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Munich Re Life US and Clareto introduce new solution

coverager

Automated EHR Summarizer applies AI and natural language processing techniques to extract and structure EHR data.

Posted: Apr 26, 2024

Aon completes acquisition of NFP

coverager

Orion180 currently operates in Alabama, Arizona, Georgia, Indiana, Mississippi, North Carolina and South Carolina.

Posted: Apr 26, 2024

NC Agent, Missouri Lawyers Convicted in $4M Tax Shelter, Insurance Scheme

Insurance Journal

A federal jury on Thursday found a North Carolina insurance agent and two Missouri lawyers guilty on all counts in a $4 million tax evasion scheme that also defrauded an insurance carrier. The jury in Charlotte, said licensed agent and …

Posted: Apr 26, 2024

Ban on Worker Noncompetes Faces Uphill Legal Battle

Insurance Journal

The U.S. Federal Trade Commission’s ban on “noncompete” agreements commonly signed by workers is likely vulnerable to legal challenges, experts said, as some courts have grown increasingly skeptical of federal agencies’ power...

Posted: Apr 26, 2024

US Ban on Worker Noncompetes Faces Uphill Legal Battle

Insurance Journal

The U.S. Federal Trade Commission’s ban on “noncompete” agreements commonly signed by workers is likely vulnerable to legal challenges, experts said, as some courts have grown increasingly skeptical of federal agencies’ power...

Posted: Apr 26, 2024

EV manufacturers’ bespoke solutions may change the auto insurance landscape: Morningstar DBRS

Reinsurance News

Traditional insurance firms have reportedly had to adapt to high repair costs of electric vehicles (EV) and the rapid pace of adoption in China, Europe and the UK, which has resulted in significant insurance premium rate increases, says Morningsta...

Posted: Apr 26, 2024

FM Global names Johnell Holly as SVP

Reinsurance News

Commercial property insurer FM Global has named Johnell Holly as Senior Vice President (SVP), where he takes on oversight of global client services, sales, broker relations, marketing and the insurer’s business risk consulting group. This is a new...

Posted: Apr 26, 2024

Report: Cybercrime ‘A Thriving Business’ as US Claims Frequency Rises

Insurance Journal

Cyber claims frequency in the U.S. rose 13% last year, a new report shows. According to Coalition’s 2024 Cyber Claims Report, released this week, cybercrime is “a thriving business that adversely impacts” the economy. In 2023, there...

Posted: Apr 26, 2024

Pen Underwriting extends fleet deal in Republic of Ireland with Zurich

Reinsurance News

Pen Underwriting has announced the extension of its long-term strategic collaboration with Zurich in the Republic of Ireland to support its highly specialist fleet insurance offering, covering motor fleets in the hazardous goods, tankers and envir...

Posted: Apr 26, 2024

Class Action Opposes Limiting Ship’s Liability for Baltimore Bridge Collapse

Insurance Journal

A Baltimore small business has filed a class action against the owner and operator of the cargo ship Dali that crashed into the Francis Scott Key Bridge last month. The suit, filed Thursday by the Karen Austin, the founder of …

Posted: Apr 26, 2024

Mutual share of the total insurance market is at an eight-year high, ICMIF

Reinsurance News

The International Cooperative and Mutual Insurance Federation’s latest Global Mutual Market Share report has revealed that the global mutual and cooperative sector collectively wrote USD 1.41 trillion in insurance premiums and increased the sector...

Posted: Apr 26, 2024

Cytora expands advisory board with addition of former Aon exec James Platt

Reinsurance News

Digital risk processing platform Cytora has expanded its global advisory board with the addition of James Platt, in line with its vision for global growth. Platt is a commercial insurance veteran, and has had a broad and successful career in the i...

Posted: Apr 26, 2024

Allstate will return to writing policies in California when reforms are enacted: report

Reinsurance News

U.S. primary insurer Allstate will be open to business in nearly every part of California once new regulations are enacted that enable the firm to factor in the output of forward-looking catastrophe models and its reinsurance costs, reports Bloomb...

Posted: Apr 26, 2024

Tokio Marine HCC partners with Akur8

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Akur8’s solution enhances pricing processes by using "proprietary machine-learning" technology.

Posted: Apr 26, 2024

Securian Financial partners with Empathy

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Empathy offers a range of services for people dealing with loss.

Posted: Apr 26, 2024

Kinsale Capital reports $98.9m net income in Q1’24 results

Reinsurance News

Kinsale Capital Group has reported a net income of $98.9 million for the first-quarter of 2024, an improvement compared to $55.8 million for the first-quarter of 2023. The firm also saw a significant 25.5% increase in gross written premiums (GWP)...

Posted: Apr 26, 2024

McGill and Partners promotes Samuel Harris to Partner within Complex P&C

Reinsurance News

Insurance and reinsurance broker McGill and Partners has named Samuel Harris, who joined the firm in 2022, as a Partner in its Complex Property and Casualty team. Harris joined the brokerage two years ago as an Associate with a focus on mining and...

Posted: Apr 26, 2024

Aon’s Reinsurance Solutions delivers 7% organic revenue growth in Q1’24

Reinsurance News

Global insurance and reinsurance broker Aon has reported a 5% increase in total revenue in the first quarter of 2024 to $4.1 billion, reflecting 5% organic growth and a strong performance its Reinsurance Solutions arm. Aon attributes the $199 mill...

Posted: Apr 26, 2024

Vantage launches U.S. Large Property offering

Reinsurance News

Vantage Group Holdings Ltd. recently announced the launch of its U.S. Large Property offering via its U.S. subsidiaries, which builds on its existing property expertise and sustained portfolio growth. The new offering has been designed to serve a...

Posted: Apr 26, 2024

Understanding Distracted Driving: 5 Questions for Arity’s Henry Kowal

Risk & Insurance

The use of smartphones while driving continues to rise. Risk & Insurance spoke with Arity’s director of outbound product management about how telematics can help us understand driver behavior — and save lives. The post

Posted: Apr 26, 2024

German non-life profitability to recover from historical lows in 2025, says Fitch

Reinsurance News

According to Fitch Ratings, German non-life insurers’ profitability will start to recover from historical lows in 2025, with weak returns continuing to be seen in 2024 due to low investment income and higher reinsurance costs. However, the a...

Posted: Apr 26, 2024

Cincinnati Financial reports $755m net income in Q1’24 results

Reinsurance News

Cincinnati Financial Corporation announced a notable surge in its first-quarter 2024 net income, reaching $755 million, a significant improvement compared to $225 million in the first quarter of 2023. This increase was primarily driven by a $484 m...

Posted: Apr 26, 2024

Jamaica gets $150m of named storm insurance coverage with renewal of World Bank cat bond

Reinsurance News

The World Bank has priced a catastrophe bond that provides $150 million in insurance coverage for the Government of Jamaica against named storm events. IBRD CAR Jamaica 2024 is a renewal of The World Bank’s 2021 cat bond for Jamaica, IBRD CAR 130,...

Posted: Apr 26, 2024

The Hartford reports 41% rise in Q1’24 net income to $748m

Reinsurance News

Insurer The Hartford has reported strong Q1 2024 results with net income of $748 million, up 41% on the $530 million seen a year earlier, as P&C written premiums increased 9% in the quarter on the back of 8% growth in commercial lines and 13%...

Posted: Apr 26, 2024

Universal’s Q1’24 CoR strengthens to 95.5% as net income rises

Reinsurance News

Universal Insurance Holdings has announced net income of $33.7 million for the first quarter of 2024, an increase of more than 39% on the prior year quarter, as the company’s combined ratio strengthened by 4.5 percentage points to 95.5%. As...

Posted: Apr 26, 2024

Missouri House Backs Legal Shield for Weedkiller Maker Facing Cancer Lawsuits

Insurance Journal

JEFFERSON CITY, Mo. (AP) — The manufacturer of a popular weedkiller won support Wednesday from the Missouri House for a proposal that could shield it from costly lawsuits alleging it failed to warn customers its product could cause cancer. The &#8230...

Posted: Apr 26, 2024

A. J. Gallagher reports 26% rise in net earnings in Q1’24 results

Reinsurance News

Global insurance broker A. J. Gallagher & Co. has reported net earnings of $612.7 million for the first quarter of 2024, an increase of 26% on the $486.6 million seen a year earlier, driven by a strong performance in both its brokerage and ris...

Posted: Apr 26, 2024

Central US Braces for Severe Weather Outbreak

Insurance Journal

An active weather pattern could bring destructive tornadoes, heavy rains, large hail and strong wind gusts to parts of the central United States over the next several days, according to meteorologists at the National Weather Service and Accuweather....

Posted: Apr 26, 2024

Aon completes acquisition of broker NFP

Reinsurance News

Global insurance and reinsurance brokerage Aon has completed the previously announced acquisition of NFP, a middle-market property and casualty broker, benefits consultant, wealth manager and retirement plan advisor. This acquisition expands Aon&#...

Posted: Apr 26, 2024

Swiss Re completes milestone in safety performance assessment of Luminar’s LiDAR & software driving...

Reinsurance News

Reinsurance giant Swiss Re, as part of a partnership with automotive tech firm Luminar, has recently completed a milestone in the safety performance assessment of Luminar’s LiDAR (Light Detection And Ranging) and software driving system. Las...

Posted: Apr 26, 2024

Judge Won’t Dismiss Lawsuits Against Travis Scott Over Deadly Astroworld Concert

Insurance Journal

HOUSTON (AP) — A judge has declined to dismiss hundreds of lawsuits filed against rap star Travis Scott over his role in the deadly 2021 Astroworld festival in which 10 people were killed in a crowd surge. State District Judge …

Posted: Apr 26, 2024

Here’s Why Experts Don’t Think Cloud Seeding Caused Dubai Flooding

Insurance Journal

With cloud seeding, it may rain, but it doesn’t really pour or flood — at least nothing like what drenched the United Arab Emirates and paralyzed Dubai, meteorologists said. Cloud seeding, although decades old, is still controversial in the wea...

Posted: Apr 26, 2024

US Revives Net Neutrality to Establish Authority Over Internet

Insurance Journal

US regulators reinstated net neutrality rules that aim to ensure everything on the internet is equally accessible, reclaiming authority over broadband service and setting the stage for legal challenges. The Federal Communications Commission’s D...

Posted: Apr 26, 2024

BHSI appoints Hart Humble to Head of Customer & Broker Engagement, South Central

Reinsurance News

Berkshire Hathaway Specialty Insurance (BHSI), a property and casualty insurer (P&C), has announced the appointment of Hart Humble to the newly created position of Head of Customer & Broker Engagement for the South Central U.S. In her new...

Posted: Apr 26, 2024

Lockton Re: Hypothetical Cyber Event Offers Carriers an Opportunity to Review Risks

Insurance Journal

A simulated cyber catastrophe highlights the benefits and problems cyber insurance carriers will encounter as a result, according to a report released by Lockton Re. The report, “A Kaleidoscope of Possibilities: Preparing for Ivan Wiper,”...

Posted: Apr 26, 2024

Price or Safety? Priorities Change for Small Businesses After a Workers Comp Claim

Insurance Journal

Previous workers’ compensation claims can present an opportunity for agents serving small-business clients. The Hanover’s “2024 Small Business Risk Report: A Focus on Workers’ Compensation,” which surveyed 300 small busi...

Posted: Apr 26, 2024

EU Should Revisit Bank and Insurer Capital Rules: French President Macron

Insurance Journal

French President Emmanuel Macron called on Thursday for a revision of how Europe applies minimum capital rules to banks and insurers so that they are not too risk-averse and Europe is put at an economic disadvantage. The Basel Committee of …

Posted: Apr 26, 2024

Employer Can’t Deny Comp Claim in Shooting Then Argue Immunity, Court Says

Insurance Journal

An employer cannot deny a workers’ compensation claim on the grounds that a shooting injury was not work-related then turn around and argue it has immunity from a tort lawsuit because the incident happened at work, a Florida appeals court &#823...

Posted: Apr 26, 2024

Family of Nigerian Businessman Killed in Helicopter Crash Sues Charter Company

Insurance Journal

The family of a Nigerian business leader who died in a Southern California helicopter crash that killed five others in February filed a lawsuit claiming the flight should have been grounded because of treacherous weather. Relatives of Abimbola Ogunba...

Posted: Apr 26, 2024

Family of Nigerian Businessman Killed in California Helicopter Crash Sues Charter Company

Insurance Journal

The family of a Nigerian business leader who died in a Southern California helicopter crash that killed five others in February filed a lawsuit claiming the flight should have been grounded because of treacherous weather. Relatives of Abimbola Ogunba...

Posted: Apr 26, 2024