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Home security firm ADT Inc said on Monday an unauthorized actor had illegally accessed its network using credentials obtained through a third-party business partner. Shares of the company fell 1.8% after the bell. Monday’s incident comes just m...
Posted: Oct 09, 2024
According to new research from Marsh McLennan, a professional services firm focused on risk, strategy, and people management, the primary concerns for UK businesses over the next 12 months are economic and financial challenges (43%), cyber threats...
Posted: Oct 09, 2024
Munich Re has put its high-net worth managing general agent, GrovesJohnWestrup Private Clients. “A recent strategic review of our businesses led to the difficult decision that GrovesJohnWestrup Private Clients closed for business on 2 October 2...
Posted: Oct 09, 2024
Findings from a year-long collaboration between Beazley, Munich Re, and Gallagher Re indicate that the cyber insurance market can withstand a plausible yet remote malware event under current parameters. This information was released in a whitepape...
Posted: Oct 09, 2024
Investors in catastrophe bonds are girding themselves for substantial losses as the combined destructive force of Hurricanes Helene and Milton looks set to trigger payment clauses on a scale not seen in years. Two weeks after Helene unleashed severe...
Posted: Oct 09, 2024
AEGIS London-led Lloyd’s consortium has launched a $25 million insurance product to cover the rescue of miners trapped underground, doubling its available cover from $10 million. The AEGIS Miner Rescue Consortium, is predominantly for hard rock an...
Posted: Oct 09, 2024
Hurricane Milton could result in a $60 billion loss for the global insurance industry, creating a surge in 2025 reinsurance prices which could boost some insurance companies’ shares, analysts at RBC Capital said. The Category 5 hurricane is due...
Posted: Oct 09, 2024
Hurricane Milton could result in a $60 billion loss for the global insurance industry, creating a surge in 2025 reinsurance prices which could boost some insurance companies’ shares, analysts at RBC Capital said. The Category 5 hurricane is due...
Posted: Oct 09, 2024
Hurricane Milton could result in a $60 billion loss for the global insurance industry, creating a surge in 2025 reinsurance prices which could boost some insurance companies’ shares, analysts at RBC Capital said. The Category 5 hurricane is due...
Posted: Oct 09, 2024
Markel, the insurance division of Markel Group Inc., has appointed Jack Eastwood as Senior Underwriter, Cyber, effective immediately. Eastwood will be based at Markel’s London office and report directly to Dan Fox, Head of Cyber for Markel. As a s...
Posted: Oct 09, 2024
Optio Group, a specialty Managing General Agent (MGA), has acquired a strategic investment in Italian MGA Heca S.r.l. (Heca) for an undisclosed amount. This move aligns with Optio’s strategy to expand across Europe and reflects its confidence in H...
Posted: Oct 09, 2024
Optio Group, the London-based specialty managing general agent, announced it has acquired a strategic investment in the Italian MGA, Heca S.r.l., for an undisclosed sum. Founded in 2010 in Ortona, the province of Chieti in Abbruzzo, Heca has rapidly...
Posted: Oct 09, 2024
Insurance technology provider Socotra has appointed Greg Murphy as Head of Global Partnerships, to develop and expand strategic alliances with technology providers and system integrators. Murphy is a market veteran with three decades of experience...
Posted: Oct 09, 2024
Lloyd’s has released a report noting that a hypothetical geopolitical conflict could disrupt global trade and supply chains, potentially leading to $14.5 trillion in losses for the global economy over a five-year period. Produced in partners...
Posted: Oct 09, 2024
Global insurance broker WTW has partnered with the University of Colorado Boulder (CU Boulder) to bring scientific advancements in seasonal climate prediction to the insurance and risk management sectors. This collaboration will help WTW and its c...
Posted: Oct 09, 2024
Separate data analysis from CoreLogic and Moody’s has revealed that 500,000 single-family and multifamily homes in Florida’s Tampa Bay and Sarasota areas, with a reconstruction cost value of $123 billion, are at risk of storm surge fro...
Posted: Oct 09, 2024
This edition of International People Moves details appointments at Arch International Insurance and Aon. A summary of these new hires follows here. Arch Insurance International Promotes Brooks to Head of Fine Art & Specie Arch Insurance Internati...
Posted: Oct 09, 2024
Posted: Oct 09, 2024
Posted: Oct 09, 2024
Posted: Oct 09, 2024
According to the Extreme Event Solutions group at Verisk, industry-insured losses due to wind, storm surge, and hurricane precipitation-induced flood from Hurricane Helene will range between $6 billion and $11 billion, excluding the National Flood...
Posted: Oct 09, 2024
While too early to pinpoint an accurate insurance loss range, BMS Group’s Senior Meteorologist Andrew Siffert has noted it is safe to say that Hurricane Milton will likely be at least a $20 billion insurance market event. Hurricane Milton re...
Posted: Oct 09, 2024
Price Forbes Re, an independent specialist risk strategy and reinsurance broker, has appointed Brian Cole as Executive Vice President (EVP), Head of Financial Lines, based in Boston. The appointment aligns with the firm’s efforts to build its offe...
Posted: Oct 09, 2024
Experts Predict Impacts of $20-2...
Posted: Oct 09, 2024
Intersys, the UK-based provider of cyber risk management solutions, announced its expansion in the UK insurance market with the opening of an office in Leadenhall Market in London. Intersys’ London office will serve as a hub for delivering cutt...
Posted: Oct 09, 2024
Less than a month after Amazon announced employees would need to give up their flexible work arrangements and return to the office full-time, new research has reinforced the value of a flexible work culture. The 2024 Employee Benefits Review, by R...
Posted: Oct 09, 2024
Moody’s Ratings has upgraded Swiss Re Corporate Solutions Brasil Seguros’ (SRCSB) financial strength rating (IFSR) to Baa2 from Baa3 and changed its rating outlook to stable from positive. This rating action follows Moody’s upgrade of the Governme...
Posted: Oct 09, 2024
Threats to the UK from Russia and Iran and the danger posed by the Islamic State group have increased in recent months, according to the head of Britain’s domestic spy agency. Ken McCallum, the director-general of MI5, said the security …
Posted: Oct 09, 2024
Executive Summary: Insurers and reinsurers are responding to heightened risks of civil unrest with better calculations of their probable maximum losses, careful risk pricing, clear contractual wordings, and by using new modeling tools to help grasp t...
Posted: Oct 09, 2024
The world is choking from emissions more than ever, but that trend is set to reverse starting next year as the cost of solar panels and batteries crowd out coal and stunt the growth of oil, a new report says. …
Posted: Oct 09, 2024
Being unlicensed as a contractor in Florida does not necessarily void a storm-remediation contract, a Florida appeals court said in a decision that could affect insurance defense strategy in hurricane claims. “This shows that it’s really...
Posted: Oct 09, 2024
The U.S. Environmental Protection Agency got a settlement from Gardena, California-based U.S. Jaclean Inc. over claims of illegal distribution or sale of unregistered and misbranded disinfectants and other pesticide products. The sale and distributio...
Posted: Oct 09, 2024
The U.S. Environmental Protection Agency got a settlement from Gardena, California-based U.S. Jaclean Inc. over claims of illegal distribution or sale of unregistered and misbranded disinfectants and other pesticide products. The sale and distributio...
Posted: Oct 09, 2024
The U.S. Environmental Protection Agency got a settlement from Gardena, California-based U.S. Jaclean Inc. over claims of illegal distribution or sale of unregistered and misbranded disinfectants and other pesticide products. The sale and distributio...
Posted: Oct 09, 2024
Joseph Sumberg, a former managing director at Goldman Sachs Group Inc. who now works for billionaire climate investor Tom Steyer, says commercial real estate deals will increasingly need to price in rising insurance costs, as hurricane seasons get mo...
Posted: Oct 09, 2024
California workers’ compensation written premium in 2023 was slightly above 2022, while written premium for the first six months of 2024 is 2% lower than the first six months of 2023, a new report shows. The Workers’ Compensation Insuranc...
Posted: Oct 09, 2024
Citigroup Inc. said US banks will be forced into a “dramatic shift” in how electronic payments are processed if New York state wins a lawsuit claiming the company doesn’t do enough to prevent online fraud. Lawyers for the company...
Posted: Oct 09, 2024
Cal/OSHA cited a farm labor contractor in Dixon for reportedly failing to protect its employees from heat illness. The inspection was opened in June after reports the employer allegedly fired farmworkers who left their work shifts early during a heat...
Posted: Oct 09, 2024
Global program manager Accredited Insurance has appointed Neil McConachie as Chief Risk and Capital Officer. McConachie is an experienced insurance executive, having previously served as Group CFO of Fidelis Insurance and Group President of Lancas...
Posted: Oct 09, 2024
Shareholders in Taiwan financial conglomerate Shin Kong on Wednesday voted to approve a merger with peer Taishin. Shin Kong’s management has repeatedly said they viewed Taishin as their preferred bidder. Another Taiwanese financial conglomerate...
Posted: Oct 08, 2024
Shin Kong Financial Holding Co. secured shareholder approval for its merger with Taishin Financial Holding Co., creating the fourth-biggest financial conglomerate in Taiwan. The results were announced Wednesday after both companies held extraordinary...
Posted: Oct 08, 2024
Posted: Oct 08, 2024
For the seventh year in a row, the Big “I" and J.D. Power teamed up to measure property & casualty independent insurance agent perceptions of their carriers.
Posted: Oct 08, 2024
The business insurance distributor for innovative and high-growth companies partners with BriteCore to enhance scalability and streamline operations.
Posted: Oct 08, 2024
QMT leverages a high performance knowledge graph model-based approach to transform the way insurance carriers tackle quality assurance.
Posted: Oct 08, 2024
Posted: Oct 08, 2024
Erich Bublitz, the head of excess and surplus for AmTrust shares the latest happenings in E&S, property and the talent gap. The post 7 Questions Ab...
Posted: Oct 08, 2024
Posted: Oct 08, 2024