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AM Best has revised the outlook to negative from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of C++ (Marginal) and the Long-Term ICR of “b+” (Marginal) of Farmers Mutual I...
Posted: Oct 04, 2024
Tesla said on Thursday it would recall more than 27,000 Cybertrucks in the United States due to delayed rear-view camera images that could impair driver visibility and increase crash risks. This is the fifth recall issued by Tesla for 2024 …
Posted: Oct 04, 2024
Texas Attorney General Ken Paxton sued TikTok on Thursday for sharing and selling minors’ personal information, violating a new state law that seeks to protect children who are active on social media, accusations that the company denied hours l...
Posted: Oct 04, 2024
Ryan Specialty, headquartered in Chicago, named new leadership within its specialty underwriting segment, Ryan Specialty Underwriting Managers (RSUM). Eric Quinn was promoted to executive vice president – capital and product strategy. Quinn joi...
Posted: Oct 04, 2024
The driver of a vehicle that crashed into a pipeline valve and sparked a four-day fire that forced the evacuation of nearby neighborhoods in a Houston suburb was a local 51-year-old man, according to police. Remains found in the SUV …
Posted: Oct 04, 2024
BROOKLYN, Mich. (AP) — Concert promoter Live Nation isn’t responsible for the deaths of three young men who succumbed to carbon monoxide poisoning from a generator while camping at a Michigan music festival in 2021, the state appeals court said...
Posted: Oct 04, 2024
Independent insurance agents’ satisfaction with personal and commercial lines insurers has held strong despite a challenging environment, yet tighter underwriting standards strain their relationship with insurers, a J.D. Power study has foun...
Posted: Oct 04, 2024
Africa Specialty Risks (ASR), the pan-African and Middle East-focused reinsurance group, announced that has begun operating as a Lloyd’s service company. As a Lloyd’s service company, ASR’s UK based entity, Africa Specialty Risks Lt...
Posted: Oct 04, 2024
Counterpart, an AI-driven management and professional liability insurtech, has added General Liability (GL) insurance to its Miscellaneous Professional Liability (MPL) product line. This new offering broadens coverage for small businesses through...
Posted: Oct 04, 2024
Insurance brokerage firm, Brown & Brown has announced one of its subsidiaries has acquired the assets of The Canopy Group, a multiline insurance agency focusing primarily on personal lines and commercial property and casualty for small busines...
Posted: Oct 04, 2024
HORSESHOE BEACH, Fla. (AP) — It was just a month ago that Brooke Hiers left the state-issued emergency trailer where her family had lived since Hurricane Idalia slammed into her Gulf Coast fishing village of Horseshoe Beach in August 2023. …
Posted: Oct 04, 2024
Credit rating agency KBRA has upgraded the Insurance Financial Strength Rating (IFSR) to BBB+ and assigns a positive outlook for Nassau Life Insurance Company (NNY), Nassau Life and Annuity Company (NLA), Nassau Life Insurance Company of Kansas (N...
Posted: Oct 04, 2024
Becton Dickinson & Co. will pay more than $1 billion to resolve more than 38,000 lawsuits alleging medical patients suffered damaged organs from surgical mesh improperly used to treat hernias, according to people familiar with the deal who weren&...
Posted: Oct 04, 2024
Ryan Specialty, an international specialty insurance firm, has announced three leadership appointments within its specialty underwriting segment, Ryan Specialty Underwriting Managers (RSUM). Miles Wuller, President and Chief Executive Officer of R...
Posted: Oct 04, 2024
Insurance Business Magazine - US
Posted: Oct 04, 2024
The Pennsylvania Supreme Court has reversed lower court rulings and denied a dentist’s bid for coverage for loss of use of his offices due to the COVID-19 pandemic. The high court concluded in a case involving CNA and Valley Forge …
Posted: Oct 04, 2024
Verisk, a global data analytics and technology provider, has announced the US launch of its re/insurance platform Whitespace. Whitespace is an all-in-one intuitive platform which enables brokers, underwriters and managing general agents (MGAs) to...
Posted: Oct 04, 2024
French reinsurer SCOR is anticipated to close 2024 with a solid balance sheet, according to Berenberg analysts, who have upgraded the firm to Buy, citing numerous factors. The first reason for the upgrade is that the less severe Q3 2024 hurricane...
Posted: Oct 04, 2024
SPRUCE PINE, N.C. (AP) — Two North Carolina facilities that manufacture the high-purity quartz used for making semiconductors, solar panels and fiber-optic cables have been shut down by Hurricane Helene with no reopening date in sight. Sibelco and Th...
Posted: Oct 04, 2024
One week after Hurricane Helene barreled ashore, Florida is bracing for another round of heavy rainfall and strong winds from a tropical system brewing in the Atlantic. The potential storm could bring as much as a foot of rain to …
Posted: Oct 04, 2024
HENDERSONVILLE, N.C. (AP) — Hurricane Helene dumped trillions of gallons of water hundreds of miles inland, devastating communities nestled in mountains far from the threat of storm surge or sea level rise. But that distance can conceal a history of...
Posted: Oct 04, 2024
Africa Specialty Risks Ltd (ASR Ltd), an Africa Specialty Risks entity based in the UK, is to operate as a Lloyd’s service company, underwriting on behalf of ASR Syndicate 2454. According to the re/insurance group, this move will enhance ASR...
Posted: Oct 04, 2024
Berkshire Hathaway Specialty Insurance (BHSI) has promoted Caroline Alder-Smurthwaite to its Global Underwriting Office for Casualty & Healthcare, with Charlotte Behar succeeding her as Head of Casualty, UK. Based in London, Alder-Smurthwaite...
Posted: Oct 04, 2024
Massachusetts Governor Maura Healey announced the appointment of Michael T. Caljouw as state’s new insurance commissioner. Caljouw comes to DOI with 33 years of experience in insurance law and policy in the state, including most recently as gov...
Posted: Oct 04, 2024
AXA Climate, a division of the global insurance group AXA, has launched Altitude, an innovative platform aimed at helping businesses measure the impact of climate risks, create effective adaptation strategies, and comply with the Corporate Sustain...
Posted: Oct 04, 2024
Russ Lewis has picked up some strange things along the coast of Long Beach Peninsula in Washington state over the years: Hot Wheels bicycle helmets with feather tufts, life-size plastic turkey decoys made for hunters, colorful squirt guns. And Crocs...
Posted: Oct 04, 2024
HDI Global Insurance Company, the US subsidiary of international commercial insurer, HDI Global SE (HDI) has announced the appointment of Kashif Syed as Chief Information and Transformation Officer (CITO), a newly developed role. Kashif has been t...
Posted: Oct 04, 2024
The Federation of European Risk Management Associations (FERMA) has urged European Institutions to streamline cyber reporting requirements and consider the insurance implications of cyber-related legislation. The news follows the release of the Cy...
Posted: Oct 04, 2024
Arch Insurance North America, part of Arch Capital Group Ltd., has announced the appointment of Tyler Bair as the new President of Ventus Risk Management (Ventus), a wholly-owned managing general underwriter (MGU). In this role, Bair will lead the...
Posted: Oct 04, 2024
Insurance Business Magazine - US
Posted: Oct 04, 2024
Early insured loss estimates from hurricane Helene currently sit in the mid-single to low-double-digit billions of dollars, however rating agency S&P Global believes that the losses will be an earnings event, rather than a capital event, for t...
Posted: Oct 04, 2024
As a developing Continent that is seeing increased interest in business investment, Africa presents growth opportunities for insurers and reinsurers, Mikir Shah, CEO of Africa Specialty Risks (ASR), said in a recent interview with Reinsurance News...
Posted: Oct 04, 2024
Antarctic sea ice at its annual peak this year covered the second-lowest area on record. It was just shy of last year’s record low, continuing what scientists fear is a trend caused by climate change. The ice covered 17.16 million …
Posted: Oct 04, 2024
Munich Re Specialty – North America, part of the global reinsurance giant Munich Re Group, has appointed Tom Wallace as Chief Underwriting Officer (CUO) for the Binding Authorities business. In his new role, Wallace will be based in London with a...
Posted: Oct 04, 2024
Insurance industry losses from all perils associated with hurricane Helene, across all affected states, will likely at least be in the higher single-digit billions of USD, with economic losses forecast to be notably higher, according to insurance...
Posted: Oct 04, 2024
Southern Taiwan worked on Friday to clear up damage from flooding and high winds after Typhoon Krathon slammed into a major port city, while most of the rest of the island resumed work and financial markets re-opened. Krathon, now downgraded …
Posted: Oct 04, 2024
TIH subsidiary, Starwind Specialty Insurance Services, LLC, in partnership with Stone Point Credit, has launched Fractal Re Ltd., a new collateralized reinsurer with $270 million of raised capital, designed to provide capacity across Starwind’s di...
Posted: Oct 04, 2024
US dockworkers agreed to end a three-day strike that had paralyzed trade on the US East and Gulf coasts and threatened to become a factor in the presidential election. The International Longshoremen’s Association and the US Maritime Association...
Posted: Oct 04, 2024
Ratings agency AM Best has assigned a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of “bbb+” (Good) to AVLA Re Ltd. (AVLA Re) (Bermuda), with the outlook assigned to these ratings being stable. The agency noted that...
Posted: Oct 04, 2024
Broker Exec Decodes Property Reinsurer Speak: ‘We Want to Grow’ When the president of Aon attended the Rendez-Vou...
Posted: Oct 04, 2024
Reinsurers Open for Business—Even U.S. Casualty, Execs Say Although Monte Carlo convo...
Posted: Oct 04, 2024
Lloyd’s Focuses on Delegated Authority Arrangements as Looming Market Risk While the Lloyd'...
Posted: Oct 04, 2024