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Parts of Texas and the western US are being warned of high temperatures on Tuesday, putting electric grids to the test as residents turn to air conditioning to stay cool. Heat advisories are up across central and southern Texas from …
Posted: Jun 04, 2024
The U.S. Department of Agriculture (USDA) is responding to the agricultural devastation caused by tornadoes and flooding in the Midwest. On May 24, Farm Service Agency (FSA) Administrator Zach Ducheneaux signed an Administrator’s Physical Loss...
Posted: Jun 04, 2024
The Florida Office of Insurance Regulation has posted a new reporting form for catastrophe claims data for the 2024 hurricane season. Florida law requires property insurers to report a wide range of information after storms. The form standardizes the...
Posted: Jun 04, 2024
Howden, Allianz Trade, and Saudi EXIM bank have signed an Initial Framework Agreement to bolster Saudi Arabia’s economic growth and facilitate international trade. As part of the initial agreement, facilitated by Howden, Allianz Trade and Saudi EX...
Posted: Jun 04, 2024
Insurers are preparing for an above-average loss event as a result of floods hitting in southern Germany. “The pictures from Bavaria and Baden-Württemberg foreshadow the worst. Our companies are already receiving many claims reports,” acc...
Posted: Jun 04, 2024
International re/insurance broker Consilium, part of the Aventum Group, has announced the appointment of Rori-Leigh Mighty as Partner for its Cayman office. She will be reporting to Yaremis Hydes, Managing Partner in Consilium Cayman, who joins th...
Posted: Jun 04, 2024
RiverStone Acquires Electric Insurance; Plymouth Rock Gets Renewal Rights...
Posted: Jun 04, 2024
Executive Moves: Beale Named Chair of South Pole; Howden Re Appoints Hearn as Chair, Global Clien...
Posted: Jun 04, 2024
U.S. Cyber Chief Sees ‘Very Aggressive’ Chinese Hacking Strategy A top U.S. spy chi...
Posted: Jun 04, 2024
After First Net Loss Since 1923, USAA Back to Profit in 2023 USAA on Friday said it recorded net income...
Posted: Jun 04, 2024
A New Jersey man who orchestrated a 13-year long, $60 million no-fault automobile insurance scam in New York has been sentenced to 10 years in prison. Bradley Pierre was sentenced by U.S. District Judge Paul G. Gardephe for conspiracy to …
Posted: Jun 04, 2024
Johnson & Johnson must pay $260 million to an Oregon woman who said she got mesothelioma, a deadly cancer linked to asbestos exposure, from inhaling the company’s talc powder, a jury found on Monday. The verdict in the 4th Judicial …
Posted: Jun 04, 2024
Nassau Financial Group, an insurance and financial services firm, and Golub Capital, a credit asset management firm, have announced the signing of a definitive agreement to form a strategic partnership. As part of this agreement, Golub Capital wil...
Posted: Jun 04, 2024
Mark Tuttle planted more soy and less corn on his northern Illinois farm this spring as prices for both crops hover near three-year lows and soybeans’ lower production costs offered him the best chance of turning a profit in the …
Posted: Jun 04, 2024
In 2023, net investment income for the US property/casualty insurance sector reached a record $73.9 billion, boosted by higher interest rates, according to a new report by AM Best, a credit rating agency for the insurance industry. The Best’...
Posted: Jun 04, 2024
A gang leader who recruited other gang members and used violence, threats of violence, and extortion to take over the fire restoration business in New York City and defraud insurance companies has been sentenced to 12 years in prison. Jatiek …
Posted: Jun 04, 2024
A gang leader who recruited other gang members and used violence, threats of violence, and extortion to take over the fire restoration business in New York City and defraud insurance companies has been sentenced to 12 years in prison. Jatiek …
Posted: Jun 04, 2024
Chartered insurance broker Verlingue Ltd. has established a new dedicated construction practice to serve the UK’s fast-growing construction industry. The practice, led by Harvey Monk, sales director South, brings together a team of specialists...
Posted: Jun 04, 2024
Global professional services firm Aon has revealed that Edmund Reese will serve as its executive vice president and chief financial officer (CFO) from July 29, 2024. According to Aon, Reese will join the firm on July 1 to succeed Christa Davies, w...
Posted: Jun 04, 2024
S&P Global Ratings has observed that the introduction of new measures covering funded reinsurance (Funded Re) by the U.K. and Bermudian regulators will enhance the resilience of insurers. As per a new report by S&P, record surplus position...
Posted: Jun 04, 2024
Insurance Business Magazine - US
Posted: Jun 04, 2024
Industrial insurer HDI Global has announced the appointment of Stephanie Ogden as the new CEO of HDI Global UK & Ireland, effective 1 September 2024. Ogden will succeed Richard Taylor, who is retiring at the end of the year and will transition...
Posted: Jun 04, 2024
Toyota Motor Corp. and other carmakers embroiled in a fresh certification scandal halted shipments of a handful of models and saw their offices raided by government officials, but the impact on their customers and operations appears to be limited. Ho...
Posted: Jun 04, 2024
The value of the worldwide market for insurance broking in terms of fees and commissions earned was around $168 billion in 2023, considerably up from around $151 billion in 2022, according to Insuramore a provider of marketing services focusing on...
Posted: Jun 04, 2024
Juniper Re, the reinsurance broking arm and indirect subsidiary of The Baldwin Group, has collaborated with Reask, a climate and catastrophe risk assessor, on the delivery of pre- and post-landfall hurricane wind speeds and precipitation forecast...
Posted: Jun 04, 2024
Arch Insurance International, part of Bermuda-based re/insurer Arch Capital Group Ltd., has announced the appointment of Ketan Motwani as UK Chief Operating Officer (COO). In his new role, Motwani will directly report to Hugh Sturgess, Chief Execu...
Posted: Jun 04, 2024
Arch U.S. MI Holdings Inc. (Arch MI), a wholly owned subsidiary of Arch Capital Group Ltd., has completed it’s acquisition of RMIC Companies, Inc. (RMIC) and its subsidiaries that together comprise the run-off mortgage insurance business of...
Posted: Jun 04, 2024
Barnett Waddingham (BW) has announced the appointment of Kim Durniat as new Business Area Leader for its Insurance and Longevity consulting team. Durniat will succeed Scott Eason, who BW recently appointed as one of its new Managing Partners. In h...
Posted: Jun 04, 2024
The challenging build-out of renewable energy infrastructure is at an inflection point as a surge of new ideas and investment promises to keep the sector’s momentum going. The post
Posted: Jun 04, 2024
Great American Insurance Group’s Ocean Marine division has partnered with Amwins Program Underwriters (APU), part of Amwins’ Underwriting division, to provide comprehensive coverage solutions through its marine cargo and stock throughput program....
Posted: Jun 04, 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has reshuffled its insurance underwriting operations in the Americas, aligning under three business segments: Large Commercial, Mid-Market and Profess...
Posted: Jun 04, 2024
Leopoldo Camara has been appointed Head of Property & Casualty Reinsurance for Swiss Re’s business in Northern, Central and Eastern Europe (NCEE) and Country President Germany, effective 1 August 2024. Camara joined Swiss Re in 2005 and...
Posted: Jun 04, 2024
Sompo International has announced the launch of a new insurance product for technology business, aimed at middle market clients in the United Kingdom. Created with modular wording and flexible approach, the package includes coverages comprising Pr...
Posted: Jun 04, 2024
In Louisiana, East Baton Rouge Parish residents and business owners will be eligible for an increased discount on their flood insurance premiums this fall. According to a press release from the City of Baton Rouge, beginning Oct. 1, homeowners and &#...
Posted: Jun 04, 2024
Under pressure from Greece’s navy, traders of Russian oil have found a new place to switch cargoes of crude in the Mediterranean sea, a sign of how hard it will be to clamp down on an activity that has alarmed …
Posted: Jun 04, 2024
Property and casualty (P&C) insurer Core Specialty has completed its acquisition of American Surety Company (ASC) and Underwriters Surety, Inc. If you recall, the acquisition was first announced in November 2023. The completed acquisition esta...
Posted: Jun 04, 2024
Fairfax India Holdings Corp. on Monday said Prem Watsa, popularly known as “Canada’s Warren Buffett,” will step down as the investment firm’s chairman. He will be replaced by his son Benjamin Watsa, effective July 1, as chair...
Posted: Jun 04, 2024
Kova Professions (Kova), a managing general agent (MGA) specialising in Professional Indemnity (PI) insurance, has announced the senior appointments of Celeste Newson as Head of Professional Indemnity and Keeley Patten as Senior Underwriter. Kova...
Posted: Jun 04, 2024
Bermuda-domiciled international specialty reinsurer Compre has revealed that 2023 was the strongest year in its history, with gross insurance reserves under management growing by 112% YoY to $1.6 billion, driven by newly acquired reserves of over...
Posted: Jun 04, 2024
AXA XL said it streamlined its underwriting operations in the Americas, which will now be three segments—large commercial, middle-market and professional. The realignment is “resulting in redundancies,” confirmed a company spokesperson vi...
Posted: Jun 04, 2024
A Delaware judge has allowed more than 70,000 lawsuits over discontinued heartburn drug Zantac to go forward, ruling that expert witnesses can testify in court that the drug may cause cancer. The ruling on Friday by Judge Vivian Medinilla of …
Posted: Jun 04, 2024
A top US spy chief said China is increasingly using its companies to find vulnerabilities in their own computer networks and then tapping that knowledge to target foreign nations and industries. “We’re really seeing China be very aggressi...
Posted: Jun 04, 2024
InsureTrust, an Atlanta-based specialty broker specializing in cyber risk, has named Sonja Kozel as senior vice president. Kozel, with 10 years in the business, previously led sales for Cowbell, a cyber insurance company, and for Markel Specialty. Sh...
Posted: Jun 04, 2024
TALLAHASSEE, Fla. (AP) — Recovery from a May 10 tornado outbreak has cost Florida’s capital city $50 million so far, Tallahassee Mayor John Dailey said Friday. Florida officials have requested that the Federal Emergency Management Agency declar...
Posted: Jun 04, 2024
New Hampshire safety officials last Thursday upheld the license suspension of a commercial truck driver who was acquitted in the 2019 deaths of seven motorcyclists but said another hearing will be held to determine how long the suspension will last....
Posted: Jun 04, 2024