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With the 2024 hurricane season in full effect, this time of the year is always interesting for the re/insurance industry due to the number of opportunities and challenges it poses for many different countries/regions. Reinsurance News recently spo...
Posted: Jul 31, 2024
Public D&O Price Decreased 5.2% in Second Quarter, Says Aon The average price for directors and officers liab...
Posted: Jul 31, 2024
S&P Global Ratings welcomes the Prudential Regulation Authority (PRA) new measures to control the spike in funded reinsurance (Funded Re) transactions and believes they will mitigate the associated risks, if implemented properly . This follows...
Posted: Jul 31, 2024
Bain Capital Insurance has announced a capital investment in 1970 Group, a New York-based specialized risk financing provider to the insurance industry. 1970 Group offers expertise in structured financing, credit support and risk management. The comp...
Posted: Jul 31, 2024
Mercury General Corporation has announced its financial results for the second quarter of 2024, reporting a net income of $62.6 million, compared to the -$41.5 million reported in the same period the year prior. Net premiums earned for the quarter...
Posted: Jul 31, 2024
Lemonade, a digital insurance firm powered by AI, has posted a net loss of $57.2 million for the second quarter of 2024, compared to a loss of $67.2 million from the second quarter of 2023. At the same time, in-force premium (IFP) increased by 22%...
Posted: Jul 31, 2024
MNK Re, an independent broker of specialist risks into Lloyd’s, has hired industry veteran Simon Ashby as Executive Managing Director and Global Chief Commercial Officer. In the role, Ashby is expected to hold responsibility for driving a number o...
Posted: Jul 31, 2024
Insurance Business Magazine - US
Posted: Jul 31, 2024
A global accounting body on Wednesday proposed guidance on how companies can do more to show the impact of climate change on their financial performance, saying standalone disclosures do not give investors the clarity they need. Norms written by the...
Posted: Jul 31, 2024
Bermuda-headquartered insurer and reinsurer Arch Capital Group Ltd. has reported strong group-wide underwriting income growth of 25.7% for Q2 2024 to $762 million, compared with $606 million in Q2 2023, driven by an improved underwriting performan...
Posted: Jul 31, 2024
LIVINGSTON, La. (AP) — Two boats collided on a Louisiana river, leaving two people dead and several others hurt, authorities said Monday. The collision happened early Sunday on the Tickfaw River near Kings Point in Livingston Parish. The Louisiana De...
Posted: Jul 31, 2024
A new report from Munich Re has revealed that global insured losses from natural disasters in H1 of 2024 stood at $62 billion, 68% higher than the ten-year average of $37 billion and slightly up on last year. The reinsurer’s report additiona...
Posted: Jul 31, 2024
Natural catastrophes caused about $62 billion of insured losses in the first half of 2024 — roughly 70% above the 10-year average — as extreme wildfires, droughts and floods upend historical norms. The data, which were compiled by Munich Re, …
Posted: Jul 31, 2024
PartnerRe has revealed that its operating income for H1 of 2024 was $366 million, down from $636 million in H1 of 2023, driven by an increased frequency of mid-sized natural catastrophe events and a reserve strengthening in its U.S. Casualty lines...
Posted: Jul 31, 2024
French farmers are calling on the government to provide financial aid as there’s a high risk that this year’s wheat harvest will be the lowest in at least a decade because of heavy rains. Three weeks into the season, field …
Posted: Jul 31, 2024
Global insurer American International Group (AIG) has announced the appointment of Dimitry Zilberud as Head of Marine for the Asia Pacific (APAC) region. In his new role, Zilberud will be based in Sydney, Australia. In a statement, Emma Woolley, G...
Posted: Jul 31, 2024
Damaging earthquakes that rocked West Texas in recent days were likely caused by oil and gas activity in an area that has weathered tremors for decades, according to the U.S. Geological Survey. A sequence that began in 2021 erupted with …
Posted: Jul 31, 2024
AXIS Capital has revealed that net income available to common shareholders in Q2 of 2024 was $204 million, up from $143 million in Q2 of 2023, while gross written premiums (GWP) increased by $156 million, or 7%, to $2.4 billion. Within this GWP gr...
Posted: Jul 31, 2024
Bermuda-based Conduit Re has reported a 25% rise in comprehensive income to $98.1 million for the first half of 2024, as gross premiums written (GPW) swelled 36% to $737.8 million on the back of strong growth in both property and specialty. Group-...
Posted: Jul 31, 2024
Posted: Jul 31, 2024
AM Best has revised the outlook to negative from stable for the Long-Term Issuer Credit Ratings of Tennessee Farmers Insurance Companies (TFIC), a move influenced by the company’s deteriorating performance due to large claims resulting from signif...
Posted: Jul 31, 2024
AM Best revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of Stonetrust Commercial Insurance Company and Stonetrust Premie...
Posted: Jul 31, 2024
MADISON, S.D. (AP) — A seed planted by South Dakota legislative and higher education leaders four decades ago has blossomed into one of the nation’s top high-tech universities located in a small city in the rural midsection of the state. …...
Posted: Jul 31, 2024
Global reinsurance giant Swiss Re has named Anders Malmström as its new Group Chief Financial Officer (CFO), effective April 1st, 2025, succeeding John Dacey, who retires from his executive role on March 31st, 2025. Dacey will continue to represen...
Posted: Jul 31, 2024
The Texas Windstorm Insurance Association, the state’s insurer of last resort for homes and businesses on the Gulf Coast, will consider raising rates as climate change increases the chances of more severe storms and damages become more costly....
Posted: Jul 31, 2024
According to a recent analysis by Morningstar DBRS, the Italian insurance sector has mostly overcome the challenges of the difficult operating environment it faced in 2023, and the current outlook is improving. Recently published data has shown th...
Posted: Jul 31, 2024
Tesla is recalling 1.85 million vehicles in the United States due to risk of software failure to detect an unlatched hood, the automaker said. An unlatched hood could fully open and obstruct the driver’s view, raising the risk of a …
Posted: Jul 31, 2024
ReSource Pro, a provider of business process solutions for the insurance industry, has announced the appointment of Saima Shaukat as Senior Vice President, Retail Practice. Shaukat will leverage her deep technology and industry experience to provi...
Posted: Jul 31, 2024
Brady Named Resilience Chief Underwriting Officer Resilience, headquartered in San Francisco, named Killian Brady as chief underwriting officer. Brady will oversee all aspects of the underwriting function for middle market and large enterprise client...
Posted: Jul 31, 2024
The federal government is giving more than a half-billion dollars to coastal communities to help them use nature-based preventative measures to address climate-related flooding and other disasters. The National Oceanic and Atmospheric Administration...
Posted: Jul 31, 2024
A former insurance executive has pleaded guilty to defrauding his former employer, Allied World Insurance Co., of $1.5 million in a scheme involving a shell company, bogus invoices, and vendor kickbacks. James Keating of Paoli, Pennsylvania on Januar...
Posted: Jul 31, 2024
New Zealand insurance carriers need to update their claims handling processes and ensure their staff are trained accordingly in order to adapt to the changes brought by the implementation of the Natural Hazards Insurance Act 2023 (NHI Act). Gallag...
Posted: Jul 31, 2024
Wildfire smoke may be worse for brain health than other types of air pollution, according to new research linking it to an increased risk of dementia. The findings, reported Monday at the Alzheimer’s Association International Conference in Phil...
Posted: Jul 31, 2024
Alliant Insurance Services, headquartered in Irvine, California, opened an office in Honolulu, the firm’s second location in Hawaii. Chad Karasaki, managing director, will lead the Honolulu office. Before joining Alliant, Karasaki most recently...
Posted: Jul 31, 2024
Did New York lawmakers intend the Child Victims Act (CVA) that revived old claims of sexual abuse to apply to claims by employees that would previously have been handled by the workers’ compensation system? It’s the responsibility of the...
Posted: Jul 31, 2024
New York City is turning to AI-powered scanners in a new bid to keep guns out of its subway system, but the pilot program launched Friday is already being met with skepticism from riders and the threat of a lawsuit …
Posted: Jul 31, 2024
This post is part of a series sponsored by PCF Insurance Services. In the third installment of a three-part series, PCF Healthcare Practice Leader Brian King discusses legal changes and the impact of Assembly Bill 35. Welcome to the third …
Posted: Jul 30, 2024
Reinsurer SCOR’s Recovery Clouded by First Quarterly Loss Since 2022 SCOR SE Chief Executive Officer Thierry Leger said he's taking over control of the company's life and health unit after it led the firm to report its first quarterly loss since 2022...
Posted: Jul 30, 2024
From writing a better message to improving posting efficiency, artificial intelligence (AI) can help agents use social media to engage clients and drive business growth.
Posted: Jul 30, 2024
The new embedded data analytics capability provides interactive data visualization capability transforms vital business performance data for specific agency roles.
Posted: Jul 30, 2024
Jiménez, who remains CEO of MAWDY, developed her career of over 20 years at both the national and international levels in markets such as the U.K., France, and Asia.
Posted: Jul 30, 2024
The new solution combines best-in-class GenAI with proprietary AI tools that identify salient details, assess the risk of escalation, and offer actionable recommendations to claims managers.
Posted: Jul 30, 2024
Two Texas district courts issued stays on the rule, which was scheduled to take effect Sept. 23 and would expand the meaning of “fiduciary” under the Employee Retirement Income Security Act (ERISA) and extend a standard of care to most annuity transa...
Posted: Jul 30, 2024
This partnership allows Elephant to offer insurance for coastal homes in Texas and along the Eastern Seaboard.
Posted: Jul 30, 2024