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Aon reported net income attributable to shareholders of $524 million during the second quarter, a 6% decrease from $560 million in Q2 2023. Adjusted net income attributable to Aon shareholders increased 9% during Q2 2024 to $624 million, compared to...
Posted: Jul 26, 2024
A massive wildfire in Northern California has destroyed an undetermined number of buildings and is threatening thousands or properties, prompting thousands of evacuations orders, as it continued to rage on Friday morning. The Park fire, which became...
Posted: Jul 26, 2024
While property reinsurance renewals experienced modest price declines at the mid-year renewals, casualty classes saw the greatest renewal premium increases, which could keep advancing, broker Gallagher has observed. Talking about the reinsurance m...
Posted: Jul 26, 2024
The latest people news in the industry today. The post Toby Smith Joins Mosaic Insurance as Americas CEO appeared first on
Posted: Jul 26, 2024
MAPFRE RE, the reinsurance arm of Madrid-headquartered insurer MAPFRE, has reported that premiums, which include the reinsurance and global risks businesses, increased by 5.5%, reaching over €4.3 billion, in the first half of 2024. Of the €4.3 bil...
Posted: Jul 26, 2024
Major freight railroads are rushing railcar inspections, reinforcing known safety concerns raised by unions for years, but at a House hearing Tuesday they’ll present new evidence from federal inspectors that railcar checks are routinely less th...
Posted: Jul 26, 2024
As the U.S. homeowner’s insurance segment experiences its worst underwriting results since at least 2000, rating agency AM Best has cited the continued shift in population towards catastrophe prone regions of the US, as being a key driver to...
Posted: Jul 26, 2024
NEW ORLEANS (AP) — Proponents of a nearly $3 billion project to restore part of southeast Louisiana’s rapidly vanishing coastline released a study Tuesday touting the expected economic benefits of its construction, even as the project faces pus...
Posted: Jul 26, 2024
Private Client Select Insurance Services LLC (PCS), an independent Managing General Underwriter mainly owned by American International Group, Inc. (AIG) and Stone Point Capital LLC, has revealed a new partnership with Ryan Specialty. In this partn...
Posted: Jul 26, 2024
A police investigation into the crash and explosion that killed two people in a high-powered luxury car at a Niagara Falls border crossing last year has concluded with the crash’s cause still a mystery, authorities said. The probe into the R...
Posted: Jul 26, 2024
A manufacturing flaw led to a turbine blade failure at the Vineyard Wind offshore project off the coast of Massachusetts this month, the part’s producer, GE Vernova, said on Wednesday. The turbine blade broke on July 13 and left potentially ...
Posted: Jul 26, 2024
Property and casualty (P&C) insurer The Hartford has reported a 35% year-on-year increase in net income to $733 million for the second quarter of 2024, driven by a higher underwriting gain in P&C, stronger net investment income, and an imp...
Posted: Jul 26, 2024
Global insurance and reinsurance broking group Aon has reported an 18% year-on-year rise in total revenue to $3.8 billion for the second quarter of 2024, with solid organic revenue growth across the business, including 7% to $635 million in its Re...
Posted: Jul 26, 2024
Cowbell, a provider of cyber insurance for small and medium-sized enterprises (SMEs), has announced the closure of a $60 million Series C equity round, funded by Zurich Insurance Group (Zurich), a global multi-line insurer. With this $60 million i...
Posted: Jul 26, 2024
S&P Global Ratings has raised to ‘AA’ from ‘AA-‘ its long-term issuer credit and insurer financial strength ratings on the entities within the Munich Re group, citing significant improvement in overall profitability and...
Posted: Jul 26, 2024
Ryan Specialty announced the unification of Ryan Financial Lines and the expansion of its product offerings. Ryan Financial Lines’ formation was announced in December 2023. The first phase was implemented in March 2024 with EmergIn Risk rebrand...
Posted: Jul 26, 2024
Alberta Premier Danielle Smith has revealed that potentially 30-50% of buildings have been destroyed in Jasper, Alberta following a series of fast-moving wildfires. Around 25,000 people have reportedly been evacuated from Alberta province, while t...
Posted: Jul 26, 2024
Universal Insurance Holdings has announced a net income of $35.4 million for the second quarter of 2024, an increase of 24% from the prior year quarter, as the company’s combined ratio strengthened by 3.2 percentage points to 95.9%. At the s...
Posted: Jul 26, 2024
Archera, a provider of cloud purchasing and management solutions, has announced it successfully raised $17 million in a Series B investment round accompanied by access to over $100 million in reinsurance capacity. The startup was founded in 2029 a...
Posted: Jul 26, 2024
Arthur J. Gallagher has revealed that its revenue in Q2 of 2024 stood at $2.73 billion, up from £2.4 billion in Q2 of 2023, driven by strong performance in its brokerage segment. Of this total revenue before reimbursements figure, Gallagher’...
Posted: Jul 26, 2024
Posted: Jul 26, 2024
Posted: Jul 26, 2024
This edition of International People Moves details appointments at Vantage Group Holdings and AXA XL. A summary of these new hires follows here. Vantage Promotes Bellitti as Chief Pricing & Portfolio Actuary, BHSI’s Valzania Named CUO Vanta...
Posted: Jul 26, 2024
Fitch Ratings, a global credit ratings agency, has appointed Harish Gohil as the new Global Group Head of Insurance, effective August 1. Gohil will be based in Fitch’s London office and will report to Marjan van der Weijden, the company’s Gl...
Posted: Jul 26, 2024
A bill (SB2979) amending Illinois’ Biometric Information and Privacy Act (“BIPA”), passed by both houses of the legislature on May 16 and now on Governor Pritzker’s desk, effectively overturns a recent Illinois Supreme Court r...
Posted: Jul 26, 2024
A bill (SB2979) amending Illinois’ Biometric Information and Privacy Act (“BIPA”), passed by both houses of the legislature on May 16 and now on Governor Pritzker’s desk, effectively overturns a recent Illinois Supreme Court r...
Posted: Jul 26, 2024
With almost €5.0 billion in Restricted Tier 1 (RT1) instruments issued so far this year, analysts at Morningstar DBRS are anticipating for the market to surpass its previous record of approximately €5.4 billion in 2021, after two years of muted ac...
Posted: Jul 26, 2024
McKINNEY, Texas (AP) — At the start of every work day, construction worker Charles Smith puts on the essentials: hard hat. Safety glasses. A reflective vest. And a small, watch-like band for his wrist. But rather than track time, its …
Posted: Jul 26, 2024
Typhoon Gaemi lashed towns on China’s coastal Fujian province on Friday with heavy rains and strong winds as the most powerful storm to hit the country this year began its widely watched trek into the populous interior. The storm, which …
Posted: Jul 26, 2024
The Microinsurance Network (MiN), a Luxembourg-based non-profit association, has announced the appointment of inclusive finance expert Matthew Genazzini as its new Executive Director, effective October 1, 2024. With 18 years of experience, 15 of w...
Posted: Jul 26, 2024
The insurance sector has reportedly called on the EU to use the “golden opportunity” offered by the review of Solvency II to unlock additional capital. Insurance Europe, in a recent statement, said that by increasing insurers’ investme...
Posted: Jul 26, 2024
ST. PAUL, Minn. (AP) — A former adjunct professor on Monday settled a federal religious discrimination lawsuit against a private Minnesota school after she was pushed out for showing a depiction of the Prophet Muhammad in class. Details of the …...
Posted: Jul 26, 2024
ST. PAUL, Minn. (AP) — A former adjunct professor on Monday settled a federal religious discrimination lawsuit against a private Minnesota school after she was pushed out for showing a depiction of the Prophet Muhammad in class. Details of the …...
Posted: Jul 26, 2024
A raging wildfire has devastated the western Canadian tourist town of Jasper, potentially destroying up to 50% of structures, and firefighters were trying Thursday to save as many buildings as possible, authorities said. Jasper is in the middle of mo...
Posted: Jul 26, 2024
Executives of two property/casualty insurance organizations—Kinsale Insurance and the U.S. P/C operations of Arch Capital—shared their recipes for success with an analyst who crowned their companies as performance leaders during a recent industry web...
Posted: Jul 26, 2024
Julie Haase has been named executive vice president and chief financial officer of Liberty Mutual Insurance, effective Jan. 1, 2025. Haase is currently executive vice president, executive managing director and chief operating officer of Liberty Mutua...
Posted: Jul 26, 2024
The U.S. Federal Trade Commission has launched a study of products that could allow companies to set different prices for consumers based on their locations, past purchases, and other personal data. The agency said on Tuesday it had ordered Mastercar...
Posted: Jul 26, 2024
Yemen’s Houthi militants have attacked more merchant ships hauling Russian commodities than products from anywhere else in the world, highlighting the limits of safe-passage assurances that the rebels gave Moscow earlier this year. Back in Janu...
Posted: Jul 26, 2024
Pennsylvania National Mutual Casualty Insurance Co. cannot escape the long tail of asbestos, and must cover part of the litigation losses for an asbestos installation company that went out of business more than 30 years ago, the South Carolina Suprem...
Posted: Jul 26, 2024
ZestyAI, a provider of AI-driven climate and property risk analytics solutions, has received approval for use in rating and underwriting from the Texas Department of Insurance for its complete suite of Severe Convective Storm products. These inclu...
Posted: Jul 26, 2024
William & Mary has received a $100 million donation that aims to help the world’s coastal communities adapt to changing temperatures, rising seas and more intense storms, the university announced Wednesday. The gift from Virginia philanthro...
Posted: Jul 26, 2024
ZestyAI, a provider of climate and property risk analytics solutions powered by artificial intelligence (AI), announced it has received approval for use in rating and underwriting from the Texas Department of Insurance for its complete suite of Sever...
Posted: Jul 26, 2024