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The total direct financial loss facing the US Fortune 500 companies, excluding Microsoft, from the CrowdStrike outage on July 19 is $5.4 billion, modeling and insurance services firm Parametrix estimates. The portion of the loss covered under cyber i...
Posted: Jul 24, 2024
A Louisiana businessman who sent more than 800 elderly residents from his seven nursing homes to ride out Hurricane Ida in a crowded, ill-equipped warehouse pleaded no contest to 15 criminal counts Monday and was sentenced to three years of …
Posted: Jul 24, 2024
Global specialty insurer Mosaic Insurance has named Toby Smith as Americas Chief Executive Officer (CEO), effective immediately, based in New York. As part of the firm’s leadership team, Smith will be tasked with spearheading market engageme...
Posted: Jul 24, 2024
Insurance Business Magazine - US
Posted: Jul 24, 2024
JAMESTOWN, N.D. (AP) — Two boys died when the SUV they were in crashed and ended up in a small pond along the side of a highway in North Dakota. The driver and five other children were injured in the …
Posted: Jul 24, 2024
NFP, an Aon company and property and casualty broker, benefits consultant, wealth manager and retirement plan advisor, announced the acquisition of Southern Insurance Agency LLC (SIA), a commercial property and casualty broker located in New Orleans....
Posted: Jul 24, 2024
Global commercial insurance rates remained flat during the second quarter of 2024 (down from a 1% increase in Q1 2024), according to Marsh’s Global Insurance Market Index. The findings mark the first time in nearly seven years – since the ̷...
Posted: Jul 24, 2024
Specialist Risk Group (SRG) has agreed to acquire Trilogy Underwriting, marking the second company to join its underwriting pillar, MX, in 2024. Formed in 2013 and Led by Managing Director Chris Blackwell, Trilogy Underwriting specialises in prope...
Posted: Jul 24, 2024
Floyd County keeps flooding and the federal government keeps coming to the rescue. In July 2022, at least 40 people died and 300 homes were damaged when the eastern Kentucky county flooded. It was the 13th time in 12 years …
Posted: Jul 24, 2024
In 2023, insurance resilience either increased or was stable across the natural catastrophe, crop, health, and mortality perils tracked by Swiss Re’s Resilience Index. According to the firm, this reflected a general focus on the shock-absorb...
Posted: Jul 24, 2024
U.S. Severe Storms Continue to Drive Global Natural Disaster Losses: Gallagher Re U.S. severe conv...
Posted: Jul 24, 2024
Chubb Q2 Net Income Up 24% to $2.2B Chubb said second-quarter net income was u...
Posted: Jul 24, 2024
DAYTONA BEACH, Fla. (AP) — Florida-based Brown & Brown Inc. (BRO), one of the largest U.S. insurance brokerages, this week reported second-quarter net income of $257 million, up from $190 million for the second quarter of last year. On a …
Posted: Jul 24, 2024
DAYTONA BEACH, Fla. (AP) — Florida-based Brown & Brown Inc. (BRO), one of the largest U.S. insurance brokerages, this week reported second-quarter net income of $257 million, up from $190 million for the second quarter of last year. On a …
Posted: Jul 24, 2024
The high costs of natural catastrophes from secondary perils in H1 2024 highlights the burden has shifted from reinsurers to primary insurers, but despite this, losses are still expected to be within each insurer’s budget, according to Berenberg....
Posted: Jul 24, 2024
The Lloyd’s Market Association (LMA) and the International Underwriting Association (IUA) have launched Sustainability Data Standard, a new resource to help standardise the way in which underwriters ask clients about their sustainability data. Wit...
Posted: Jul 24, 2024
According to Insuramore’s global rankings, cyber insurance gross direct premiums written (GDPW) valued at just over USD 15.7 billion in 2023, rising towards more than USD 16 billion if captive insurers are also included too. In a statement,...
Posted: Jul 24, 2024
Optio Group, a specialty Managing General Agent (MGA), has announced the acquisition of Den Hartigh Beheer & Exploitatie B.V., a Netherlands and Brussels-based MGA specialising in B2B insurance solutions. Established in 1916, Den Hartigh offer...
Posted: Jul 24, 2024
Global commercial insurance rates were reportedly flat in Q2 of 2024, down from a 1% increase in Q1, ending the 26 consecutive quarter streak of increasing rates, as per Marsh’s Global Insurance Market Index. According to Marsh, Q2 of 2024 m...
Posted: Jul 24, 2024
The CrowdStrike linked IT global outage is estimated to have an insured loss range of $540 million to $1.08 billion, according to Parametrix, a provider of cloud monitoring, modeling, and insurance services. For those who need a reminder, the outa...
Posted: Jul 24, 2024
The Connect Group, an insurance and reinsurance organisation, has announced the creation of Stability Re, a specialty reinsurer, following the launch of Stability Risk in September 2023. Stability Risk is a London-based Managing General Agent (MGA...
Posted: Jul 24, 2024
Global property and casualty (P&C) insurer Chubb has reported Q2 2024 P&C underwriting income of $1.42 billion with a combined ratio of 86.8%, despite a rise in pre-tax catastrophe losses, net of reinsurance, to $580 million. In the second...
Posted: Jul 24, 2024
Aon has appointed Nick Moore as Chief Executive Officer of Bermuda, where he will lead the firm’s Bermuda Commercial Risk Solutions broking operations and have oversight over the Bermuda-based commercial risk claims team. Moore is an Aon vet...
Posted: Jul 24, 2024
The fact the cost of capital and the return on equity (ROE) are once again almost in synch is a positive development for the insurance industry and beyond, according to Jérôme Jean Haegeli, Chief Economist at reinsurance giant Swiss Re. As highlig...
Posted: Jul 24, 2024
Markel, the insurance operations within Markel Group Inc., has appointed Jennifer Devereaux as Executive Underwriting Officer, Casualty, effective September 3rd, 2024. In her new role, Devereaux takes on oversight of Markel’s casualty suite of pro...
Posted: Jul 24, 2024
Wildfires in Canada’s energy-producing Alberta province are threatening almost 10% of the region’s oil production and forcing the evacuation of one of the country’s largest national parks during the peak summer tourist season. Hot w...
Posted: Jul 24, 2024
Typhoon Gaemi claimed the lives of at least four people and forced the evacuation of hundreds of thousands in the Philippines, where parts of Manila are flooded even as the storm moves towards Taiwan. Packing sustained winds of up to …
Posted: Jul 24, 2024
How To Outperform: Don’t Outsource Underwriting; Manage Cyc...
Posted: Jul 24, 2024
MSIG USA, a insurance subsidiary under MSIG Holdings, has appointed industry veteran Claudette Monsier as the new Head Of Delegated Business. Bringing extensive experience to her new role, Monsier will oversee and manage all aspects of delegated b...
Posted: Jul 24, 2024
Global reinsurer Munich Re has been named as the capacity provider for a wind proxy hedge risk transfer product structured using a solution from kWh Analytics, for a 59MW, 14-turbine wind project in Maine. This innovative product was developed by...
Posted: Jul 24, 2024
The Chartered Insurance Institute, a professional body dedicated to building public trust in the insurance and financial planning profession, has announced the addition of three new members to its Group Board. Known as Engagement Board Members, ea...
Posted: Jul 24, 2024
Posted: Jul 24, 2024
W.R. Berkley CEO W. Robert Berkley, Jr. said the company does not see last week’s global network systems outage “being a material loss to the organization.” “I would be surprised if we didn’t have any loss activity, but...
Posted: Jul 24, 2024
The national auto insurance shopping and quoting rate reached a new high between April and June, but many insurers appear to have achieved or are approaching rate adequacy, “which should lead to less rate activity and perhaps less shopping in &...
Posted: Jul 24, 2024
Hackers have leaked internal documents stolen from Leidos Holdings Inc., one of the largest IT services providers to the US government, according to a person familiar with the matter. Leidos recently learned of the issue and believes the documents we...
Posted: Jul 24, 2024
A federal judge on Tuesday rejected a bid by a tree-trimming company to block a U.S. Federal Trade Commission rule from taking effect that would ban agreements commonly signed by workers not to join their employers’ rivals or launch competing &...
Posted: Jul 24, 2024
Morgan & Morgan calls itself the nation’s largest injury law firm, with offices in most states. But perhaps the Orlando-founded firm has grown too big, too quickly, suggests a proposed class-action lawsuit that claims the firm has botched h...
Posted: Jul 24, 2024
Insurance software firm Applied Systems reports that it has acquired Planck, a leading artificial intelligence (AI) company for the insurance industry. Planck provides an AI-based data platform for commercial insurance. It works with US insurance com...
Posted: Jul 24, 2024
Insurance software firm Applied Systems reports that it has acquired Planck, a leading artificial intelligence (AI) company for the insurance industry. Planck provides an AI-based data platform for commercial insurance. It works with US insurance com...
Posted: Jul 24, 2024
Exactly one year to the date of last year’s severe flooding in Vermont, Joe’s Brook Farm was flooded again by the remnants of Hurricane Beryl. This time it was worse. Workers were able to harvest some of the produce before …
Posted: Jul 24, 2024
Maryland Attorney General Anthony G. Brown reports that a grand Jury for Prince George’s County has handed down two indictments charging an Upper Marlboro woman with insurance fraud. According to Brown, Rhonda Keisha Powell, also known as Rhond...
Posted: Jul 24, 2024