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INIC, a leading provider of commercial excess liability insurance, sought a claims management system to support remote operations and extensive long-tail claims. INIC partnered with Five Sigma for its AI-native claims management platform.
Posted: May 22, 2024
IIAT members will gain access to a more efficient submission process.
Posted: May 22, 2024
Business has grown to over $10 billion in premiums and nearly 7 million policies.
Posted: May 22, 2024
CIAB: Commercial P/C Premiums Increase 7.7% in Q1 2024 Overall commercial property/casualty pre...
Posted: May 22, 2024
The owners of two Northern California mushroom farms where a farmworker killed seven people in back-to-back shootings last year will pay more than $450,000 in back wages and damages to 62 workers, the Labor Department announced. The owners of Califor...
Posted: May 22, 2024
RALEIGH, N.C. (AP) — A North Carolina board that regulates land surveyors didn’t violate a drone photography pilot’s constitutional rights when it told him to stop advertising and offering aerial map services because he lacked a state lic...
Posted: May 22, 2024
Lloyd’s syndicate AEGIS London has launched a new digital product offering aimed at US-based private property owners for wind deductible buy-back. For those unaware, wind deductible buy-backs are purchased by clients to lower deductibles for wind...
Posted: May 22, 2024
Companies working with the US government may be required to start protecting their data and technology from attacks by quantum computers as soon as July. The National Institute for Standards and Technology, part of the Department of Commerce, will in...
Posted: May 22, 2024
A community college dean who was injured when she fell after she turned in a hallway to address a colleague is not entitled to workers’ compensation benefits, the Virginia Court of Appeals has ruled. Mary Pat O’Brien, dean of nursing R...
Posted: May 22, 2024
A new AM Best report indicates that rising interest rates in 2023 increased the portfolio yields of US life/annuity insurers by nearly 30 basis points, from 4.47% to 4.74%. The Best’s Special Report, “US Life/Annuity Investment Portfolio Yields Re...
Posted: May 22, 2024
The number of U.S. consumers who shopped for auto insurance in rose in the first quarter, largely driven by consumers in the West and Midwest. The findings show a continuation of strong growth in shopping at the end of last …
Posted: May 22, 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has announced the appointment of Robert Riha as Chief Client & Distribution Officer for APAC & Europe. Riha will now report to Xavier Veyry, t...
Posted: May 22, 2024
Lockton Caribbean & Central America (CCA) has launched the region’s first Food, Agriculture & Beverage (CCA FAB) insurance broking practice. The new Food, Agriculture & Beverage practice within Lockton CCA, the Miami-based wholesale re...
Posted: May 22, 2024
Legal & General Assurance Society Limited has completed an approximately £900 million buy-in with the ICI Pension Fund, securing the benefits of over 7,000 retirees. This announcement marks the 12th transaction since the ICI Pension entered in...
Posted: May 22, 2024
Risk Strategies, an international specialty insurance brokerage and risk management firm, has announced its acquisition of Silveus Insurance Group (Silveus), the largest independent crop insurance broker in the United States. Silveus is widely kno...
Posted: May 22, 2024
NormanMax Insurance Holdings, the Miami, Florida-based parametric re/insurance group, has launched Lloyd’s Syndicate 3939, in partnership with third-party managing agent Apollo. NormanMax Syndicate 3939 is the first syndicate to focuse on natur...
Posted: May 22, 2024
NormanMax Insurance Holdings, the Miami, Florida-based parametric re/insurance group, has launched Lloyd’s Syndicate 3939, in partnership with third-party managing agent Apollo. NormanMax Syndicate 3939 is the first syndicate to focuse on natur...
Posted: May 22, 2024
Global credit ratings agency AM Best has confirmed that it is maintaining its negative outlook on France’s non-life insurance segment, citing a number of factors, such as: modest real top-line growth on an inflation-adjusted basis, inflation impac...
Posted: May 22, 2024
Against the backdrop of ongoing global instability, companies intensify their focus on risk management, adapting strategies to navigate evolving threats, reports insurance and reinsurance broker WTW. Following a year in which nearly a fifth of com...
Posted: May 22, 2024
Specialty insurer Beazley has announced the appointment of Barbara Plucnar Jensen to its Board as Chief Financial Officer (CFO). Adrian Cox, Beazley’s CEO, previously mentioned this during the firm’s full-year results, stating, “I am p...
Posted: May 22, 2024
German reinsurer The Deutsche Rück Group expanded its business in 2023 with gross premium income increasing by 16.8% to just under €1.8 billion, while net premiums earned were up 18.3% at €1.2 billion. This strong growth was supported by both inte...
Posted: May 22, 2024
May 22, 2024 — Axis Insurance Managers Inc. (“Axis Insurance”) announced today that it has acquired The Magnes Group Inc. (“Magnes”). Axis Insurance made its initial investment in Magnes in 2015. Founded in 1933, Magnes...
Posted: May 22, 2024
One moment Toby Pearl was ensconced in his economy-class seat in row 43 aboard a flight from London to Singapore. The next all hell broke loose, with personal belongings, food and even people being hurled around the cabin, crashing into …
Posted: May 22, 2024
NormanMax Insurance Holdings, the US-based parametric re/insurance group, has launched Syndicate 3939, managed by insurance group Apollo. NormanMax Syndicate 3939 has reportedly commenced underwriting and will offer global parametric re/insurance...
Posted: May 22, 2024
Passengers injured by severe turbulence on a Singapore Airlines flight on Tuesday are likely eligible for compensation, but the amount each receives could differ dramatically even for identical injuries due to an international treaty. One passenger d...
Posted: May 22, 2024
Posted: May 22, 2024
Tokio Marine Forecasts ¥1 Trillion 2024 Profit; ‘Drastic’ Growth Ahea...
Posted: May 22, 2024
Posted: May 22, 2024
Distinguished Programs, a US insurance program manager, has partnered with specialty re/insurer SiriusPoint for its Inland Marine insurance program. The new program, to be led by Eric Michel will offer tailored coverage for a focused segment of In...
Posted: May 22, 2024
Zurich-based catastrophe insurance data provider PERILS AG has released its final insurance market loss estimate for the floods in the Emilia-Romagna region of Italy during May 2023, lowering the figure slightly to €495 million. This final figure...
Posted: May 22, 2024
Global re/insurance broker Aon has appointed Ryan Barber as the Global Head of Property for Commercial Risk, effective June 24th, 2024, to further advance the firm’s Risk Capital strategy. In this new role, Barber’s remit will include leadin...
Posted: May 22, 2024
The heavy downpours seen in the UK and Ireland last fall and winter were about 20% worse because of climate change, a new scientific report found. The region saw as many as 14 severe storms between October and March, flooding …
Posted: May 22, 2024
Bayview Asset Management (Bayview), a global investment management firm, has announced the appointment of Craig T. Schorr as Managing Director in its newly formed Insurance Asset Management division. This division was established to offer manageme...
Posted: May 22, 2024
Once perceived as intricate, time-consuming, and on occasion, frustrating, insurance claims processing has undergone a substantial transformation with the integration of new technological solutions. From artificial intelligence (AI) to big data and a...
Posted: May 22, 2024
Gallagher’s Cyber practice remains laser focused on emerging technology and the potential for increased risks as organizations begin to use them. Throughout 2024, we’re concentrated on evolving compliance requirements for the use of artif...
Posted: May 22, 2024
Global multi-line reinsurer Fortitude Re has appointed Carla Albertze as Senior Vice President (SVP), Head of Internal Audit. In her new role, Albertze will lead the firm’s Internal Audit Team to ensure the strength, effectiveness and effici...
Posted: May 22, 2024
Motor insurance rate increases are anticipated to decelerate soon, driven mainly by disinflation, improved underwriting performance, and increased competition, this in turn should lower the cost of car insurance for consumers, according to the Swi...
Posted: May 22, 2024
China’s Finance Ministry on Tuesday announced the nationwide implementation of full-cost insurance and planting income insurance policies for rice, wheat and corn, as part of a food security drive to encourage planting of staple grains. The pol...
Posted: May 22, 2024
Rising sea levels could severely disrupt crude oil shipments and erode energy security in import-dependent countries like China, South Korea and Japan, with many of the world’s biggest terminals vulnerable to flooding, researchers said on Tuesd...
Posted: May 22, 2024
The US Commodity Futures Trading Commission expects to finalize its guidance for carbon credits within the next six months, as it pursues a broader crackdown of fraud and manipulation in the embattled market. CFTC Commissioner Christy Goldsmith Romer...
Posted: May 22, 2024
S&P Global Market Intelligence weighed in on the U.S. cyber insurance marketplace, reporting that premium dipped in 2023 to end several years of rapid growth. The overall 0.7% decline in cyber insurance direct written premiums was driven by a 3.2...
Posted: May 22, 2024
North Carolina regulators last month announced that the state is now the third-largest domicile for captive insurance companies with more than 311 captive firms in the state, thanks in part to favorable premium tax rates, fees and capital requirement...
Posted: May 22, 2024