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Self-Driving Cars Could Lead to Changes in Traffic Lights

Carrier Management

Self-Driving Cars Could Lead to Changes in Traffic Lights As cars and trucks get smarter and more conne...

Posted: May 13, 2024

Sensible Weather partners with Roamly

coverager

Roamly Weather by Sensible will allow guests to add a weather guarantee.

Posted: May 13, 2024

NICB: Imports, Sedans Top List of Most Stolen Vehicles in the U.S.

Carrier Management

NICB: Imports, Sedans Top List of Most Stolen Vehicles in the U.S. Imported Kia and...

Posted: May 13, 2024

Bowhead Specialty announces launch of initial public offering

coverager

Bowhead Specialty is a specialty insurance company providing casualty and professional liability products.

Posted: May 13, 2024

JAB to build a global insurance platform

coverager

The new offering provides services to both startups and established MGAs.

Posted: May 13, 2024

Insurance alone cannot protect LatAm from El Niño & La Niña disruption: Swiss Re

Reinsurance News

To increase resilience, both adaptation and mitigation are needed in Latin America as insurance alone cannot help protect the region from disruption caused by severe weather events brought by El Niño and La Niña, which will also test the long-stan...

Posted: May 13, 2024

US to Provide Nearly $200M to Contain Bird Flu Spread on Dairy Farms

Insurance Journal

The Biden administration said on Friday it will provide nearly $200 million to fight the spread of avian flu among dairy cows, in the government’s latest bid to contain outbreaks that have fueled concerns about human infections with the H5N1 &#...

Posted: May 13, 2024

ICEYE launches satellite-based solutions for UK insurance market

Reinsurance News

ICEYE, a provider of satellite-powered disaster management solutions, has launched a high-resolution Flood Early Warning and ongoing customer pilots of Flood Rapid Impact solutions for the UK insurance market. The company’s Flood Early Warni...

Posted: May 13, 2024

Massachusetts Faces Off Against Uber, Lyft in Trial Over Status of Gig Workers

Insurance Journal

Uber Technologies and Lyft are set to face trial on Monday in a U.S. lawsuit by Massachusetts’ attorney general alleging the ride-share companies misclassified their drivers as independent contractors rather than more costly employees. The non-...

Posted: May 13, 2024

Premium renewal rate increases slowed down in April for majority of commercial lines: Ivans

Reinsurance News

In the April 2024 results of the Ivans Index, year over year, Commercial Auto, Business Owner’s Policy (BOP), General Liability, Commercial Property and Umbrella each experienced increasing average premium renewal rates, while premium renewal rate...

Posted: May 13, 2024

Paragon Insurance expands use of Kalepa’s AI-powered underwriting platform

Reinsurance News

Multi-line specialty Managing General Agency (MGA), Paragon Insurance Holdings LLC has expanded its use of Kalepa’s AI-powered Copilot underwriting platform to four additional programs. Kalepa’s Copilot will now support Paragon’s underwriter...

Posted: May 13, 2024

‘Nuclear Verdicts’ Reach Record $14.5B in 2023

Risk & Insurance

Marathon Strategies' analysis details the increase in nuclear verdicts in 2023 and delves into factors driving these multi-million dollar jury awards. The post

Posted: May 13, 2024

Over 700 Tornado Reports Filed in 2024, Above Historical Average – AccuWeather

Insurance Journal

Approximately 700 preliminary tornado reports have been filed so far in 2024, above the historical average for this time of year, according to AccuWeather Global Weather Center. The roughly 700 preliminary tornado reports through May 9 is above the h...

Posted: May 13, 2024

New cyber insurance capacity is increasingly matching fast-growing demand, S&P

Reinsurance News

A recent analysis by credit rating agency S&P Global Ratings has revealed that new cyber insurance capacity is increasingly matching fast-growing demand, particularly within the United States, and greater competition is said to be leading to d...

Posted: May 13, 2024

Liberty Mutual Posts $1.5B Net Income for Q1, Reversing Loss

Carrier Management

Liberty Mutual Posts $1.5B Net Income for Q1, Reversing Loss Liberty Mutual Holding Company on T...

Posted: May 13, 2024

Nuclear Verdicts Surge to $14.5 Billion in 2023: Report

Carrier Management

Nuclear Verdicts Surge to $14.5 Billion in 2023: Report Nuclear verdicts of at least $10 million reached a 15-ye...

Posted: May 13, 2024

Company Fined $261K After Worker Struck by Semi-Tractor-Trailer at Nebraska Grain Yard

Insurance Journal

Responding to an employer’s report that a worker needed hospitalization after being struck by a semi-tractor-trailer and suffering severe injuries at a Fremont, Nebraska grain yard, federal workplace safety inspectors identified 23 violations b...

Posted: May 13, 2024

Louisiana Court May Reopen Window for Suits by Adult Victims of Child Sex Abuse

Insurance Journal

NEW ORLEANS (AP) — Louisiana’s Supreme Court agreed Friday to reconsider its recent ruling that wiped out a state law giving adult victims of childhood sexual abuse a renewed opportunity to file damage lawsuits. The law was passed by the &#8230...

Posted: May 13, 2024

Arthur J. Gallagher & Co. Acquires Iowa’s Acumen

Insurance Journal

Arthur J. Gallagher & Co. announced the acquisition of Cedar Rapids, Iowa-based Acumen Advisors, Inc. Terms of the transaction were not disclosed. Acumen is an employee benefits consultant serving small and mid-size businesses throughout Iowa. An...

Posted: May 13, 2024

Bowhead Specialty to raise around $106.6m from IPO

Reinsurance News

Bowhead Specialty, a provider of casualty and professional liability products, has announced the launch of the initial public offering (IPO) of 6,666,667 shares of its common stock, aiming to raise as much as $106.6 million. The IPO price, accordi...

Posted: May 13, 2024

American Coastal Reports Profitable Q1 for This Year

Insurance Journal

SAINT PETERSBURG, Fla. (AP) — American Coastal Insurance Corp. (ACIC) on Thursday reported first-quarter earnings of $23.6 million. The Saint Petersburg, Florida-based company, the rebranding of part of now-insolvent United Property & Casualty In...

Posted: May 13, 2024

American Coastal to Sell Interboro to Forza Holdings, Completing Personal Lines Exit

Insurance Journal

American Coastal Insurance Corp. (ACIC) has agreed to sell its subsidiary Interboro Insurance Co., a New York domiciled insurer, to Forza Insurance Holdings, a Houston-based firm that funds insurance organizations serving coastal property owners. For...

Posted: May 13, 2024

Social inflation challenges continue for US casualty insurers: AM Best

Reinsurance News

Over the last decade, the severity of losses in various lines of casualty insurance in the United States has outpaced economic inflation. This trend indicates that additional factors are at play, affecting the costs of claims for both indemnity an...

Posted: May 13, 2024

AM Best: Social Inflation Key Factor in Rise of Loss Severity

Insurance Journal

Loss severity for many U.S. casualty lines of insurance business has exceeded economic inflation over the past decade, indicating other factors are influencing claims costs for indemnity and expense payments, according to a new AM Best report. Accord...

Posted: May 13, 2024

4 Killed in Yet Another Wrong-Way Highway Crash in Connecticut

Insurance Journal

A driver going the wrong way on Connecticut’s Merritt Parkway crashed head-on into a minivan early Thursday, killing all four people in the vehicles and closing one side of the highway for nearly seven hours, state police said. State police &#8...

Posted: May 13, 2024

It’s a Matter of When, Not if, a Hurricane Will Hit Florida, Forecasters Say

Insurance Journal

SANFORD, Fla. (AP) — With the start of hurricane season less than a month away, U.S. officials who predict, prepare for and respond to natural disasters had a message for Floridians on Friday: It’s not a matter of if a …

Posted: May 13, 2024

Home insurance premiums edge up, remaining below historic highs: ABI

Reinsurance News

Home insurance premiums in the UK increased by 3% in the first quarter of 2024. Despite this uptick, prices remain below historic highs, according to data from the Association of British Insurers (ABI). Home insurance premiums increased by 3% in t...

Posted: May 13, 2024

Two Tornadoes Down Trees on Homes, Kill One Person in Tallahassee

Insurance Journal

Two confirmed tornadoes and storms packing hurricane-force winds killed at least one woman Friday in Florida as a week of deadly severe weather continued in the South, where uprooted trees crashed onto homes and knocked out electricity to thousands i...

Posted: May 13, 2024

Insurer Bowhead Specialty Seeks About $491M Valuation in IPO

Insurance Journal

Insurer Bowhead Specialty is targeting a valuation of about $491 million in its initial public offering in the United States, as it joins a slew of companies preparing to list amid a rebound in the capital markets. The company is …

Posted: May 13, 2024

Russia Certifier Steps in After India Drops Safety Cover for Sanctioned Oil Tankers

Insurance Journal

India’s ship certification agency has withdrawn safety cover issued to Russian oil tankers that have been placed under U.S. sanctions, according to its website, with the vessels instead turning to a domestic provider. Major insurers and ship en...

Posted: May 13, 2024

Tech Update: WTW, Riskonnect Launch Risk Diagnostic Tool for Workers’ Comp

Insurance Journal

Insurance broker WTW has formed a partnership with Riskonnect to pilot an analytical delivery tool that connects claims and exposure data through its new offering WTW Risk IQ API (application programming interface). The collaboration between Riskonne...

Posted: May 13, 2024

IUA appoints industry veteran Luis Prato to its Board

Reinsurance News

The International Underwriting Association (IUA) has strengthened its Board with the appointment of senior London market veteran Luis Prato, who will join at its next meeting in July. The board, which comprises of 20 senior member representatives,...

Posted: May 13, 2024

People Moves: Tokio Marine HCC Expands Product Recall Offering With 2 Hires From AXA XL; London P&I...

Insurance Journal

This edition of International People Moves details appointments at Tokio Marine HCC – Specialty Group and The London P&I Club. A summary of these new hires follows here. Tokio Marine HCC Expands Product Recall Offering With 2 Hires From AXA...

Posted: May 13, 2024

Victor teams with BHSI to expand builders risk & contractors equipment offerings

Reinsurance News

Global managing general underwriter Victor has entered into an agreement with Berkshire Hathaway Specialty Insurance (BHSI) to expand coverage capacity for its US builders risk and contractors equipment offerings, effective immediately. As part of...

Posted: May 13, 2024

Applied Systems sees record growth, expands into new markets

Reinsurance News

Applied Systems has reached record commercial lines eTrading growth in the 12 months to March 2024, which has been heavily supported by accelerated take-up of its Applied Epic broker management platform and expansion into new markets. Throughout t...

Posted: May 13, 2024

How Carris Reels Turned Its Home-State Captive Insurance Dream Into Reality

Risk & Insurance

Employee-owned manufacturer Carris Reels found a place to form its captive in its home state of Vermont — making it a rare gem for the domicile. The post

Posted: May 13, 2024

WTW unveils “market-first” facility for cargo and war-on-land risks in Ukraine

Reinsurance News

Global advisory, broking and solutions firm WTW has partnered with Ukrainian insurer, VUSO, to provide a London market-backed facility covering cargo and war-on-land risks. As per WTW, this market-first facility offers “much-needed certainty...

Posted: May 13, 2024

Russia Court Suspends Corporate Rights of Alfa Bank Entities, Including Insurance Arm

Insurance Journal

A Russian court on Monday suspended the corporate rights of the Cyprus-registered holding companies of private lender Alfa Bank and its insurance arm Alfastrakhovanie, according to a court filing. The finance ministry earlier said that “anti-Ru...

Posted: May 13, 2024

PoloWorks Launches Managing General Agent Incubator

Insurance Journal

PoloWorks, a Lloyd’s and London Market insurance services business, announced the launch of Polo MGA – a managing general agent (MGA) incubator. This new offering provides services to both startup and established MGAs ranging from support with...

Posted: May 13, 2024

Allianz Commercial and Rokstone collaborate on $10m marine cargo facility

Reinsurance News

Allianz Commercial and the Aventum Group’s international re/insurance MGA Rokstone have announced a new collaboration for a $10 million facility to write marine cargo business worldwide. This new collaboration will reportedly broaden Allianz’s who...

Posted: May 13, 2024

Meet the Rising Stars of 2024: Creative, Adaptable, and Ready for Change

Risk & Insurance

The 2024 Class of Rising Stars is here, and its graduating members are showing what it means to be a Power Broker during times of change and unpredictability. The post

Posted: May 13, 2024

PoloWorks new MGA incubator to support start-up and established MGAs

Reinsurance News

PoloWorks, a Lloyd’s and London Market insurance services business, has announced the launch of Polo MGA, a new Managing General Agent (MGA) incubator. The new offering was created to provide services to both start-up and established MGAs ranging...

Posted: May 13, 2024

Brazil Braces for More Rain as Historic Flood Damages Mount

Insurance Journal

The south of Brazil is preparing for the arrival of new rains and colder temperatures that threaten to deepen a crisis created by the historic floods that have deluged the region. As much as 300 millimeters (11.8 inches) of rain …

Posted: May 13, 2024