All Posts
Insurance Business Magazine - US
Posted: Apr 17, 2024
Last week, a court order required Fleming to complete the acquisition after a legal battle between the companies.
Posted: Apr 17, 2024
The Travelers Companies, Inc. today reported first quarter net income of $1.123 billion, up 16% compared to $975 million in the prior year quarter. Core income in the current quarter was up 14% to $1.096 billion, compared to $970 million …
Posted: Apr 17, 2024
A section of TC Energy’s NGTL gas pipeline system in Alberta ruptured and caught fire on Tuesday, sparking a wildfire in a remote area, the company said. “An initial ignition of natural gas at the rupture site is now extinguished. …
Posted: Apr 17, 2024
Reflecting on one of the trends that surfaced as property/casualty insurers announced 2023 financial results recently, AM Best expects reserve strengthening for accident years 2015-2019 to continue, the rating agency said in a new report. As companie...
Posted: Apr 17, 2024
Primary insurance group Travelers has published its first quarter 2024 financial results, reporting 16% growth in net income despite an elevated level of catastrophe losses compared to the prior year quarter. The insurer saw its net income rise to...
Posted: Apr 17, 2024
Berkshire Hathaway Specialty Insurance (BHSI), headquartered in Boston, expanded its global marine capabilities in the U.S., launching ocean marine Insurance. BHSI named Ben Wyatt as head of marine and Chris Frick as head of marine claims in the U.S....
Posted: Apr 17, 2024
Boeing Co.’s safety culture will come under public scrutiny today as two separate Senate hearings pore over a whistleblower’s claims of poor assembly processes and shortcomings revealed in an extensive study commissioned by Congress. Besi...
Posted: Apr 17, 2024
Specialist insurance provider, CFC, has agreed to acquire Australian managing general agent (MGA), Solution Underwriting, in a move that is set to expand the company’s footprint in Australia. Headquartered in Melbourne, with offices located...
Posted: Apr 17, 2024
Amidst a fast-changing and complex risk landscape, successful P&C insurers should embrace risk mitigation, predictive modeling and AI tools and technology, a Capgemini report. The post
Posted: Apr 17, 2024
The Global Shield against Climate Risks has supported climate-vulnerable communities of Pacific Island Countries (PICs) through a €10 million contribution by the German Ministry for Economic Cooperation and Development (BMZ), dedicated to the Paci...
Posted: Apr 17, 2024
Everest Insurance International, a division of Bermuda-based insurer and reinsurer, Everest Group, Ltd. has hired American International Group’s (AIG) David Ho as Head of Financial Lines, Asia. Overall, Ho brings over 25 years of financial l...
Posted: Apr 17, 2024
When it comes to managing construction defect claims, insureds should be looking for an insurance partner that has a sharp eye on the market and is keeping pace with today’s trends. The post
Posted: Apr 17, 2024
Swiss Re is welcoming Fiona Kiernan to its Life & Heath Continental Europe team as the new Regional Head of Underwriting and Claims, effective July, 2024. In her new role, based in Zurich, Kiernan will be responsible for the development of the...
Posted: Apr 17, 2024
The "one in X year" language is leading people to underestimate the true extent of their flood risk. It's time to view it in a different light. The post
Posted: Apr 17, 2024
Covéa has reported a net income of €1.48 billion in 2023, up from €896 million in 2022, mainly driven by its reinsurance result, which was bolstered by the full-year integration of PartnerRe. Covéa’s net income from reinsurance activities in...
Posted: Apr 17, 2024
Insurance Business Magazine - US
Posted: Apr 17, 2024
Aspen Insurance Holdings Ltd. and PIMCO Investment Management Co. announced the formation of Pando Re Ltd., a Bermuda-domiciled collateralized re/insurer focused on casualty business. Under a long-term agreement, Aspen will be the sole cedent to Pand...
Posted: Apr 17, 2024
Digital risk processing platform Cytora has partnered with cybersecurity company DynaRisk to help insurers understand and reduce cyber risk. Through this partnership insurers will be able to use DynaRisk’s suite of cyber risk assessment data on Cy...
Posted: Apr 17, 2024
DUAL, the specialist underwriting arm of Howden Group Holdings, announced it has significantly strengthened its marine capability in Europe with the acquisition of Swiss Re’s Genoa, Italy-based Marine team with the authority to write marine bus...
Posted: Apr 17, 2024
CIWA’s Annual Summer Forum 2024 set to foster collaboration and engagement FAIRFIELD, CA – April 17, 2024 – The California Insurance Wholesalers Association (CIWA), a leading professional trade association representing California’s E&...
Posted: Apr 17, 2024
Fleming Insurance Holdings has confirmed its agreement to acquire JRG Reinsurance Company Ltd. from James River Group Holdings, Ltd. at the previously agreed upon terms, after the Supreme Court, New York County, Commercial Division issued an order...
Posted: Apr 17, 2024
Posted: Apr 17, 2024
Posted: Apr 17, 2024
Posted: Apr 17, 2024
Coral reefs around the world are experiencing global bleaching for the fourth time, top reef scientists declared Monday, a result of warming ocean waters amid human-caused climate change. Coral reef bleaching across at least 53 countries, territories...
Posted: Apr 17, 2024
Gallagher Re has estimated that global insured losses from natural catastrophes in Q1 of 2024 were $20 billion, heavily driven by severe convective storm (SCS) activity in the US. According to the global reinsurance broker’s Natural Catastro...
Posted: Apr 17, 2024
Howden has started offering war risk cargo insurance to cover vessels sailing through the Red Sea against drone and missile attacks as geopolitical tensions escalate in the region, the UK-based insurance broker told Reuters on Tuesday. The cost of in...
Posted: Apr 17, 2024
Specialty Program Group LLC (SPG), an operator of specialty insurance brokerage, underwriting and consulting facilities, has appointed Jennifer Spindler as Chief Product Officer in the US. In her new role, based in New Jersey, Spindler will be in...
Posted: Apr 17, 2024
Berkshire Hathaway Specialty Insurance (BHSI) has recently appointed Louis du Ché to the additional role of Country Manager for France, alongside his current position as Country Manager, Belgium. Alessandro Cerase, Head of Europe at BHSI, remarks,...
Posted: Apr 17, 2024
The economic drivers of the U.S. property/casualty (P/C) insurance industry are growing faster than the nation’s Gross Domestic Product (GDP) and are expected to gain further momentum in the event of Federal Reserve monetary rate cuts, accordin...
Posted: Apr 17, 2024
The Indian insurance sector could see relief from taxes as the Goods and Services Tax (GST) Council plans to review the exemption for reinsurance after the elections, according to a Moneycontrol report. In an effort to avoid disrupting insurance i...
Posted: Apr 17, 2024
MGM Resorts International sued the Federal Trade Commission to stop an investigation into how it dealt with a cybersecurity attack last year. The company said the investigation deprives it of its fundamental due process rights and that FTC Chair Lina...
Posted: Apr 17, 2024
Cerebral Inc., a major U.S. provider of telemedicine mental health services, will likely have to pay $7 million in penalties and refunds to clients as part of a settlement with the Federal Trade Commission. The firm exposed the personal information &...
Posted: Apr 17, 2024
Woodruff Sawyer promoted Dave Erickson to employee benefits practice leader. Most recently, he led Woodruff Sawyer’s employee benefits operations. Erickson has more than 15 years of experience in the employee benefits industry. Before joining W...
Posted: Apr 17, 2024
One of the East Coast’s largest auto recyclers and used parts suppliers has agreed to pay $868,000 in penalties related to 35 workplace safety violations at its Camden, New Jersey facility. The agreement with The Auto Store, operating as My ...
Posted: Apr 17, 2024
Four railroads have asked federal appeals courts to throw out a new rule that would require two-person train crews in most circumstances, saying the mandate is arbitrary, capricious and an illegal abuse of discretion. The identical challenges of the...
Posted: Apr 17, 2024
Donald Trump submitted evidence that the insurer providing his $175 million appeal bond in New York’s civil fraud case is financially capable of paying up if his legal challenge fails, after the state attorney general demanded more proof. Los A...
Posted: Apr 17, 2024
Hours before leaving port, the massive container ship that caused the deadly collapse of a Baltimore bridge experienced apparent electrical problems, a person with knowledge of the situation told The Associated Press on Monday, the same day FBI agent...
Posted: Apr 17, 2024
So-called forever chemicals have been found in water sources across New Mexico, according to recent studies by the U.S. Geological Survey and state environment officials. The federal agency detailed the findings last week, around the same day the U.S...
Posted: Apr 17, 2024
Amwins, the global distributor of specialty insurance products and services, has hired Jon Beckham to lead Amwins Program Underwriters (APU), succeeding Ben Francavilla who has served as president of APU since 2009, and recently announced his reti...
Posted: Apr 17, 2024
Michaela Mendelsohn, who owns six El Pollo Loco locations serving grilled chicken and tacos in California, recently found herself raising managers’ pay by over 10% to more than $83,000 a year. With the state’s new law mandating a $20 mini...
Posted: Apr 17, 2024
Time-Tested Loss Reserving Methods Challenged: AM Best Reflecting on on...
Posted: Apr 16, 2024
The insurer saw a 71 percent increase in efficiency rise by following its engagement with global hiring platform Edge to support employee recruitment during a period of growth.
Posted: Apr 16, 2024
Data from Insurity’s 2024 AI in Insurance Report show consumers are against AI in underwriting and claims management.
Posted: Apr 16, 2024
Insurance industry news from EMC Insurance, PoloWorks, King Insurance Partners and more featured in weekly update.
Posted: Apr 16, 2024