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While overall utilization is trending downward, cost of prescriptions in workers’ compensation is on the rise, driven by “high-dollar topical agents” that primarily come from out-of-network channels, as well as increased utilization...
Posted: Jun 03, 2024
RiverStone International reports it has closed on its acquisition of Electric Insurance Co. and its two subsidiaries, Elm Insurance Co. and Electric Insurance Agency. Electric Insurance is a Beverly, Massachusetts-domiciled insurer licensed in all 50...
Posted: Jun 03, 2024
One of the world’s largest and best-known tool and equipment manufacturers could have prevented a 29-year-old maintenance electrician from suffering severe burns during an electrical arc blast at a company facility in Willard if required safety...
Posted: Jun 03, 2024
Sentry Insurance, one of the largest mutual insurance groups in the United States, has partnered with Falvey Insurance Group to offer admitted and non-admitted cargo capacity to Falvey’s broker partners. Falvey is a niche leading managing general...
Posted: Jun 03, 2024
Implicit authorization from supervisor brings Good Samaritan's rescue attempt within scope of employment, thus is compensible, West Virginia appeals court rules. The post
Posted: Jun 03, 2024
American Airlines was accused in a lawsuit on May 29 of race discrimination for temporarily removing three Black men from a flight from Phoenix, Arizona, to New York City. In a complaint filed in federal court in Brooklyn, the plaintiffs …
Posted: Jun 03, 2024
Universal Insurance Holdings, the publicly traded parent of one of Florida’s largest property insurers, said it has completed its reinsurance program for its two subsidiaries ahead of the June 1 renewal. “For this renewal, we approached t...
Posted: Jun 03, 2024
Universal Insurance Holdings, the publicly traded parent of one of Florida’s largest property insurers, said it has completed its reinsurance program for its two subsidiaries ahead of the June 1 renewal. “For this renewal, we approached t...
Posted: Jun 03, 2024
Amidst a steady construction activity level, NYC sees a 36% drop in fatalities in 2023 but a troubling 25% rise in injuries, according to the New York City Department of Buildings' annual report. The post
Posted: Jun 03, 2024
Inari, a technology solution provider for global insurance and reinsurance companies, has announced the upcoming launch of its new underwriting workbench product. This workbench is tailored to assist underwriters in handling the entire lifecycle o...
Posted: Jun 03, 2024
Firefighters battling a California wildfire burning east of San Francisco have increased containment on the fire, but hot weather is in the forecast for the next few days. Nearly 500 firefighters, along with several air tankers from throughout the st...
Posted: Jun 03, 2024
Firefighters battling a California wildfire burning east of San Francisco have increased containment on the fire, but hot weather is in the forecast for the next few days. Nearly 500 firefighters, along with several air tankers from throughout the st...
Posted: Jun 03, 2024
USAA on Friday said it recorded net income for 2023 of about $1.2 billion, reversing a 2022 loss—the first for the company since 1923—of about $1.3 billion. The San Antonio, Texas-based reciprocal exchange said revenue was up 17% year-over-year to &#...
Posted: Jun 03, 2024
Duck Creek Technologies, a provider of SaaS-delivered software to the property and casualty (P&C) arena, has announced the appointment of Christian Erickson as General Manager of APAC (Asia-Pacific). In his new role, Erickson will oversee a ne...
Posted: Jun 03, 2024
Insurance Business Magazine - US
Posted: Jun 03, 2024
Musk Accused of $7.5 Billion of Insider Trades in Investor Suit Elon Musk had inside know...
Posted: Jun 03, 2024
FRS tools include a flood insurance multi-rater and parametric insurance.
Posted: Jun 03, 2024
FBI Takes Down Huge Global Army of Zombie Computer Devices The FBI said it has disma...
Posted: Jun 03, 2024
The new platform leverages industry-specific benchmark data to generate tailored risk control solutions.
Posted: Jun 03, 2024
ST. HELENA ISLAND, S.C. (AP) — Five people, including a 4-year-old, were killed during a fiery three-vehicle crash near the southern South Carolina coast, authorities said Thursday. The South Carolina Highway Patrol said a BMW was traveling south Wed...
Posted: Jun 03, 2024
AM Best has upgraded the Long-Term Issuer Credit Ratings to “a+” (Excellent) and affirmed the Financial Strength Rating of A (Excellent) of MS Transverse Specialty Insurance Company, MS Transverse Insurance Company and TRM Specialty Insurance Comp...
Posted: Jun 03, 2024
Kansas storm claims totaled nearly half a billion dollars in 2023. According to numbers shared by the state’s department of insurance, 147,710 claims totaling $442.8 million were paid last year. The Kansas Department of Insurance collected this...
Posted: Jun 03, 2024
JMP Securities, an investment bank and brokerage firm, reports that the June 1 Florida reinsurance renewal proceeded smoothly, with increased supply largely matching the higher demand, leading to an overall expectation of single-digit price declin...
Posted: Jun 03, 2024
Apollo Syndicate Management Ltd., the Lloyd’s managing agent, announced the launch of the first captive syndicate to be launched under Lloyd’s revised captive syndicate model. This captive syndicate, managed by Apollo, is in partnership w...
Posted: Jun 03, 2024
White Bear Group, a re/insurance company that owns Blenheim Underwriting, a syndicate at Lloyd’s of London, and White Bear Managers, an managing general agent (MGA) offering tailored insurance solutions, has appointed John Symms as Group Head of C...
Posted: Jun 03, 2024
A safety test scandal at Japanese automakers widened on Monday, with Toyota Motor and Mazda both halting shipments of some vehicles after Japan’s transport ministry found irregularities in applications to certify certain models. The irregularit...
Posted: Jun 03, 2024
Cyber insurance provider At-Bay has expanded its Cyber and Tech E&O Excess & Surplus coverage to businesses with up to $5 billion in revenue, with aggregate limits up to $10 million, in addition to other coverage enhancements. The firm is...
Posted: Jun 03, 2024
UK broker and underwriter Jensten has announced the completion of two acquisitions: Melville Burbage and Henry Seymour & Co, with the latter initially announced in April. Melville Burbage, an independent insurance broker, serves various sector...
Posted: Jun 03, 2024
Desjardins Group and The Insurance Company of Prince Edward Island (ICPEI) have confirmed that the transaction announced in March 2024 has closed. Financial details of the deal were not disclosed. With this acquisition, Desjardins General Insurance G...
Posted: Jun 03, 2024
Niall Clifford has been appointed Senior Vice President (SVP) at Payden & Rygel, one of the largest privately-owned global investment advisers, as part of the company’s London-based insurance-investment team expansion. As SVP, Clifford will be...
Posted: Jun 03, 2024
Southern Germany continues to battle flooding from heavy rainfall that’s disrupted transportation and pushed emergency services to their limits. Chancellor Olaf Scholz, who plans to visit some of the affected regions on Monday, said recent inst...
Posted: Jun 03, 2024
Concirrus has launched Quest Aviation, an offering for the general aviation insurance market that reportedly increases efficiency for underwriters while addressing heightened regulatory demands and complexity. According to Concirrus, up to 40% of...
Posted: Jun 03, 2024
KKR & Co. is considering entering the private credit market in Japan to provide an alternative to bank loans. “It will be a medium to long-term initiative,” Hiro Hirano, the head of KKR Japan said in an interview. “I think ̷...
Posted: Jun 03, 2024
WTW, a global advisory, broking, and solutions company, has unveiled Climate Quantified, a new technology set to help quantify the financial impact of climate change with “unprecedented precision”. By analysing the interactions between...
Posted: Jun 03, 2024
Stellantis NV is rushing to fix around 500,000 cars from its Citroën and DS brands after urging clients to stop driving them due to faulty air bags from now-defunct Takata Corp. The company is providing replacement vehicles, sourcing new air …
Posted: Jun 03, 2024
Broadstone, the independent pensions, employee benefits, investment and insurance consultancy, has launched its standalone Insurance, Regulatory & Risk Advisory division. According to the announcement, this proposition will service the life an...
Posted: Jun 03, 2024
Casper Specialty UK Limited (Casper), a specialist casualty-focused managing general agent (MGA), has announced the appointment of Jacob Blomfield as Head of Operations. In his new role, Blomfield will be responsible for enhancing Casper’s operati...
Posted: Jun 03, 2024
Apollo Syndicate Management has reportedly launched the “first captive syndicate of the modern era” at Lloyd’s in partnership with a major global client. As per Apollo, this is the latest development in its mission to grow its extensiv...
Posted: Jun 03, 2024
Bermuda-domiciled specialty re/insurer Hamilton Insurance Group, Ltd. has appointed Bradley E. Cooper to its Board of Directors as a Shareholder Director by Hopkins Holdings, LLC., effective June 1st, 2024. Cooper, who replaces Antonio Ursano in t...
Posted: Jun 03, 2024
Austin, TX., June 3, 2024 – In an innovative move to bridge the knowledge gap in the rapidly evolving insurance/insurtech landscape, The National Alliance for Insurance Education & Research has partnered with BrokerTech Ventures to develop a foun...
Posted: Jun 03, 2024
AIG’s Chairman and CEO, Peter Zaffino, highlighted the company’s strategic focus on the rapidly expanding Excess & Surplus (E&S) insurance market, which he sees as a significant avenue for growth. Zaffino emphasised the remarka...
Posted: Jun 03, 2024
Insurance Europe, the association representing insurance and reinsurance companies, emphasises that the Capital Market Union (CMU) should aim to increase retail investment, diversify funding sources for EU businesses, and foster an environment con...
Posted: Jun 03, 2024
Insurance Business Magazine - US
Posted: Jun 03, 2024
CFC Canada is welcoming seasoned insurance professional Kelly McGuinness as Cyber, Tech and Professional Liability Development Leader. McGuinness will be based in CFC’s first office on the ground in Canada, based in Toronto, and will be working cl...
Posted: Jun 03, 2024