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MSIG USA has announced the addition of Dan Riordan, Richard Abizaid, and Javier Gomez to its political risk and credit team. The three will lead the political risk and credit product portfolio in the U.S. market. This move underscore MSIG USA̵...
Posted: Jul 05, 2024
Los Angeles will pay more than $21 million to settle claims by residents of a neighborhood where police bungled the detonation of a cache of illegal fireworks three years ago, injuring 17 people and displacing dozens of others. The City …
Posted: Jul 05, 2024
Brendan Lane Larson has recently joined the leadership team of Resilience Opportunity Advisors & Resources (ROAR) Partners to provide expertise in Climatology. Brendan Lane Larson is a climatologist, physical meteorologist, practitioner, and e...
Posted: Jul 05, 2024
General Motors will pay a $145.8 million penalty and forfeit credits worth hundreds of millions of dollars after a U.S. government investigation found excess emissions from approximately 5.9 million GM vehicles, government agencies said on Wednesday....
Posted: Jul 05, 2024
ST. LOUIS (AP) — Early last week, floodwater in rural Minnesota pushed debris against a more than century-old dam and then carved a path around it, eroding so much of the riverbank that most of a house fell into the …
Posted: Jul 05, 2024
ST. LOUIS (AP) — Early last week, floodwater in rural Minnesota pushed debris against a more than century-old dam and then carved a path around it, eroding so much of the riverbank that most of a house fell into the …
Posted: Jul 05, 2024
TOPEKA, Kan. (AP) — Educators in Kansas’ largest public school district discriminated against Black and disabled students when disciplining them, according to the U.S. Department of Justice, which announced an agreement Tuesday that will have t...
Posted: Jul 05, 2024
Amid blistering summer temperatures, a federal judge ordered Louisiana to take steps to protect the health and safety of incarcerated workers toiling in the fields of a former slave plantation, saying they face “substantial risk of injury or de...
Posted: Jul 05, 2024
Davies, a provider of specialised professional services and technology solutions for insurance and highly regulated markets, has announced a successful £1.5 billion refinancing of its senior debt facilities. This move significantly lowers its inte...
Posted: Jul 05, 2024
Insurance Business Magazine - US
Posted: Jul 05, 2024
A Georgia sawmill could have prevented the death of a 24-year-old worker last year if it had followed safety procedures and federal regulations, the U.S. Occupational Safety and Health Administration said in fining the mill $267,300. “We learne...
Posted: Jul 05, 2024
US taxpayers could be on the hook for millions of dollars in repairs if F-35 fighter jets suffer major weather damage while waiting on a Texas tarmac for a long-delayed software upgrade, according to the Pentagon’s contracts oversight agency. T...
Posted: Jul 05, 2024
PIB Group, a specialist insurance intermediary, has expanded its presence in Central and Eastern Europe with the acquisition of Nord Group, a provider of risk management, insurance and reinsurance solutions in Poland. PIB signed a conditional agre...
Posted: Jul 05, 2024
A hacker gained access to the internal messaging systems at OpenAI last year and stole details about the design of the company’s artificial intelligence technologies, the New York Times reported on Thursday. The hacker lifted details from discu...
Posted: Jul 05, 2024
RALEIGH, N.C. (AP) — North Carolina Gov. Roy Cooper signed four bills Wednesday that include the creation of a new registry for vaping products and a slew of changes related to transportation laws and the state DMV. Cooper also vetoed …
Posted: Jul 05, 2024
Analysts at Bloomberg Intelligence have cited inflation, high costs, and premium rates needing to rise as three key themes for the European property and casualty (P&C) sector in 2024. Claims inflation has characterized 2023 trading, and analys...
Posted: Jul 05, 2024
Patrick Raaflaub, Group Chief Risk Officer at Swiss Re, emphasises the importance of promptly identifying minor risks and initiating early discussions on effective management strategies to prevent them from becoming unmanageable in the future. Raa...
Posted: Jul 05, 2024
The average rate increase for U.S. personal lines coverages was about 7.6% in the second quarter, up from about 4.8% for the first three months of the year, according to MarketScout. Dallas-based MarketScout, a division of Novatae Risk Group, said &#...
Posted: Jul 05, 2024
The average rate increase for U.S. personal lines coverages was about 7.6% in the second quarter, up from about 4.8% for the first three months of the year, according to MarketScout. Dallas-based MarketScout, a division of Novatae Risk Group, said &#...
Posted: Jul 05, 2024
Analysts at RBC Capital Markets believe reinsurance rates still have a favourable outlook after the mid-year renewals, despite being below peak levels seen last year. The main message from broking groups following the mid-year reinsurance renewals...
Posted: Jul 05, 2024
AutoRek, an insurtech company, has announced a collaboration with J.P. Morgan Payments, a division of J.P. Morgan, a global financial institution, to assist insurance firms in navigating data complexities and exploring new market opportunities. Au...
Posted: Jul 05, 2024
Global insurers AXA and Generali have announced their support for the Insurance Development Forum (IDF)’s Infrastructure Resilience Development Blueprint, an initiative aimed at mobilising and facilitating insurance sector investments in infrastru...
Posted: Jul 05, 2024
Insurers are nervous that militant attacks or AI-generated fake images could derail the Paris Olympics, risking event cancellations and millions of dollars in claims. Insurers faced losses after the 2020 Tokyo Olympics were postponed for a year due t...
Posted: Jul 05, 2024
Global reinsurer MAPFRE RE to open its new branch in Beijing as it has been granted approval from the National Financial Regulatory Administration of the People’s Republic of China. The Beijing Branch is an important milestone for MAPFRE RE’s stra...
Posted: Jul 05, 2024
The Government of the Republic of Zimbabwe has received an insurance payout of US$16. 8 million following its participation in the African Risk Capacity (ARC) Group disaster financing mechanism. For those who are not aware, the mechanism is design...
Posted: Jul 05, 2024
Labour’s landslide election win shows few signs of unsettling London’s financial heartland after the party’s lengthy pro-business overtures, though many in finance remain wary they could be targeted to prop up Britain’s stretc...
Posted: Jul 05, 2024
Attacks by Iran-backed Houthi militants on the Red Sea have reinvigorated piracy networks in Somalia, with criminal groups growing in both number and force, a European naval commander said. The Yemen-based Houthis began attacking vessels in the Red S...
Posted: Jul 05, 2024
So far in 2024, the insurance-linked securities (ILS) market has seen significant growth, with the volume of alternative capital in the global reinsurance industry increasing to a record high of $110 billion through the second quarter, as reported...
Posted: Jul 05, 2024
An abandoned tanker that was drifting off Yemen’s coast in June has disappeared and is believed to have sunk, three navy and security sources said, the latest vessel lost in the strategically important Red Sea. The area, on the main …
Posted: Jul 05, 2024
Switzerland and the European Union resumed talks on financial market regulation on Thursday after dialog was suspended in 2017, the Swiss government said. Issues relating to financial market stability, cross-border activities, capital markets, digita...
Posted: Jul 05, 2024
Global banking regulators have approved templates for banks to disclose their exposure to crypto assets from January 2026, they said on Wednesday [July 3], a year later than originally indicated. “These disclosures aim to enhance information av...
Posted: Jul 05, 2024
According to Todd Kozikowski, Co-founder, CEO, 4WARN, nearly all insurers and lines of insurance are now being targeted by tech-enabled claim instigation, a phenomenon once considered confined to Florida. In March 2022, Demotech’s research, undert...
Posted: Jul 05, 2024
Hurricane Beryl is barreling toward Mexico’s Yucatan Peninsula as local authorities move to evacuate residents from communities along the storm’s path ahead of an expected landfall early Friday morning. Beryl is about 90 miles (145 kilome...
Posted: Jul 05, 2024
Hurricane Beryl pummeled Mexico’s Yucatan Peninsula with tree-toppling gusts and flooding rains, weakening slightly as it came ashore after leaving a trail of destruction through the Caribbean this week. Beryl’s top winds dropped to 100 m...
Posted: Jul 05, 2024
With Labour winning the UK election, a report from Deutsche Bank has observed that the new government will have minimal real impacts on earnings & capital for the country’s re/insurers. “Our view about Labour’s manifesto poli...
Posted: Jul 05, 2024
Sorry, Wrong ZIP Code: Regulators Move Forward With California Re...
Posted: Jul 05, 2024
Australian insurer Suncorp has successfully placed its 2025 fiscal year catastrophe reinsurance program, maintaining its maximum event retention of $350 million for a first large event and lifting the top of its tower to $6.75 billion. For 2024, S...
Posted: Jul 05, 2024
Zimbabwe received $31.8 million from African Risk Capacity, an arm of the African Union, as part of an insurance payout for the devastation the country suffered from an El Niño-induced drought. Finance Minister Mthuli Ncube told reporters on Thursday...
Posted: Jul 05, 2024
SEADRIF Insurance Company has appointed Su Hoong Chang as Board Director, effective June 20, 2024. Based in Singapore, Chang has over three decades of experience across the sector, bringing a deep degree of expertise and insights from her previous...
Posted: Jul 05, 2024
Insurance industry supports EU taxonomy law but believes changes are needed to fulfil its green potential, at the same time, it has raised concerns regarding the current reporting demands for underwriting and investment. Insurance Europe and the E...
Posted: Jul 05, 2024
Managing general agent (MGA) Specialty MGA UK has expanded its international property, financial lines and cyber teams with the appointment of Luke Bristow, Tony Loizides and Lisa Rowe as Senior Underwriters. Manoj Kumar, Chairman, MNK Group, comm...
Posted: Jul 05, 2024
With many jobs expected to eventually rely on generative artificial intelligence, states are trying to help workers beef up their tech skills before they become outdated and get outfoxed by machines that are becoming increasingly smarter. Connecticut...
Posted: Jul 05, 2024
Charlotte Hedemark, President of The Federation of European Risk Management Associations (FERMA), outlined plans to advance its strategic priorities: expanding its advocacy capacity, establishing leadership and emphasising value, and becoming a mo...
Posted: Jul 05, 2024