters, has launched Carrow Insurance (Carrow), set to focus on Warranty, Accident & Health, and Income Protection products in the UK and Europe Under the leadership of Ronan Con...

Posted: Oct 24, 2024

The Future of Long-Term Care Insurance

Insurance Thought Leadership

The Future of Long-Term Care Insurance Life & Health ClareCarroll1

Posted: Oct 24, 2024

New Rules Proposed to Block China, Russia, Iran From Accessing Bulk US Data

Insurance Journal

The U.S. Justice Department on Monday proposed new rules to protect federal government data or Americans’ bulk personal data from getting into the hands of countries like China, Iran and Russia by placing new limits on certain business transact...

Posted: Oct 24, 2024

The Data Behind Rising Homeowners Premiums: By Peril and By State

Insurance Journal

The U.S. home insurance industry has experienced an upward trend in all-peril loss costs over the past seven years, according to a new report released by LexisNexis Risk Solutions. The ninth annual LexisNexis U.S. Home Trends Report found that all-pe...

Posted: Oct 24, 2024

Florida’s Heritage Insurance Reports 5,400 Claims, $57M in Cat Losses From Milton

Insurance Journal

More loss and claims estimates are trickling in from carriers after Hurricane Milton caused widespread wind and flood damage in Florida this month. Tampa-based Heritage Insurance Holdings said in a preliminary statement that about two weeks after Mil...

Posted: Oct 24, 2024

McDonald’s Is Racing to Contain Fallout From E. Coli Outbreak

Insurance Journal

McDonald’s Corp. is trying to contain the fallout from a severe E. coli outbreak that appears to be linked to the slivered onions in its popular Quarter Pounder sandwiches. The US Centers for Disease Control and Prevention on Tuesday announced...

Posted: Oct 24, 2024