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White Mountains Insurance Group has released its Q2 2024 results, revealing that gross written premiums within its Ark/WM Outrigger segment rose to $697 million, up from $606 million in the same period of 2023. Meanwhile, Ark/WM Outrigger’s...
Posted: Aug 07, 2024
A small tornado took Buffalo by surprise Monday, damaging buildings, flipping cars and sending debris swirling over downtown. A spiraling column was caught on multiple videos shortly before 1 p.m. One video showed the cell appearing to move from Lake...
Posted: Aug 07, 2024
Debby, downgraded to a tropical storm Tuesday, is expected to bring as much as 25 inches of rain and more flooding to parts of the Carolinas this week, exacerbating uninsured flood damage but keeping wind losses within limits. Moody’s, a …...
Posted: Aug 07, 2024
Super-regional P&C insurance holding company, Heritage Insurance Holdings, Inc., has reported a year-on-year improvement in its second second quarter 2024 combined ratio to 92.5% from 95.1%, as net income more than doubled in the period. The f...
Posted: Aug 07, 2024
The world’s oldest insurance and reinsurance marketplace, Lloyd’s, has had its financial strength rating (FSR) upgraded to A+ (superior) from A (excellent) by AM Best, as Chief Financial Officer (CFO) Burkhard Keese confirms the early...
Posted: Aug 07, 2024
Independent insurance broker Lockton has appointed Tim Ryan to oversee the firm’s largest region as U.S. President, effective immediately. In his new role, Ryan will use his deep knowledge and expertise to drive growth, develop strategy, set prior...
Posted: Aug 07, 2024
The Baldwin Group has announced that total revenue climbed 14% year-over-year to $339.8 million in the second quarter of 2024, compared to $297.1 million from the second quarter of 2023. At the same time, the company also posted organic revenue gr...
Posted: Aug 07, 2024
The Department of Energy on Tuesday announced $2.2 billion in funding for eight projects across 18 states to strengthen the electrical grid against increasing extreme weather, advance the transition to cleaner electricity and meet a growing demand fo...
Posted: Aug 07, 2024
Whitespace, a Verisk company and fully digital e-trading platform, has launched a new contract data library and enhanced contract builder functionality. The upgraded functionality significantly improves Whitespace’s user interface, enabling users...
Posted: Aug 07, 2024
Global insurance and reinsurance broking group Aon has appointed Ollie Barcock as the new Leader of Aviation Reinsurance for Global ReSpecialty, effective immediately. Barcock will be based in London and report to Richard Wheeler, co-leader of Glo...
Posted: Aug 07, 2024
Legal & General reports a “stable operating performance” in the first half of 2024, with core operating profit of £849 million slightly ahead of the £844 million reported in the same period the year prior. Profit after tax stood at £223 millio...
Posted: Aug 07, 2024
The insurance industry is at a pivotal moment in embracing generative AI. According to the ISG Pulse Check State of the European Insurance Industry 2024, insurance firms are actively engaged in generative AI transformations and currently comprise nea...
Posted: Aug 07, 2024
Microsoft Corp. said Delta Air Lines Inc. turned down repeated offers for assistance following last month’s catastrophic system outage, echoing claims by CrowdStrike Holdings Inc. in an increasingly contentious conflict between the carrier and...
Posted: Aug 07, 2024
Global insurance intermediary group Howden has strategically partnered with Ultimate Risk Solutions (URS) to utilise their advanced risk-management suite, encompassing economic and regulatory capital management, asset modelling, enterprise risk ma...
Posted: Aug 07, 2024
One child was killed and another was injured after a wind gust blew a bounce house into the air at a baseball game in Maryland last Friday night, local officials said. Local emergency personnel received a call in Waldorf, Maryland, …
Posted: Aug 07, 2024
Aon has renewed its academic partnership with Columbia University until 2027 to include research on the correlation of climate risk across various perils and regions. This renewal follows a successful first phase, where Columbia’s latest pee...
Posted: Aug 07, 2024
Net zero target initiatives are driving increased interest in ESG, which, combined with the democratisation of the private market space in general, is leading to broader transparency efforts in the private credit segment, according to Jon Napoli,...
Posted: Aug 07, 2024
Pine Walk Capital Ltd., the specialist managing general agency platform and wholly owned subsidiary of The Fidelis Partnership (TFP), announced the launch of Novagen, a renewables MGA. Novagen will focus on underwriting the full spectrum of renewable...
Posted: Aug 07, 2024
Greenlight Capital Re, Ltd. has reported a dip in its combined ratio to 99.8% for the second quarter of 2024 compared to 96.2% a year earlier, as underwriting income decreased by $5.1 million year-on-year amid elevated losses from severe convectiv...
Posted: Aug 07, 2024
Independent London market wholesale insurance broker, Evolin Broking Limited, has launched its casualty division with a number of senior hires. Firstly, the organisation has appointed Kalani Settle-Rhodes as head of casualty, where she will be bas...
Posted: Aug 07, 2024
Pine Walk Capital Limited, the specialist MGA platform and a wholly owned subsidiary of The Fidelis Partnership, has launched Novagen, a new renewables MGA. The new MGA will reportedly focus on underwriting the full spectrum of renewable technolog...
Posted: Aug 07, 2024
As of August 5th, 2024, residual market insurer the Texas Windstorm Insurance Association (TWIA) had received over 27,000 claims for Hurricane Beryl and has made payment on more than 10,000 claims at a cost of roughly $120 million. Hurricane Beryl...
Posted: Aug 07, 2024
China Evergrande Group’s liquidators have launched court proceedings against PricewaterhouseCoopers LLP, another legal step to recover at least a fraction of creditors’ investments from the property giant. Lawyers of liquidators have star...
Posted: Aug 07, 2024
This post is part of a series sponsored by Dyad. In the insurance industry, managing general agents (MGAs), managing general underwriters (MGUs), and program administrators (PAs) fill a critical role in facilitating the distribution and administratio...
Posted: Aug 07, 2024
According to a new report from Swiss Re, global insured losses from natural catastrophes have reached $60 billion in H1 of 2024, with severe thunderstorms, mainly in the US, accounting for 70% of the total figure. At $60 billion, global insured lo...
Posted: Aug 07, 2024
IGI has revealed that net income for Q2 of 2024 was $32.8 million, down from $40.5 million in the same quarter of 2023, while its combined ratio was 81.2%, up from 73.5% in the same period last year. According to the firm, its net income was large...
Posted: Aug 07, 2024
Bermuda-domiciled global re/insurer Everest Group, Ltd., has announced the appointment of veteran Bill Hazelton as Executive Vice President of Everest Insurance® & President of North America Insurance. Hazelton will be taking over the role fro...
Posted: Aug 07, 2024
Phinsys, the finance automation software provider for the re/insurance industry, has opened a regional office in Dubai, marking its entry into the Middle East. The strategic expansion aims to tap into the market with an increasing number of insure...
Posted: Aug 07, 2024
Hiscox Re & ILS, the Group’s reinsurance businesses in London and Bermuda and insurance-linked securities (ILS) activity, produced a strong and improved combined ratio of 73.8% for the first half of 2024, while net premiums written in th...
Posted: Aug 07, 2024
Arch Insurance North America, part of Arch Capital Group Ltd., has announced its acquisition of Allianz’s U.S. MidCorp and Entertainment insurance businesses. This deal follows Arch Insurance obtaining regulatory approval on 25th July. Almost 500...
Posted: Aug 07, 2024
Posted: Aug 07, 2024
Posted: Aug 07, 2024
Bowhead Specialty, a provider of casualty and professional liability products, has announced its financial results for the second quarter of 2024, reporting a net income of $5.5 million and a 50.4% increase in gross written premiums (GWP). The fir...
Posted: Aug 07, 2024
Norwegian salmon farmers face challenges from an unusually harsh winter and the El Nino climate phenomenon which led to record fish mortality and concerns over long-term forecasts ahead of a warmer summer. El Nino — a climate pattern raising temperat...
Posted: Aug 07, 2024
Jargon often gets in the way of clearly understanding the climate challenge. While some technical terms such as “net zero” are useful and continue to gain wider acceptance, others aren’t so helpful. Take the phrase “hard to ab...
Posted: Aug 07, 2024
Ryan Specialty, an international specialty insurance company, has entered into a new exclusive partnership with MagMutual, the mutual insurer of physicians and hospitals in the US. This collaboration will be managed through Sapphire Blue, known fo...
Posted: Aug 07, 2024
Fidelidade, an insurer controlled by Shanghai-based Fosun International Ltd., is weighing the sale and leaseback of a building in Lisbon that it plans to use as its new headquarters. The company will give up its current base near Lisbon’s Chiad...
Posted: Aug 07, 2024
The Florida Office of Insurance Regulation said it is reminding property insurers in the state to file Hurricane Debby claims data Thursday and Friday this week. Insurers should use the Simplified 2024 Catastrophe Reporting Form through the Insurance...
Posted: Aug 07, 2024
They have combed the ashes for mementos, worried about where they would sleep, questioned their faith and tried to find a way to grieve amid the great, unsettling devastation. Residents have faced a year of challenges, practical and emotional, since...
Posted: Aug 07, 2024
Janover Inc., a provider of AI-powered solutions for commercial real estate transactions, has recently shared an update on its insurtech subsidiary, Janover Insurance Group. Launched in March 2024, Janover Insurance achieved profitability by May 2...
Posted: Aug 07, 2024
Summers in New York City are difficult for Anthony Gay and his family. A small, portable air conditioner in his bedroom is the only relief they have from soaring temperatures in their Brooklyn rental. “The rest of the apartment is …
Posted: Aug 07, 2024
Summers in New York City are difficult for Anthony Gay and his family. A small, portable air conditioner in his bedroom is the only relief they have from soaring temperatures in their Brooklyn rental. “The rest of the apartment is …
Posted: Aug 07, 2024
New Jersey officials are defending proposed building rules designed to limit damage from future storms and steadily rising seas in coastal areas, countering criticism that the state aims to force people away from the Jersey Shore by making it harder...
Posted: Aug 07, 2024
Vermont is flooding. Not just yesterday, two weeks ago and a year before that, but experts say the state could see catastrophic events like these for the foreseeable future. Climate change is fueling stronger, more persistent storms and the stateR...
Posted: Aug 07, 2024
Elon Musk’s social media platform X on Tuesday sued a global advertising alliance and several major companies, including Mars and CVS Health, accusing them of unlawfully conspiring to boycott the site and causing it to lose revenue. X filed the...
Posted: Aug 07, 2024
Crest Insurance Group has acquired Scottsdale, Arizona-based Provost Associates. Provosts specializes in the hospitality industry, serving more than 200 high-end hotel properties and 900 golf properties. Crest is an insurance brokerage firm headquart...
Posted: Aug 07, 2024
The Department of Labor said it has obtained a federal court order that requires two New Jersey construction companies and their owners and managers to pay $600,000 in back wages and liquidated damages to 131 former employees after a federal …
Posted: Aug 07, 2024
Environmental groups filed a lawsuit against Suncor Energy on Tuesday, alleging that pollution from the company’s Commerce City refinery in Colorado has resulted in long-lasting harm to surrounding communities. The lawsuit was filed by Earthjus...
Posted: Aug 07, 2024