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According to AM Best, credit rating downgrades on US property & casualty (P&C) insurance companies climbed to 55 in 2023, compared with 30 in 2022, given the challenging conditions in the personal lines segment. The rating agency explained...
Posted: Mar 12, 2024
(Bloomberg) — Georgia Governor Brian Kemp has appointed himself the figurehead of Rivian Automotive Inc.’s massive $5 billion development outside of Atlanta. In 2023, the first day of March was dubbed “Rivian Day.” Just a year...
Posted: Mar 12, 2024
Amynta Group, the New York-based insurance services provider, announced the completion of the previously announced acquisition of Sutton Special Risk Inc., a managing general underwriter (MGU) of specialty insurance and reinsurance products in Toront...
Posted: Mar 12, 2024
Amynta Group, the New York-based insurance services provider, announced the completion of the previously announced acquisition of Sutton Special Risk Inc., a managing general underwriter (MGU) of specialty insurance and reinsurance products in Toront...
Posted: Mar 12, 2024
AM Best delivered 39 downward credit rating actions to U.S. personal lines insurers in 2023, more than twice the number registered for 2022, the rating agency reported in it official tally for the year. Additional downgrades of 15 commercial insurers...
Posted: Mar 12, 2024
MS Amlin, the Lloyd’s global insurer and reinsurer, achieved its strongest adjusted combined ratio for more than a decade in 2023 with a 9.6 percentage point improvement to 86.6%, with Chief Executive Officer (CEO), Andrew Carrier, describin...
Posted: Mar 12, 2024
CHARLESTON, S.C. (AP) — A record-setting rainstorm flooded parts of Charleston, South Carolina, on Saturday, requiring emergency responders to help some people get out of high waters. The National Weather Service in Charleston reported that 3.63 inch...
Posted: Mar 12, 2024
Italian insurance giant Assicurazioni Generali SpA has the financial means for acquisitions that fit its template for value creation, according to Chief Executive Officer Philippe Donnet. “We are considering very strict discipline for M&A w...
Posted: Mar 12, 2024
Meta Platforms Inc. sued one of its former vice presidents for what it called a “stunning” betrayal in his defection to a “stealth” AI cloud computing startup. Dipinder Singh Khurana, also known as T.S. Khurana, had worked at...
Posted: Mar 12, 2024
FORT LAUDERDALE, Fla. (AP) — Federal investigators determining why a Florida condominium tower partially collapsed three years ago, killing 98 people, said Thursday there were many faulty support columns in the tenant garage that ran below it and the...
Posted: Mar 12, 2024
DUAL Europe recently announced the appointment of Guillaume Déal as the Managing Director of DUAL France, a strategic move aimed at further strengthening the company’s leadership team in France. In his new role, Déal will be based in Paris and wil...
Posted: Mar 12, 2024
TAMPA, Fla. (AP) — HCI Group Inc. (HCI) on Thursday reported fourth-quarter earnings of $38.1 million, a significant improvement over Q4 2022. The Tampa, Florida-based company said it had profit of $3.40 per share. Earnings, adjusted for non-recurrin...
Posted: Mar 12, 2024
TAMPA, Fla. (AP) — HCI Group Inc. (HCI) on Thursday reported fourth-quarter earnings of $38.1 million, a significant improvement over Q4 2022. The Tampa, Florida-based company said it had profit of $3.40 per share. Earnings, adjusted for non-recurrin...
Posted: Mar 12, 2024
Antares Syndicate 1274, the re/insurance subsidiary in the Lloyd’s market of QIC’s Antares Global, has seen improved financial results in 2023 with a 8.1% gross written premiums (GWP) growth and an improved combined ratio of 89.2%. Thi...
Posted: Mar 12, 2024
German policymakers should team up with power grid operators to improve the response to incidents such as the arson attack near Tesla’s gigafactory, said the head of regional utility Westenergie. Security measures needed reviewing and a better...
Posted: Mar 12, 2024
A small private jet crashed in woods and burned Sunday afternoon near a small airport in rural Virginia, killing all five people aboard, police said. The twin-engine IAI Astra 1125 went down amid trees along an airport road in Hot …
Posted: Mar 12, 2024
Evan Greenberg, CEO at Chubb, expresses confidence in the company’s ability to capitalise on favourable commercial P&C underwriting conditions globally, anticipating strong premium growth. In his 2023 letter to shareholders, Greenberg hi...
Posted: Mar 12, 2024
Heritage Insurance Holdings has reported a net income of $30.9 million for Q4 of 2023, up from $12.5 million in the same quarter of 2022, primarily driven by an increase in net premiums earned, higher net investment income, and lower net losses in...
Posted: Mar 12, 2024
Munich Re HealthTech (MRHT), a subsidiary of Munich Re, has promoted Bilal Ramadan to Chief Executive Officer. Ramadan will report to Owais Ansari Head of Munich Re Life & Health, MENA, Pakistan & Takaful Business. Ansari commented, “We co...
Posted: Mar 12, 2024
Hymans Robertson has revealed that total pension scheme buy-in and buy-out volumes for 2023 reached an all-time high figure of £50 billion, with both the number and value of transactions secured the highest ever recorded. The pensions and financia...
Posted: Mar 12, 2024
Italian insurer Generali generated a record operating performance of €6.9 billion in its full year 2023 results, an increase of 7.9% as a result of a positive contribution from all segments, led by Property & Casualty (P&C). Group-wide, th...
Posted: Mar 12, 2024
The impact of Generative Artificial Intelligence (GenAI) technology on the cyber landscape is expected to increase the frequency, severity, and diversity of attacks, and as the threats evolve, it’s imperative that the insurance industry take...
Posted: Mar 12, 2024
Global specialty and P&C (re)insurer Canopius Group has revealed its profit after tax for 2023 reached $363 million, up from $129 million in 2022, with a combined ratio for the year of 88.7%. Canopius’ insurance contract written premium...
Posted: Mar 12, 2024
Hard Market Strategy: How Independent Agents Adapt The hard market has...
Posted: Mar 12, 2024
Twice as Many Personal Lines Insurers Do...
Posted: Mar 12, 2024
NAIC P/C Market Intelligence Data Call Announced; Data Due June 6 Whil...
Posted: Mar 12, 2024
Posted: Mar 12, 2024
Insurance services provider, Amynta Group, has completed the acquisition of Toronto-based Sutton Special Risk Inc., a managing general underwriter (MGU) of specialty insurance and reinsurance products. The transaction accelerates Amynta’s growth p...
Posted: Mar 12, 2024
Distinguished Programs (Distinguished), a national insurance program manager, has recently introduced its team of seasoned industry veterans for the newly established Executive Lines business. The Executive Lines business aims to set a new standar...
Posted: Mar 12, 2024
Australia’s worsening climate change may see insurance companies and banks withdraw their services from communities vulnerable to extreme events, potentially triggering “cascading effects” across the economy, a new government report...
Posted: Mar 12, 2024
Global insurance brokerage WTW has disclosed that U.S. commercial insurance rates have sustained an upward trajectory exceeding 6% in Q4 2023. According to the Commercial Lines Insurance Pricing Survey (CLIPS) conducted by WTW’s Insurance Consulti...
Posted: Mar 12, 2024
Global Fintech company Acrisure has launched a new division integrating its wholesale property and casualty businesses under the new brand “Wholesure.” This division will include Wholesure, MGAs and Programs, Third-party Administrators, Individual...
Posted: Mar 12, 2024
Insurwave, an insurtech platform, has recently announced its new partnership with speciality re/insurer, Inigo. In this collaboration, Inigo will utilise Insurwave’s advanced technology and industry knowledge to establish and maintain a real-time...
Posted: Mar 12, 2024
U.S. auto-safety regulators on Monday launched a preliminary probe into emergency braking issues in certain Honda vehicles following complaints of crashes and fires. The problem affects the 2019-2022 models of the Honda Insight, a hybrid electric car...
Posted: Mar 12, 2024
Nancy Zailo is at the back of the line. She’s behind Jeffrey Stein, the Rite Aid Corp. chief executive collecting $300,000 paychecks every month. She’s behind consultants at Alvarez & Marsal, who have billed the pharmacy chain $75 mil...
Posted: Mar 12, 2024
Nvidia, whose chips power artificial intelligence, has been sued by three authors who said it used their copyrighted books without permission to train its NeMo AI platform. Brian Keene, Abdi Nazemian and Stewart O’Nan said their works were part...
Posted: Mar 12, 2024
Two Colorado Farmers must pay more than $6.5 Million for defrauding federal crop insurance programs, according to U.S. Attorney Cole Finegan. Finegan’s office announced that Patrick Esch and Ed Dean Jagers of Springfield, Colorado, agreed to pa...
Posted: Mar 12, 2024
Reports in New Jersey of incidents of bias — like antisemitism and anti-Black behavior among others — climbed by 22% last year, according to preliminary data released Thursday by the attorney general. Attorney General Matt Platkin’s office rele...
Posted: Mar 12, 2024
The Aug. 29, 2023, death of a forklift operator at Boston’s Logan International Airport may have been prevented if his employer had ensured proper safeguards for operating and maintaining forklifts, an Occupational Safety and Health Administrat...
Posted: Mar 12, 2024
Cannabis had a bit of a down year last year, but 2024 holds some hope for continued growth – maybe even a return to semblances of the old pace. As we head into the final month of the first quarter, …
Posted: Mar 12, 2024
Hub International Ltd. acquired the assets of Bolds Risk & Insurance Services in Larkspur, California. Ron Bolds, president of Bolds Risk, and the Bolds Risk team will join Hub Central and Northern California in the Larkspur office. Bolds Risk is...
Posted: Mar 12, 2024
AUSTIN, TX., March 12, 2024 — The National Alliance for Insurance Education & Research is pleased to commence the 2024 Outstanding CSR of the Year Competition. Since 1991, this prestigious competition has celebrated the dedication and expertise o...
Posted: Mar 11, 2024
This post is part of a series sponsored by IAT Insurance Group. Most aviation accidents are due to human error. An estimated 69% of general aviation non-commercial fixed-wing aircraft accidents in 2021 were caused by pilot mistakes. The right winter...
Posted: Mar 11, 2024
The scheme involved illegal control of medical practices, kickbacks for patient referrals and bribes.
Posted: Mar 11, 2024
The U.S. Consumer Product Safety Commission reports that there is an average of one battery fire every two days in the United States.
Posted: Mar 11, 2024
Akur8’s solution empowers pricing teams to make better decisions faster, by automating risk modeling using proprietary transparent machine learning technology.
Posted: Mar 11, 2024
The Series B funding, participated in by major VC firms and global life insurers, will be used to expand Empathy’s services and cover new industries and regions nationwide.
Posted: Mar 11, 2024