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Insurance M&A activity declines to 16-quarter low, but is higher than a decade ago and private equity interest remains strong, according to OPTIS Partners analysis. The post
Posted: Jul 18, 2024
Insurance broker Marsh McLennan reported second quarter net income of $1.125 billion, an 8.7% increase from $1.035 billion reported during Q2 2023. Operating income rose 13% to $1.6 billion. Q2 earnings per share increased 10% to $2.27, while adjuste...
Posted: Jul 18, 2024
Banyan Risk, a Bermuda-based specialist multi-line Managing General Agent (MGA), has announced a long-term strategic partnership with global reinsurer PartnerRe to write Excess Casualty Insurance. This collaboration, subject to approval by the Ber...
Posted: Jul 18, 2024
The new MLCM leadership team and Board of Directors include John Modin, Chief Executive Officer, and Youssef Sfaif, President and Chief Operating Officer.
Posted: Jul 18, 2024
Insurance Business Magazine - US
Posted: Jul 18, 2024
Insurance Business Magazine - US
Posted: Jul 18, 2024
Insurance Business Magazine - US
Posted: Jul 18, 2024
Drawn guns. Thrown rocks. Threatening messages. Houston’s prolonged outages following Hurricane Beryl has some fed-up and frustrated residents taking out their anger on repair workers who are trying to restore power across the city. The threats...
Posted: Jul 18, 2024
HORSESHOE BEACH, Fla. (AP) — Lisa Bregenzer’s waterfront home was her “little slice of heaven.” She watched sunsets and migrating birds from the porch, the Gulf of Mexico in the distance. There, she felt close to God and her late &#...
Posted: Jul 18, 2024
Will the first hard cyber insurance market slow the shift to stand-alone coverage? A decade ago, stand-alone cyber insurance accounted for less than half of all cyber premium. By 2022, it had become the coverage of choice for larger accounts, account...
Posted: Jul 18, 2024
First, a North Carolina man filed a claim with Farm Bureau Insurance. Then he threatened three insurance agents with violence when he wasn’t paid as much as he expected, according to state authorities and one of the insurance agents. Brody R...
Posted: Jul 18, 2024
UK regulator the Prudential Regulation Authority (PRA) has revealed the design for its dynamic general insurance stress test (DyGIST), scheduled to take place in 2025. The plan to run this stress test was announced in October last year, alongside...
Posted: Jul 18, 2024
Large US primary insurer Allstate has reported estimated catastrophe losses of $230 million ($182 million after-tax) for the month of June, taking second quarter losses to $2.12 billion ($1.67 billion after-tax), and bringing total catastrophe los...
Posted: Jul 18, 2024
Hard Market Conditions Expected to Ease in 2025 as Claims Inflation Sof...
Posted: Jul 18, 2024
The Ohio city of East Cleveland must pay a $30 million jury verdict awarded to a man who police wrongly assaulted, arrested and detained, the state’s highest court has ordered. The victim, Arnold Black, went to court in February 2023 …
Posted: Jul 18, 2024
Alex van der Wyck has been named the new CEO of Vunderink de Vries Insurance Consultants (VDV-IC), a new division of Vunderink De Vries (VDV). van der Wyck joins a team of specialised professionals with over 20 years of experience in the field of...
Posted: Jul 18, 2024
Ranked by 2023 total net premiums written (NPW), State Farm retains the top position in AM Best’s rankings of the top US Property and Casualty (P&C) underwriters, with its total NPW rising by a significant 19.1% to reach $92.6 billion in the y...
Posted: Jul 18, 2024
An incident at the Vineyard Wind offshore wind energy project this week that scattered shards of fiberglass across Massachusetts beaches was the latest in a series of failures involving wind turbines built by GE Vernova. At least one other GE …
Posted: Jul 18, 2024
An incident at the Vineyard Wind offshore wind energy project this week that scattered shards of fiberglass across Massachusetts beaches was the latest in a series of failures involving wind turbines built by GE Vernova. At least one other GE …
Posted: Jul 18, 2024
BARNEGAT, N.J. (AP) — A fast-moving forest fire broke out Tuesday at a major military gunnery range in southern New Jersey, but no injuries or property damage has been reported. The New Jersey Forest Fire Service responded around 2:15 p.m. …
Posted: Jul 18, 2024
Bermuda-based insurer and reinsurer Everest Group has unveiled a new structure for its alternative reinsurance capital business, transforming it into a multi-vehicle capital management platform via the launch of Mt. Logan Capital Management, Ltd....
Posted: Jul 18, 2024
Few people ultimately opted out of the $600 million class action settlement Norfolk Southern offered to people affected by last year’s disastrous East Palestine train derailment despite the questions residents raised about the deal, lawyers sai...
Posted: Jul 18, 2024
The booming non-bank financial industry has created excessive leverage that poses financial stability risks, and more reforms are needed to tackle it, including improving disclosure of positions, a Bank of England regulator said on Thursday. Non-bank...
Posted: Jul 18, 2024
XPT Specialty, a wholesale broker for commercial and personal insurance, has announced the appointment of Gina Marquez as Associate Vice President (AVP) of Personal Lines. Marquez’s addition to XPT Specialty will enhance the company’s commitment t...
Posted: Jul 18, 2024
Shares of Texas-based insurance broker TWFG, Inc. begin trading on the Nasdaq Global Select Market today under the symbol TWFG. TWFG said it expects to realize gross proceeds of $187 million and net proceeds of approximately $168.3 million from the &...
Posted: Jul 18, 2024
The recent floods in southern Germany will cost insurers an estimated €1.568 billion (US$1.7 billion), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data. The floods, which hit southe...
Posted: Jul 18, 2024
The reinsurance broking arm of Marsh McLennan (MMC), Guy Carpenter, generated revenue of $632 million in the second quarter of 2024, an increase of 10%, or 11% on an underlying basis, contributing to another strong quarter for one of the worldR...
Posted: Jul 18, 2024
A new report warns that compounding natural disasters introduce new, interconnected, and complex risk scenarios — and points to a need to reimagine efforts that support disaster preparedness, mitigation, and recovery “in an era of intensifying...
Posted: Jul 18, 2024
Placing Platform Limited (PPL) has confirmed continued strong and stable performance during peak June and July renewals following remediation and performance initiatives that resulted in enhanced platform performance. PPL clients had experienced a...
Posted: Jul 18, 2024
HUDSON, N.Y. (AP) — The race is on to keep a 150-year-old lighthouse from crumbling into the Hudson River. Wooden pilings beneath Hudson-Athens Lighthouse are deteriorating, and the structure, built in the middle of the river when steamboats still pl...
Posted: Jul 18, 2024
Intact Insurance Specialty Solutions, the U.S. insurance subsidiary of Intact Financial Corporation, has named Kirk Garrett as President of Striior Insurance Solutions. Consequently, Tony Falcone has been promoted to President of Intact’s In...
Posted: Jul 18, 2024
Five years into the crisis, here’s how the insurance industry is approaching talent attraction and retention. The post 5-Year Re...
Posted: Jul 18, 2024
Analysts at Morningstar DBRS have noted that the company’s outlook for the global P&C reinsurance market remains positive despite looming headwinds such as natural catastrophe events, interest rate volatility, and potential geopolitical...
Posted: Jul 18, 2024
Liane Hirner has been re-elected for another four-year term to the Insurance and Reinsurance Stakeholder Group (IRSG) of the European Insurance and Occupational Pensions Authority (EIOPA). Hirner is a member of the Managing Board of Directors and...
Posted: Jul 18, 2024
Almost three quarters (72%) of business leaders believe that their businesses are not moving fast enough to address risks associated with global megatrends across trade, technology, weather and workforce, according to a recent survey by re/insuran...
Posted: Jul 18, 2024
LM Re, the reinsurance arm of Liberty Mutual, has appointed Mark De La Mare to the role of Head of Australia and New Zealand, effective October 2024. De La Mare, who will report to James Green, Head of Property, London, and John McCabe, Chief Oper...
Posted: Jul 18, 2024
Hard market conditions in the global non-life insurance sector will continue this year, but will begin to ease in 2025, as general inflation and claims inflation conditions soften, according to Swiss Re in a report, which discusses the macroeconomic...
Posted: Jul 18, 2024
Posted: Jul 18, 2024
Swiss Re Corporate Solutions, the commercial insurance arm of Swiss Re Group, and Berlin-based climate start-up goodcarbon have launched insurance for long-term carbon credit purchases that offers in-kind replacements of insured credits. This new...
Posted: Jul 18, 2024