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In the recent 2024-25 Budget speech, Hong Kong’s Financial Secretary, Paul Chan Mo-po, highlighted plans to promote Hong Kong as a platform for the issuance of insurance-linked securities (ILS). He stated, “We are also promoting the development of...
Posted: Mar 05, 2024
Auto and homeowners insurer State Farm has announced its 2023 financial results, reporting earned premium of $87.6 billion and a combined underwriting loss of $14.1 billion across its P&C group of companies. This result compared to an underwri...
Posted: Mar 05, 2024
Authorities say a collision between two firetrucks responding to a blaze in northeastern Pennsylvania injured six firefighters. Officials in Luzerne County say a rescue truck from Valley Regional Fire and Rescue collided with a ladder truck from Hazl...
Posted: Mar 05, 2024
As per a report from analysts at BMO Capital Markets, a prominent reinsurance broking executive from Howden Tiger has suggested property-catastrophe reinsurance pricing power will fall 5-10% at mid-year contract renewals. The comments from the How...
Posted: Mar 05, 2024
Marsh McLennan Agency (MMA), a subsidiary of Marsh, has completed its previously announced acquisitions of two Louisiana-based middle-market agencies, Querbes & Nelson (Q&N) and Louisiana Companies. With the closing of these acquisitions,...
Posted: Mar 05, 2024
American Coastal Insurance Corporation (ACIC), the property and casualty insurance holding company, has reported a $14.3 million net income attributable to the firm for the fourth quarter of 2023, compared to a net loss of $296.8 million for the...
Posted: Mar 05, 2024
Specialty MGA UK has expanded its global expertise with the appointment of Duncan Urquhart as Senior Underwriter for Construction and Engineering. Urquhart holds over four decades of experience, having spent most of his career in London, Hong Kong...
Posted: Mar 05, 2024
AM Best’s recent market segment report highlights the challenges facing the directors and officers liability insurance (D&O) sector in the US. The risks associated with D&O have significantly increased amid the ever-evolving business world...
Posted: Mar 05, 2024
Learn about making the move to the Bermuda market and why leaders must be dynamic and intentional with Shannon Totten, CPCU. The post
Posted: Mar 05, 2024
Everest Insurance International, a division of Bermuda-based insurer and reinsurer Everest Group, Ltd., has hired Giles Coghlin as Head of Fine Art and Specie, where he will be based in London. He joins the firm following a two year tenure at Aviv...
Posted: Mar 05, 2024
Volkswagen AG faces a pair of lawsuits in Germany over claims it was the battery in a Porsche electric vehicle that triggered the 2022 fire onboard a massive cargo ship that eventually sank with thousands of cars on board. One …
Posted: Mar 05, 2024
Lockton Re, the reinsurance arm of the privately held independent insurance broker, has appointed Brian Lewis as Senior Broker leading the Cyber Practice for North America, based in the firm’s New York office. Lewis has deep expertise in cyb...
Posted: Mar 05, 2024
Miller, the independent specialist re/insurance broker posted its results for the full-year 2023, which included record revenues of £240 million, representing a 26% increase from 2022, driven by 19% organic growth and positive contribution from 20...
Posted: Mar 05, 2024
Gallagher has appointed Nick Harris as CEO of its UK & Ireland Retail Division, subject to regulatory approval. Harris joins Gallagher from Marsh, where he was CEO of its Pacific Division, a position he took up when the business purchased JLT...
Posted: Mar 05, 2024
Hiscox Re & ILS, the international reinsurance and insurance-linked securities (ILS) arm of the Hiscox Group, has revealed an undiscounted combined ratio of 69.8% for the full year 2023, and a record profit before tax of $221.4 million in R...
Posted: Mar 05, 2024
Insurance Business Magazine - US
Posted: Mar 05, 2024
Posted: Mar 05, 2024
Houthi militants attacked and damaged a Swiss-owned container vessel on Monday in the Gulf of Aden, as the Iran-backed group continues to roil shipping in the region. The MSC Sky II, managed by MSC Mediterranean Shipping Co., was about 91 …
Posted: Mar 05, 2024
AXIS Capital Holdings announced it has received full approval from Lloyd’s to begin underwriting from April 1, 2024. AXIS first announced in December that it had secured in-principle approval from Lloyd’s to establish a new syndicate that...
Posted: Mar 05, 2024
Juniper Re, the reinsurance broking arm of BRP Group, has received approval in principal from the Bermuda Monetary Authority (BMA) to launch its Bermuda-domiciled subsidiary Juniper Re Bermuda, Ltd., which will be led by Chris Hayward as Head of O...
Posted: Mar 05, 2024
In the Q4 2023 report by The Council of Insurance Agents & Brokers (CIAB) on the Commercial Property/Casualty Market, premium increases have persisted for the 25th consecutive quarter, but at a slower rate. The average increase across all acco...
Posted: Mar 05, 2024
Life insurer and asset manager Aegon has announced its second half 2023 financial results, reporting a net result of €0 million, and a net loss of €199 million for the full-year. At the same time, the Netherlands-headquartered insurer revealed it...
Posted: Mar 05, 2024
Re/insurance broker Aon has announced that Suzanne Hughes has joined the company as Head of Credit Solutions, Ireland. In the role, she will hold responsibility for leading Aon’s Credit Solutions business and client strategy in Ireland, in c...
Posted: Mar 05, 2024
Helios, the investment vehicle which provides shareholders with a spread participation at Lloyd’s, has appointed Adhiraj Maitra to the newly created role of Chief Operating Officer (COO). Maitra joins Helios from Canopius where he served as Group...
Posted: Mar 05, 2024
Four former top Twitter executives, including former CEO Parag Agrawal, have sued Elon Musk for over $128 million in combined unpaid severance, according to a lawsuit filed on Monday. The lawsuit, filed in federal court in San Francisco, is the ̷...
Posted: Mar 05, 2024
ST. PETERSBURG, Fla. (AP) — Moments before the deadly crash of a charter jet on a Florida highway, three warnings about oil pressure problems in its two engines sounded, the National Transportation Safety Board said in a preliminary report Tuesday. &...
Posted: Mar 05, 2024
The head of two property insurance companies set to enter the Florida market this year is warning state lawmakers that bills that would limit policy cancellations and nonrenewals after storm damage could do more harm than good. “It absolutely i...
Posted: Mar 05, 2024
A former New Jersey insurance agent has agreed to a deal with prosecutors under which he will testify in the federal corruption case against U.S. Senator Bob Menendez. In federal court in Manhattan last Friday, Jose Uribe pleaded guilty to …
Posted: Mar 05, 2024
Street parking was already scarce in Hoboken, New Jersey, when the death of an elderly pedestrian spurred city leaders to remove even more spaces in a bid to end traffic fatalities. For seven years now, the city of nearly 60,000 …
Posted: Mar 05, 2024
AccuWeather meteorologists say California will be free of widespread drought through the end of 2025 on the heels of a blizzard that dumped more than 80 inches of snow on the mountains of northern and central California. Back-to-back wet and …
Posted: Mar 05, 2024
Allianz, a leading insurer and asset manager, has completed the acquisition of Tua Assicurazioni S.p.A. from Assicurazioni Generali S.p.A., an Italian global insurance and asset management provider. The acquisition was announced in October 2023, a...
Posted: Mar 05, 2024
IMA Financial Group acquired RiskPoint Insurance Advisors LLC in the Pacific Northwest. With the transaction, k.p.d. Insurance and JL Jones and Associates will join RiskPoint in rebranding as IMA companies and expanding IMA’s presence in the Pa...
Posted: Mar 05, 2024
A Florida woman who says she was struck and dragged by a New York City bus and left partially paralyzed has been awarded $72.5 million in her lawsuit against the city’s transit agency. A city jury found in favor of …
Posted: Mar 05, 2024
This post is part of a series sponsored by IAT Insurance Group. After the unprecedented boom that surged through the trucking industry following the COVID-19 pandemic, trucking companies are now grappling with lower delivery volumes and excess capaci...
Posted: Mar 05, 2024
A post on a hacker forum popular with cybercriminals has claimed UnitedHealth Group paid $22 million in a bid to recover access to data and systems encrypted by the “Blackcat” ransomware gang, according to two researchers. Neither UnitedH...
Posted: Mar 05, 2024
Are We at the Start of a Boom in Productivity? PaulCarroll Mon, 03/04/2024 - 19:47 In late...
Posted: Mar 04, 2024
As the Brand positions for growth, Drew Saad has joined as Chief Underwriting Officer and Dea Malollari has been promoted to Chief Risk Officer.
Posted: Mar 04, 2024
As the insurance industry ushers in the Insurtech 2.0 era, carriers must build an agile business landscape rooted in innovation.
Posted: Mar 04, 2024
A look at Lloyd's claims handling 'then and now' illustrates the broader industry's modernization journey.
Posted: Mar 04, 2024
The signs of a stolen catalytic converter include loud noise, smellier or darker exhaust than is normal and sluggish acceleration.
Posted: Mar 04, 2024
Thatcham Research has selected the company to deliver streamlined access to Vehicle Risk Data, matching of VRD to vehicle registrations, and new predictive vehicle intelligence.
Posted: Mar 04, 2024