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Insurance Business Magazine - US
Posted: May 16, 2024
Renewal, Retention Keep Carrier’s Focus as Consumers Shop Auto Insurance Shoppers in the U.S. aren't read...
Posted: May 16, 2024
Posted: May 16, 2024
The Suez Canal incident is having a significant inflationary impact, particularly in East Asia. Some estimates suggest that the blockage is decreasing East Asian GDPs by 3 to 5% due to disruptions in the movement of goods. The post
Posted: May 16, 2024
The Suez Canal incident is having a significant inflationary impact, particularly in East Asia. Some estimates suggest that the blockage is decreasing East Asian GDPs by 3 to 5% due to disruptions in the movement of goods. The post
Posted: May 16, 2024
Huntington Bancshares Incorporated, parent company of The Huntington National Bank, headquartered in Columbus, Ohio, appointed Angie Klett as president of Huntington Insurance, Inc. Current president Mary Beth Sullivan is retiring July 1 after nearly...
Posted: May 16, 2024
PORTAGE, Mich. (AP) — Nearly 50 homes were destroyed and dozens more were seriously damaged during severe weather last week in southwestern Michigan’s Kalamazoo County, authorities said Monday. The lost homes included 24 mobile homes near Porta...
Posted: May 16, 2024
Heavy rain will sweep across eastern Texas into Louisiana and Mississippi on Thursday, raising flood risks across the Gulf of Mexico states. Flood watches have been posted from Dallas and Houston eastward across Louisiana and Mississippi. There is al...
Posted: May 16, 2024
Florida-based King Insurance Partners announced it has acquired Marcus Insurance, an independent agency based in Wethersfield, Connecticut. The terms were not disclosed. Founded in 1941, Marcus Insurance is a family-run agency with Mitch Marcus as pr...
Posted: May 16, 2024
Colorado Springs leaders agreed Tuesday to pay $2.1 million to settle a federal lawsuit brought by a Black man who was punched and kicked by police during a traffic stop in 2022. City councilors voted to back the agreement to …
Posted: May 16, 2024
Cargo Ship Experienced Blackouts Before Causing Baltimore Bridge Collapse The cargo ship Dali experienc...
Posted: May 16, 2024
Tesla Must Face Owners’ Class Action Lawsuit Over Self-Driving Cla...
Posted: May 16, 2024
Posted: May 16, 2024
Bermuda-domiciled property and casualty reinsurance group, Conduit Holdings, has appointed Stephen Redmond as a Non-Executive Director of its Board, effective May 14th, 2024. As previously reported, Sir. Brian Williamson has now stepped down as a...
Posted: May 16, 2024
QBE survey reveals cybersecurity threats, financial challenges, and labor shortages as the industry's top concerns The post Top...
Posted: May 16, 2024
Swiss Re announced that Ivan Gonzalez, CEO Reinsurance China, has been appointed CEO of Corporate Solutions, succeeding Andreas Berger, who is moving into the role of group CEO, effective July 1, 2024. Gonzalez will join the Group Executive Committee...
Posted: May 16, 2024
A 64% jump in ransomware claims in 2023 is driven by an explosion in “indirect” ransomware incidents, up over 415% in 2023, with remote access tools accounting for 58% of attacks. The year-over-year increases were seen among mid-market an...
Posted: May 16, 2024
Munich Re Specialty – North America, part of the Munich Re Group insurance operations, to enhance risk analysis, critical submission management capabilities, and document ingestion with Kalepa’s underwriting platform, Copilot. To support its...
Posted: May 16, 2024
OCALA, Fla. (AP) — The Florida Highway Patrol has arrested the driver of a pickup truck that crashed into a farmworker bus early Tuesday, killing eight, on charges of driving under the influence-manslaughter. Bryan Maclean Howard, 41, faces eight cou...
Posted: May 16, 2024
Swiss Re announced plans to withdraw from its digital B2B2C insurance business, iptiQ, following a strategic review. The iptiQ business lost $250 million in 2023, but the loss was projected to be less in 2024. Nevertheless, Swiss Re decided its ̷...
Posted: May 16, 2024
ATLANTA (AP) — A federal appeals court has upheld a lower court’s ruling that a Georgia county illegally discriminated against a sheriff’s deputy by failing to pay for her gender-affirming surgery. In its ruling Monday, the 11th U.S. Circ...
Posted: May 16, 2024
Following Patricia Kocsondy’s move to Beazley’s Head of Global Cyber Digital Risks in January, Melissa Carmichael steps into the role of leading Beazley’s US Cyber division. Beazley has announced today the appointment of Carmicha...
Posted: May 16, 2024
Insurance Business Magazine - US
Posted: May 16, 2024
Swiss Re will withdraw from the iptiQ business and consider options for the different entities.
Posted: May 16, 2024
Founded in 2017, Handdii is a property insurance claims fulfillment platform that pairs insurance companies with contractors.
Posted: May 16, 2024
The structure of the deal provides AGI with a 40% interest in the company upon closing.
Posted: May 16, 2024
Federal Reserve Chair Jerome Powell said Tuesday that the central bank is unlikely to raise its key interest rate in response to signs of stubborn inflation and underscored his view that price increases would soon start to cool again. Yet …
Posted: May 16, 2024
A popular country music venue in Greenville, South Carolina, has closed its doors after almost 30 years, citing the cost of liquor liability insurance in the state. The Post and Courier newspaper and other news outlets reported Wednesday that the ...
Posted: May 16, 2024
Allstate, a US primary insurer, has disclosed that its estimated catastrophe losses for April 2024 amounted to $494 million, or $390 million after-tax. According to Allstate, the losses in April 2024 resulted from 11 events valued at $491 million,...
Posted: May 16, 2024
The Progressive Corporation has released its results for April, revealing a property line combined ratio of 116.7%, driven by weather losses throughout the month. The insurer’s Property segment combined ratio for April is comprised of an exp...
Posted: May 16, 2024
Global reinsurer, MS Reinsurance has announced the addition of Yasuko Fukuda and Dr. Frank Ellenbürger to its Supervisory Board of Directors. Fukuda has been appointed third shareholder representative director and Ellenbürger as fourth independent...
Posted: May 16, 2024
A federal jury on Wednesday convicted Greg Lindberg, who once controlled two life insurance companies, a reinsurance company and multiple other businesses, and his co-defendant John Gray, of attempting to bribe the North Carolina insurance commission...
Posted: May 16, 2024
Global insurer AIG has reached an agreement to sell approximately 120 million shares of its Corebridge common stock to Nippon Life Insurance Company. The selling price of the stock has been decided at $31.47 per share, for an aggregate purchase pr...
Posted: May 16, 2024
State Farm announced that it has launched a new website to showcase some of its patented technology, and making it available for licensing, purchase or collaboration opportunities. “State Farm is more than just an insurance company. With a focu...
Posted: May 16, 2024
The US insurance industry reported $8.5 trillion in total cash and invested assets, including affiliated and unaffiliated investments, at year-end 2023, compared to year-end 2022, with growth rebounding modestly from 1.3% in the prior period, an N...
Posted: May 16, 2024
The U.S. property/casualty industry’s net combined ratio improved in 2023 to 101.7 from 102.5 the prior year, according to S&P Global Market Intelligence. The combined ratio for the industry’s personal business lines came in at 106.7%...
Posted: May 16, 2024
Cover Genius, an insurtech specialising in embedded protection, announced today the successful completion of its Series E funding round, securing $80 million. Despite the recent slowdown in tech funding, Spark Capital led the round, joined by exis...
Posted: May 16, 2024
Mexico has secured $175 million of additional insurance protection against named storm events occurring on the Pacific side of Mexico via a catastrophe bond transaction facilitated by the World Bank and IBRD. With this bond, the Government of Mexi...
Posted: May 16, 2024
Reinsurance giant Swiss Re has announced the appointment of Beat Strebel as CEO Reinsurance China and China Country President. Strebel will take over from Ivan Gonzalez, who has been appointed as Swiss Re’s new CEO of Corporate Solutions. Both wil...
Posted: May 16, 2024
For companies facing expensive and hard-to-insure property perils, captives offer flexibility and price stability. The post
Posted: May 16, 2024
Life insurer and asset manager Aegon, in its trading update for Q1 2024, has reported a €256 million operating capital generation before holding funding and operating expenses. The firm added that with this growth it is on track to achieve guidanc...
Posted: May 16, 2024
Britain’s food watchdog has applied extra control measures on all spice imports from India, it said on Wednesday, becoming the first to ramp up scrutiny of all Indian spices after contamination allegations against two brands sparked concerns am...
Posted: May 16, 2024
Parsyl, an insurer for essential supply chains, has announced the appointment of Simon Coles as Head of Capital. In his new capacity, Coles will oversee all aspects of capital, financial management, and syndicate performance for Parsyl. Ben Hubbar...
Posted: May 16, 2024