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Insurance Business Magazine - US
Posted: Jul 25, 2024
First Street, a provider of physical climate risk data, has finalised an oversubscribed Series A-1 funding round, bringing a total amount of $46 million raised. According to the announcement, this round was led by Innovation Endeavors, with other...
Posted: Jul 25, 2024
NIAGARA FALLS, N.Y. (AP) — A freight locomotive ran off the end of its track and smashed into the side of a garage Monday at a home in the city of Niagara Falls. No one was injured, but the impact …
Posted: Jul 25, 2024
Vantage Group Holdings Ltd. (Vantage), an insurance and reinsurance company, has strengthened its Insurance Leadership Team with two key appointments. Kelly Bellitti has been appointed Chief Pricing and Portfolio Actuary, while David Valzania has...
Posted: Jul 25, 2024
The West Virginia insurance commissioner is reminding all state and local governments and non-profit organizations that they could face penalties if they fail to obtain flood insurance on properties in flood hazard areas. “Please review your eligibil...
Posted: Jul 25, 2024
WTW reported second quarter net Income of $142 million, an increase of 48% compared to net income of $96 million in the prior-year second quarter. Q2 adjusted net income rose 20% to $263 million, from $219 million reported in the …
Posted: Jul 25, 2024
The Rev. John Parks was taking his first sabbatical in 40 years of ministry when he got a call from his church’s accountant with some bad news. Church Mutual, the church’s insurance company, had dropped them. “This does not make ...
Posted: Jul 25, 2024
CFC, an insurance provider specialising in emerging risks and cyber coverage, has published an analysis on the costs SMEs incur when implementing cybersecurity services. The company’s cyber team examined the expenses of various third-party c...
Posted: Jul 25, 2024
A wildfire that started Wednesday near Chico, California grew quickly to 45,549 acres overnight to become the state’s largest active blaze. Evacuation orders and warnings were issued, but the under of residents affected or properties damaged or destr...
Posted: Jul 25, 2024
GAINESVILLE, Fla. (AP) — Florida coach Billy Napier and two co-defendants on Tuesday filed motions to dismiss quarterback Jaden Rashada’s lawsuit regarding a failed name, image and likeness deal worth nearly $14 million. Napier, Florida booster...
Posted: Jul 25, 2024
Applied Systems has released second quarter of 2024 results of the Applied Rating Index, which shows that average premiums for both Personal Auto lines and Personal Property lines increased year over year, while quarter over quarter, premium rate...
Posted: Jul 25, 2024
BMS Group, an independent specialist re/insurance broker, has announced the promotion of Hannah Watkins to the newly created role of UK chief growth officer, effective immediately. Based in London, Watkins will lead the development and execution o...
Posted: Jul 25, 2024
Mark Miller joined for the first time as Goosehead's President and CEO.
Posted: Jul 25, 2024
After Crash Killed 6 Teens, NTSB Says Marijuana’s Impact on Drivers Underestimated A horrific crash tha...
Posted: Jul 25, 2024
‘Surface Waters’ on Roof Are Not ‘Flood’ Waters, Massachusetts High Court...
Posted: Jul 25, 2024
J.D. Power: Auto Insurance Shopping Hits New High, Could Drop With Rate Adequacy The nation...
Posted: Jul 25, 2024
Gainesville, Florida-based King Insurance Partners has acquired Barnette and Coates Inc., an agency in Henderson, North Carolina. Principal Jimmy Barnette said in a news release that the move will allow the agency to expand its access to resources an...
Posted: Jul 25, 2024
The growth potential of the UK bulk annuity market has been highlighted by a wave of new entrants, according to Fitch Ratings. Steep interest rate rises in 2022-2023 boosted pension scheme funding levels, making it more affordable for corporates t...
Posted: Jul 25, 2024
Two fishermen are safe after a whale crashed onto their boat, capsizing it off the New Hampshire shore, according to the U.S. Coast Guard. The incident occurred Tuesday near Odiorne Point State Park in Rye. The two men, who were …
Posted: Jul 25, 2024
Global advisory, broking and solutions firm WTW has revealed that net income for Q2 of 2024 was $142 million, an increase of 48% compared to Q2 of 2023. WTW’s revenue in Q2 of 2024 was $2.27 billion, an increase of 5% compared to the same pe...
Posted: Jul 25, 2024
Global insured losses from last week’s massive IT outage are likely to range from $400 million to $1.5 billion, cyber analytics firm CyberCube said on Thursday. A software bug in cybersecurity firm CrowdStrike’s quality-control system cau...
Posted: Jul 25, 2024
Marsh, the insurance broking division of Marsh McLennan, has appointed Stephen McKay as UK Advisory Leader, where he will be based in London, reporting to Chris Lay, CEO, Marsh McLennan UK and Giampaolo Scarso, Advisory Leader, International, Mars...
Posted: Jul 25, 2024
Maine is providing more than $21 million in grants to help dozens of waterfront communities rebuild from a series of devastating storms this past winter. The storms brought flooding, damage and power outages to the Northeast, and were particularly da...
Posted: Jul 25, 2024
Insurance-linked securities (ILS) focused independent asset managers, Twelve Capital and Securis Investment Partners, have announced their intention to merge, creating one of the world’s largest ILS managers with assets under management of $...
Posted: Jul 25, 2024
Philippine authorities are rushing to contain an oil spill from a tanker that sank early Thursday, killing one crew member, after Typhoon Gaemi battered the nation. A Philippine-flagged tanker carrying 1.4 million liters of industrial fuel oil capsiz...
Posted: Jul 25, 2024
Goosehead, an independent personal lines insurance agency, has announced its financial results for the second quarter of 2024, reporting an increased net income of $10.9mn, compared to the $7.2mn reported in the same period last year. Mark Miller,...
Posted: Jul 25, 2024
Veteran Richard Harries has been appointed to insurance and reinsurance broker Arthur J. Gallagher & Co.’s Board as a new Director. Harries has more than 35 years of insurance industry experience in the UK and other highly regulated mark...
Posted: Jul 25, 2024
AM Best has placed the credit ratings of SCOR and its main subsidiaries under review with developing implications following the French reinsurer’s publication of an update on its Q2 2024 and full-year 2024 results. In the update, SCOR announ...
Posted: Jul 25, 2024
Preliminary insured losses from the CrowdStrike IT outage for the standalone cyber insurance market are anticipated to fall between $400 million and $1.5 billion, according to CyberCube, a specialist modelling firm for cyber risks and exposures. F...
Posted: Jul 25, 2024
Swiss Re Corporate Solutions, the commercial insurance arm of reinsurance giant Swiss Re, has appointed Kevin Bates as Country Head of Australia & New Zealand, effective November 4th, 2024. Bates succeeds Christine Bell, who has decided to ret...
Posted: Jul 25, 2024
OAK BROOK, Ill. (AP) — An Oscar Mayer Wienermobile got into a pickle on a Chicago highway. The hot-dog shaped Wienermobile hit a car Monday morning along Interstate 294 and its driver lost control and overcorrected, causing it to roll …
Posted: Jul 25, 2024
Houston residents could see a greater discount on their federal flood insurance premiums as soon as next spring after the Houston City Council on Tuesday approved a watershed master plan expected to improve the city’s class rating in FEMA’...
Posted: Jul 25, 2024
Bermuda-based reinsurer RenaissanceRe Holdings Ltd. (RenRe) has reported underwriting income of $479.3 million and a combined ratio of 81.1% in its second quarter 2024 results, as both fee income and investment income also contributed to another s...
Posted: Jul 25, 2024
The ACLU of Texas said Wednesday it found 51 school districts in violation of the Texas CROWN Act, which bans race-based hair discrimination, and urged them to update their dress code policies. The Texas CROWN Act prohibits schools, workplaces and &#...
Posted: Jul 25, 2024
The Iowa Insurance Commissioner Doug Ommen was appointed the receiver of Beckstone Partners, LLC (Beckstone), DesFined, LLC (DesFined), East King Management, LLC, and The Corporate Leasing Company, LLC to wind down the operation of the businesses and...
Posted: Jul 25, 2024
Arch Insurance North America, part of Arch Capital Group Ltd., has obtained regulatory approval for its previously announced acquisition of Allianz’s US MidCorp and Entertainment insurance businesses, including select specialty insurance programme...
Posted: Jul 25, 2024
A bankruptcy judge on Wednesday approved a settlement between the joint venture building Exxon Mobil Corp.’s $10 billion gas export project in Texas and lead contractor Zachry Holdings Inc., allowing other companies to finish work on the plant....
Posted: Jul 25, 2024
CHICAGO (AP) — Temarkus Washington says the sexual abuse he experienced as a teenager at a troubled Chicago youth detention center still gives him nightmares. The 35-year-old spoke publicly about his experiences Tuesday, a day after joining two lawsu...
Posted: Jul 25, 2024
Typhoon Gaemi took aim at China after tearing across the Philippines and Taiwan, where it knocked out power to hundreds of thousands of homes, flooded streets and left at least 24 people dead. After passing south of densely populated Taipei, …
Posted: Jul 25, 2024
Authorities in Taiwan raced to find crew missing from a ship that capsized in bad weather after Typhoon Gaemi ripped through the region before losing strength as it heads toward China. Nine Myanmar nationals were missing from a cargo vessel …
Posted: Jul 25, 2024
The number of Japanese citizens fell at the fastest clip last year since data collection began in the 1960s, adding pressure on the nation’s social security system and shrinking labor market. The population of Japanese nationals dropped by more...
Posted: Jul 25, 2024
Davies, the specialist in professional services and technology, has promoted Dhara Patel to the newly created role of President and Deputy CEO of its North American business. Patel’s promotion comes as Davies has announced a new go-to-market...
Posted: Jul 25, 2024
Posted: Jul 25, 2024
Posted: Jul 25, 2024
Democratic U.S. senators on Tuesday introduced a bill designed to undo a ruling last month by the U.S. Supreme Court that curtailed the ability of federal agencies to issue regulations addressing issues including the environment, consumer protection...
Posted: Jul 25, 2024
GuideOne Insurance Company, a provider of property and casualty insurance and risk management solutions, has promoted Troy Spoonemore to the position of Chief Underwriting & Risk Officer. In his new role, Spoonemore will direct GuideOne’s unde...
Posted: Jul 25, 2024
A class action lawsuit is being brought on behalf of more than 350,000 policyholders against the California FAIR Plan over smoke damage coverage. Dylan Schaffer, an attorney representing the plaintiffs, told SiliconValley.com the idea behind the suit...
Posted: Jul 25, 2024