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Rough Notes

Two agency principals share U.S. Army experiences and insights on veterans joining the insurance industry By Christopher W. Cook As in previous May issues of Rough Notes, to sync with the Memorial Day holiday, we’re sharing the stories of two veteran...

Posted: May 01, 2024

SELF-FUNDED EMPLOYERS THRIVE ON DATA

Rough Notes

Stop loss executives foresee strong growth By Thomas A. McCoy The importance of having relevant data in making decisions rises in proportion to the amount of money at stake. Thus, when their health benefits costs rise to a certain point, employers be...

Posted: May 01, 2024

Canopy Connect and InsuredMine Announce New Integration to Obtain and Transfer Insurance Information

coverager

Canopy Connect and InsuredMine announce a new integration. It enables insurance agents to collect verified insurance data through Canopy Connect and automatically import it into InsuredMine’s CRM to eliminate data entry and improve lead flow.

Posted: May 01, 2024

Amwins forms National Transportation Underwriters

coverager

This entity brings together the expertise of Amwins Transportation Underwriters and National Truck Underwriting Managers.

Posted: May 01, 2024

Survey: 79% of Organizations Sustained a Cyberattack Within the Past Year

Carrier Management

Survey: 79% of Organizations Sustained a Cyberattack Within the Past Year A new global survey of 1,309 IT...

Posted: May 01, 2024

LexisNexis: Loss Costs Rise for all Home Insurance Perils

Carrier Management

LexisNexis: Loss Costs Rise for all Home Insurance Perils A new report...

Posted: May 01, 2024

Travelers to Open Technology Office in Atlanta

Insurance Journal

Just as companies worldwide struggle with the office-versus-remote work question, Travelers has decided to open a 2,800-square-foot office site in Atlanta to house its artificial intelligence, data science and other technology operations. Travelers,...

Posted: May 01, 2024

Prudential to Wind Down Direct-to-Consumer Assurance Business

Insurance Journal

Less than five years after acquiring online insurance startup Assurance IQ for $2.35 billion, Prudential is shutting it down. “Prudential Financial routinely evaluates strategic opportunities for its businesses that are aligned with its long-te...

Posted: May 01, 2024

Florida market in a much better place ahead of renewals but RenRe remains cautious: CEO O’Donnell

Reinsurance News

Bermuda-based reinsurer RenaissanceRe (RenRe) is seeing additional demand for reinsurance in Florida, but while the company also anticipates good discipline from the market at the June 1 renewals and feels the Florida market is in a better place,...

Posted: May 01, 2024

As Wildfire Risk Grows, States Grapple to Retain Property Insurers

Carrier Management

As Wildfire Risk Grows, States Grapple to Retain Property Insurers Months after a catastrophic fire b...

Posted: May 01, 2024

No Multi-factor Authentication in Place When Hackers Used Stolen Login Credentials in UnitedHealth B...

Carrier Management

No Multi-factor Authentication in Place When Hackers Used Stolen Login Credentials in UnitedHealth Bre...

Posted: May 01, 2024

Root shrinks net loss to $6 million

coverager

The direct channel was Root’s primary growth driver in the quarter, fueled by performance marketing.

Posted: May 01, 2024

Aon launches suite of risk analyzer tools

coverager

Aon's Property Risk Analyzer is the latest release under Aon Actionable Analytics.

Posted: May 01, 2024

OneShield Announces Partnership with One Inc to Enhance Digital Payment Solution Offering

coverager

Marlborough, MA – April 25th, 2024: OneShield, a leader in insurance technology solutions, is pleased to announce its partnership with One Inc, a leading provider of digital payment solutions for the insurance industry.

Posted: May 01, 2024

Prudential shuts down Assurance IQ

coverager

Canopy Connect and InsuredMine announce a new integration. It enables insurance agents to collect verified insurance data through Canopy Connect and automatically import it into InsuredMine’s CRM to eliminate data entry and improve lead flow.

Posted: May 01, 2024

Commercial Real Estate to See Improved Property Insurance Market

Risk & Insurance

Commercial real estate should see improved property insurance conditions in 2024, while the casualty market grapples with rising claims costs due to lawsuit abuse, Gallagher reports. The post

Posted: May 01, 2024

Verisk reports Q1 consolidated revenues of $704m

Reinsurance News

Verisk has revealed that consolidated revenues in Q1 of 2024 were $704 million, up from $652 million in the previous year. Elsewhere, Verisk’s underwriting revenues increased 8.2% in the quarter and 7.8% on an organic constant currency (OCC)...

Posted: May 01, 2024

Insurtechs Root, Lemonade Book Q1 Net Income Losses but Each Tout Progress

Insurance Journal

Insurtech Root Inc. posted a net loss for the first quarter 2024 of $6.2 million but said it recorded operating income for the first time in the company’s history. The net income loss for the first three months of the …

Posted: May 01, 2024

Kansas Won’t Legalize Medical Marijuana for at Least a Year

Insurance Journal

TOPEKA, Kan. (AP) — Kansas will remain among the handful of states that haven’t legalized the medical use of marijuana or expanded their Medicaid programs for at least another year. Republican state senators on Friday blocked efforts to force d...

Posted: May 01, 2024

BRP becomes The Baldwin Group to demonstrate cohesive structure

Reinsurance News

BRP Group has rebranded to the Baldwin Group to reportedly reflect its transformation, growth and integration. The change is effective today, with the firm’s retail brokerage operations, which include the Insurance Advisory Solutions and Mainstree...

Posted: May 01, 2024

Houthis Attack Four Ships in Indian Ocean, Red Sea

Insurance Journal

Yemen’s Houthis said on Tuesday they targeted the MSC Orion container ship in a drone attack in the Indian Ocean as part of their ongoing campaign against international shipping in solidarity with Palestinians against Israel’s military ac...

Posted: May 01, 2024

Yemen’s Houthis Attack Four Ships in Indian Ocean, Red Sea

Insurance Journal

Yemen’s Houthis said on Tuesday they targeted the MSC Orion container ship in a drone attack in the Indian Ocean as part of their ongoing campaign against international shipping in solidarity with Palestinians against Israel’s military ac...

Posted: May 01, 2024

16 Nabbed in Florida Sting Operation for Failing to Get Workers’ Comp Coverage

Insurance Journal

A sting operation in Manatee County, Florida, has led to the arrest of 16 men who were working without a contractor’s license and without securing workers’ compensation insurance on their employees. The sting was led by the Manatee Sherif...

Posted: May 01, 2024

Ardonagh Netherlands welcomes new executive team

Reinsurance News

Ardonagh Netherlands, the Dutch arm of independent broking groups, has announced the appointment of its in-country management team to lead the growth of local broking bands Léons Group, Klap Verzekeringsmakelaar and Classicus Private Insurance. Th...

Posted: May 01, 2024

Growing Wildfire Risk Leaves States Grappling With How to Keep Insurers From Fleeing

Insurance Journal

Months after a catastrophic fire burned more than 2,200 homes in Hawaii, some property owners are getting more bad news—their property insurance won’t be renewed because their insurance company has deemed the risk too high. It’s a problem...

Posted: May 01, 2024

Q1 Global Insured Natural Disaster Losses Driven by Severe Convective Storms: Aon

Carrier Management

Q1 Global Insured Natural Disaster Losses Driven by Severe Convect...

Posted: May 01, 2024

Fla. Regulators’ Effort to Remove Insurer Execs May Not Pass Constitutional Muster

Carrier Management

Fla. Regulators’ Effort to Remove Insurer Execs May Not Pass Constitutional Muster Current and former leaders w...

Posted: May 01, 2024

AXA XL launches program to mitigate risks of assailant events

Reinsurance News

AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has introduced its Active Assailant Ecosystem Preferred Partners Network to address the increasing threat of mass shootings in the United States and C...

Posted: May 01, 2024

J&J Advances $6.48 Billion Settlement of Talc Cancer Lawsuits

Insurance Journal

Johnson & Johnson said Wednesday it is moving forward with a $6.48 billion proposed settlement of tens of thousands of lawsuits alleging that its baby powder and other talc products contain asbestos and cause ovarian cancer. The deal would allow...

Posted: May 01, 2024

Ryan Specialty completes Castel Underwriting acquisition

Reinsurance News

International specialty insurance firm, Ryan Specialty has completed the acquisition of Castel Underwriting Agencies Limited, a Managing General Underwriting (MGU) platform, from Arch Financial Holdings (UK) Limited and minority shareholders. Head...

Posted: May 01, 2024

BNSF Becomes 2nd RR to Sign on to Anonymous Federal Safety Hotline for Workers

Insurance Journal

OMAHA, Neb. (AP) — BNSF will become the second major freight railroad to allow some of its employees to report safety concerns anonymously through a federal system without fear of discipline. The Federal Railroad Administration announced Thursday tha...

Posted: May 01, 2024

State AG, Atlantic City Casino Union Ask Judge to Dismiss Anti-Smoking Lawsuit

Insurance Journal

Atlantic City’s main casino workers union and the New Jersey attorney general this week asked a judge to dismiss a lawsuit brought by a different union that seeks to ban smoking at the city’s nine casinos. Local 54 of the …

Posted: May 01, 2024