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Global watchdogs will move to rein in leverage at non-banks early next year, the Financial Stability Board promised on Monday, more than a year after its chair signaled a probe into mounting borrowings at hedge funds, private capital markets and R...
Posted: Nov 18, 2024
RSA Insurance, a provider of commercial insurance, has launched a Climate Professionals Professional Indemnity (PI) insurance product. This is the first offering in the UK specifically designed for companies and consultants advising on sustainabil...
Posted: Nov 18, 2024
MINNEAPOLIS (AP) — Several business owners at the struggling corner where George Floyd was murdered by a Minneapolis police officer in 2020 are suing the city to demand it take over their properties and compensate them. The owners of the …
Posted: Nov 18, 2024
Coalition, an active insurer focused on preventing digital risks, has appointed Matt Foster as its Head of London Markets. In the role, Foster will serve as the lead underwriter for the London Market and complex risks, reporting to Stephen Wares,...
Posted: Nov 18, 2024
Insurance Business Magazine - US
Posted: Nov 18, 2024
Insurance Business Magazine - US
Posted: Nov 18, 2024
Meta Platforms Inc. was hit with a €798 million ($841 million) fine by European Union regulators by tying its Facebook Marketplace service to the social network, the US tech giant’s first ever penalty for EU antitrust violations. In a groundbre...
Posted: Nov 18, 2024
Although the rapid growth of the cyber insurance market may be slowing, it continues to present a compelling growth opportunity, but looking ahead, this will be fueled by different drivers and regional variations, with small and medium-sized enter...
Posted: Nov 18, 2024
Super Typhoon Man-yi battered parts of the Philippines with powerful winds and intense rains as it made its way across the main island on Sunday. Man-yi, known locally as Pepito, made landfall over the coastal Aurora province on Sunday after …
Posted: Nov 18, 2024
HDI Global, a commercial and specialty lines insurer, has reported an improved year-over-year combined ratio of 90.5% from 92.7% for the first nine months of the year. The improvement was attributed to higher investment volumes and increased inter...
Posted: Nov 18, 2024
This post is part of a series sponsored by Old Republic Surety. Your contractor clients today have more opportunities to work on higher-value projects in both the public and private sectors. According to an industry outlook report by the Associated &...
Posted: Nov 18, 2024
BMS Group, the London-based independent specialist insurance and reinsurance broker, announced the launch of BMS Bacchus, a stock-throughput solution designed to protect wine across all stages of production, storage and transit, from harvested grapes...
Posted: Nov 18, 2024
Accredited Insurance Holdings, a global programme manager, has appointed Steven J. Bensinger as a Non-Executive Director to its Group Board. Bensinger has over 45 years of industry experience and will join the Board on December 9th, 2024. He is al...
Posted: Nov 18, 2024
International specialty re/insurance MGA Rokstone, part of the Aventum Group, has received a regulatory license from the Dubai Financial Services Authority (DFSA) -the independent regulator overseeing business conducted within or from the Dubai In...
Posted: Nov 18, 2024
Marsh McLennan has completed its acquisition of insurance broking and risk management services provider McGriff Insurance Services, LLC. Founded in 1886, McGriff provides commercial P&C insurance, surety, employee benefits, and personal lines...
Posted: Nov 18, 2024
MINNEAPOLIS (AP) — 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 Thursday. An investigation by the Minne...
Posted: Nov 18, 2024
DALLAS (AP) — A bullet struck the body of a Southwest Airlines airplane preparing for departure from a Dallas airport, forcing the cancellation of the Friday evening flight, the airline said. No injuries were reported and law enforcement was contacte...
Posted: Nov 18, 2024
New Hampshire High Court Invalidates GEICO Underinsured Claim Provision A claim provision requiring i...
Posted: Nov 18, 2024
APOLLO Insurance, a Canadian digital insurance provider, has announced the appointment of Randall Rixon as Vice President of Partnerships. Rixon will be responsible for enhancing APOLLO’s embedded tenant insurance services for multi-family landlor...
Posted: Nov 18, 2024
Abry Partners, a Boston-domiciled private equity firm, and BHMS Investments, LP, a Connecticut-domiciled private equity firm, have completed the sale of Innovisk to Ryan Specialty, a global specialty insurance services firm. Founded in 2017, Londo...
Posted: Nov 18, 2024
Lloyd’s focused investment vehicle, Helios Underwriting, has updated the value of the company’s value of capacity portfolio, now expecting to decrease to £75 million at 31st December 2024. Michael Wade, Chairman of Helios, commented: &...
Posted: Nov 18, 2024
Go Balance Ltd, a provider of high-quality JREDD+ carbon credits, is proud to reveal a unique insurance feature for its Natural Capital Credits, setting a new benchmark for security and trust within the voluntary carbon market. This feature offers...
Posted: Nov 18, 2024
A U.S. labor board whose enforcement powers are being challenged in a series of lawsuits is set to defend itself from attacks by Amazon.com and Elon Musk’s SpaceX in a conservative U.S. appeals court, as the agency also braces for …
Posted: Nov 18, 2024
Elon Musk is ramping up his feud with Sam Altman, alleging in a court filing that OpenAI is trying to corner the market for generative artificial intelligence and sacrificing safety in a race to get ahead. In a revised version …
Posted: Nov 18, 2024
A federal judge in Texas on Friday permanently blocked a Biden administration rule that would have made about 4 million more salaried U.S. workers eligible for overtime pay. U.S. District Judge Sean Jordan in Sherman, Texas, said the U.S. Department...
Posted: Nov 18, 2024
LOUISVILLE, Ky. (AP) — The president of a Kentucky plant that exploded earlier this week said the company is accountable for the accident and will pay damages to residents affected by the blast. “First and foremost, we are devastated by …
Posted: Nov 18, 2024
It was an inside job, one that cost an insurance company in Florida more than $1.1 million, authorities said. Investigators with Florida’s Department of Financial Services on Friday charged Rochell Green and Breana Ferguson, of the Jacksonville...
Posted: Nov 18, 2024
Sotheby’s Inc. agreed to pay $6.25 million to settle a New York state lawsuit that accused it of advising wealthy clients they could avoid sales taxes by falsely claiming they were buying art for resale purposes. New York Attorney General ̷...
Posted: Nov 18, 2024
Specialist Risk Group (SRG), a specialist insurance intermediary, majority-owned by Warburg Pincus and Temasek, announces the appointment of Jaya Taylor as global leader for Group Regulatory Affairs, Risk, and Compliance reporting to CEO, Warren D...
Posted: Nov 18, 2024
The U.S. Environmental Protection Agency announced a settlement with a firm over claims of violations of hazardous waste regulations at the company’s facility in Irvine, California. Edwards Lifesciences LLC will pay a civil penalty of $250,000...
Posted: Nov 18, 2024
A natural gas utility with more than 2 million customers in Arizona, Nevada and parts of California is being fined $2 million by regulators in Arizona over concerns about piping that is known to degrade in the heat. The Arizona …
Posted: Nov 18, 2024
T-Mobile US Inc.’s network was among those recently breached by Chinese hackers in an attack on multiple telecommunications companies. “T-Mobile is closely monitoring this industry-wide attack,” a company spokesperson said Saturday...
Posted: Nov 18, 2024
Whether it's AI or self-driving cars, new tech seems promising to many. Are we ignoring potential pitfalls? The post How...
Posted: Nov 18, 2024
This post is part of a series sponsored by Selectsys. In the fast-paced and ever-evolving insurance landscape, carriers, MGAs, and wholesalers are constantly seeking ways to improve efficiency, reduce costs, and streamline operations without sacrific...
Posted: Nov 18, 2024
This column is written primarily for insurance professionals, though I hope that the information I include is helpful to practitioners when communicating with prospects and insureds. In this month’s column, I’d like to discuss a topic add...
Posted: Nov 17, 2024
Deductibles serve several purposes. They provide some premium relief for the insured. They make insureds less likely to file smaller claims because either damage falls within the deductible, or is so close to it that the policyholder would rather not...
Posted: Nov 17, 2024
By Ezra Amacher The topic of nuclear verdicts took center stage at this year’s Target Markets Annual Summit in Scottsdale, Arizona, where a panel of carriers and reinsurers discussed rising settlement costs amidst an uncertain litigation enviro...
Posted: Nov 17, 2024
By L.S. Howard AM Best’s population of global reinsurance companies posted a return on equity (ROE) of 22% in 2023 — a five-year high that was driven mainly by favorable investment income and strong underwriting performance. The fundament...
Posted: Nov 17, 2024
The insurance industry is in the midst of a digital revolution, with artificial intelligence (AI) at the heart of it. From streamlining claims processing to creating personalized policies, AI has quickly become a vital tool for insurers striving to s...
Posted: Nov 17, 2024
Legal and social issues have put corporate America’s diversity efforts on defense like never before. But despite the scrutiny, diversity, equity and inclusion programs continue to receive high marks from employees, according to a recent survey...
Posted: Nov 17, 2024
The insurance industry is facing a significant rise in roof-related claims. The combination of increasingly severe weather events, inflation-driven repair costs and the growing issue of roofing scams has created a perfect storm — one that is st...
Posted: Nov 17, 2024
1. Get Out of the Office. Attend events where you can mingle and meet people. 2. Be a Guest. Reach out to local organizations that may be looking for guest speakers for luncheons and meetings. Demonstrate your expertise in front …
Posted: Nov 17, 2024
The reclassification of independent contractors has become a major national issue, and California’s AB5 law has positioned itself at the center of this conversation. This legislation has brought significant challenges to the transportation indu...
Posted: Nov 17, 2024
By Andrea Wells Predictions of a softer insurance pricing market are on the horizon. Perhaps not in early 2025, but there’s no question the market is stabilizing from the high prices the sector has seen in recent years. Relying on …
Posted: Nov 17, 2024
Just because a carrier’s form shows the policyholder has XYZ Coverage does not necessarily mean they have XYZ Coverage in the real world. And yet, I find that few agents understand or know this. And even when they read the …
Posted: Nov 17, 2024