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Sammons Financial Group to acquire Bestow Life Insurance Company

coverager

MiCAssure is a new and proprietary insurance solution for crypto-asset service providers.

Posted: May 09, 2024

McGill and Partners names Kimber as Partner in Marine and Cargo team

Reinsurance News

Insurance and reinsurance broker McGill and Partners has announced the appointment of Amy Kimber to Partner in the firm’s Marine and Cargo team. Kimber has been part of McGill and Partners since 2019, when she joined as an Associate. During this t...

Posted: May 09, 2024

AI has a crucial role for underwriters despite risks: Denninger, Capgemini

Reinsurance News

In a recent interview with Reinsurance News, Adam Denninger, Global Insurance Industry Leader at Capgemini, emphasised the critical role of AI integration in underwriting practices, while acknowledging insurers’ likely cautious approach due...

Posted: May 09, 2024

QIC Group reports 11% spike in net profit in Q1’24 results

Reinsurance News

Qatar Insurance Company, a large insurer in Qatar and the Middle East North Africa region, has reported a net profit of QAR 194 million (USD 53m) for the first quarter of 2024, compared to QAR 175 million (USD 48m) in Q1 2023. In terms of growth,...

Posted: May 09, 2024

US homeowners looking to boost profits as weather-related losses & inflation take toll, Moody’s

Reinsurance News

US homeowners insurers are raising premiums and tightening policies to help offset weakening profitability from weather-related losses, as well as exposure to catastrophe-prone areas and inflation, according to a Moody’s report. Firstly, it...

Posted: May 09, 2024

Combination of factors have created a challenging environment for M&A activity, WTW

Reinsurance News

A recent report released by global re/insurance broker WTW has highlighted several factors that are contributing towards the decline in mergers & acquisitions (M&A) activity, which includes rising interest rates, geopolitical tensions, and...

Posted: May 09, 2024

LSM enhances CAR book with broker-backed digital capabilities

Reinsurance News

Liberty Specialty Markets (LSM), affiliated with Liberty Mutual Insurance Group, introduces a fresh digital trading solution for Contractors All Risks (CAR), crafted in collaboration with Howden. This latest addition, coupled with previously estab...

Posted: May 09, 2024

Personal Auto Insurers Have Edge on Innovation: AM Best

Carrier Management

Personal Auto Insurers Have Edge on Innovation: AM B...

Posted: May 09, 2024

Three Insurers Reject Chevron’s $57 Million Claim for Iran Oil Seizure

Insurance Journal

Three insurance companies have rejected Chevron’s claim over the seizure last year of an oil cargo by Iran, according to a complaint filed on Tuesday in a U.S. court in California. The Chevron-chartered tanker Advantage Sweet was boarded by Ira...

Posted: May 09, 2024

BMS Re adds six hires to MGA ProLink Solutions

Reinsurance News

BMS Group’s reinsurance broking arm, BMS Re, has added six new hires to ProLink Solutions, its dedicated MGA business which was founded within the company last year. Launched in mid-2023, ProLink has expanded to become a large broker in the...

Posted: May 09, 2024

IICF’s Blazing the Trail Gala Raises $560,000 for Midwest Nonprofit Partners

Insurance Journal

Jodie Kaufman Davis of H.W. Kaufman Group honored for philanthropic and industry leadership CHICAGO, IL (May 8, 2024) – The Midwest Division of the Insurance Industry Charitable Foundation (IICF), a unique nonprofit organization dedicated to helping...

Posted: May 09, 2024

Re/insurance industry must recalibrate cyber risk approach to reach untapped potential

Reinsurance News

As per a new report from Howden Re, the reinsurance and risk advisory arm of the Howden Group, while perceptions of heightened systemic risk within the cyber re/insurance class have been persistent, the rewards offered are often underestimated rel...

Posted: May 09, 2024

Hamilton’s Q1 CoR increases to 91.5% as Baltimore bridge losses hit $37.9m

Reinsurance News

Hamilton’s Q1 2024 combined ratio has increased by 3.6 points year over year to 91.5%, primarily driven by losses of $37.9 million arising from the Francis Scott Key Baltimore Bridge collapse. The attritional loss ratio in Q1 of 2024, net of...

Posted: May 09, 2024

Hub International Acquires Certain Assets of Canada’s 2197747 Alberta Ltd.

Insurance Journal

Hub International Ltd., the Chicago-based insurance brokerage and financial services firm, announced the acquisition of certain assets from 2197747 Alberta Ltd., which is in turn partially owned by Carianne O’Connor. Terms of the transaction we...

Posted: May 09, 2024

Greenlight Re reports stronger Q1’24 CoR as underwriting income rises

Reinsurance News

Greenlight Capital Re, Ltd. has reported a 98% combined ratio for Q1 2024 compared to 99.8% in Q1 2023, as the firm’s underwriting income increased to $3.4 million from $0.4 million. The current-year catastrophe losses, including the Baltimo...

Posted: May 09, 2024

Progressive Set to ‘Maximize’ Growth, Building on Q1

Carrier Management

Progressive Set to ‘Maximize’ Growth, Building on Q1 When Progressive'...

Posted: May 09, 2024

WTW MGU Verita launches new Workers’ Compensation solution

Reinsurance News

Verita, the Managing General Underwriting (MGU) company of WTW, has introduced Workers’ Compensation solution to its suite of casualty products. Verita aims to reshape the landscape for US mid-sized and larger companies by bringing a robust, techn...

Posted: May 09, 2024

Texas Energy Company to Pay $260K to Settle Racial Harassment Lawsuit

Insurance Journal

A Texas energy company will pay a $265,000 fine to settle charges that it subjected Black and Hispanic field mechanics to harassment. The U.S. Equal Employment Opportunity Commission (EEOC) announced last week that Liberty Energy, Inc. doing business...

Posted: May 09, 2024

FM Global 2023 financial performance drives record $1.4bn membership credit

Reinsurance News

Commercial property insurer FM Global has announced a record US$1.4 billion membership credit for FM Global’s Client Owners. This is, according to the announcement, the firm’s largest-ever membership credit, which was driven by FM Global’s s...

Posted: May 09, 2024

ReThought Flood joins AAIS Partner Program for enhanced flood risk assessment

Reinsurance News

The American Association of Insurance Services (AAIS) has announced that reThought Flood will be joining its Partner Program, bringing its innovative technological solution for underwriting flood insurance to enhance the accuracy of risk assessmen...

Posted: May 09, 2024

Moody’s upgrades Assured Guaranty’s IFS with stable outlook

Reinsurance News

Moody’s Ratings (Moody’s) has upgraded Assured Guaranty Corp.’s (AGC) insurance financial strength (IFS) rating to A1 from A2, and assigned an stable outlook for the firm and its subsidiaries. According to the announcement, the upgrade of AGC’s IF...

Posted: May 09, 2024

Oklahoma Judge Blocks State’s Anti-ESG Law

Insurance Journal

A judge in Oklahoma blocked a state law that prohibits state pension systems from investing with companies that limit investment in the oil and gas industry. Oklahoma County District Court Judge Sheila Stinson on Tuesday issued a temporary injunction...

Posted: May 09, 2024

GBN Risk Solutions appoints Houssam Yehya as Director & Group Head of International

Reinsurance News

GBN Worldwide Risk Solutions (GBNRS), a London-based independent broker and Managing General Agent (MGA), has strengthened its leadership team by appointing Houssam Yehya as Director and Group Head of International. In his new capacity, Yehya will...

Posted: May 09, 2024

Reserve Strengthening for Casualty Lines Not Over: Moody’s

Insurance Journal

If personal auto insurance loss reserves are developing adversely, can commercial general liability be far behind? That’s the gist of one of the questions that analysts from Moody’s Investors Service asked—and answered—in a new report on...

Posted: May 09, 2024

US Financial Regulators Restart Work on Long-Delayed Dodd-Frank Compensation Rules

Insurance Journal

A trio of U.S. financial regulators have resumed work on a long-delayed rule-writing project to make executive compensation plans at financial firms more sensitive to risk. The Federal Deposit Insurance Corporation, Office of the Comptroller of the C...

Posted: May 09, 2024

EU Commission Eyeing Exemptions for ‘Forever Chemicals’ Ban, Letter Shows

Insurance Journal

The European Commission is planning to allow exemptions from a proposed ban on substances known as PFAS, or “forever chemicals,” to protect key industries, a letter seen by Reuters on Wednesday showed. In the letter to some EU lawmakers i...

Posted: May 09, 2024

Jury Awards $9M to Player Who Sued US Tennis Association Over Sexual Abuse by Coach

Insurance Journal

A tennis player was awarded $9 million in damages by a jury in federal court in Florida after accusing the U.S. Tennis Association of failing to protect her from a coach she said sexually abused her at one of its …

Posted: May 09, 2024

Jury Awards $9M to Player Who Sued US Tennis Association Over Coach’s Sexual Abuse

Insurance Journal

A tennis player was awarded $9 million in damages by a jury in federal court in Florida after accusing the U.S. Tennis Association of failing to protect her from a coach she said sexually abused her at one of its …

Posted: May 09, 2024

Range Rover Buyers Offered Insurance Cash After String of Thefts

Insurance Journal

Jaguar Land Rover Automotive Plc is offering to pay part of customers’ insurance costs for new Range Rovers after a string of thefts caused premiums to soar and left some unable to get cover. The British carmaker will provide £150 …

Posted: May 09, 2024

Brazilian Floods Are Inflicting Billions in Economic Devastation

Insurance Journal

The floods and severe rainfall that ravaged Southern Brazil are hurting the nation’s powerhouse agricultural sector, with industries from auto manufacturing to banking and insurance also bracing for disruption. Heavy rains in Rio Grande do Sul,...

Posted: May 09, 2024

The World’s Biggest Carbon Removal Plant Comes Online in Iceland

Insurance Journal

Amid the steam rising around Iceland’s Hellisheioi station sits a newly built warehouse surrounded by giant fans run by carbon removal startup Climeworks. Dubbed Mammoth, the project is now the world’s biggest plant to suck carbon dioxide...

Posted: May 09, 2024

Fannie and Freddie Hit Pause on Replacement-Value Requirements for Home Insurance

Insurance Journal

Property insurance groups on Wednesday applauded a decision by Fannie Mae and Freddie Mac to hold off on an apparent plan to scrutinize mortgages on homes that don’t carry full replacement-value insurance coverage. The decision by Fannie and Fr...

Posted: May 09, 2024

Safety Lapses Contributed to Patient Assaults at Oregon State Hospital: Federal Report

Insurance Journal

Safety lapses at the Oregon State Hospital contributed to recent patient-on-patient assaults, a federal report on the state’s most secure inpatient psychiatric facility has found. The investigation by the Centers for Medicare and Medicaid Servi...

Posted: May 09, 2024

AM Best assigns ratings to Guilderland Re, affirms ratings of parent

Reinsurance News

Guilderland Reinsurance Company (GRC) has been assigned a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) by credit ratings company, AM Best. The outlook assigned to GRC is...

Posted: May 09, 2024

Judge Dismisses Suit by Mother Who Claimed School Hid Teen’s Gender Expression

Insurance Journal

A federal judge dismissed a lawsuit brought by a Maine woman who accused school officials of encouraging her teen’s gender expression by providing a chest binder and using a new name and pronouns, without consulting parents. U.S. District Judge...

Posted: May 09, 2024

Report: California Workers’ Comp Written Premium Increased 2% in 2023

Insurance Journal

Written premium in calendar year 2023 was 2% higher than the prior year, driven by continued economic expansion, but partially offset by continued rate decreases, a new report shows. The Workers’ Compensation Insurance Rating Bureau of Californ...

Posted: May 09, 2024

Nevada Launches Home Insurance Tool to ID Carriers by ZIP

Insurance Journal

The Nevada Division of Insurance is launching a web-based tool that enables Nevada consumers to identify insurance carriers that are currently accepting home insurance applications by specific ZIP code. The NVDOI said its tool is a recognition that p...

Posted: May 09, 2024

Vendor That Mishandled Pennsylvania Virus Data to Pay $2.7M in Whistleblower Case

Insurance Journal

A large staffing firm that performed COVID-19 contact tracing for Pennsylvania and exposed the private medical information of about 72,000 residents will pay $2.7 million in a settlement with the Justice Department and a company whistleblower, federa...

Posted: May 09, 2024

People Moves: Roberts Joins LP Insurance in California; AMERIND Names Sattler CFO

Insurance Journal

Roberts Joins LP Insurance Services Employee Benefits Brokerage Team Lynn Roberts joined the employee benefits group in the Gold River, California, office of LP Insurance Services LLC. Roberts has over 30 years of industry experience and most recentl...

Posted: May 09, 2024

COVID-19 Can Be Occupational Disease, Colorado Court Says in Worker Death Case

Insurance Journal

For the first time, a Colorado appellate court has concluded that COVID-19 can be an occupational disease that is compensable under the state’s Workers’ Compensation Act. The Colorado Court of Appeals ruling came in a case in which Life C...

Posted: May 09, 2024

Construction Site Fatalities Down, Injuries Up in New York City

Insurance Journal

Building construction-related fatalities in the five boroughs of New York City are at the lowest number in nearly a decade, with seven deaths in 2023 as compared to a high of 14 in 2019. While fatalities are down, the annual …

Posted: May 09, 2024

MSIG USA bolsters executive team with new additions

Reinsurance News

MSIG USA has announced it is strengthening its executive leadership team with new appointments aimed at reinforcing the company’s dedication to the U.S. market, its expansion and innovation. Peter McKenna, CEO of MSIG USA, stated: “The...

Posted: May 08, 2024

All 50 States in Just 2 Minutes: How Service Insurance Companies Went National in No Time

Insurance Journal

This post is part of a series sponsored by AgentSync. When Service Insurance Companies decided to expand nationwide, what was once a mildly cumbersome task (for just the state of Texas), morphed into a Herculean challenge. The shift from a …

Posted: May 08, 2024

Main Street America Insurance Adopts TransUnion Cyber Security Protection

IIR

The carrier’s small business policyholders will have access to TruEmpower CyberScout, which helps companies address perils including commercial breach, cyber extortion and business identity theft.

Posted: May 08, 2024