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Insurance Business Magazine - US
Posted: Dec 02, 2024
Insurance Business Magazine - US
Posted: Dec 02, 2024
European savings and retirement services group Athora, has appointed Rakesh Thakrar as interim Group Chief Financial Officer (CFO), effective immediately, succeeding Anders Malmström who will leave the organisation in early 2025 to assume an execu...
Posted: Dec 02, 2024
International Speciality re/insurance MGA Rokstone, which is part of the Aventum Group, has acquired a second box at Lloyd’s, just six months after the announcement of its first. Rokstone has secured box 398a, alongside its existing box 398, on Ga...
Posted: Dec 02, 2024
SIGNAL IDUNA Reinsurance Ltd (SI Re), a Swiss reinsurer headquartered in Zug, has announced that Dr Robert Salzmann has been appointed to the Executive Board and designated as Chief Underwriting Officer, effective 1 January 2025. This move ensures...
Posted: Dec 02, 2024
This post is part of a series sponsored by Old Republic Surety. Dan Pope, Senior Vice President of Underwriting at Old Republic Surety, learned a lesson as a young surety rep about the most important numbers at a client’s business. …
Posted: Dec 02, 2024
The Rt Hon Shabana Mahmood MP, Lord Chancellor, has announced today that the Personal Injury Discount (Ogden) Rate will increase to 0.5%, effective from 11 January 2025. For those unaware, the Ogden rate is a figure which courts must consider when...
Posted: Dec 02, 2024
Arthur J. Gallagher & Co. announced that its claims and risk management solutions subsidiary, Gallagher Bassett, has acquired the UK-based operations of Caytons Law LLP. Terms of the transaction were not disclosed. Caytons is a claims and legal m...
Posted: Dec 02, 2024
China’s ByteDance is suing a former intern for $1.1 million, alleging he deliberately attacked its artificial intelligence large language model training infrastructure, a case that has drawn widespread attention within China amid a heated AI ra...
Posted: Dec 02, 2024
The United Nations’ top court [this] week begins hearings on the legal obligation of countries to fight climate change and the consequences for states of contributing to global warming, the outcome of which could influence litigation worldwide....
Posted: Dec 02, 2024
Ryan Specialty has appointed Mark Birrell as Executive Chairman and James Montgomery (Monty) as Chief Executive Officer of Ryan Specialty Underwriting Managers International (RSUM International) effective January 1, 2025. According to Ryan Special...
Posted: Dec 02, 2024
Private equity’s advance into the insurance sector exacerbates the risk of “fire sales” that disrupt the functioning of financial markets, the Bank of England warned. A growing number of PE firms in the US have acquired life insurer...
Posted: Dec 02, 2024
Non-bank financial institutions such as hedge funds remain vulnerable to a sudden financial shock and would not all be able to access the funding they would need in such a crisis, the Bank of England said on Friday. Announcing the …
Posted: Dec 02, 2024
According to a new AM Best report, a global credit rating agency, underwriting results in the US private passenger auto insurance sector have continued to stabilise in the first half of 2024, following improvements in 2023. As a result of the stro...
Posted: Dec 02, 2024
Posted: Dec 02, 2024
Posted: Dec 02, 2024
The European Insurance and Occupational Pensions Authority (EIOPA), which oversees the regulation and supervision of the insurance and pensions sectors in the European Union, is seeking feedback on its consultation paper regarding the creation of...
Posted: Dec 02, 2024
Zoom Communications Inc. has offered $18 million to settle a four-year-old US Securities and Exchange Commission probe related to its privacy policies and communications. In the most recent quarter, the company recorded an $18 million expense for a &...
Posted: Dec 02, 2024
The U.S. Federal Trade Commission has opened a broad antitrust investigation into Microsoft, including of its software licensing and cloud computing businesses, a source familiar with the matter said on Wednesday. The probe was approved by FTC Chair...
Posted: Dec 02, 2024
The president of Energy Insurance Agency, an operation with a large presence in Kentucky, said it is “incredibly humbling” for the agency to again be named one of Insurance Journal’s Best Agencies to Work For in the Southeast. ̶...
Posted: Dec 02, 2024
The man accused of carrying out cyberattacks against dozens of Snowflake Inc. customers will face an extradition hearing later this year, after Canadian officials accused him of cybercrimes and being “a risk of danger to the public, police and...
Posted: Dec 02, 2024
An Alabama public adjuster known as an aspiring country music singer has been re-arrested after reportedly violating the terms of his bond from an arrest earlier this year. Austin Tanner, of Orange Beach, also appears to be part owner of …
Posted: Dec 02, 2024
For over 75 years, Ansay and Associates has invested in its future by investing in its people. “As a family owned and independent agency, we have the freedom to focus on long-term success rather than short-term gains,” said Mike Ansay, &#...
Posted: Dec 02, 2024
The average cost of workers’ compensation insurance in Washington will go up about 3.8% in 2025, the Washington State Department of Labor & Industries announced. Employers and workers together will pay on average roughly $1 per week more fo...
Posted: Dec 02, 2024
Pen Underwriting, a subsidiary of Arthur J. Gallagher & Co., has strengthened its marine practice with the appointment of Paul Wood to launch and lead a new London market yachts specialism. Wood has been appointed Product Lead for Yachts, and...
Posted: Dec 02, 2024
New Jersey is using a mix of buyouts and barriers to tackle flooding in two vulnerable locations. Officials this week announced funding to buy and demolish homes in flood-prone sections of Cranford, a Union County community about 20 miles (32 …
Posted: Dec 02, 2024
It’s often easy to put a finger on exactly why someone likes their job, and if there’s more than one thing to like, that says something good about the workplace. But what does it say if there are almost too …
Posted: Dec 02, 2024
G&G Independent Insurance has cracked the code. For the fifth straight year, G&G has been named a finalist in Insurance Journal’s Best Agencies to Work For competition. Five straight years of praise coming from inside the Fayetteville,...
Posted: Dec 02, 2024
This post is part of a series sponsored by Selectsys. Introducing Selectsys Max In the fast-paced world of insurance, MGAs and wholesalers need a management solution that is secure, highly customizable, and designed to accelerate every aspect of the...
Posted: Dec 02, 2024
New Jersey Using Buyouts and Barriers to Battle Flooding New Jersey is using a mix of buyo...
Posted: Dec 01, 2024
By Karen Matthews A New York City man has been charged with staging a car accident for insurance fraud purposes in a case that received wide publicity after the victim shared dashboard camera footage of the crash, authorities announced. Prosecutors &...
Posted: Dec 01, 2024
The Dutch company that owns Stop & Shop and Hannaford grocery stores across New England is dealing with a cyberattack that has disrupted online shopping, product deliveries and pharmacy services at some locations. Ahold Delhaize USA confirmed the...
Posted: Dec 01, 2024
A Missouri farmer who appears in a reality TV show about his family’s farming operation pleaded guilty this week to a multi-million dollar fraud scheme involving federal crop insurance benefits. Steve A. McBee, 52, waived his right to a grand &...
Posted: Dec 01, 2024
By Steve Karnowski Smithfield Foods, one of the nation’s largest meat processors, has agreed to pay $2 million to resolve allegations of child labor violations at a plant in Minnesota, officials announced. An investigation by the Minnesota Depa...
Posted: Dec 01, 2024
For a long time, the hard market has made it difficult for agents to offer their clients the coverage they want at affordable prices — assuming coverage was available at all. Now, there are signs that this is changing. With …
Posted: Dec 01, 2024
If the pace of product recalls continues in the fourth quarter, the number will reach a six-year high by the end of the year, a new report from Sedgwick shows. Year-to-date there have been 2,454 product recalls across five key …
Posted: Dec 01, 2024
Everyone is familiar with the significant price increases of many products and services in recent years. We call that “inflation” and it is essentially the reduction in value of a product or service based on the product or service remaini...
Posted: Dec 01, 2024
By L.S. Howard Economic losses caused by natural catastrophes reached an estimated US$280 billion in 2023, with US$51.6 billion of that total due to floods, according to Swiss Re Institute. As climate change intensifies extreme weather events and rap...
Posted: Dec 01, 2024
By Allen Laman What emerging risks could electric vehicles present as they become more widespread? Experts at Verisk recently explored the current EV landscape and hypothesized what insurance concerns the vehicles could prompt in the future. During a...
Posted: Dec 01, 2024
Agency owners must observe and learn about significant new trends in the insurance industry. The following are three critical industry trends insurance agencies should track for 2025. Look for Part Two in January’s column. 2025 M&A Activity...
Posted: Dec 01, 2024
It’s no surprise to independent agencies that talent, quality talent, is hard to find. Employers of every size and industry — across nearly every state — say they are facing unprecedented challenges trying to find enough workers to...
Posted: Dec 01, 2024
The Texas Windstorm Insurance Association Board of Directors met in November to review information related to the agency’s 2025 budget. The meeting presented new information on TWIA losses from 2024 storms as projected policy growth in the comi...
Posted: Dec 01, 2024
Four Los Angeles area residents were arrested after a California Department of Insurance investigation reportedly found the suspects allegedly committed insurance fraud by claiming a bear had caused damage to their vehicles. It turns out it was a per...
Posted: Dec 01, 2024
Improving technology is a determining factor for many carriers as they look to employ a strategic response to a sustained rise in claims frequency and severity.
Posted: Dec 01, 2024
Improving technology is a determining factor for many carriers as they look to employ a strategic response to a sustained rise in claims frequency and severity.
Posted: Dec 01, 2024
If licensing agreements persist with the escrow elements, it can create a false sense of security for how to respond if things go badly—accessing the code may not allow continued operations after all.
Posted: Dec 01, 2024
Under a new partnership, Previsico’s solutions will be offered to Esri UK’s broad portfolio of customers via API.
Posted: Dec 01, 2024