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Insurers Face Rapidly Developing Talent Challenges

IIR

The traditional value exchange between carriers and professionals has given way to antagonistic goals undermining the development of institutional knowledge and a strong managerial pool.

Posted: Apr 09, 2024

Virginia Governor Seeks to Fix ‘Bad Faith’ Bill Insurers Wish He’d Veto

Insurance Journal

Virginia Gov. Glenn Youngkin has returned a “bad faith” insurance claims bill to the General Assembly with recommendations for changes, disappointing property/casualty insurers that had hoped he would veto the measure. Youngkin’s ac...

Posted: Apr 09, 2024

Virginia Gov. Youngkin Seeks to Fix ‘Bad Faith’ Bill That Insurers Wish He’d Veto

Insurance Journal

Virginia Gov. Glenn Youngkin has returned a “bad faith” insurance claims bill to the General Assembly with recommendations for changes, disappointing property/casualty insurers that were hoping he would veto the measure. Youngkin’s...

Posted: Apr 09, 2024

A New Way For Insurers to Accurately Assess Non-Weather Fire Risk

Insurance Journal

This post is part of a series sponsored by CoreLogic. Thirty years ago, we had seventeen minutes to escape a fire. Today, we only have three minutes. This is the result of the widespread use of petroleum-based products and furnishings …

Posted: Apr 09, 2024

Acies launches construction MGA

coverager

Acies MGU has launched Phoenix Specialty, a new MGA serving the construction sector in the UK.

Posted: Apr 09, 2024

ReliaQuest and Aon announce partnership

coverager

The partnership began last year.

Posted: Apr 09, 2024

Protective to acquire ShelterPoint

coverager

Once closed, the transaction will mark Protective’s 60th acquisition.

Posted: Apr 09, 2024

Leaders Needed to Catalyze Growth at Kids’ Chance

Risk & Insurance

With a presence in all 50 states and an increasing number of kids to reach, Kids’ Chance seeks leaders to advance the national community and its mission. The post

Posted: Apr 09, 2024

SageSure to acquire GeoVera MGA

coverager

The transaction is expected to close in the fourth quarter of 2024.

Posted: Apr 09, 2024

Eirene raises $4.1 million

coverager

Eirene's technology platform provides families with online end-of-life solutions.

Posted: Apr 09, 2024

Brazen $30M Los Angeles Cash Heist Explained

Carrier Management

Brazen $30M Los Angeles Cash Heist Explained A brazen Los Angeles cash heist on Easter weekend in which...

Posted: Apr 09, 2024

Novidea raises $30 million

coverager

The capital will be used for continued organic expansion.

Posted: Apr 09, 2024

MassMutual and Genomics announce next phase of partnership

coverager

The expanded program offers eligible MassMutual policyowners aged 35-70 access to polygenic risk testing.

Posted: Apr 09, 2024

Unlicensed Home Warranty Company Ordered to Cease-and-Desist in Oklahoma

Insurance Journal

The Oklahoma Insurance Department (OID) issued a Cease-and-Desist Order against First Premier Home Warranty Corp. for unauthorized sale of home warranty contracts in Oklahoma. Effective immediately, the company is required to halt all sales activitie...

Posted: Apr 09, 2024

Construction-Focused MGA, Phoenix Specialty, Launches With Capacity From AXA UK

Insurance Journal

Acies MGU, the London-based managing general underwriter and MGA incubator, announced the launch of Phoenix Specialty, a specialist MGA serving the construction sector. Phoenix will be led by managing director Tim James, subject to regulatory approva...

Posted: Apr 09, 2024

Texas A&M Considers Restoring Bonfire Tradition After 1999 Tragedy

Insurance Journal

Building the Aggie bonfire was once among the most prized student traditions at Texas A&M University. That changed when the 60-foot stack of logs fell and killed 12 people in 1999, becoming one of the most painful chapters in the …

Posted: Apr 09, 2024

Illinois State Senator Ann Gillespie Named Acting Director of DOI

Insurance Journal

Illinois Governor JB Pritzker announced that Illinois Department of Insurance (DOI) Director Dana Popish Severinghaus will step down from her role on April 15th. Popish Severinghaus has served as Director of DOI since January of 2021. Pritzker has ap...

Posted: Apr 09, 2024

Iowa’s EMC Insurance Updates Brand, Logo

Insurance Journal

Des Moines, Iowa-based EMC Insurance is debuting an updated brand, including a new logo, effective April 9. The company’s website and social media channels have been refreshed with the new look and feel. EMC’s new logo features a distinct...

Posted: Apr 09, 2024

Salvage Crews Begin Removing Cargo From Ship After Baltimore Bridge Collapse

Carrier Management

Salvage Crews Begin Removing Cargo From Ship After Baltimore Bridge Collapse Salvage crews on Sunday be...

Posted: Apr 09, 2024

NAIC Adopts Climate Resilience Strategy to Close Coverage Gaps, Improve Disaster Recovery

Carrier Management

NAIC Adopts Climate Resilience Strategy to Close Coverage Gaps, Improve Disaster Recovery T...

Posted: Apr 09, 2024

NICB: 2023 Was Another Record-Breaking Year for Vehicle Thefts

Carrier Management

NICB: 2023 Was Another Record-Breaking Year for Vehicle Thefts Vehicle thefts con...

Posted: Apr 09, 2024

Re/insurers key in helping accelerate deployment of climate tech: The Geneva Association

Reinsurance News

Re/insurers are essential to rolling out the climate technology needed for industries to decarbonise, according to a recent report by The Geneva Association, the global association of insurance companies. In a race to meet global climate targets,...

Posted: Apr 09, 2024

Vehicle Complexity, Labor ‘Reshaping’ Auto Insurance and Collision Repair: Report

Insurance Journal

New technologies and rising labor costs are putting pressure on auto insurance carriers and auto repairers by making repairs more costly and increasing repair times, trends that a new report asserts are “reshaping” the industries. The bot...

Posted: Apr 09, 2024

Norfolk Southern to Settle Ohio Derailment Class Action Lawsuit for $600M

Insurance Journal

April 9 (Reuters) – U.S. railroad operator Norfolk Southern NSC.N said on Tuesday it had reached a $600 million deal to resolve a class action lawsuit related to the East Palestine, Ohio derailment last year. The agreement, which needs to &#823...

Posted: Apr 09, 2024

Summit secures $3.5m investment to revolutionise commercial brokerage sector

Reinsurance News

Summit has recently secured $3.5 million in seed funding, marking a significant step towards its long-term objective of building the commercial insurance brokerage of the future. This investment was led by IA Capital Group, with additional funding...

Posted: Apr 09, 2024

Israel Cyber Firm Claroty Eyes 2025 US IPO at $3.5B Value: Report

Insurance Journal

Israeli cyber security startup Claroty is preparing a possible U.S. initial public offering in 2025 at a valuation of $3.5 billion, the Calcalist financial daily reported on Tuesday. Calcalist, without citing sources, said Claroty was currently value...

Posted: Apr 09, 2024

Reinsurers deploying more capital to grow in hard market following record 2023: Berenberg

Reinsurance News

As per a new Berenberg report, reinsurers and alternative capital providers have become increasingly confident in deploying more capital to grow in the hard market following a record year in 2023. According to Berenberg, this dynamic is currently...

Posted: Apr 09, 2024

Federal Investigation Begins into Fatal Crane Collapse in Fort Lauderdale

Insurance Journal

FORT LAUDERDALE, Fla. (AP) — Federal job safety officials began their investigation Friday into the collapse of a crane in downtown Fort Lauderdale that killed one worker, injured three people and left morning traffic snarled. Investigators from the...

Posted: Apr 09, 2024

If US Inflation Reflected Rising Home Insurance Costs, It’d Be Even Higher

Insurance Journal

If the rising price of homeowners insurance were factored into the US Consumer Price Index — a key metric of inflation — it could have added 80 basis points, or about 0.8%, to last year’s CPI increase of 3.4%, according …

Posted: Apr 09, 2024

Slow Recovery in Mississippi a Year After Tornado Ripped Town Apart

Insurance Journal

OLLING FORK, Miss. (AP) — As a deadly tornado barreled toward their home in the Mississippi Delta, Ida Cartlidge only had time to scoop up her 1-year-old son, Nolan, and hold him close. Cartlidge huddled with her husband and three …

Posted: Apr 09, 2024

WTW adds Mary J. Bahna-Nolan to its Life Insurance Consulting & Technology team

Reinsurance News

WTW, the global re/insurance broker has announced that Mary J. Bahna-Nolan has joined the firm as a Senior Director on the North American Insurance Consulting & Technology (ICT) team, where she will be based in Chicago. In the role, she will r...

Posted: Apr 09, 2024

Inflation Contributes to Rising Loss Costs for US Commercial P/C Insurers: Fitch

Insurance Journal

Inflation is bringing rising loss costs for US commercial property/casualty insurers, according to Fitch Ratings, which reviewed reports from three US insurers — Cincinnati Financial Corp., HCC Insurance Holdings Inc., and Selective Insurance G...

Posted: Apr 09, 2024

King Partners Buys Vero Beach-based Prestige Insurance

Insurance Journal

King Insurance Partners, the Gainesville, Florida-based brokerage, has continued its steady pace of expansion with the acquisition of Prestige Insurance, with offices in Vero Beach. Michele Anania is principal of the 25-year-old Prestige agency, whic...

Posted: Apr 09, 2024

Ardonagh Advisory expands into northwest England through SIB Insurance acquisition

Reinsurance News

Ardonagh Advisory has expanded its presence in the northwest of England with the recent acquisition of Southport Insurance Brokers Limited (SIB Insurance), an independent commercial broker. Founded in 1965, SIB Insurance is a well-established regi...

Posted: Apr 09, 2024

Zurich Insurance to Halt Coverage of New Fossil-Fuel Exposures

Carrier Management

Zurich Insurance to Halt Coverage of New Fossil-Fuel Exposures Zurich Ins...

Posted: Apr 09, 2024