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U.S. L/A insurers increased allocations to commercial mortgage loan portfolios in 2023, AM Best

Reinsurance News

A new report from global ratings agency AM Best shows that U.S. life/annuity  (L/A) insurers continued to increase allocations to commercial mortgage loan portfolios in 2023, however, problem loans, which includes those 90 days delinquent, rose sh...

Posted: Jul 24, 2024

Hot, Inland California Cities Face The Steepest Water Cuts With New Conservation Mandate

Insurance Journal

Facing a future of shortages, California is entering a new phase of water conservation: Cities and towns must meet new mandates ramping down use over the next 15 years — and some will be hit harder than others. Approved two …

Posted: Jul 24, 2024

People Moves: Donegal Promotes Landis; MEMIC Promotes Foote

Insurance Journal

Donegal Insurance Group, headquartered in Marietta, Pennsylvania, promoted Caleb Landis to assistant vice president of commercial lines systems development. Landis will be based out of Donegal’s home office in Marietta. Landis succeeds Barb Doy...

Posted: Jul 24, 2024

Pilot Dies in Crash After Releasing Skydivers Near Niagara Falls

Insurance Journal

Officials released the name of a pilot who died in a skydiving flight after her passengers jumped from the aircraft near the Niagara Falls. Melanie Georger, 26, was the only person on board when the single-engine Cessna crashed Saturday, the …

Posted: Jul 24, 2024

Chubb Q2 Net Income Up 24% to $2.2B

Insurance Journal

Chubb said second quarter net income was up more than 24% to about $2.2 billion despite higher catastrophe losses than a year ago. Catastrophe losses for the second quarter were $580 million, pretax, compared to $400 million last year during …

Posted: Jul 23, 2024

4 Compensation Questions You Need to Answer in 2024

IA Magazine

Growing your business means recruiting and retaining top talent. That means developing compensation plans that are both fair and competitive.

Posted: Jul 23, 2024

How Leadership Development Can Benefit All Employees

IA Magazine

In today’s dynamic landscape, investing in leadership development for all ranks in an agency can unlock a wellspring of potential.

Posted: Jul 23, 2024

Laris Motorsports Insurance Selects BriteCore as Core Platform to Accelerate Growth

IIR

The company seeks to expand its proposition of bringing comprehensive and affordable coverage to motorsports racing owners.

Posted: Jul 23, 2024

Applied Systems Acquires AI Platform Company Planck

IIR

The strategic acquisition was made with the aim of significantly expanding and accelerating the delivery of AI capabilities across Applied’s global product portfolio.

Posted: Jul 23, 2024

John Tuttle Named President of Acrisure

IIR

The Vice Chairman of the New York Stock Exchange will join Acrisure as President effective Sept. 1, 2024.

Posted: Jul 23, 2024

How California’s Homeowners Insurance Crisis is Affecting Brokers

Insurance Journal

A growing homeowners insurance crisis for Californians is straining brokers who must work harder to get increasingly expensive and more frequently unavailable coverage for their clients, a crisis many of them blame on regulations and wildfires. Wildf...

Posted: Jul 23, 2024

How California’s Homeowners Insurance Crisis Is Affecting Brokers

Insurance Journal

A growing homeowners insurance crisis for Californians is straining brokers who must work harder to get increasingly expensive and more frequently unavailable coverage for their clients, a crisis many of them blame on regulations and wildfires. Wildf...

Posted: Jul 23, 2024

Applied Systems Acquires AI Intelligence Firm Planck

Carrier Management

Applied Systems Acquires AI Intelligence Firm Planck Global cloud software provider Applied Systems...

Posted: Jul 23, 2024

Applied Systems Acquires Planck

coverager

Strategic acquisition to significantly expand and accelerate the delivery of AI capabilities across Applied’s global product portfolio CHICAGO – July 23, 2024 – Applied Systems (“Applied”) today announced that it...

Posted: Jul 23, 2024

Markel partners with Mea

coverager

Mea's solution extracts unstructured data from submission documents and converts it into structured data for easy analysis and interpretation.

Posted: Jul 23, 2024

GM’s Self-Driving Vehicle Without Steering Wheel on Hold

Carrier Management

GM’s Self-Driving Vehicle Without Steering Wheel on Hold General Motors' Cruise self-dr...

Posted: Jul 23, 2024

First Lawsuits Filed Over Florida Soccer Tournament Stampede Injuries

Carrier Management

First Lawsuits Filed Over Florida Soccer Tournament Stampede Injuries The first lawsuits have been file...

Posted: Jul 23, 2024

People Moves: AXA’s Rodriguez Forero Named CEO of Newly Formed DUAL Latam

Insurance Journal

DUAL Group announced the appointment of Marilena Rodriguez Forero as CEO for the newly established region, DUAL Latin America, effective Aug. 1, 2024. Rodriguez Forero will be a member of DUAL’s Group Executive Committee, reporting to Richard C...

Posted: Jul 23, 2024

People Moves: AXA’s Rodriguez Forero Named CEO of Newly Formed DUAL LatAm

Insurance Journal

DUAL Group announced the appointment of Marilena Rodriguez Forero as CEO for the newly established region, DUAL Latin America, effective Aug. 1, 2024. Rodriguez Forero will be a member of DUAL’s Group Executive Committee, reporting to Richard C...

Posted: Jul 23, 2024

Property Code Enforcement a Sore Spot in Some South Dakota Communities

Insurance Journal

FAITH, S.D. (AP) — A few months ago, the city council in this ranching town in remote northwestern South Dakota decided to join dozens of other communities across the state and hire an outside contractor to enforce property codes. But …

Posted: Jul 23, 2024

Truck Driver Charged in Ohio Interstate Crash That Left 6 People Dead

Insurance Journal

A truck driver in Ohio has been charged with aggravated vehicular homicide in a chain-reaction crash involving a charter bus filled with high school students that left six people dead and 18 injured. The crash on Interstate 70 last November …

Posted: Jul 23, 2024

Jacksonville Jags Sue Financial Employee Convicted of Stealing $22M From Team

Insurance Journal

JACKSONVILLE, Fla. (AP) — The Jacksonville Jaguars have filed a lawsuit against a former employee who is serving prison time after pleading guilty to stealing $22 million from the NFL team’s virtual credit card program. The lawsuit, filed Thurs...

Posted: Jul 23, 2024

After Crash That Killed 6 Teens, NTSB Says People Underestimate Marijuana’s Impact on Drivers

Insurance Journal

A horrific crash that killed six high school girls in Oklahoma two years ago has the head of the U.S. National Transportation Safety Board urging parents to warn teenagers about the risk of driving after using marijuana. Chairwoman Jennifer Homendy &...

Posted: Jul 23, 2024

After Crash Killed 6 Teens, NTSB Says Marijuana’s Impact on Drivers Underestimated

Insurance Journal

A horrific crash that killed six high school girls in Oklahoma two years ago has the head of the U.S. National Transportation Safety Board urging parents to warn teenagers about the risk of driving after using marijuana. Chairwoman Jennifer Homendy &...

Posted: Jul 23, 2024

4 Dallas Firefighters Injured as Engine Crashes Off Bridge, Lands on Railway

Insurance Journal

DALLAS (AP) — A Dallas Fire-Rescue engine crashed off an expressway bridge on Sunday and landed on a railway track below, injuring four firefighters, officials said. The crash happened just after 6 a.m. on the I-345 Expressway, Dallas Fire-Rescue Cap...

Posted: Jul 23, 2024

AI-Powered Deepfake Scams Can Cause Significant Financial Losses

Risk & Insurance

Deepfake scams using AI to impersonate executives are on the rise, leading to significant financial risks for companies, according to HUB International. The post

Posted: Jul 23, 2024

‘Surface Waters’ on Roof Are Not ‘Flood’ Waters, Massachusetts High Court Rules

Insurance Journal

The highest court in Massachusetts has ruled that rainwater accumulation on roofs of buildings does not constitute “surface waters” within the meaning of “flood” in property insurance policies. The court found that the term &#...

Posted: Jul 23, 2024

Tropolis Acquires Three Insurance Agencies in Southeastern Michigan

Insurance Journal

Unity Partners, a principles-based private equity firm, and Tropolis, an Ann Arbor, Mich.-based insurance brokerage that provides property & casualty and employee benefits solutions, announced that Tropolis has completed the acquisitions of three...

Posted: Jul 23, 2024

CrowdStrike outage unlikely to materially impact re/insurer results: Fitch

Reinsurance News

Analysts at ratings agency Fitch Ratings have said that last week’s mass global IT outage is not expected to have a material impact on the financial results of insurers and reinsurers, with preliminary market estimates of global insured loss...

Posted: Jul 23, 2024

Louisiana Marine Electronic Services Provider Sued for Sexual Harassment

Insurance Journal

X-Treme Tech Services, LLC, a Thibodaux, Louisiana-based business which provides marine electronic services, violated federal law when a supervisor repeatedly sexually harassed a female employee and then fired her after she resisted his advances, the...

Posted: Jul 23, 2024

Heat-Related Texas Deaths Climb After Hurricane Beryl Power Outages

Insurance Journal

SPRING, Texas (AP) — As the temperature soared in the Houston-area home Janet Jarrett shared with her sister after losing electricity in Hurricane Beryl, she did everything she could to keep her 64-year-old sibling cool. But on their fourth day &#823...

Posted: Jul 23, 2024

WTW names Steven Torresan Head of M&A in its FINEX business for Asia Pacific & Africa

Reinsurance News

WTW, a global advisory, broking and solutions company, is strengthening its M&A practice in Asia Pacific within its Financial, Executive & Professional Risks business with the appointment of Steven Torresan. Torresan was named Head of M&#3...

Posted: Jul 23, 2024

Applied Systems acquires AI insurance firm Planck

Reinsurance News

Applied Systems has acquired Planck, an AI-based data platform provider for commercial insurance. By leveraging AI capabilities, Applied explained that it aims to enhance the speed and quality of critical business processes, including marketing, s...

Posted: Jul 23, 2024