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The latest commercial lines pricing survey from WTW reveals continued upward pressure on U.S. commercial insurance prices in Q1 2024. The post
Posted: Jun 10, 2024
Alliant Insurance Services, headquartered in Irvine, California, expanded its Midwest team by adding Matt Richard as vice president and Tricia Schmidt as senior vice president within its employee benefits group. Richard, based in Kentucky, has more t...
Posted: Jun 10, 2024
For the first quarter of 2024, U.S. commercial insurance price rises of 6.3% were in line with the post-pandemic trend, with quarterly price increases of approximately 6% having remained steady, according to re/insurance broker WTW’s latest...
Posted: Jun 10, 2024
Walmart Says False Alarms Anticipated if NY Panic Button Legislation Pas...
Posted: Jun 10, 2024
Posted: Jun 10, 2024
The U.S. Supreme Court agreed on Monday to hear a bid by Meta’s Facebook to scuttle a private securities fraud lawsuit accusing the social media platform of misleading investors in 2017 and 2018 about the misuse of its user data …
Posted: Jun 10, 2024
The China National Financial Regulatory Administration (CNFRA), responsible for overseeing the stability and compliance of China’s financial sector, has released its supervisory statistics for the first quarter of 2024, highlighting signific...
Posted: Jun 10, 2024
The U.S. Supreme Court on Monday asked President Joe Biden’s administration to offer its views on a bid by Sunoco and other oil companies to scuttle a lawsuit by Honolulu accusing them of deceiving the public about climate change. The …
Posted: Jun 10, 2024
The U.S. Supreme Court on Monday asked President Joe Biden’s administration to offer its views on a bid by Sunoco and other oil companies to scuttle a lawsuit by Honolulu accusing them of deceiving the public about climate change. The …
Posted: Jun 10, 2024
MINNEAPOLIS (AP) — A jury convicted five Minnesota residents and acquitted two others on Friday for their roles in a scheme to steal more than $40 million from a program that was supposed to feed children during the coronavirus pandemic. …
Posted: Jun 10, 2024
DALLAS (AP) — A group of financial firms and investors is planning to launch a Texas-based private market stock exchange and offer traders an alternative to the New York Stock Exchange and Nasdaq. The group, which includes BlackRock, Citadel Securiti...
Posted: Jun 10, 2024
AULT STE. MARIE, Mich. (AP) — A freighter in Lake Superior hit something underwater on Saturday and started taking on water, according to the U.S. Coast Guard. The Coast Guard Great Lakes district received reports about 6:53 a.m. that a …
Posted: Jun 10, 2024
Global reinsurance broker, Gallagher Re has announced the appointment of Louise Tyler as International Chief Operating Officer (COO). With over two decades of industry experience, Tayler joins Gallagher Re from Aon, where she most recently served...
Posted: Jun 10, 2024
Austin residents can now receive up to a 25% discount on their flood insurance thanks to the city’s upgraded Community Rating System score from the Federal Emergency Management Agency (FEMA). Last month, FEMA notified the City of Austin that it...
Posted: Jun 10, 2024
North Carolina Insurance Commissioner Mike Causey has settled on an 8% average rate increase for dwelling insurance policies, starting Nov. 1. The North Carolina Rate Bureau, basing its request on data from property insurers, last summer had urged an...
Posted: Jun 10, 2024
Global insurer, American International Group (AIG) has met the requirements for the deconsolidation of its life & retirement unit, Corebridge Financial, for accounting purposes. According to the announcement, the deconsolidation is a result of...
Posted: Jun 10, 2024
A recent report from The U.S. Chamber of Commerce Institute for Legal Reform (ILR) has found that nuclear verdicts of $10 million or more are on the rise. Looking at verdicts from 2013 to 2022, ILR said the median nuclear …
Posted: Jun 10, 2024
Sonja Hoffmann is set to take over from Frank Versluis as Director Underwriting at Deutsche Rückversicherung Switzerland Ltd (DR Swiss) on July 1st, 2024. In her new role, Hoffmann will be based in Zurich and will report to Achim Bosch, Managing D...
Posted: Jun 10, 2024
Insurance Business Magazine - US
Posted: Jun 10, 2024
U.S. Auto Insurance Market on the Mend; Homeowners Line Volatile: Fitch The U.S. perso...
Posted: Jun 10, 2024
California’s Central Valley will have another round of searing temperatures that will boost energy demand this week, reaching a high of 103F (39C) in Sacramento on Tuesday. A heat advisory is in place for the state capital through Wednesday nig...
Posted: Jun 10, 2024
Oxbridge Re has announced it is evaluating strategic alternatives to maximise shareholder value, including a possible sale or merger, which could also include its Web-3 division subsidiary SurancePlus Holdings Ltd. The company, together with its s...
Posted: Jun 10, 2024
This edition of International People details appointments at AXA XL and Lockton Re. A summary of these new hires follows here. AXA XL Promotes Pearman to New Role of Chief Underwriting Officer, Bermuda As part of its recently announced insurance R...
Posted: Jun 10, 2024
Unlike previous hard reinsurance market cycles, this current one is not characterised by a shortage of available capital, according to analysts at global ratings agency, AM Best. The agency recently revised its sector outlook for the global reinsu...
Posted: Jun 10, 2024
Meta Platforms Inc. and other social media companies won the dismissal of novel claims in hundreds of lawsuits brought by school districts seeking to recover costs for addressing the negative impacts of students’ social media use. A California...
Posted: Jun 10, 2024
The Lloyd’s Market Association (LMA), representing insurers and reinsurers in the London insurance market, has issued revised versions of the hull and cargo oil price cap clauses. These updates simplify the language to accommodate recent modificat...
Posted: Jun 10, 2024
Elon Musk and his companies are embroiled in dozens of lawsuits, ranging from fatal crashes blamed on Tesla Inc.’s Autopilot system to civil rights complaints over the treatment of employees. Tesla’s board and Musk were hit Thursday with...
Posted: Jun 10, 2024
The International Underwriting Association (IUA), which represents companies in the London insurance market, has formed a new committee to oversee the adoption of digital services. As part of the Blueprint Two initiative, a unified digital platfor...
Posted: Jun 10, 2024
Guy Carpenter, the reinsurance broking arm of Marsh McLennan (MMC), has announced the launch of the Capital & Advisory group as part of its Global Capital Solutions unit. Alexander Schnieders has been named the Global Head of Capital & Adv...
Posted: Jun 10, 2024
Car maker Stellantis has preventively extended a recall of vehicles with potentially faulty airbags to more Citroen and DS models, as well as the Opel brand, spokespeople for the carmaker told Reuters on Friday. Citroen C4, DS4 and DS5 models …
Posted: Jun 10, 2024
Guy Carpenter, the reinsurance business unit of Marsh McLennan, announced the formation of the Capital & Advisory group as part of its Global Capital Solutions unit. The business also announced the appointment of Alexander Schnieders as global he...
Posted: Jun 10, 2024
Ardonagh Italia, a subsidiary of The Ardonagh Group, has finalised its acquisition of both Mediass S.p.A. and Mansutti S.r.l as previously announced. Mediass, founded in 1996 and based in Pescara, serves over 120,000 customers. It provides insuran...
Posted: Jun 10, 2024
Yemen’s Houthi damaged two commercial vessels in missile attacks in the Gulf of Aden in the last 24 hours as part of the militia group’s ongoing campaign against international ocean shipping, U.S. Central Command (CENTCOM) said on Sunday....
Posted: Jun 10, 2024
CFC’s first North American summit to take place outside the U.S. looked to the future of cyber protection, carbon mitigation and more. The post Sp...
Posted: Jun 10, 2024
Fiducia, a specialty insurance managing general agent (MGA) has announced the appointment of a new senior development underwriter, Mike Hall, to its marine cargo, freight liability and fine art and specie facilities to support UK and European brok...
Posted: Jun 10, 2024
The first Russian oil tanker attempting to deliver crude while under US sanctions made a secret cargo transfer onto another ship, a sign of the lengths to which Moscow is going to undermine the effectiveness of American restrictions on its …
Posted: Jun 10, 2024
As insured catastrophe losses surge, potentially leading to higher rates and diminished homeowner protection, S&P Global Ratings, a provider of credit ratings and research, examines the challenges facing property/casualty insurers. In their re...
Posted: Jun 10, 2024
The market segment outlook for the global reinsurance segment has been revised to positive from stable after the sector saw robust profit margins in 2023, according to AM Best, which attributed the sector’s improved performance to higher attach...
Posted: Jun 10, 2024
Miller, an independent specialist insurance and reinsurance broker, has appointed industry veteran Tokinori Kono as Head of Non-Marine Broking for its Japanese business, Lead Insurance Services Limited (Lead). This appointment follows Miller’s acq...
Posted: Jun 10, 2024
Global credit ratings agency AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Worldwide Reinsurance Limited (Worldwide Re) (...
Posted: Jun 10, 2024
Atrium, a specialist insurer at Lloyd’s of London, has announced the appointment of Steve Hearn as Non-Executive Director to the Atrium Underwriters Limited board (AUL), subject to regulatory approval. He will be taking over the position fro...
Posted: Jun 10, 2024
The German Insurance Association (GDV) reported last week that torrential rains and flooding in Bavaria and Baden-Württemberg, between May 31st and June 4th, is expected to result in insured losses of around €2 billion (USD 2.15bn). The floods dam...
Posted: Jun 10, 2024
Posted: Jun 10, 2024
AM Best Ups Reinsurance Outlook to Positive...
Posted: Jun 10, 2024