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Insurance Business Magazine - US
Posted: Oct 31, 2024
Insurtech Lemonade reported a third quarter 20243 net loss of nearly $68 million and a year-to-date loss of $172.2 million. Results were in comparison to a net loss of $61.5 during the same quarter and a loss of $194.5 as …
Posted: Oct 31, 2024
An administrative law judge has ordered a Rochester, New York commercial roofing company to pay $16,782 in penalties for safety violations, after an investigation and litigation by the federal government. The company, Elmer W. Davis Inc., had contest...
Posted: Oct 31, 2024
The use of AI in underwriting, greater global volatility and the ongoing threat of cyber incursions will be key trends in 2025. The post
Posted: Oct 31, 2024
Executives at global insurer and reinsurer Everest Group said today that they expect property catastrophe reinsurance pricing in the US and Europe to be up by as much as 10% heading into the January 1st, 2025, renewals, following the impacts of hu...
Posted: Oct 31, 2024
Just two days before Halloween, The Hershey Co. was hit with a class action lawsuit alleging that the packaging of some of its candies contains unsafe levels of chemicals known as fluorine and/or per- and polyfluoroalkyl substances (PFAS). The suit &...
Posted: Oct 31, 2024
The Hanover Insurance Group has released its financial results for the third quarter of 2024, which includes its combined ratio improving 8.9 points to 95.5%, driven in part by lower catastrophe losses, while net income increased to $102.1 million...
Posted: Oct 31, 2024
Exactech Inc., a maker of joint-replacement implants owned by TPG Capital, has filed bankruptcy after being accused in more than a thousand lawsuits of making defective hip and knee implants that hurt patients. The Florida-based company sought court...
Posted: Oct 31, 2024
Insurance intermediary Specialist Risk Group (SRG), has acquired Stonehatch, a specialist bloodstock and livestock insurance broker, a move that will complement its existing equestrian portfolio. Stonehatch was founded in 2024 by Chris Williamson,...
Posted: Oct 31, 2024
For the first time in the company’s history, Root Inc. recorded a quarterly net income profit. The Columbus, Ohio-based parent company of Root Insurance founded in 2015 recorded third quarter net income of about $23 million compared to a net &#...
Posted: Oct 31, 2024
Seizing the opportunity to learn pain points and figure out how you can truly help When you actually provide that cure and continue to keep them from falling “ill” again, you are in a great position to have a client for a long time. by Michael Wayne...
Posted: Oct 31, 2024
This edition of International People Moves details appointments at Marsh McLennan Latin America and HDI Global. A summary of these new hires follows here. Rivera Appointed CEO of Marsh McLennan LATAM and Caribbean, Brockman Named Chair Insurance brok...
Posted: Oct 31, 2024
Global insurance intermediary group Howden has launched Howden Safe+, a cyber insurance solution developed in partnership with Safe Security aimed at clients with revenues between $250 million and $2 billion. Backed by Mosaic Insurance, Chubb and...
Posted: Oct 31, 2024
Chubb Continues ‘Record’ Year With 13.8% Jump in Q3 Net Income Chubb reco...
Posted: Oct 31, 2024
Howden Launches Cyber Ins. Solution With Chubb,...
Posted: Oct 31, 2024
Many U.S. companies have stepped up reporting on environmental and social matters in recent years even with sustained pressure from conservative politicians, data reviewed by Reuters shows. The trend shows the importance investors and regulators now...
Posted: Oct 31, 2024
Global brokerage WTW has posted its financial results for the third quarter of 2024, which includes a net loss of $1.67 billion compared to net income of $139 million in the prior-year third quarter. WTW’s revenue for Q3’24 climbed by...
Posted: Oct 31, 2024
New York employers will pay 22% less in the annual assessment to run the state’s workers’ compensation system in 2025. The rate assessed on standard premiums will be 7.1% beginning January 1, 2025, down from 9.2% in 2024. The Hochul ̷...
Posted: Oct 31, 2024
Insurance Business Magazine - US
Posted: Oct 31, 2024
Specialty MGA Optio Group has appointed Joanna Eilts as Head of Legal, a newly established London-based role in which she will report to CFO Mark Mugge, effective immediately. This appointment adds to Optio’s leadership team as it continues...
Posted: Oct 31, 2024
The Allstate Corporation has reported it was able to generate “excellent” returns in the third quarter of 2024 despite higher catastrophe losses, seeing its net income applicable to common shareholders improve to $1.2bn, compared to a net loss of...
Posted: Oct 31, 2024
Howden, the London-based insurance intermediary group, announced the launch of Howden Safe+, a cyber insurance solution aimed at clients with revenues between $250 million and $2 billion. Safe+ simplifies the procurement process by reducing the numbe...
Posted: Oct 31, 2024
Howden, the London-based insurance intermediary group, announced the launch of Howden Safe+, a cyber insurance solution aimed at clients with revenues between $250 million and $2 billion. Safe+ simplifies the procurement process by reducing the numbe...
Posted: Oct 31, 2024
According to Morningstar DBRS, insured losses from the extreme flooding in eastern and southern regions of Spain are expected to be well above €1 billion, given the significant damage to people, properties, vehicles, and businesses as well as to t...
Posted: Oct 31, 2024
Marsh McLennan, a global insurance and reinsurance broker, has announced the appointment of Carlos Rivera as CEO, Marsh McLennan Latin America and the Caribbean (LAC) and President, Marsh LAC, effective January 1, 2025. Based in Bogotá, Colombia,...
Posted: Oct 31, 2024
Global re/insurer Markel Group Inc. has reported operating income of $1.4 billion and $3.1 billion for the third quarter and first nine months of 2024, respectively, and while overall the firm’s insurance engine performed well in both period...
Posted: Oct 31, 2024
Typhoon Kong-Rey made landfall in Taiwan packing dangerous winds, with Shanghai bracing for the heaviest November rain burst since 1981 as the large storm tracks toward mainland China. Kong-Rey had maximum sustained winds of 51 meters per second (114...
Posted: Oct 31, 2024
Insurer and reinsurer AXIS Capital has disclosed a Q3 2024 net income available to common shareholders of $173 million, down slightly from $181 million in the same period last year, with a combined ratio of 93.1%. In Q3 2024, pre-tax catastrophe a...
Posted: Oct 31, 2024
Spain declared three days of mourning as heavy rains killed more than 90 people, in what is already one of the country’s worst-ever natural disasters. The local government of Valencia, the coastal region at the epicenter of the disaster, said &...
Posted: Oct 31, 2024
Arch Capital Group Ltd., the Bermuda-based insurer and reinsurer, has reported premium growth across its insurance and reinsurance segments in the third quarter of 2024, although the underwriting result dipped year-on-year amid elevated losses fro...
Posted: Oct 31, 2024
Bermuda-based re/insurer Everest Group, Ltd. generated underwriting income of $272 million in the third quarter of 2024, driven by the strong performance of its reinsurance business in spite of elevated catastrophe losses. Everest has reported a s...
Posted: Oct 31, 2024
B.P. Marsh & Partners, a specialist private equity investor, has acquired a 30% cumulative preferred ordinary shareholding in SRT & Partners Limited, a start-up UK Retail and London Market broker. B.P. Marsh has provided £2.5 million in fu...
Posted: Oct 31, 2024
AM Specialty Insurance Company (ASIC), a provider of specialised insurance products, has announced the appointment of Joseph M. Scheerer, CEO and Principal of Stonybrook Capital, to its board as a non-executive director. Scheerer brings a wealth o...
Posted: Oct 31, 2024
Macquarie Insurance Facility has expanded its client offerings by introducing a rent-a-captive insurance solution for property and casualty (P&C) risks. This solution enables clients to benefit from Macquarie’s captive insurer status without t...
Posted: Oct 31, 2024
US-listed Waterdrop Inc. is looking at a secondary listing in Hong Kong as it seeks to expand its insurance business in the financial hub, according to Chief Executive Officer Shen Peng. The online insurance broker, which has overhauled its business...
Posted: Oct 31, 2024
Tokio Marine Kiln (TMK), an international insurer specialising in niche insurance and reinsurance, recently announced the appointment of Alexandros Ampatzis as Head of Marine for the Asia-Pacific (APAC) region, effective November 1, 2024. Ampatzis...
Posted: Oct 31, 2024
Posted: Oct 31, 2024
Ted Huntington, a marketing leader with a track record in the insurance, finance, and energy sectors, announced the launch of his new national coaching enterprise, dedicated to helping insurance marketing, communications, public relations, and advert...
Posted: Oct 31, 2024
Ted Huntington announced the launch of a new national coaching enterprise, dedicated to helping insurance marketing, communications, public relations, and advertising professionals elevate their careers. Huntington brings decades of experience and a...
Posted: Oct 31, 2024