Insurance Journal
Loss trends for severe convective storms (SCS) have increased over the past 15 years and even more during the past five years, according to Dan Dick, global head of Catastrophe Management at Aon. “What’s interesting about these trends is...
Posted: Sep 06, 2023
Executive summary: The key to getting useful model results is working with models that fit specific underwriting needs and making sure the models are regularly updated while employing qualitative analysis (in addition to the models’ quantitativ...
Posted: Sep 06, 2023
The Reinsurance Association of America (RAA) on Wednesday said its long-time president, Frank Nutter, will retire at the end of the year and Lee Covington is president-elect. Nutter has been president of the trade association for property/casualty re...
Posted: Sep 06, 2023
VIAA Names Thornton to New Development Role Valley Insurance Agency Alliance (VIAA), headquartered in St. Louis, Mo., named Michael Thornton as book management coach. Thornton has worked at VIAA for six years as a foundation specialist. Before joinin...
Posted: Sep 06, 2023
Texas Mutual Makes New Board Member Appointment and Two Reappointments Texas Gov. Greg Abbott has appointed Gary Gibson of Houston and reappointed Kristi Koncaba of Friendswood and Ron Simmons of Lewisville to the Texas Mutual Insurance Company board...
Posted: Sep 06, 2023
Novatae Risk Group announced that it acquired the assets of American Management Corporation, (“AMC”) of Conway, Arkansas on September 1, 2023. Terms of the transaction were not disclosed. AMC was founded over 60 years ago and has grown in...
Posted: Sep 06, 2023
ROSENBERG, Texas (AP) – A driver plowed through a wall of a busy East Texas restaurant, injuring 23 people. Police in the Houston suburb of Rosenberg, Texas said a man crashed his SUV into a Denny`s restaurant just off the …
Posted: Sep 06, 2023
DAVENPORT, Iowa (AP) – The owner of an Iowa apartment building that collapsed in May, killing three people, has filed a lawsuit that blames an engineering company for not warning the building was structurally unsound and that residents should be R...
Posted: Sep 06, 2023
MADISON, Wis. (AP) – A pier filled with people celebrating Labor Day on the University of Wisconsin-Madison campus partially collapsed into a lake, leaving one person hospitalized and slightly injuring about 20 others, officials said. Video shot from...
Posted: Sep 06, 2023
CCIG of Englewood, Colorado, joined Assurex Global, headquartered in Columbus, Ohio, effective August 18. CCIG is now included in the 101 independent brokerages that make up the worldwide Assurex partnership. Founded in 1985, CCIG employs over 120 in...
Posted: Sep 06, 2023
This edition of International People Moves details appointments at Marsh McLennan and AXA XL. A summary of these new hires follows here. Marsh Appoints Harris as CEO, UK Retail Marsh McLennan announced the appointments of Nick Harris as CEO, UK ̷...
Posted: Sep 06, 2023
The U.S. Coast Guard is continuing to investigate the source of an oil spill that contaminated more than 19,000 gallons of water at Port Manatee in Tampa Bay. The spill was reported last week and crews have worked since then …
Posted: Sep 06, 2023
The U.S. excess and surplus (E&S) lines market had a good year in 2022, growing to account for nearly 9% of the U.S. property/casualty (P/C) insurance industry. E&S direct written premiums (DWP) increased for the twelfth consecutive year and...
Posted: Sep 06, 2023
Tropical Storm Lee is on track to tie Hurricane Franklin to become 2023’s strongest Atlantic storm with winds of 150 miles per hour by this weekend as it plows through the ocean north of Puerto Rico, the US National Hurricane …
Posted: Sep 06, 2023
Nearly a month after the deadliest U.S. wildfire in more than a century killed at least 115 people, authorities on Maui are working their way through a list of the missing that has grown almost as quickly as names have …
Posted: Sep 06, 2023
Alphabet Inc. tentatively settled claims that Google Play abuses its control over Android mobile applications, potentially resolving complaints over the company’s policies filed by consumers and attorneys general of about three dozen states. Th...
Posted: Sep 06, 2023
In the final hours before Hurricane Idalia struck Florida the storm had grown into a Category 4 beast lurking off the state’s west coast, and the forecast called for it to continue intensifying up until landfall. An Air Force Reserve …
Posted: Sep 06, 2023
U.S. auto safety regulators said on Tuesday that 52 million air bag inflators produced by auto suppliers ARC Automotive and Delphi Automotive need to be recalled because they may rupture and send dangerous metal fragments flying. The National Highway...
Posted: Sep 06, 2023
More than four in five US homebuyers are factoring in climate risks when they shop for a new house, according to a new survey by real estate firm Zillow. Some 83% of respondents said they weighed at least one climate …
Posted: Sep 06, 2023
A Newark, New Jersey man has admitted that he conspired with others to defraud telephone providers and insurance companies out of millions of dollars by using stolen or fake identities to submit fraudulent claims for replacement cellular devices. He...
Posted: Sep 06, 2023
Reinsurers reported “a robust increase” in their capital base, improved underwriting profits as well as higher returns on equity and investment income, according to a Gallagher Re report. The reinsurance industry’s underlying ROE im...
Posted: Sep 06, 2023
Howden, the London-based insurance group, announced it has completed the acquisition of Apex Insurance New Zealand and its associated subsidiaries (Apex), effective Thursday, Aug. 31, 2023. Financial details of the deal were not disclosed. This acqui...
Posted: Sep 06, 2023
Specialist Risk Group (SRG), the London-based insurance intermediary, announced the launch of a new division serving the global entertainment, media, and sport industry. This new entertainment, media, and sport division reflects the successful growth...
Posted: Sep 06, 2023
Aircraft lessor AerCap on Wednesday said it had agreed a $645 million settlement with Russian state state-controlled airline Aeroflot regarding 17 aircraft and five spare engines that were stranded when Russia invaded Ukraine last year. AerCap, the w...
Posted: Sep 06, 2023
The world’s largest aircraft lessor has agreed to settle an insurance claim over Russia’s refusal to return 17 jets leased to airline Aeroflot, a landmark agreement in a dispute over 400 Western planes stranded in the wake of the Ukraine...
Posted: Sep 06, 2023