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Rising liability injury claims for home and auto owners that exceed traditional policy limits have spurred Mercury Insurance, headquartered in Los Angeles, to unveil an all-new personal umbrella insurance policy for Oklahomans that offers extra prote...
Posted: May 30, 2024
After a positive outcome at the January 1 reinsurance renewals and a very solid performance in the first quarter of 2024, we spoke with Conduit Re CEO, Trevor Carvey, about the evolution of the Bermuda-based reinsurer, market dynamics, and the imp...
Posted: May 30, 2024
Miller, the London-based specialist re/insurance broker, announced the acquisition of Madrid-based commercial insurance and reinsurance broker Bruzon Correduría de Seguros y Reaseguros S.A. and its subsidiary Bruzon Services S.A., subject to regulato...
Posted: May 30, 2024
The FBI said it has dismantled what is likely the world’s largest botnet — an army of 19 million infected computers — that was leased to hackers for cybercrimes. The botnet, which was spread across more than 190 countries, enabled …
Posted: May 30, 2024
The U.S. Supreme Court has revived a claim by the National Rifle Association (NRA) that a former New York regulator allegedly violated the organization’s First Amendment rights by coercing insurers and banks to terminate their business relation...
Posted: May 30, 2024
Everest, the Bermuda-based specialty re/insurer, announced it has received regulatory approval to begin operating in Mexico. Trading as Compañía de Seguros Generales Everest México S.A. de C.V., the unit is headquartered in Mexico City and is led by...
Posted: May 30, 2024
A strategy aimed at preventing Minnesota restaurants and bars from serving alcohol to patrons who are already intoxicated does not appear to be effective, according to a study recently published in Alcohol: Clinical and Experimental Research. Overser...
Posted: May 30, 2024
Despite Florida-focused personal property insurers experiencing material volatility in their operating results and surplus levels in recent years, alongside a reinsurance dependency that “skews” higher than the broader overall property...
Posted: May 30, 2024
Nissan is urging the owners of about 84,000 older vehicles to stop driving them because their Takata air bag inflators have an increased risk of exploding in a crash and hurling dangerous metal fragments. Wednesday’s urgent request comes after...
Posted: May 30, 2024
North Carolina Insurance Commissioner Mike Causey has scheduled a 2025 hearing date after rejecting the NC Rate Bureau’s request for an 83% average rate increase in mobile home fire policies and a 50% increase in mobile home casualty rates over...
Posted: May 30, 2024
Bowhead Specialty, a provider of casualty and professional liability products, has deployed Kalepa’s Copilot underwriting platform to leverage its advanced AI for improved risk selection and enhanced customer service. Stephen Sills, CEO of Bowhead...
Posted: May 30, 2024
The need for innovative financing mechanisms for Africa’s farmers is becoming increasingly urgent as the continent faces challenges such as climate change, low productivity, and conflict, according to African Risk Capacity (ARC). At the 10th...
Posted: May 30, 2024
Clearwater-based CLC Insurance Agency has merged with ARCW Insurance, a Leavitt Group affiliate, the companies said in a news release this week. CLC, founded four years ago by Crystal Callahan Lawson, now Callahan-Estes, will relocate to ARCW’s...
Posted: May 30, 2024
Ireland’s High Court is to begin hearing a dispute around insurance claims for aircraft stuck in Russia on June 11, a week later than scheduled, after parties in the case asked for additional time to prepare, a court spokesman said …
Posted: May 30, 2024
Moderated risk-adjusted property-catastrophe reinsurance pricing reflects shifting market dynamics at the June 1st reinsurance renewals, broker Howden Re has stated. According to Howden Re, risk-adjusted property-catastrophe reinsurance rates-on-l...
Posted: May 30, 2024
New Language in California Budget Seeks to Expedite Insurance Rate Filing Approvals Insurers are praisi...
Posted: May 30, 2024
Nicotine-Like Chemicals in U.S. Vapes May Be More Potent Than Nicotine,...
Posted: May 30, 2024
BARNSLEY, Ky. (AP) — Devin Johnson’s life was uprooted for a second time when a tornado flattened his home over the Memorial Day weekend — on the same lot in Kentucky where another storm left him homeless in 2021. Johnson, …
Posted: May 30, 2024
HOUSTON (AP) — Strong storms with damaging winds and baseball-sized hail pummeled Texas on Tuesday, leaving one person dead and about 1 million businesses and homes without power as much of the U.S. recovered from severe weather, including tornadoes,...
Posted: May 30, 2024
Severe thunderstorms are set to sweep across Texas Panhandle, including Lubbock and Amarillo on Thursday. The risk will drop on Friday and Saturday but destructive systems will still be possible, the US Storm Prediction Center said. “A tumultuo...
Posted: May 30, 2024
Reinsurance broker Gallagher Re has announced that Brian Flasinski will take over as Chief Executive Officer (CEO) of the North America region from June 1st, 2024, succeeding Jim Bradshaw. Gallagher Re announced Flasinski’s new role back in...
Posted: May 30, 2024
Marine insurer NorthStandard has reported that the cargo vessel collision and subsequent collapse of the Francis Scott Key Bridge outside Baltimore in March 2024 has the potential to impact the outlook of the International Group of P&I Clubs (...
Posted: May 30, 2024
Insurance Business Magazine - US
Posted: May 30, 2024
Insurance Business Magazine - US
Posted: May 30, 2024
Property-catastrophe rates saw some moderating trends during the June 1 reinsurance renewals, with average risk-adjusted rates-on-line decreasing by 5% within a typical range of -7.5% to -2.5%, according to Howden Re, the reinsurance business of Howd...
Posted: May 30, 2024
Global insurance provider RSA Insurance has announced the appointment of Indhira Mani to the role of Chief Data Officer. Reporting to Ollie Holden, Chief Information Officer at RSA Insurance, Mani will play a key role in leveraging data as a diffe...
Posted: May 30, 2024
More than 32.7 million residential properties from Texas to Maine are at risk of moderate or severe damage sustained from hurricane-force winds, a new report shows. The large number of at-risk homes in CoreLogic’s 2024 Hurricane Risk Report, wh...
Posted: May 30, 2024
Industrial insurer HDI Global SE, part of the Talanx Group, has reported a first quarter 2024 combined ratio of 91.8%, an improvement of 1.4 percentage points year-over-year. The insurer’s insurance revenue rose by 13% in Q1 2024, or 14% aft...
Posted: May 30, 2024
A former executive assistant at One Equity Partners sued the private equity firm on Wednesday, claiming she was subjected to sexist and racist conduct and was fired for complaining about it. Dianna Toomey, an Arab American of Lebanese descent, said &...
Posted: May 30, 2024
The Global Federation of Insurance Associations has announced the election of a new Vice President, Stephen Frank, president and CEO of the Canadian Life and Health Insurance Association (CLHIA). Frank has worked in the financial services sector f...
Posted: May 30, 2024
Ryan Specialty, headquartered in Chicago, promoted Derek Pouliot to chief reserving officer of Ryan Specialty Underwriting Managers (RSUM). In his expanded role, Pouliot is responsible for valuation of underwriting results for all business written by...
Posted: May 30, 2024
Independent specialist insurance and reinsurance broker, Miller, has acquired Madrid-based commercial re/insurance broker Bruzon Correduría de Seguros y Reaseguros S.A. and Bruzon Services S.A. (Bruzon), subject to regulatory approval, with the de...
Posted: May 30, 2024
A new severe weather update from BMS shows that insurance losses have soared, surpassing $10 billion, and are projected to reach nearly $20 billion by the end of May, warns Andrew Siffert, Senior Meteorologist at BMS. Last month, BMS issued a warn...
Posted: May 30, 2024
Insurance Business Magazine - US
Posted: May 30, 2024
Moody’s Ratings (Moody’s) has downgraded the insurance financial strength (IFS) rating of American Family Mutual Insurance Company from A1 to A2, assigning a stable outlook for the company and its subsidiaries. Additionally, Moody’s do...
Posted: May 30, 2024
Ascot's Jeff Canfield shares his take on the potential of AI in underwriting, Ascot's strategy for deal selection, and the company's unique approach to underwriting specialty risks. The post
Posted: May 30, 2024
Fitch Ratings has observed that reinsurance demand was strong at the midyear 2024 renewals, particularly for higher catastrophe layers, as Florida property writers are seeking more protection with insured values increasing from inflation and expos...
Posted: May 30, 2024
The operator of Japan’s destroyed Fukushima Daiichi nuclear power plant demonstrated Tuesday how a remote-controlled robot would retrieve tiny bits of melted fuel debris from one of three damaged reactors later this year for the first time sinc...
Posted: May 30, 2024
Frédéric de Courtois, Deputy Chief Executive Officer of AXA Group, has been elected President of Insurance Europe after receiving unanimous support. de Courtois succeeds Andreas Brandstetter, the Chairman & CEO of the UNIQA Insurance Group, to...
Posted: May 30, 2024
Austin, TX, May 30, 2024 – The National Alliance for Insurance Education and Research has partnered with SambaSafety, a leading provider of cloud-based risk management solutions, to release a new research report, titled: “2024 Driver Risk...
Posted: May 30, 2024
Latin America’s human rights court holds a final hearing in Brazil on Wednesday in a case that’s part of a global wave of climate litigation, as several international courts prepare first-time opinions on what countries must do to combat...
Posted: May 30, 2024
Gallagher Re has announced a new partnership with Colorado State University (CSU) to research tropical cyclone activity and trends, aiming to address challenges faced by the insurance and reinsurance industries and beyond. This partnership will al...
Posted: May 30, 2024
In its full year 2023 financial results, Helios Underwriting has revealed it achieved a total comprehensive profit of £29.9 million, up from a loss of £0.1 million in 2022, while its capacity portfolio combined ratio improved to 86%. Helios explai...
Posted: May 30, 2024
Posted: May 30, 2024
Posted: May 30, 2024