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EDMOND, Okla. (AP) — An Oklahoma city has agreed to pay more than $7 million to a former death row inmate who was exonerated after nearly 50 years in prison, making him the longest-serving inmate to be declared innocent of …
Posted: Aug 15, 2024
The 2024 Zywave Broker Services Survey shows evolving employer needs and challenges in employee benefits and commercial insurance. The post
Posted: Aug 15, 2024
Powers Insurance & Risk Management, headquartered in St. Louis, recently promoted Rachel Winkelmann to commercial lines account executive and trainer. As Powers’ new trainer, Winkelmann handles training and onboarding for new commercial lin...
Posted: Aug 15, 2024
This edition of International People Moves details appointments at the insurers Markel and QBE. A summary of these new hires follows here. Markel Taps QBE’s Smith to Lead Marine & Energy Liability Team, Int’l Specialty Markel, the ins...
Posted: Aug 15, 2024
Utah-based PCF Insurance Services reports it has acquired the insurance business of Asset Insurance Agency, based in Peabody, Massachusetts. Asset Insurance Agency sells auto, home, commercial and life insurance in Massachusetts, New Hampshire, Maine...
Posted: Aug 15, 2024
According to a recent poll by Reinsurance News, the main obstacles to the global adoption of parametric insurance are the lack of available data and models, along with inadequate education about these solutions. To clarify, parametric insurance is...
Posted: Aug 15, 2024
Posted: Aug 15, 2024
Posted: Aug 15, 2024
Zurich Promotes Nolan to Head of Surety in US Zurich North America, headquartered in Schaumburg, Illinois, has promoted Chris Nolan to head of surety in U.S. national accounts. Nolan, who is based in New Jersey, succeeds Bob Murray, who retired ̷...
Posted: Aug 15, 2024
Brazilian reinsurer IRB (Re) has announced financial results for the second quarter of 2024, reporting a net income of R$ 65 million (USD 12m), an underwriting profit of R$ 34 million (USD 6.2m) and an improved combined ratio of 106% from last yea...
Posted: Aug 15, 2024
Many global insurers reported healthy profits in 2023, and with reinsurance market conditions improving for buyers, the insurance sector was once again growth-oriented in the second quarter of 2024, according to re/insurance broking group Aon. Acc...
Posted: Aug 15, 2024
The energy company at the center of a $60 million bribery scheme in Ohio will pay $20 million and avoid criminal charges as part of a deal with state prosecutors to resolve its role in the scandal. Akron-based FirstEnergy Corp. …
Posted: Aug 15, 2024
PECOS COUNTY, Texas – On a sprawling ranch in Pecos County in late July, oil well control specialist Hawk Dunlap used a backhoe to uncover an abandoned or so-called zombie well that had sprung back to life despite being plugged …
Posted: Aug 15, 2024
More favorable mid-year 2024 results of U.S. personal auto insurers are likely to continue through the end of 2024 and into 2025 due to material price increases and a moderation of claims severity trends “vastly” improving the segmentR...
Posted: Aug 15, 2024
According to global credit ratings agency AM Best, the recent global rise in healthcare utilisation, combined with the prospect of increasing medical inflation has the potential to “expand the role of health reinsurance.” A new report...
Posted: Aug 15, 2024
Johnson & Johnson was twice blocked in New Jersey from getting bankruptcy protection from one of its units to resolve billions of dollars in cancer claims tied to baby powder use. For its third try, the company is eyeing Texas, …
Posted: Aug 15, 2024
The University of North Carolina at Chapel Hill announced it is launching an Institute for Risk Management and Insurance Innovation, an interdisciplinary research and innovation center. “The new institute will conduct research that improves our...
Posted: Aug 15, 2024
Reinsurance technology platform Supercede has announced the appointment of Sarah Pearson as its first senior operations manager, with immediate effect. Pearson’s hire is one of the first results of the USD$15 million Series A funding secured by Su...
Posted: Aug 15, 2024
Hundreds of people were allowed to return home this week after being forced to flee a wildfire west of Reno that also shut down Interstate 80 along the California-Nevada line. About 170 firefighters continued to work to secure the perimeter …
Posted: Aug 15, 2024
A Maui judge’s ruling resolves a critical roadblock to finalizing a $4 billion wildfire settlement: Insurance companies who have paid out more than $2 billion in claims can seek reimbursement only from the settlement amount defendants, who vict...
Posted: Aug 15, 2024
Hurricane Debby caused almost $1.4 billion in privately insured losses as it moved across the East Coast this month. That’s about half of the losses incurred in Hurricane Idalia, a stronger storm that followed a similar path almost a year ̷...
Posted: Aug 15, 2024
Hard reinsurance pricing conditions are likely to last longer than in previous market cycles mainly as a result of persistently high claims activity from the accumulation of medium-sized disaster losses and secondary perils, according to an AM Best r...
Posted: Aug 15, 2024
Hard reinsurance pricing conditions are likely to last longer than in previous market cycles mainly as a result of persistently high claims activity from the accumulation of medium-sized disaster losses and secondary perils, according to an AM Best r...
Posted: Aug 15, 2024
Large US primary insurer Allstate has disclosed total catastrophe losses for the month of July of $587 million, which includes an initial loss estimate of $226 million for Hurricane Beryl. Allstate’s catastrophe losses for July include 20 ev...
Posted: Aug 15, 2024
Insurers in Florida are preparing for an active Atlantic storm season in 2024 by purchasing increased reinsurance limits and coverage to protect their balance sheets, according to a recent KBRA report. The report also highlighted that a combinatio...
Posted: Aug 15, 2024
Catastrophe Bond Issuance Is Set to Blast Through 2023 Record Issuance of...
Posted: Aug 15, 2024
McKinsey Sees AI Surge Boosting Consulting Amid Industry Slump McKinsey & Co. is seeing an increase...
Posted: Aug 15, 2024
Previously, Sheets served as chief legal officer for BH Companies.
Posted: Aug 15, 2024
Mountain Life plans to launch annuity products.
Posted: Aug 15, 2024
Privately insured losses in the US from Hurricane Debby, the fourth named storm of the 2024 North Atlantic hurricane season and the third hurricane in the past decade to make landfall in Florida’s Big Bend region, will be close to $1.4 billion, ac...
Posted: Aug 15, 2024
The U.S. bird-flu outbreak in dairy cattle is much larger than official figures suggest due to farmers’ reluctance to test their animals and risk the economic consequences of a positive result, according to Reuters interviews with dairy experts...
Posted: Aug 15, 2024
Markel Group has announced that Grant Smith has been appointed as Director of Marine & Energy Liability for International Specialty, effective immediately. This appointment is part of Markel’s ongoing efforts to strengthen its internatio...
Posted: Aug 15, 2024
Talanx Group, the parent company of Hannover Re and HDI, increased its total group net profits by 32% in the first half of 2024, exceeding €1 billion for the first time. Based on this number, Talanx affirmed that it remains highly confident of exc...
Posted: Aug 15, 2024
Marsh, an insurance broker and risk advisor that is part of Marsh McLennan, has introduced a new insurance solution aimed at the transportation and storage of carbon dioxide (CO2). This innovative solution is available for projects worldwide and t...
Posted: Aug 15, 2024
Global reinsurance broker Gallagher Re has confirmed that Guy Carpenter’s Global Head of Distribution, Lara Mowery, is joining the firm in a senior role. Mowery joined Guy Carpenter, the reinsurance broking arm of Marsh McLennan, in 1997 to...
Posted: Aug 15, 2024
Hundreds of flights and some bullet train services will be suspended as Typhoon Ampil makes its way toward Japan’s main island Friday, impacting travel plans during the country’s annual summer break. Japan Airlines Co. canceled 28 interna...
Posted: Aug 15, 2024
“As brokers, we uniquely see both sides of the aisle in the transaction. Transparency and timeliness are two words that stand out to me that could be improved on in helping our clients make educated buying decisions.” The post
Posted: Aug 15, 2024
Chubb, the global property and casualty (P&C) insurer, has appointed Lyndsey Christofer as Executive Vice President, Head of North America Casualty for Major Accounts. Based in New York, Christofer brings more than two decades of expertise acr...
Posted: Aug 15, 2024
Vertafore's leading sales and marketing automation tool helps agencies of all sizes boost profitability and growth
Posted: Aug 15, 2024
Lockton Re, the reinsurance division of a privately-owned independent insurance broker, has announced a new partnership with global reinsurer Ariel Re. This collaboration will allow placements to be made through Lockton Re’s SAGELink, an API-drive...
Posted: Aug 15, 2024
Global specialty lines re/insurer Canopius has hired industry veteran Steve Mills as Head of Casualty in the US, reporting to Lisa Davis, CEO of US & Bermuda. He is currently based in the Greater Atlanta area where Canopius is continuing to ex...
Posted: Aug 15, 2024
Insurer and reinsurer Aspen Insurance Holdings Limited grew its reinsurance gross written premiums (GWP) 42% in the second quarter of 2024 to $566.2 million, as the segment generated underwriting income of $44.8 million with a combined ratio of 86...
Posted: Aug 15, 2024
The U.S. private market insurance industry loss from Hurricane Debby is not expected to exceed $1.5 billion, while losses to the National Flood Insurance Program (NFIP) from the event will be less than $300 million, according to Moody’s RMS Event...
Posted: Aug 15, 2024