Insurance Industry News

 

Insurance Industry News

Insurance Industry News:

 

  • McConachie rejoins Third Point Re as Collins exits
    Total-return reinsurer Third Point Re long-time director Christopher Collins left the board today and was replaced by former director Neil McConachie, who co-founded Fidelis during the interim. Collins stepped down barely a month after New York-based private equity fund manager Kelso & Company, where he is a managing director, set plans to divest most of its remaining stake in the carrier. The planned secondary offering of Third Point Re shares was valued at $236.25mn. Kelso ... read more
    Insurance Insider
  • Little-Used Retirement Option Gets a Big Boost: Part III
    David A. Rains, Managing Director and Healthcare and Life Specialty Leader and Michael R. Parker, Managing Director, Senior Business Development Broker Next generation products will soon arrive to... ... read more
    GC Capital IdeasBy GC Editor
  • Guest Post: Which ICOs are Next to Get Caught up in the SEC’s ICO Dragnet?
    John Reed Stark One of the most interesting and arresting business stories of 2017 has been the astonishing proliferation of initial coin offerings (ICOs), as I discussed in a prior post (here). Readers who have been watching this story develop undoubtedly are aware that things have been moving very quickly recently on the regulatory front with respect to ICOs. ICOs suddenly are facing a very different regulatory environment. In the following guest post, John Reed ... read more
    D&O DiaryBy Kevin LaCroix
  • Alliant hires Wells Fargo’s Blazier in New Jersey
    Expansive broker Alliant has named Devin Blazier as a senior vice president in its Americas division, working from the company's Morristown, New Jersey office. Blazier joined the Newport Beach, California-based broker from Wells Fargo, which has been selling off and winding down much of its insurance operations. He was a senior VP in the bank's Wells Fargo Insurance Services USA New Jersey operations, Blazier said in his LinkedIn profile. Earlier, the executive was a Marsh ... read more
    Insurance Insider
  • Green earthquake alert (Magnitude 6M, Depth:10km) in Iran, Islamic Republic of 12/12/2017 21:41 UTC, 890000 people within 100km.
    On 12/12/2017 9:41:31 PM, an earthquake occurred in Iran, Islamic Republic of potentially affecting 890000 people within 100km. The earthquake had Magnitude 6M, Depth:10km. ... read more
    Global Disaster
  • Republican tax reforms draw more fire from Europe
    Tax reform proposals Republicans are pushing forward on Capitol Hill threated to "seriously" impede international trade and investment, the European Commission has reportedly warned, ratcheting up pressure from the finance ministers from the five largest members of the community. A letter from the EC which raises similar concerns to an earlier dispatch from the finance ministers was sent today to Treasury Secretary Steve Mnuchin, who has backed the core elements of the GOP proposals, Reuters ... read more
    Insurance Insider
  • Ohio men convicted of workers comp fraud
    Business Insurance
  • Workers comp sector leads in insurer financial impairments: Best
    The U.S. workers compensation industry experienced more financial impairments a 17-year period from 2000-2016 than any other property/casualty line of business, according to an A.M. Best special report. ... read more
    Business Insurance
  • Kanye West, Turkish sourcing company settle
    It’s been said that Kanye West has made few friends in the fashion industry, but at least one opponent is apparently now in a neutral camp. ... read more
    Business Insurance
  • AIG offers cyber risk testing with security firms
    AIG has teamed up with cyber security companies CrowdStrike and Darktrace to offer a benchmarking system that assesses a client's exposure to security risks for its data and networking systems. The system evaluates cyber security based on 10 common forms of attack and 11 frequently used devices, AIG said today in announcing the method and partnerships. In addition, AIG said it will model the potential impacts of successful attacks. Following an assessment, AIG will work ... read more
    Insurance Insider
  • P&C impairments rose in 2016, driven by Tower: AM Best
    Impairments in the US property and casualty sector rose to 14 last year compared with 2015, but the majority were members of the defunct Tower Group, AM Best said today. More than three quarters of the 14 P&C impairments in 2016 were members of the Tower Group, including three in the workers' compensation segment, four in personal lines and four that wrote commercial lines, AM Best said in a report. The remaining three are two ... read more
    Insurance Insider
  • Insurer not obligated to defend policyholder in car accident
    A federal appeals court has reversed a lower court ruling and held an auto insurer is not obligated to defend a policyholder who waited 21 months to inform it of a car accident. ... read more
    Business Insurance
  • XL unit prevails in bad-faith suit
    Catlin Specialty Insurance has prevailed in bad-faith litigation filed against it in connection with its securities brokers professional liability policy, says a federal appeals court in upholding a lower court’s ruling. ... read more
    Business Insurance
  • Travelers unit needn’t pay public project subcontractor
    A federal appeals court has reversed its earlier ruling and held a Travelers Cos. Inc. unit is not obligated to pay a subcontractor in a public project under its payment and performance bonds. ... read more
    Business Insurance
  • Life Insurance – The Bonus Plan for the Executive Who Has Everything
    By Jason Wellmann Small business owners have a number of challenges to manage within the normal course of running a company. These challenges include everything from the big-picture details such as making sure the company is profitable and that the lights stay on, to the more routine (but no less important) tasks such as customer service and employee engagement. Part of employee engagement is making sure employees feel valued on a day-to-day basis. But the ... read more
    Insurance News Life InsuranceBy user
  • Insurance well suited to blockchain, speakers say
    The insurance industry may be better suited for blockchain than the financial services sector, which created its own solution, according to a panel discussion hosted by the New York City Bar Association. ... read more
    Business Insurance
  • Chaucer adds reinsurance veteran Faure to board
    Lloyd's insurer Chaucer has named Jerome Faure, a former reinsurance CEO at Endurance Specialty, to the board of Chaucer Syndicates Limited, its managing agency and main operating company as a non-executive director. Faure came to the company, owned by The Hanover, after a career that took him to top positions at reinsurers around the world, Chaucer said today in announcing the move. Beginning at Scor, Faure rose over 16 years to managing the reinsurer's operations ... read more
    Insurance Insider
  • New AIG Cyber Model to Evaluate, Score Client Cyber Risk
    American International Group, Inc. has launched a new cyber benchmarking model that quantifies and scores client cyber risk. The AIG model evaluates a client’s cyber security maturity against 10 common attack patterns across 11 commonly used technology devices. The model … ... read more
    Insurance Journal
  • PRA begins next stage of Solvency II consultation
    The Prudential Regulation Authority (PRA) kicked off the second stage of a three-part consultation on the Solvency II regulatory framework with a look at the process for changing companies' internal models. The internal model provides for more bespoke regulation under Solvency II than the so-called standard formula and tends to be favoured by larger and more complex businesses. The PRA's consultation paper refines guidance set out about a year ago on how changes to these ... read more
    Insurance Insider
  • AIG releases cyber benchmarking model
    American International Group Inc. on Tuesday announced a cyber benchmarking model that quantifies and scores policyholder cyber risk. ... read more
    Business Insurance
  • Genex: Uncovering Hidden Data in the Workers’ Comp Bill Review Process
    While several factors define a sophisticated bill review vendor, data analysis and reporting capabilities are becoming increasingly important in selecting the right vendor, according to a recent report released by Genex, a workers’ comp case management company. The white paper … ... read more
    Claims Journal
  • Arkansas Medical Board OKs Draft Regulations Aimed at Curbing Opioid Abuse
    The Arkansas State Medical Board has approved draft regulations aimed at reducing opioid abuse. The board unanimously voted in favor of the regulations on Dec. 7. The requirements are based on guidelines issued last year by the federal Centers for … ... read more
    Insurance Journal
  • Chaucer appoints Faure as non-executive director
    Chaucer has appointed Jerome Faure as an independent non-executive director of Chaucer Syndicates, its managing agency and main operating company. Faure was CEO of global reinsurance at Endurance until 2016, when he stepped down and was succeeded by Stephen Young. Faure joined Endurance from ILS Capital Management. His nearly 30-year career in reinsurance includes stints at Tokio Millennium Re and Scor. Chaucer has been tipped as one of several Lloyd's carriers chasing ILS assets. The ... read more
    Trading Risk
  • 5 Sentenced in Ohio for Insurance Fraud
    The Ohio Department of Insurance reported that five people were recently sentenced for insurance-related crimes following investigations by the department. Clermont County/Shandell Thomas and Aaron Thomas In October, Shandell Thomas, of Cincinnati, was sentenced in court to five years of … ... read more
    Insurance Journal
  • Texas Workers’ Comp Commissioner: Post-Harvey Deadline Extensions to End in January
    The Texas Department of Insurance – Division of Workers’ Compensation has issued a bulletin announcing a date for the end of extensions for workers’ comp deadlines and procedures related to Hurricane Harvey. Due to gubernatorial disaster proclamations issued after Hurricane … ... read more
    Insurance Journal
  • Safety Group Says GM’s In-Car Shopping App Encourages Distracted Driving
    A new in-car application from General Motors Co. that lets drivers order coffee and browse for hotels while behind the wheel has been met with outcry from a prominent safety group. The app, dubbed Marketplace, allows drivers to browse deals … ... read more
    Insurance JournalBy Ryan Beene
  • Special Reuters Report: The High Cost of Building in High Flood Risk Areas
    When Hurricane Harvey sent two feet of water rolling into this small community about 35 miles north of Houston, Alfredo Becerra had to flee his modest 1,500-square-foot house. Muddy floodwater submerged the furniture and ruined carpet inside the construction worker’s … ... read more
    Insurance JournalBy Benjamin Lesser and Ryan McNeill
  • Bermudians’ reinsurance price increases may not live up to expectations: KBW
    Bermudian investors’ expectations for reinsurance rate increases at the January renewals may not live up to expectations, although optimism remains for improving casualty reinsurance rates, said Keefe, Bruyette & Woods (KBW) analysts after holding meetings with key re/insurers last week. KBW said it remains “cautious on the Bermudians” as the initial post-catastrophe pricing “euphoria” wears off and expectations for increases moderate. “Overall, we recommend that investors stay on the sidelines of the Bermudians until final ... read more
    Reinsurance NewsBy Marianne Lehnis
  • U.S. Meat, Poultry Workers Fear Retaliation for Reporting Workplace Injuries, Hazards
    Workers at U.S. meat and poultry processing plants are reluctant to tell federal inspectors about injuries or workplace hazards amid concerns that they could lose their jobs, according to a government report. The Occupational Safety and Health Administration has difficulty … ... read more
    Claims JournalBy Megan Durisin
  • Hiscox in renewal rights deal on Liberty recall book
    Hiscox has signed an agreement for the renewal rights of Liberty's London market product recall book, The Insurance Insider can reveal. This publication reported last month that Liberty was withdrawing its crisis management offering in both the US and the UK, which includes contaminated products insurance, product recall and kidnap and ransom. Hiscox will look to take on the product recall and contaminated products elements of the London market portfolio, which was written across both ... read more
    Insurance Insider
  • Willis Towers Watson: Commercial Lines Pricing Flat in Third Quarter
    Commercial insurance prices in the United States remained nearly flat during the third quarter, with most lines of business, excluding commercial automobile, reporting slight to moderate price ... read more
    AM Best TV
  • Good news for Florida companies: Workers’ comp rate decreasing
    Employers in Florida have been concerned about workers' comp rates in the wake of the state Supreme Court decision in the Castellanos case. Some relief may be in sight. ... read more
    Property Casualty 360
  • Connecticut Commissioner: Health Rate Fix May Require Medical, Pharmaceutical Cost Cuts
    Connecticut Insurance Commissioner Katharine Wade said it is uncertain whether companies participating in the 2018 state-run individual health insurance market will do so in 2019, but said cutting ... read more
    AM Best TV
  • Kennedys boosts insurance practice with five hires from Mayer Brown
    International law firm Kennedys has announced further expansion of its insurance practice with the hiring of a five-strong team from Mayer Brown, enhancing the firm’s multi-jurisdiction capabilities. The hires include David Chadwick, Ingrid Hobbs, Tim McCaw, Andrew McGahey, and Andrew Westlake, and takes the firm’s partner hires for 2017 to 33. All new employees, except McGahey, who will relocate to Ireland, will be based in the firm’s London office. Chadwick was previously Head of Mayer ... read more
    Reinsurance NewsBy Luke Gallin
  • Missouri regulators recommend comp lost costs decrease for 2018
    The Missouri Department of Insurance is recommending a 3% decrease in workers compensation insurance loss costs for 2018, on top of a 4% decrease that took effect on Aug. 1. ... read more
    Business Insurance
  • Woman Wounded in Las Vegas Shooting Drops ‘Bump Stock’ Maker from Suit
    The maker of a rapid-fire gun accessory that police say was used in the Oct. 1 mass shooting that killed 58 people and left hundreds injured at an open-air concert on the Las Vegas Strip has been removed from a … ... read more
    Insurance JournalBy Ken Ritter
  • Small Quake Confirmed in Central Alaska
    A magnitude 3.3 earthquake has hit central Alaska, the Alaska Earthquake Center confirmed. The center reported that the earthquake struck at 3:28 a.m. Sunday and its epicenter was 30 miles southwest of Manley Hot Springs, which has fewer than 100 … ... read more
    Insurance Journal
  • Small Quake Confirmed in Central Alaska
    A magnitude 3.3 earthquake has hit central Alaska, the Alaska Earthquake Center confirmed. The center reported that the earthquake struck at 3:28 a.m. Sunday and its epicenter was 30 miles southwest of Manley Hot Springs, which has fewer than 100 … ... read more
    Insurance Journal
  • JLT Re: Massive Thomas Fire Likely to Impact Reinsurance, Retrocession Markets
    The destructive Thomas Fire burning in Southern California is likely to become the largest in modern state history and impact reinsurance and retrocession markets, according to JLT Re. It ... read more
    AM Best TV
  • California Opens Online System to License New Marijuana Businesses
    California has began accepting applications from businesses that want to operate in the state’s legal marijuana industry next year, a milestone for the emerging market. After months in development, an online system launched and will allow retailers, distributors and testing … ... read more
    Insurance JournalBy Michael R. Blood
  • California Opens Online System to License New Marijuana Businesses
    California has began accepting applications from businesses that want to operate in the state’s legal marijuana industry next year, a milestone for the emerging market. After months in development, an online system launched and will allow retailers, distributors and testing … ... read more
    Insurance JournalBy Michael R. Blood
  • What we missed while we were in Vegas
    The world didn’t stop while we were meeting, learning, and socializing in Las Vegas at NWCDC. Here’s what happened… Sedgwick is getting bigger – again. The acquisition of Cunningham Lindsey makes Sedgwick the largest TPA in the land, with about 20,000 employees handling various aspects of claims and related functions. Pharmacy and related topics California’s work comp formulary goes into effect in 3 weeks.  Make sure you’re ready by hearing from those who know it best – the ... read more
    Joe PadudaBy Joe Paduda
  • Transforming Claims for the Digital Era
    As insurers undertake digital transformation programs, many rightfully turn to the claims function. Claims is a very good candidate for such initiatives because of its importance to the relationship between customers and their insurers. Claimants and insurers both want speedy … ... read more
    Claims JournalBy David Bassi and Rob Dietz, EY
  • California Commissioner Wants Halt to Moratoriums in Wildfire Areas
    California Insurance Commissioner Dave Jones has issued a formal notice to insurers directing them to cease any and all moratoriums on auto insurance and reminding them that California law prohibits the practice. Jones issued the notice in response to insurers … ... read more
    Insurance Journal
  • California Commissioner Wants Halt to Moratoriums in Wildfire Areas
    California Insurance Commissioner Dave Jones has issued a formal notice to insurers directing them to cease any and all moratoriums on auto insurance and reminding them that California law prohibits the practice. Jones issued the notice in response to insurers … ... read more
    Insurance Journal
  • Auto dealership deaths lead to safety citations
    OSHA regulators cited and proposed $152,099 in penalties against an Alabama automobile dealership after three employees died and two were injured in a fire. ... read more
    Business Insurance
  • Equity Research Report: Aetna, Anthem, Molina Among Big Winners With Tax Reform
    The major health insurers — including Aetna Inc., Anthem Inc., and Molina Healthcare Inc. — would be among the big winners if Congress adopts a tax reform package and lowers the corporate tax rate to ... read more
    AM Best TV
  • 142,000 at risk households now benefit from Flood Re policies
    The latest data from the UK’s government-backed reinsurance scheme, Flood Re, shows that as at September 30th, 2017, the number of policies benefiting from Flood Re increased to 142,000. Flood Re aims to make flood insurance more accessible to property owners in the UK, and its latest data reveals that 77,000 policies were written from March 31st to September 30th, 2017, taking the number of policies benefiting from the scheme to 142,000. Flood Re’s Chief Executive Officer ... read more
    Reinsurance NewsBy Luke Gallin
  • Nasdaq looks to reinsurance as a potential trading product
    Nasdaq inc. created the world’s first electronic share trading platform and stock exchange and is now among the largest providers of trading, clearing and exchange technology, so it’s intriguing to learn that the organisation is looking into new markets and that trading of reinsurance is one potential avenue of expansion.Nasdaq already powers a significant volume of the world’s electronic financial markets and transactions, so it stands to reason the company would be on the look-out ... read more
    ArtemisBy Artemis
  • Welcome to New IoT: ‘Insurance of Things’
    With connected homes, it's now possible for the insurer to know that, say, a policyholder leaves the garage door open regularly, an invitation to thieves. ... read more
    Insurtech News
  • Ohio Lawmakers Say Driving Suspensions Overused, Fines High
    Ohio lawmakers have accused the state of using driver’s license suspensions as an arbitrary punishment for offenses unrelated to driving while burying people under a pile of fees and fines. The state Legislature is considering multiple bills that could reinstate … ... read more
    Claims Journal
  • Auto-Owners Insurance President to Succeed Retiring CEO
    Auto-Owners Insurance has appointed Jeffrey Tagsold as chairman and chief executive officer. He succeeds Jeff Harrold, who is retiring on Jan. 1 after more than 40 years. Tagsold joined the ... read more
    AM Best TV
  • Analysts: Floridian reinsurance towers eroded by 15%
    Hurricanes Harvey and Irma have eroded the reinsurance towers of Floridian homeowners' insurers by 15 percent, according to Keefe, Bruyette & Woods (KBW). KBW analyst Meyer Shields said in a 4 December note that his Floridian peer group - which encompasses Universal, HCI Group, United Insurance, Heritage and Federated National - had been impacted by the storms, but added that the resultant reinsurance rate increases at 1 June should not concern investors. "A portion of ... read more
    Trading Risk
  • Study Reveals Window Blind Deaths Show Need for Cord Ban
    Children’s injuries and deaths from window blinds have not stalled despite decades of safety concerns, according to a new U.S. study that recommends a complete ban on blinds with cords. Nearly 17,000 young children were hurt by window blinds between … ... read more
    Claims JournalBy LINDSEY TANNER
  • Spirit Commercial extends reinsurance placement through 2019
    Spirit Commercial Auto RRG, Inc. (Spirit), a risk retention group that specialises in U.S.-based transportation liability insurance, has completed the extension of its reinsurance placement through 2019, in conjunction with Wesco Insurance Company. The extension will take Spirit through its eighth year of operations offering comprehensive liability insurance protection to trucking companies and truckers, solutions that are available to retail agents through CTC Transportation Insurance. CTC Transportation Insurance aims to provide retail agents with fast quoting technology, ... read more
    Reinsurance NewsBy Luke Gallin
  • A.M. Best Revises Outlooks to Positive for Petroleum Marketers Management Insurance Company
    A.M. Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating A- (Excellent) and the Long-Term Issuer Credit Rating “a-” of Petroleum Marketers Management ... read more
    AM Best TV
  • Insurtech Firm Quantemplate Names Lundgren as CEO; Gets £2.5M in New Capital
    Quantemplate, a London-based insurtech firm that specializes in machine learning data transformation and analytics, announced that David Lundgren has been appointed CEO and board director. The company has also received £2.5 million (US$3.3 million) of new capital to accelerate its … ... read more
    Insurance Journal
  • Munich Re swoops for Axa lead with rate reduction
    Munich Re has taken over the leadership position on Axa Corporate Solutions' major aviation quota share after offering an 11th-hour improvement in terms to the client, The Insurance Insider can reveal. The renewal demonstrates the scope for upward rating pressure to be choked off by reinsurers looking to increase market share in an environment where supply still exceeds demand. The treaty, which renews on 1 December, looked set to roll over on unchanged terms, with ... read more
    Insurance Insider
  • Artemis ILS Bermuda Executive Roundtable 2017
    Welcome to the third annual Artemis ILS Bermuda Executive Roundtable in which participants discussed a mix of challenges and opportunities for the sector as it continues to expand its remit and push for growth, on the back of an extremely active loss year for sponsors and investors.Naturally, much of the initial discussion focused on third-quarter 2017 catastrophe losses, what this might mean for the ILS sector in the near-term, and whether post-event market conditions create ... read more
    ArtemisBy Artemis
  • Connecticut’s The Hartford Promotes Bush to Oversee Personal Lines
    The Hartford has announced that Stephanie Bush, who has led Small Commercial since July 2014, will expand her responsibilities to include oversight for Personal Lines. She replaces Ray Sprague, who is retiring after a 30-year career with The Hartford. Sprague … ... read more
    Insurance Journal
  • Perils Estimates Insured Property Losses From Storm Herwart at US$295.6 Million
    Extratropical Cyclone Herwart, which hit Austria and Germany among other countries on Oct. 29, caused an estimated €252 million (US$295.6 million) in insured property losses, according to Perils ... read more
    AM Best TV
  • CoreLogic: $5bn to rebuild wildfire-threatened homes
    CoreLogic has estimated that reconstructing the 13,526 homes at risk of damage by the southern California wildfires would cost more than $5bn. The relatively high rebuilding cost reflects the fact that the areas affected feature some of the most valuable real estate in the US. Million-dollar mansions went up in flames in the Bel Air neighbourhood of Los Angeles in the Skirball fire, for instance, and seaside properties in Ventura and elsewhere have been destroyed ... read more
    Trading Risk
  • Schumer Seeks Help for N.Y. Craft Beer Industry with Crop Insurance Program
    U.S. Sen. Charles Schumer wrapped up another tour of New York’s 62 counties Friday with a call for greater federal help for the state’s craft beer industry. During a stop at a brewery in the Columbia County community of Chatham, … ... read more
    Insurance Journal
  • Insurance groups hedge on Brexit future
    Extent of moves to Brussels, Dublin and Luxembourg is uncertain   ... read more
    Financial Times
  • 2017 California wildfire season could cost $180 billion: AccuWeather
    AccuWeather has warned that the 2017 California wildfire season could result in an economic cost of up to $180 billion, as the so-called Thomas wildfire adds to the expected $10 billion+ insured loss from the October California wildfires. Photo: NBC news Founder, President and Chairman of AccuWeather, Dr. Joel Myers, said; “Even before this spate of December fires, 2017 has already been recorded as the costliest and most destructive wildfire year in California history.” Claims from ... read more
    Reinsurance NewsBy Luke Gallin
  • Talking blockchain with The Institutes’ RiskBlock Alliance leader
    Digital Insurance sat down with McDaniel to talk about blockchain’s future in insurance. The Institutes recently tapped Christopher McDaniel as executive director of its fledgling RiskBlock Alliance, an industry consortium focused on making blockchain technology viable and practical for insurance providers. ... read more
    Insurtech News
  • New Jersey Advances Bill That Would Bar Drunken Drone Flying
    State lawmakers on Thursday passed legislation that would bar people from operating drones while drunk. The National Conference on State Legislatures says at least 38 states are considering drone legislation this year, going beyond the Federal Aviation Administration’s regulations. The … ... read more
    Insurance Journal
  • Towergate adds to London Geo Specialty MGA platform
    Ardonagh-backed insurer Towergate Underwriting has added a new London markets team to its Geo Specialty business. The insurer has launched a contractors, plant and machinery operation led by construction and liability underwriter Christopher Thomas. Thomas steps into the role from an underwriting management position at Contego Underwriting, prior to which he worked at Woodbrook Underwriting and XL Catlin. The new business segment follows the insurer's move into political violence in August. That team is led ... read more
    Insurance Insider
  • UPC seeks $150mn debt raise
    Florida carrier United Insurance Holdings (UPC Insurance) is seeking to raise $150mn of capital through a debt issuance. The notes will mature on 15 December 2027, UPC said in a prospectus supplement today. The notes pay interest at a rate of 6.25 percent, due in arrears in June and December each year, although that rate can be adjusted. Wells Fargo and Raymond James are joint book-runners on the transaction. UPC recently amended regulatory filings to ... read more
    Trading Risk
  • Reinsurers expected to sign on to NFIP pact despite 2017 claim
    FEMA’s tapping of a $1 billion reinsurance agreement to pay Hurricane Harvey claims is unlikely to discourage most reinsurers from participating in the next reinsurance arrangement. ... read more
    Business Insurance
  • National Labor Relations Board strikes pro-employer stance
    Business Insurance
  • Enhancing Claims Experience With AI
    Insurtech and artificial intelligence (AI) have become the new buzz words and mantra in the insurance industry. Creativity and innovation are thriving in Silicon Valley with more than 1,600 technology companies in the insurtech space for underwriting and claims. If you remember, back in the 1990s, experts predicted that if your company was not an internet company, you would not be around for long. ... read more
    Insurtech News
  • Russian-Speaking Hackers Steal $10M from U.S., Russian Banks: Cyber Security Firm
    A previously unknown ring of Russian-speaking hackers has stolen as much as $10 million from U.S. and Russian banks in the last 18 months, according to a Moscow-based cyber-security firm that runs the largest computer forensics laboratory in eastern Europe. … ... read more
    Insurance JournalBy Jake Rudnitsky
  • Nick Steer steps down as CEO at Compre
    Nick Steer, a founding director of Compre, will step down from his role as CEO, but will remain within the group serving as non-executive deputy chairman, effective March 2018 ... read more
    Captive Insurance Times
  • IoT coverage: A patchwork quilt with potential holes
    As 2017 closes, companies continue to grapple with how to manage and insure the many privacy and cyber security risks presented by the internet of things. ... read more
    Business Insurance
  • Less than half of Maria claims notified: Charles Taylor Adjusting
    Complications in accessing Puerto Rico following Hurricane Maria's landfall in September have meant that not even half of the expected insured claims have been notified, according to Charles Taylor Adjusting. The adjusting firm's US CEO Vince Cole told this publication that the profile of the Maria losses was such that it could be another 12 months before we discover "what's fully going on there". "We [as an industry] don't have a handle on it yet, ... read more
    Insurance Insider
  • Analysts: ILS could take 15-25% of 2017 cat losses
    The ILS sector could cover as much as 15-25 percent of insured claims resulting from this year's catastrophes, according to analysts. However, disclosures to date indicate its share will fall at the lower end of expectations. The 25 percent figure, equating to $20bn-$25bn of an $80bn-$100bn industry loss, was cited by AM Best chief rating officer Stefan Holzberger. However, Horseshoe CEO Andre Perez said the market might take around $15bn, or 15 percent of a ... read more
    Insurance Insider
  • Opinion: Brave new Lloyd’s
    Lloyd's new outlook is less a change in direction and more a change in tone. Performance management director Jon Hancock has made it clear he's still intent on safeguarding the Lloyd's Central Fund, but he's also making positive noises about allowing growth where it makes sense. This year's round of pre-emptions is certainly evidence of that, but for a number of these new syndicates, in-principle approval was given before this year's trio of hurricanes encouraged ... read more
    Insurance Insider
  • Brokers ask for more time in FCA wholesale market probe
    The Financial Conduct Authority (FCA) has set an unrealistic deadline for a key fact-finding exercise that forms part of its wholesale insurance market study, the London & International Brokers' Association (Liiba) has argued. The FCA said last month the study would focus on market power, conflicts of interest and conduct within a sector which it argues has undergone a sea-change since the-then Financial Services Authority examined the market a decade ago. The regulator recently sent ... read more
    Insurance Insider
  • Lloyd’s signals growth with wave of start-ups
    Next year is on course to be the busiest since 2013 for start-ups at Lloyd's, following a swathe of approvals for both full syndicates and special purpose arrangements (SPA). Lloyd's is currently on course to mint nine syndicates for the 2018 year of account (YoA), with question marks still surrounding the future Lloyd's ambitions of Shariah specialist Cobalt. That would make it the busiest year for approvals since 2013, with only 2015 coming close with ... read more
    Insurance Insider
  • Cincinnati Re adds Lazzaro as growth gathers pace
    Cincinnati Re has hired Bill Lazzaro from Hiscox Re as it continues to build out its management team and execute an allocated capital strategy that has delivered strong top-line growth over the last year, The Insurance Insider can reveal. The executive joins as managing director, head of business development and deputy head of property treaty reinsurance. At Hiscox Re he was most recently product development leader and senior underwriter in Bermuda. Lazzaro, who previously worked ... read more
    Insurance Insider
  • Floridians’ reinsurance towers largely intact post-HIM: KBW
    The reinsurance towers of Floridian homeowners' insurers have only been eroded by less than 15 percent following hurricanes Harvey and Irma, according to Keefe, Bruyette & Woods (KBW). KBW analyst Meyer Shields said in a 4 December note that his Floridian peer group - which encompasses Universal, HCI Group, United Insurance, Heritage and Federated National - had been impacted by the storms, but the resultant reinsurance rate increases at 1 June should not concern investors. ... read more
    Insurance Insider
  • Latest Californian wildfires throw wildcard at 1.1
    Property cat reinsurers and brokers negotiating 1.1 renewals are reacting to a developing California wildfire situation that could disrupt specific placements and add upwards pressure to broader pricing dynamics. In a late renewal for many US buyers, there had been suggestions in recent weeks that the market was "calming down", with potential rate increases moderating from initial expectations. The handful of loss-free regional accounts that had been firm-ordered in early December were set for mid-single-digit ... read more
    Insurance Insider
  • Property D&F market pricing ‘schizophrenic’
    Brokers and carriers have described the property direct and facultative (D&F) market as "schizophrenic" as parties struggle to find common ground on rate increases for 1 January. Sources speaking to The Insurance Insider said there was a huge disparity in D&F renewal rates depending on loss history, territory and individual carriers' underwriting approach. However, double-digit rate increases are inevitable across the board, they added. "There is a concerted effort to regain some of the ground ... read more
    Insurance Insider
  • InsurTech market will see high-profile failures: experts
    The development of the global InsurTech market is reaching a turning point and some high-profile start-ups will fail, delegates at InsiderTech New York heard last week. About 200 attendees gathered at The Insurance Insider's second New York-based InsurTech event, which featured insights from Lightbank principal Rick Zullo, Nephila managing partner Barney Schauble and Oak HC/FT's Andrew Robinson, among others. The InsurTech space has seen a boom in start-ups in the past two years. According to ... read more
    Insurance Insider
  • Liberty’s Brexit redomicile signals PRA leeway on branches
    Liberty Specialty Markets' (LSM) decision to redomicile its UK insurance company to Luxembourg bodes well for other Brexit restructurings premised on transforming the core UK business into a branch. The carrier on Friday (8 December) provided further detail of its plan to retain European Economic Area (EEA) market access after Brexit. Rather than creating a new EU-located insurance company to serve the EEA from Luxembourg - the destination it chose in July - LSM will ... read more
    Insurance Insider
  • Trade credit insurance in the spotlight after claims
    The UK trade credit insurance market has been hit by a series of claims in recent months, prompting discussions on potential rate increases. The collapse of the cigarette and food wholesaler Palmer & Harvey (P&H) followed the high-profile demise of charter airline Monarch in October. An estimate by the Association of British Insurers (ABI) put the cost of the P&H bankruptcy to trade credit insurers at £100.0mn ($133.6mn). Other firms to tumble into administration included ... read more
    Insurance Insider
  • AJ Gallagher plans to cut out London wholesale market
    Global broker AJ Gallagher is seeking to stem the leakage of brokerage to other independent intermediaries by demanding that its brokers use in-house capabilities to help clients access the London market. As revealed by The Insurance Insider last week, the initiative - which will see AJ Gallagher cut off trading relationships with third party wholesale brokers in London - applies to both business that comes directly from an AJ Gallagher retail office and any business ... read more
    Insurance Insider
  • Diesel fume exposure could trigger wave of EL claims
    Insurers and legacy carriers could see increased claims on old liability policies as a result of workers' exposure to diesel fumes, law firm Weightmans has warned. In a white paper on diesel fume litigation, Weightmans noted that it was already aware of a handful of cases in the employers' liability (EL) field in relation to diesel fume exposure. These include claims related to asthma arising out of warehouse exposure, an agricultural worker exposed to diesel ... read more
    Insurance Insider
  • Blockchain holds promise for insurance industry
    Blockchain technology may hold great promise for the insurance and other industries, but it remains an emerging technology surrounded by as many questions as answers. ... read more
    Business Insurance
  • Two funds complete trade on ILSBlockchain
    Two funds have completed what is believed to be the first secondary market securities trade on notes digitised on the ILSBlockchain, a private blockchain set up by Guernsey incorporated cell company Solidum Re. ... read more
    Captive Insurance Times
  • China’s Tallest Building Attracts Industry Tenants Including Lloyd’s, Allianz, Fitch
    After more than two years of red tape that kept tenants from moving in, China’s tallest skyscraper, the Shanghai Tower, has been quietly opening and filling office space. More than 60 companies now occupy office space on its 128 floors … ... read more
    Insurance JournalBy Gregory Turk
  • Global Bankers names new chief actuary
    Newcomer has more than 30 years of experience, most recently in senior roles at Munich Re ... read more
    Insurance Business MagazineBy Insurance Business
  • Allianz Global Assistance rolls out enhanced travel insurance app
    Improved app features a more intuitive user interface for customers ... read more
    Insurance Business MagazineBy Insurance Business
  • Cyber security must breach the boardroom to mitigate risks
    Cyber security must move out of the tech realm and into the boardroom, a panel of experts said during an event in New York sponsored by JLT Specialty USA. ... read more
    Business Insurance
  • Rupert Evans joins Aon Benfield’s Credit & Financial Risks division
    Rupert Evans will join reinsurance broker Aon Benfield from Liberty Speciality Markets (LSM) as a broker within its Credit & Financial Risks team, effective immediately. Evans has specialised in underwriting political risk, credit & surety business, and also has experience within other crisis management lines. He joins Aon Benfield from LSM, where he was most recently an Assistant Underwriter within the firm’s Treaty Specialty division. He will report to Head of Aon Benfield’s Credit & ... read more
    Reinsurance NewsBy Luke Gallin
  • Zurich CEO: ANZ Life Insurance Acquisition Final Leg of Australian M&A Strategy
    Zurich Insurance Group’s acquisition of Australia and New Zealand Banking Group’s life insurance businesses, OnePath Life, is the final element in a three-step strategy to grow its share of the ... read more
    AM Best TV
  • Zurich CEO: ANZ Life Insurance Acquisition Final Leg of Australian M&A Strategy
    Zurich Insurance Group’s acquisition of Australia and New Zealand Banking Group’s life insurance businesses, OnePath Life, is the final element in a three-step strategy to grow its share of the ... read more
    Best’s Insurance News
  • Zurich’s ANZ Acquisition Designed to Boost Dividends
    Zurich Insurance Group AG’s decision to acquire the life-insurance businesses of Australia & New Zealand Banking Group Ltd. should help Switzerland’s biggest insurer fulfill its ambition to increase its dividend. Already famous as a dividend stock, Zurich signaled last month … ... read more
    Insurance JournalBy Jan-Henrik Förster and Ruth Liew
  • Zurich’s ANZ Acquisition Designed to Boost Dividends
    Zurich Insurance Group AG’s decision to acquire the life-insurance businesses of Australia & New Zealand Banking Group Ltd. should help Switzerland’s biggest insurer fulfill its ambition to increase its dividend. Already famous as a dividend stock, Zurich signaled last month … ... read more
    Insurance JournalBy Jan-Henrik Förster and Ruth Liew
  • Alternative capital will maintain influence on pricing: Fitch
    Alternative capital, insurance-linked securities (ILS) and collateralized reinsurance will maintain its influence on global reinsurance pricing, as a “key driver of the magnitude of future rate increases,” even after the recent major catastrophe losses and the trapping of collateral. Fitch Ratings maintains its negative outlook on the global reinsurance sector, although its company ratings outlook is stable, as it expects the market forces of competition and capital will continue to stress reinsurers ability to make ... read more
    ArtemisBy Artemis
  • $name
    Willis Insights
  • Allianz-backed insurtech company announces new CEO and £2.5m of capital
    Quantemplate announces David Lundgren and new investment capital to support further expansion into UK, US and European markets ... read more
    Insurtech News
  • ANZ/Zurich: lending for life
    Life insurance unit was a drag on profitability — but what to do with the sale proceeds? ... read more
    Financial Times
  • Best’s Special Report: Tower Group Companies Comprise Most U.S. Property/Casualty Impairments in 2016
    Of the 14 property/casualty impairments identified for 2016, 11 were members of the Tower Group, with the remaining three composed of two medical professional liability risk retention groups and a ... read more
    AM Best TV
  • Hartford Financial Expands Role of Small Commercial Chief, Adds Personal Lines
    Hartford Financial Services is expanding the role of its small commercial leader to include personal lines. Stephanie Bush succeeds Ray Sprague, who is retiring after 30 years with the ... read more
    AM Best TV
  • Markel Catco fund loss reserve rises to 24.4% of NAV
    Markel Catco has set up a further loss reserve of 4.4 percent of net asset value (NAV) for its Catco Reinsurance Opportunities Fund to cover losses from the wildfires in northern California in October, according to a London Stock Exchange announcement. The insured losses for the wildfires in California in October are now estimated at $9.4bn, California's insurance commissioner said last week. Total loss reserves for the Harvey, Irma, Maria activity are currently running at ... read more
    Trading Risk
  • Thomas Deane joins Stonybrook from JLT Capital Markets as a Director
    Thomas Deane has joined insurance industry-focused strategic advisory and investment banking firm, Stonybrook Capital from JLT Capital Markets, according to an announcement by Stonybrook’s Principal and Managing Director (MD), Jospeh Scheerer. Deane joined JLT Capital Markets, a division of insurance and reinsurance broker JLT Group, in 2010, and was most recently a Senior Vice President (SVP) in the North American Advisory arena. Prior to JLT, Deane was a member of the investment banking unit at ... read more
    Reinsurance NewsBy Luke Gallin
  • Puerto Rico-Based Advantage Insurance Files $100 Million IPO Prospectus
    Advantage Insurance Inc. is preparing an initial public offering of about $100 million that the insurer said will take advantage of favorable conditions in the niche high net worth individual life ... read more
    AM Best TV
  • Is your manufacturing client recall-ready?
    No manufacturer, large or small, is immune from product recalls along with the business disruption and considerable expense that may result. ... read more
    Property Casualty 360
  • The role of EAPs in the wake of natural disasters
    When a natural disaster or other tragedy occurs, EAPs can partner with brokers and consultants to address their clients’ needs. ... read more
    Property Casualty 360
  • How do you get an insurer to pay a punitive damages award?
    Often, plaintiffs win awards of actual, compensatory and punitive damages, but it may mean another court battle to have the punitive damages covered by insurance. ... read more
    Property Casualty 360
  • Axa to cease cover for coal and oil sands business
    Axa will no longer insure coal power stations and oil sands producers, as part of its stated commitment to fighting climate change. The carrier also plans to make over EUR3bn ($3.54bn) of additional divestments from "carbon-intensive energy producers" at the same time as quadrupling its green investment target to EUR12bn by 2020. Axa CEO Thomas Buberl said in a statement that: "A +4°C world is not insurable. As a global insurer and investor, we know ... read more
    Insurance Insider
  • ING to Stop Lending to Utilities That Use Coal for More than 5% of Energy
    ING by the end of 2025 will stop funding any utility company which relies on coal for more than 5 percent of its energy, the Dutch bank said on Tuesday. It will, however, continue to help companies with renewable energy … ... read more
    Insurance Journal
  • Cyclone Herwart losses likely to reach $300 million: PERILS
    Switzerland-based catastrophe insurance market data provider PERILS A.G. said that cyclone Herwart caused an estimated €252 million ($296.4 million) in insured and reinsured losses globally. ... read more
    Business Insurance
  • UK insurers, Lloyd’s syndicates diversify protection using collateralized reinsurance
    U.K. financial regulator Prudential Regulation Authority's stress tests showed that local insurers and Lloyd's of London syndicates have diversified their protections using collateralized sources of reinsurance and alternative reinsurance capital. ... read more
    Business Insurance
  • Cyclone Ana disrupts transportation in Spain
    Cyclone Ana lashed Spain with strong winds and heavy rains, while uprooting trees and disrupting transport in the region. ... read more
    Business Insurance
  • Allianz Ghana appoints Darlington Munhuwani as CEO for nonlife insurance
    Allianz Insurance Company Ghana Ltd. has appointed Darlington Munhuwani as chief executive for nonlife insurance, effective Dec. 1. ... read more
    Business Insurance
  • Tunisia’s insurance federation mulls setting up fraud-fighting agency
    Kamel Chibani, executive director of the Tunisian Federation of Insurance Companies, said that the federation is considering setting up an organization to fight insurance fraud, which costs the industry about $60 million per year. ... read more
    Business Insurance
  • ArgoGlobal hires Munich Re’s Mitchell for onshore business
    Argo Group's Lloyd's operation ArgoGlobal has hired Elizabeth Mitchell as an onshore energy underwriter, reporting to Jodi Davenport, class underwriter, onshore and downstream energy. She joins the insurer from Munich Re, where she was an oil and gas underwriter. Prior to working at Munich Re, Mitchell was assistant underwriter for renewable energy at specialist carrier GCube Underwriting. She began her underwriting career at Argenta Syndicate Management, as an underwriting assistant to the power team. Commenting ... read more
    Inside FAC
  • Reinsurance investment in InsurTech rises to $1 billion in Q217: Valen Analytics
    Reinsurance investment into InsurTech rose to $1 billion in Q2 2017 – an indicator that reinsurers are accelerating the pace of innovation in an industry rife with disruption, according to a report on InsurTech market dynamics by Valen Analytics. After Google, Overstock, and other large platforms tried to enter the re/insurance market and then exited, Valen analysts said many in the industry saw this as reinforcement that insurance is “too complex, too regulated, and too ... read more
    Reinsurance NewsBy Marianne Lehnis
  • Philippine Congress to Probe Reinsurance Contracts by State-Owned GSIS
    The Philippines’ House of Representatives has been tasked to conduct a probe on the reinsurance contracts awarded to domestic insurance companies by the state-owned Government Service Insurance ... read more
    AM Best TV
  • AXA to cease cover for coal and oil sands
    AXA has announced its intention to cease writing insurance for coal and oil sands producers, as part of its stated commitment to fighting climate change. The French-owned multinational insurance group said in a statement today (12 December) that it would be: "Phasing out of insurance coverage for new coal construction projects and oil sands businesses." The carrier also plans to make over EUR3bn ($3.54bn) of additional divestments from "carbon-intensive energy producers" at the same time ... read more
    Inside FAC
  • Sign-Up Deadline Is Friday, But Some People May Get Extra Time
    Open enrollment on the federal health law’s marketplace ends Friday, and most people who want a plan for next year need to meet the deadline. But some consumers who miss the cutoff could be surprised to learn they have the opportunity to enroll later. “While a lot of people will be eligible … I am still worried that a lot of consumers won’t know it,” said Shelby Gonzales, a senior policy analyst at the Center ... read more
    Kaiser InsuranceBy Michelle Andrews
  • Magnitude-6.0 quake hits western Iran
    A 6.0-magnitude earthquake struck western Iran near the Iraq border on Dec. 11. ... read more
    Business Insurance
  • Researchers Say Businesses Need Better Approach to Compliance Programs
    Recent reports of sexual harassment committed by powerful men also highlight the failures of corporate compliance programs designed to protect employees. This is because few companies understand how their employees reach unethical and illegal decisions or have compliance strategies aimed … ... read more
    Claims Journal
  • North Dakota Town’s Levee Project Won’t Help Protect Some Homes
    A $4 million flood protection project in Bismarck, North Dakota, set for next year will affect nearly two dozen properties that won’t be protected by the levee that’s being built. The Burleigh County Water Resource District’s project will damage driveways, … ... read more
    Claims Journal
  • Business News: Sedgwick, GEICO, Bardavon Health Innovations, Enservio
    Sedgwick to acquire Cunningham Lindsey Sedgwick Claims Management Services, Inc., a global provider of technology-enabled risk and benefits solutions, has signed an agreement to acquire Cunningham Lindsey, a global loss adjusting, claims management and risk solutions firm. Cunningham Lindsey assists … ... read more
    Claims Journal
  • ILS NYC 2018: More speakers announced
    We’re pleased to reveal four more expert speakers, from GC Securities, HSBC Global Asset Management, Property Claim Services (PCS) and Mt. Logan Re Ltd., who have been added to the roster for our second conference in New York, Artemis ILS NYC 2018. More than 175 people have already secured their ticket for the conference, so if you do intend on joining us please book your place today. Last year we sold out almost a month ... read more
    ArtemisBy Artemis
  • Opinion: Wildfires and climate change
    If California governor Jerry Brown is right, insurers can look forward to many more prolonged and extraordinarily destructive wildfire seasons even after the current record spate recedes. The long-serving Democrat, who is set to speak today in Paris on the two-year anniversary of the Paris Agreement to combat climate change, will focus in part on his state's propensity for wildfires and how weather changes have affected their duration and severity. Brown visited Ventura County last ... read more
    Insurance Insider
  • California wildfire atrocity continues – reports
    Insurers continue to count the expense of the costliest year for wildfires in US history ... read more
    Insurance Business MagazineBy Insurance Business
  • “The soft market feels over for now”: RBC Capital Markets
    2018 should be the end of the soft market for European re/insurance in catastrophe loss affected lines, with property lines, in particular property direct and facultative re/insurance forecast to see the best price increases in excess of 10%, according to RBC Capital Markets. “We expect prices to increase – the soft market feels over for now. Outside of property lines, we expect that prices will also increase in other catastrophe exposed lines of business including most ... read more
    Reinsurance NewsBy Marianne Lehnis
  • Quantemplate gains $3.3mn of backing from Columbia Lake
    InsurTech Quantemplate has received £2.5mn ($3.3mn) of capital from new investor Columbia Lake Partners and named a CEO. The five-year-old company said the Columbia Lake funding is in addition to unspecified new financial commitments from original investors, which include Route 66 Ventures, Anthemis, TransAmerica Ventures and Allianz. Quantemplate has received £10 million of financing in total since its founding five years ago. The technology company provides machine learning tools to (re)insurers. It said revenues have ... read more
    Insurance Insider
  • Green earthquake alert (Magnitude 5.9M, Depth:10km) in Iran, Islamic Republic of 12/12/2017 08:43 UTC, 890000 people within 100km.
    On 12/12/2017 8:43:18 AM, an earthquake occurred in Iran, Islamic Republic of potentially affecting 890000 people within 100km. The earthquake had Magnitude 5.9M, Depth:10km. ... read more
    Global Disaster
  • Markel CATCo fund sets up 4.4% loss reserve for October California wildfires
    Markel CATCo Investment Management Ltd. has established a loss reserve amounting to 4.4% of net asset value (NAV) for its listed retrocessional reinsurance fund, the CATCo Opportunities Fund, to cover any losses from the wildfires that struck the northern California region during October 2017. The California wildfires are just the latest global catastrophe loss events for which Markel CATCo has established loss reserves, having done so already for hurricanes Harvey, Irma and Maria. With the ... read more
    ArtemisBy Artemis
  • Pilot pleads guilty to staging crash for insurance payout
    He became a minor celebrity when his plane crashed into the sea ... read more
    Insurance Business MagazineBy Insurance Business
  • Zurich snags insurance business from Australian banking giant
    Company will pay more than $2 billion for the business which will give it the largest market share in Australia ... read more
    Insurance Business MagazineBy Insurance Business
  • Allstate embarks on $300mn share repurchase
    Allstate has embarked on its latest round of share buy-backs, enlisting Morgan Stanley to scoop up $300mn-worth of shares by 8 February. The share buybacks form part of a $2bn buy-back announced by the insurer on 1 August. So far, Allstate has bought back $477mn worth of equity from investors, making up 5.1mn shares. Allstate said on 1 August that the $2bn repurchase program will conclude by February 2019. ... read more
    Insurance Insider
  • Zurich buying ANZ’s Australian life insurance business for AU $2.85bn
    Insurance giant Zurich is making a strong move to strengthen its business in Australia, lining up an acquisition of ANZ’s life insurance businesses, OnePath Life, in Australia for AU $2.85 billion (US $2.14 billion). The acquisition will leave Zurich as the market leading retail life insurer in Australia and the company says this deal reinforces its strategy of “focusing on capital-light protection and unit-linked business, expanding bancassurance capabilities and reducing volatility.” But a huge benefit ... read more
    Reinsurance NewsBy Steve Evans
  • Harrold to Retire as Chairman, CEO of Auto-Owners Insurance
    Jeff Harrold, chairman and chief executive officer of Lansing, Michigan-based Auto-Owners Insurance Co. and its affiliates, is retiring effective Dec. 31, 2017, the company announced. He has been with the company for more than 40 years. Harrold will be succeeded … ... read more
    Insurance Journal
  • Supreme Court Won’t Hear Sexual Orientation Job Bias Case
    The U.S. Supreme Court turned down a chance to decide whether the main federal job-bias law bars discrimination on the basis of sexual orientation. The nation’s highest court on Monday rejected an appeal by Jameka Evans, who said she was … ... read more
    Insurance JournalBy Greg Stohr
  • Why Publishing Policies Against Workplace Sexual Harassment Is Not Enough
    Sexual misconduct happens at work not because companies don’t publish anti-harassment policies, experts say, but because managers don’t enforce them – and because people fail to apply them to themselves. While the floodgates on reporting abuse and sexual harassment have … ... read more
    Insurance JournalBy Barbara Ortutay
  • Lawyers Handling Marijuana Business Operate in Hazy Legal Zone
    Just as entrepreneurs getting into the retail pot industry need a good lawyer, some of those lawyers might be wise to consult an attorney of their own. Lawyers in the burgeoning business are entering a legal gray zone where the … ... read more
    Insurance JournalBy Brian Melley
  • Death at Kentucky Ford Truck Plant Under Investigation
    Authorities are investigating the death of a man at a Ford truck plant in Kentucky. Media outlets report that police responded to Ford’s Kentucky Truck Plant in Louisville just before 1 a.m. Saturday. Officers found emergency personnel and Ford security … ... read more
    Insurance Journal
  • Brentwood Services Administrators of Tennessee Adds Anderson to Claims Unit
    Brentwood Services Administrators Inc. (BSA), headquartered in Brentwood, Tenn., has added Deanna Nicole Anderson as a claims assistant in its occupational injury unit in the Brentwood office, according to Jeff Pettus, president and chief executive officer of Brentwood Services Administrators … ... read more
    Insurance Journal
  • Ex-Tennessee Lawmaker Sues Trucking Company for $1.5M Over Accident Injuries
    A former Tennessee lawmaker is suing an Illinois trucking company for injuries he received in a vehicle accident. The Kingsport Times News reports that former state Rep. Jason Mumpower, who is currently the Tennessee Comptroller chief of staff, filed a … ... read more
    Insurance Journal
  • Crime doesn’t pay for the newest members of the Hall of Shame
    There is no honor among these scammers for the millions in fraud they perpetrated. ... read more
    Property Casualty 360
  • Economist: Hurricane Harvey’s Impact Will Guide Future Development in Houston
    A Houston business group said on Dec. 8 that Hurricane Harvey’s biggest long-term impact on the nation’s fourth-largest city likely will be on where and how new homes and structures are built. The results of Harvey’s flooding will likely guide … ... read more
    Insurance JournalBy Juan A. Lozano
  • Bismarck, North Dakota, Levee Won’t Protect Some Homes from Flooding
    A $4 million flood protection project in Bismarck set for next year will affect nearly two dozen properties that won’t be protected by the levee that’s being built. The Burleigh County Water Resource District’s project will damage driveways, sprinkler systems … ... read more
    Insurance Journal
  • Little-Used Retirement Option Gets a Big Boost: Part II
    David A. Rains, Managing Director and Healthcare and Life Specialty Leader and Michael R. Parker, Managing Director, Senior Business Development Broker Contact In the meantime, this complexity and... ... read more
    GC Capital IdeasBy GC Editor
  • Key D&O Insurance Policy Wording Issues and Coverage Concerns
    Over the course of several years in which the marketplace for D&O insurance has been highly competitive, the scope of coverage available has continued to evolve and expand.  Terms and conditions are available today that were not available even a short time ago, as carriers attempt to distinguish themselves in a crowded marketplace. The marketplace is a buyer’s market, but in order to ensure that corporate insurance buyers obtain the best coverage available, it is ... read more
    D&O DiaryBy Kevin LaCroix
  • The Hartford expands Bush’s role as Sprague steps down
    The Hartford has added personal lines to the portfolio of small commercial head Stephanie Bush. Bush, who has overseen small commercial lines since 2014, replaces Ray Sprague, who is retiring after 30 years with the company, the Hartford, Connecticut-based carrier said today. Bush will still report to president Doug Elliot, as she has been, the insurer said. Before rejoining The Hartford as chief product and underwriting office for small commercial in 2013, Bush worked for ... read more
    Insurance Insider
  • Zurich Insurance to acquire ANZ Life unit for $2.2 billion
    Zurich Insurance has been restructuring under Italian CEO Mario Greco who has been selling assets, cutting jobs and lowering the insurer’s risk profile. ... read more
    Property Casualty 360
  • Liberty Mutual London unit to redomicile to Luxembourg
    Business Insurance
  • EU finance ministers knock US ‘base erosion’ reforms
    Tax reform proposals that would significantly affect the (re)insurance axis between the US and offshore havens such as Bermuda came under fire today from the finance ministers of the five largest European Union economies. The proposals, described in pending legislation as targeting "base erosion" and profit shifting, could violate international treaties against double taxation, the finance ministers from Germany, France, Britain, Italy and Spain reportedly said in a letter to US Treasury Secretary Steve Mnuchin. ... read more
    Insurance Insider
  • Texas lifts post-Harvey workers comp disaster deadlines
    Business Insurance
  • Supreme Court won’t take sexual orientation case
    In a surprise move, the U.S. Supreme Court has refused to reconsider a Title VII appeals court ruling in a case filed by a lesbian former hospital security guard. ... read more
    Business Insurance
  • Florida guaranty association taking over insolvent comp insurer’s claims
    The American Guaranty Fund Group is handling existing claims for the now-insolvent Guarantee Insurance Co., the fund’s chief operating officer, Tom Streukens, told Business Insurance. ... read more
    Business Insurance
  • Zurich to buy Australian life insurer‍
    Business Insurance
  • Commercial insurance rates steady
    Business Insurance
  • Florida gains dubious distinction of top ‘judicial hellhole’ for 2017
    Florida tops the American Tort Reform Foundation’s list of “judicial hellholes,” the organization said in its annual report. ... read more
    Business Insurance
  • Validus reorganizes, names segment leaders
    Business Insurance
  • Validus reorganizes, names segment leaders
    Business Insurance
  • Workers comp for elves kicks off Santa’s Insurance
    Bermuda-based Argo Group is making a Christmas list, too: Insurance for Santa. ... read more
    Business Insurance
  • Monsanto could not have foreseen PCB risk, court affirms
    A federal appeals court upheld a lower court ruling that biotech giant Monsanto Co. could not have foreseen the risk of alleged contamination from PCBs in a Massachusetts middle school. ... read more
    Business Insurance
  • Zurich acquires ANZ’s life insurance business for $2.1bn
    Swiss insurer will hold the number one slot in the Australian retail life insurance market ... read more
    Financial Times
  • Rebuild cost of California fire-threatened homes tops $5bn: CoreLogic
    Wildfires scorching huge areas of Southern California since last week have put at least 13,526 homes at extreme or high risk of damage, real estate data and analytics provider CoreLogic estimates. The reconstruction value of the properties in that category exceeds $5bn, CoreLogic said today, indicating the average rebuilding cost would be about $370,000. And that is just for the three largest out of the six named fires currently testing the mettle of thousands of ... read more
    Insurance Insider
  • Green earthquake alert (Magnitude 5.5M, Depth:8.58km) in Chile 11/12/2017 19:00 UTC, About 100 people within 100km.
    On 12/11/2017 7:00:55 PM, an earthquake occurred in Chile potentially affecting About 100 people within 100km. The earthquake had Magnitude 5.5M, Depth:8.58km. ... read more
    Global Disaster
  • AIR: 2017 average insured cat loss tally stable at nearly $80bn
    AIR Worldwide has estimated the global average annual aggregate catastrophe insured loss (AAL) at $78.7bn in 2017. The 100-year return period loss for catastrophes worldwide was $246.9bn, the modelling firm said in its 2017 Global Modeled Catastrophe Losses report, which uses its global industry exceedance probability (EP) curve. Last year, the global insured average annual loss and 100-year return period loss were $80.0bn and $252.9bn respectively. AIR explained that the AAL represents average expected losses ... read more
    Trading Risk
  • Vietnam Suffers Rare $1 Billion Natural Catastrophe Loss: Aon Benfield Report
    Typhoon Damrey made landfall in Vietnam during November as a Category 2 strength storm, bringing estimated economic damages of VND22.1 trillion (US$1.0 billion) – a rare billion-dollar event for the country, according to Impact Forecasting, Aon Benfield’s catastrophe model development … ... read more
    Insurance Journal
  • Vietnam Suffers Rare $1 Billion Natural Catastrophe Loss: Aon Benfield Report
    Typhoon Damrey made landfall in Vietnam during November as a Category 2 strength storm, bringing estimated economic damages of VND22.1 trillion (US$1.0 billion) – a rare billion-dollar event for the country, according to Impact Forecasting, Aon Benfield’s catastrophe model development … ... read more
    Insurance Journal
  • Bridges Tapped to Lead INSURICA’s Texas Region
    Oklahoma City-based independent insurance agency, INSURICA, has named Mark Bridges to lead its Texas operations as regional president. Bridges is currently the president of INSURICA DFB Insurance Services Inc. (formerly DFB Insurance Group LLC) and is a third-generation insurance executive. … ... read more
    Insurance Journal
  • Bridges Tapped to Lead INSURICA’s Texas Region
    Oklahoma City-based independent insurance agency, INSURICA, has named Mark Bridges to lead its Texas operations as regional president. Bridges is currently the president of INSURICA DFB Insurance Services Inc. (formerly DFB Insurance Group LLC) and is a third-generation insurance executive. … ... read more
    Insurance Journal
  • Hackers hit major ATM network after US, Russian bank breaches: Report
    (Reuters) — A previously undetected group of Russian-language hackers silently stole nearly $10 million from at least 18 mostly U.S. and Russian banks in recent years by targeting interbank transfer systems, a Moscow-based security firm said. ... read more
    Business Insurance
  • Who’s using what in P&C insurance: Dec. 11, 2017
    Technology news from Metromile, Progressive, APT, Insurity, Sirius Group, Fortegra, Clearcover, the Ohio Bureau of Workers’ Compensation and more… ... read more
    Property Casualty 360
  • Lockton Affinity Adds Cyber Coverage to Lawyers PL Program
    Lockton Affinity Lawyer has added CyberLock Lawyer to its portfolio of products for lawyers and firms with one to 19 attorneys. The CyberLock Lawyer cyber risk insurance policy protects firms and attorneys from cyber risks, such as confidentiality and privacy … ... read more
    Insurance Journal
  • Nebraska Corn Crop Diminished by Strong Winds in Late October
    Several days of strong winds in late October arrived at the wrong time for many farmers who saw their crops shrink as ears of corn fell to the ground in Nebraska and western Iowa. The extent of the damage varied, … ... read more
    Insurance JournalBy Josh Funk
  • Zurich Insurance to Acquire ANZ’s Life Businesses in Australia for US$2.14B
    Zurich Insurance Group announced that it has entered into an agreement to acquire 100 percent of ANZ’s life insurance businesses, OnePath Life, in Australia, for A$2.85 billion (US$2.14 billion). Both parties expect the transaction, which is subject to regulatory approval, … ... read more
    Insurance Journal
  • Arkansas Farmers Get $466M in Payments for Crop Losses in 2016
    The U.S. Department of Agriculture says Arkansas farmers received $466 million in federal “safety net” payments this year for their crop losses in 2016, third highest in the nation. The Arkansas Democrat-Gazette reports that this year’s payments are $100 million … ... read more
    Insurance Journal
  • Green earthquake alert (Magnitude 5.7M, Depth:204.3km) in Vanuatu 11/12/2017 17:29 UTC, About 18000 people within 100km.
    On 12/11/2017 5:29:12 PM, an earthquake occurred in Vanuatu potentially affecting About 18000 people within 100km. The earthquake had Magnitude 5.7M, Depth:204.3km. ... read more
    Global Disaster
  • Wisconsin Attorney General: Apartment Building Sprinkler Rule Not Enforceable
    Wisconsin regulators can’t enforce a rule requiring sprinklers in large apartment buildings, Republican Attorney General Brad Schimel said on Dec. 8 in a victory for builders looking to save on costs. The state Department of Safety and Professional Standards adopted … ... read more
    Insurance JournalBy Todd Richmond
  • Guilty of Insurance Fraud, Illinois Chiropractor Gets 20-Month Prison Term
    A suburban Chicago chiropractor has been sentenced to 20 months in prison for billing an insurance company more than $4 million for treatment that was unnecessary or never provided. Federal prosecutors said Thursday 46-year-old Steven Paul of Northbrook pleaded guilty … ... read more
    Insurance Journal
  • Texas Pilot Pleads Guilty to Insurance Fraud in Gulf of Mexico Crash
    A Texas pilot who survived a 2012 Gulf of Mexico crash and used an iPad to record his time in the water acknowledges it was insurance-related fraud. Theodore Robert Wright III pleaded guilty on Dec. 7 in Tyler to conspiring … ... read more
    Insurance Journal
  • Harvey-Related Woes Linger on Some Texas Farms
    For days after Hurricane Harvey flooded her Sour Lake, Texas, neighborhood, Deanna Coburn’s farm was silent, without its usual chorus of bleating goats and crowing roosters. The Beaumont Enterprise reports her chickens fled to the highest parts of the roosts, … ... read more
    Insurance JournalBy Liz Teitz, Beaumont Enterprise
  • Attempt to Kill Bed Bugs Starts Blaze in Ohio; 3 Hurt, Building Heavily Damaged
    Authorities say that three people have been injured and 10 people left homeless after a woman accidentally started a fire while trying to kill bed bugs with rubbing alcohol at a multi-family home in Cincinnati. WXIX-TV reports it’s the second … ... read more
    Insurance Journal
  • ERI Re receives ‘good’ ratings
    A.M. Best has assigned a financial strength rating of “B+ (Good)”, and a long-term issuer credit rating of “bbb-“ to Barbados reinsurer Energy Risk Indemnity Reinsurance (ERI Re) ... read more
    Captive Insurance Times
  • U.S. commercial insurance prices stay nearly flat during Q3
    Price changes reported by carriers averaged less than 1% for the ninth consecutive quarter, following a moderating trend in price increases that began in the first quarter of 2013. ... read more
    Property Casualty 360
  • Skuld hires SVP from Steamship Mutual
    Marine insurer Skuld has named Rachael Simpson as senior vice president at its London protection and indemnity (P&I) operations. Simpson will focus on business development in North America and report to Matthew Burton, head of London P&I. The executive will join in March from Steamship Mutual, where she is the underwriting manager for its American business. Prior to this, Simpson held broking roles at Aon, Benfield Corporate Risk and Marsh. Ståle Hansen, Skuld president and ... read more
    Insurance Insider
  • Liberty Specialty Markets to move insurance headquarters to Luxembourg
    Liberty Specialty Markets (LSM), has revealed plans to move its insurance headquarters from the UK to Luxembourg, while maintaining a substantial London presence through a UK branch. LSM said the decision was taken in preference to setting up a separate insurance company. LSM’s President & Managing Director Matthew Moore, said; “the structure that we are announcing today will set us up perfectly to take advantage of the opportunities that we have in Europe in the post-Brexit ... read more
    Reinsurance NewsBy Marianne Lehnis
  • Hackers Fail at Second Cyberattack Attempt on North Carolina County
    A North Carolina county recovering from a cyberattack says hackers failed in a second attempt to infiltrate their computer system. Mecklenburg County officials say foreign hackers redoubled their efforts after the county refused to pay a ransom last week. But … ... read more
    Insurance Journal
  • AssuredPartners snaps up Owen-Dunn Insurance
    AssuredPartners has acquired Owen-Dunn Insurance Services of Sacramento ... read more
    Captive Insurance Times
  • MagMutual acquires TPA Incorporated Protective Cell
    MagMutual Insurance Company has acquired TPA Incorporated Protective Cell, which was owned by a series of Georgia physicians ... read more
    Captive Insurance Times
  • China’s Pension Funds Face Shortfalls as Country Struggles with Aging Population
    Thirteen pension funds in regions and administrative units around China only have enough money to pay less than one year’s worth of pensions, media reported on Monday, as the country struggles with an aging population and shortfalls in the nation’s … ... read more
    Insurance Journal
  • Zurich to Acquire ANZ’s Life Insurance Businesses in Australia for $2.14 Billion
    Zurich Insurance Group will acquire all of Australia and New Zealand Banking Group’s life insurance businesses, OnePath Life, in Australia for US$2.14 billion (A$2.85 billion), financed through ... read more
    AM Best TV
  • Enstar set to secure £850mn Novae legacy deal
    Enstar is the frontrunner to reinsure-to-close (RITC) Novae's £850mn ($1.1bn) legacy book after it entered exclusive talks with Axis Capital, The Insurance Insider can reveal. This publication previously reported that Enstar was up against an R&Q-Axa consortium for the book, which holds all business Novae wrote before 1 January 2016. Sources suggested a deal could be announced later this week. Any RITC transaction would be executed via Enstar's Shelbourne Syndicate 2008. The size of the ... read more
    Insurance Insider
  • Fraud: Staged Plane Crash, False Drought Claim, Chiropractor Bribes Crash VIctims
    Texas Pilot Guilty in Gulf of Mexico Crash Insurance Fraud A Texas pilot who survived a 2012 Gulf of Mexico crash and used an iPad to record his time in the water acknowledges it was insurance-related fraud. Theodore Robert Wright … ... read more
    Claims JournalBy Denise Johnson
  • Liberty to redomesticate UK insurance company
    Liberty Specialty Market (LSM) is set to redomicile its insurance company to Luxembourg, while maintaining its London presence ... read more
    Captive Insurance Times
  • Tribe in New Mexico Requesting Federal Disaster Declaration for Flooding
    New Mexico’s congressional delegation is asking the federal government for help as a Native American community in the state is recovering from the effects of severe weather and flooding. The delegation says a storm in early October damaged roads, bridges … ... read more
    Insurance Journal
  • AIR Worldwide: Global Insured Average 2017 Loss Totals $78.7 Billion
    The global aggregate average annual loss for the insurance industry this year totaled $78.7 billion, down slightly from last year’s $80 billion, according to AIR Worldwide. The modeler assesses ... read more
    AM Best TV
  • California Governor Say Firefighting at Christmas May Become Normal
    A week of destructive fires in Southern California is ending but danger still looms. Well into what’s considered the wet season, there’s been nary a drop of rain. That’s good for sun-seeking tourists, but could spell more disaster for a … ... read more
    Insurance Journal
  • Commercial Insurance Prices in U.S. Stayed Flat in Q3: Willis Towers Watson
    Commercial insurance prices in the U.S. were again nearly flat during the third quarter of 2017. Price changes reported by carriers averaged less than one percent for the ninth consecutive quarter, following a moderating trend in price increases that began … ... read more
    Insurance Journal
  • P&G Becomes Improbable Supporter of Ingredient Disclosure Rule
    It took more than a decade, but California has a new law requiring extensive labeling of ingredients in cleaning products, and it got support from what might seem the unlikeliest of advocates: product manufacturers themselves. Companies like Procter & Gamble … ... read more
    Claims JournalBy Lauren Coleman-Lochner
  • NiSource captive rated ‘excellent’ by A.M. Best
    A.M. Best has given the financial strength rating of “A- (Excellent)” and the long-term issuer credit rating of “a-” to NiSource Insurance Corporation (NICI). ... read more
    Captive Insurance Times
  • Drug Industry Files Suit to Halt California’s Drug Price Law
    The trade group representing U.S. drugmakers said it has a filed a lawsuit to stop California from implementing a law aimed at reining in prescription drug prices. The Pharmaceutical Research and Manufacturers of America, in a statement, said it filed … ... read more
    Insurance JournalBy Deena Beasley
  • Drug Industry Files Suit to Halt California’s Drug Price Law
    The trade group representing U.S. drugmakers said it has a filed a lawsuit to stop California from implementing a law aimed at reining in prescription drug prices. The Pharmaceutical Research and Manufacturers of America, in a statement, said it filed … ... read more
    Insurance JournalBy Deena Beasley
  • AIA Asks NAIC to Consider ‘Sandbox’ Model Law to Help Insurers Test New Products
    The American Insurance Association wants state insurance regulators to consider adopting model legislation to allow the creation of “sandboxes” that would waive some regulatory requirements for ... read more
    AM Best TV
  • European Big Four retrocession largely intact despite heavy loss year: CreditSights
    Although SCOR and Swiss Re have dramatically increased their exposure to U.S. natural catastrophes in recent years, all of the European big four reinsurers still boast ample capacity with retrocession cover largely intact, according to a CreditSights report. Analysts explained that in 2005, Swiss Re had incurred about €1 billion from hurricanes KWR, and this figure has doubled to €2.25 billion in 2017 despite insured market losses being comparable. CreditSights noted “a similar trend ... read more
    Reinsurance NewsBy Marianne Lehnis
  • Insured Losses for Germany-Austria’s Storm Herwart Estimated at $337.3M: PERILS
    The initial insured property loss estimate for Extratropical Cyclone Herwart, which hit Austria and Germany on Oct. 29, 2017, is €252 million ($337.3 million), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data. In line with … ... read more
    Insurance Journal
  • Fired asbestos whistleblower gets award
    A whistleblower who reported improper asbestos removal practices at a school worksite has won a $173,794 award after being fired for reporting these practices. ... read more
    Business Insurance
  • Appeals Court Puts Hold on NAFA Lawsuit Over Fiduciary Rule
    A federal appeals court has suspended oral arguments in a lawsuit by the National Association for Fixed Annuities, which had questioned the constitutionality of the U.S. Department of Labor’s new ... read more
    AM Best TV
  • Southern California Wildfires Damage or Destroy 1,439 Structures
    The largest of the wildfires in the Los Angeles region, the Thomas Fire continues to rage out of control and has destroyed 794 structures and damaged 187, the vast majority single-family ... read more
    AM Best TV
  • Vermont Man Maintains Innocence in Relatives’ Mysterious Deaths
    A Vermont man denied in court papers Wednesday allegations that he killed his millionaire grandfather in 2013 and claims he doesn’t know the whereabouts of his mother who disappeared after a boat they were on sank off Rhode Island. Nathan … ... read more
    Claims JournalBy MICHAEL CASEY
  • Fighting Wildfires at Christmas May Become Normal in California
    A week of destructive fires in Southern California is ending but danger still looms. Well into what’s considered the wet season, there’s been nary a drop of rain. That’s good for sun-seeking tourists, but could spell more disaster for a … ... read more
    Claims JournalBy ELLIOT SPAGAT and BRIAN MELLEY
  • Florida market forecast for growth into 2018: KBW
    Florida (FL) homeowners insurers’ underwriting margins are forecast for expansion next year, with assignment of benefits (AoB) related loss inflation expected to stabilise and Florida insurers passing reinsurance rate increases onto policyholders, according to Keefe, Bruyette & Woods (KBW). Although Florida insurers will see reinsurance rates rise, KBW said they can pass rate increases to their policyholders, which should mitigate any adverse margin impact. Each of the five public Florida insurers having already filed or received ... read more
    Reinsurance NewsBy Marianne Lehnis
  • Florida market forecast for growth into 2018: KWB
    Florida (FL) homeowners insurers’ underwriting margins are forecast for expansion next year, with assignment of benefits (AoB) related loss inflation expected to stabilise and Florida insurers passing reinsurance rate increases onto policyholders, according to Keefe, Bruyette & Woods (KBW). Although Florida insurers will see reinsurance rates rise, KWB said they can pass rate increases to their policyholders, which should mitigate any adverse margin impact. Each of the five public Florida insurers having already filed or received ... read more
    Reinsurance NewsBy Marianne Lehnis
  • Aviva: Only 4% Will Exit UK Pension Despite Contribution Rise
    Despite a scheduled increase in the mandatory contributions U.K. workers will make to their auto-enrollment workplace pensions, only 4% of current participants intend to exercise their right to opt ... read more
    AM Best TV
  • Validus Appoints Executives to Lead Three New Company Segments
    Validus Holdings Ltd. has named the senior executives who will lead the company’s three new reportable segments as it develops a global strategy and continues to build out its U.S. insurance ... read more
    AM Best TV
  • ArgoGlobal hires energy underwriter from Munich Re
    Lloyd's insurer ArgoGlobal has bolstered its energy team with the appointment of Elizabeth Mitchell as onshore energy underwriter, The Insurance Insider can reveal. Mitchell takes up the role with immediate effect and reports to Jodi Davenport, class underwriter for onshore and downstream energy. She joins the Lloyd's arm of Argo Group from the position of oil and gas underwriter at Munich Re, prior to which she was an assistant underwriter for renewable energy at GCube ... read more
    Insurance Insider
  • Collateralised reinsurance diversifies UK & Lloyd’s insurer protections: PRA
    The use of collateralised sources of reinsurance and alternative reinsurance capital is providing a significant diversifying element to the protections adopted by United Kingdom insurers and Lloyd’s of London syndicates, according to information from the Bank of England. The Bank of England’s Prudential Regulation Authority (PRA) division said today, in discussing the results of its 2017 General Insurance Stress Test (GIST), that, “There is no evidence that the level of interconnectedness, reflected by the concentration ... read more
    ArtemisBy Artemis
  • Missouri Regulators Recommend 3% Workers’ Comp Loss Costs Cut for 2018
    The Missouri Department of Insurance is recommending a 3% cut in workers’ compensation loss costs for 2018, meaning rates for in-state employers should drop for the fourth consecutive ... read more
    AM Best TV
  • Bullish investors will be disappointed by 1/1 renewals: KBW
    Keefe, Bruyette & Woods (KBW) expects January 1 renewal rate increases to mostly disappoint bullish investors due to ample traditional and alternative capacity limiting rate increases in loss affected lines. KBW places retro rate increases at 20 – 30%, but is less hopeful for affected reinsurers, saying “bigger rate increases will probably require either new catastrophic losses or higher estimates for past events” and forecasting “North American property – catastrophe rate increases of 10 -15%; ... read more
    Reinsurance NewsBy Marianne Lehnis
  • Vermont Man Whose Relatives Died Mysteriously Must Give Gun Info
    A Vermont man whose mother and grandfather died in mysterious circumstances must turn over information related to a missing gun, as well as phone and other records, in a Rhode Island lawsuit over insurance on his sunken boat. Nathan Carman … ... read more
    Insurance JournalBy Michelle R. Smith
  • McKesson Board Minutes Indicate Little Oversight by Directors of Opioid Operations, Lawsuit Says
    McKesson Corp.’s board failed to audit the company’s system to spot suspicious shipments of opioid-based painkillers even after agreeing to do so as part of a settlement, according to a summary of board minutes unsealed Friday in a shareholder lawsuit. … ... read more
    Insurance JournalBy Anders Melin and Jef Feeley
  • Pennsylvania’s Erie Insurance Promotes Wallace Oakley
    Erie Insurance has promoted Dionne Wallace Oakley to executive vice president of Human Resources and Strategy. The appointment is effective Jan. 1, 2018. In this role, she will expand her oversight to include several strategic functions. Wallace Oakley came to … ... read more
    Insurance Journal
  • Maine’s BroGue Insurance & Financial Services Hires Guerin
    BroGue Insurance & Financial Services, a Bangor, Maine-based independent insurance agency, has hired Timothy Guerin as an insurance agent. Guerin’s insurance sales career began with Liberty Mutual Insurance. BroGue offers personal, business, life and health insurance from a variety of … ... read more
    Insurance Journal
  • R&Q Insurance enters underwriting agreements with Xpekt & Blagrove
    R&Q Insurance (Malta) (RQIM), a unit of Randall & Quilter, has entered into delegated underwriting agreements with UK motor MGA Xpekt (Xpekt) and UK fleet specialist Blagrove Underwriting Agency (Blagrove). Xpect specialises in rural private and commercial vehicles, motorcycles and specialist vehicles with anticipated annualized Gross Written Premiums of £15.6 million whilst Blagrove specialises in UK fleet with expected annualized Gross Written Premiums of £11.6 million. Ken Randall, Chairman and CEO of the R&Q Group commented ... read more
    Reinsurance NewsBy Marianne Lehnis
  • Perils pegs Herwart property loss at EUR252mn
    The insured property loss from Extratropical Cyclone Herwart has reached EUR252mn ($297mn), catastrophe data aggregator Perils has estimated. Herwart caused significant damage in Germany and Austria on 29 October, with a top gust speed of 180 km/h recorded on the Feuerkogel Mountain in Upper Austria. The storm brought strong gusts to Northern and Eastern Germany in the first half of the day, although the extreme winds only lasted two to three hours, Perils said. Austria ... read more
    Trading Risk
  • Validus re-orgs, Zeng adds Global Head of Asset Management role
    Validus Holdings, Ltd., the Bermudian insurance, reinsurance and third-party capital management firm (through its AlphaCat Managers Ltd. unit), has announced a re-organisation of its reportable segments, naming three new global leaders, including Lixin Zeng, CEO of AlphaCat, taking on a Global Head of Asset Management role. Validus has named new global leadership executives, to match the new re-organisation into three new reportable segments, Reinsurance, Insurance and Asset Management. Kean Driscoll takes on the position of ... read more
    ArtemisBy Artemis
  • World Leaders Aim to Breathe New Life into Paris Climate Pact; AXA Plans Initiatives
    French President Emmanuel Macron this week will seek to breathe new life into the fight against global warming and sway debate away from skeptics of the process led by U.S. President Donald Trump. At a series of events in Paris … ... read more
    Insurance JournalBy Mark Deen and Ewa Krukowska
  • California wildfire scorches area larger than New York
    The Californian wildfires are now covering an area the size of New York, according to media reports. The Thomas fire in Ventura and Santa Barbara is the largest of the cluster of wildfires currently raging in the state. Fanned by strong winds, it grew by more than 50,000 acres in a day and has now consumed 230,000 acres of land in a week, the BBC reported. On Sunday (10 December), firefighters reported that 15 percent ... read more
    Trading Risk
  • Validus shakes up senior management
    AlphaCat CEO Lixin Zeng has been given the additional role of global head of asset management business at Validus as part of a reorganisation of senior management at the (re)insurer. The reshuffle is aimed at promoting closer collaboration between units, including specialty insurer Talbot, US insurer Western World and asset management operation AlphaCat. Talbot Group CEO Peter Bilsby has taken on the additional role of global head of insurance. Talbot focuses on specialty insurance within ... read more
    Trading Risk
  • Uncomfortable truths at NWCDC
    Frank Pennachio is one of those people every industry really needs. He’s blunt, outspoken, deeply insightful and completely unafraid to challenge established practices. Especially when those practices need to be challenged. Thursday at NWCDC, Frank and Denise Algire discussed the ways employers pay for managed care services, and how those are often disconnected entirely from the quality of the care delivered to patients. Frank’s key question is this; do managed care programs improve care or ... read more
    Joe PadudaBy Joe Paduda
  • Marijuana use could be jeopardizing safety on the roads, survey finds
    A new survey conducted on behalf of the Property Casualty Insurers Association of America has found that more Americans consider using social media and texting to be more dangerous while driving than being under the influence of marijuana. ... read more
    Property Casualty 360
  • Validus Names Driscoll, Bilsby & Zeng to Lead New Reportable Divisions
    Validus Holdings Ltd. has announced three senior leadership appointments as a result of a structural change for the company that creates three, new reportable divisions: Reinsurance, Insurance and Asset Management. Kean Driscoll was named global head of Reinsurance, in addition … ... read more
    Insurance Journal
  • U.S. P/C insurers’ catastrophe losses triple YOY: Fitch
    U.S. property and casualty (P/C) insurers reported a sharp decline in results as catastrophe losses for the group nearly tripled from 2016, according to Fitch Ratings in a new report. Fitch believes that 2017 may see a record for insured catastrophe losses for the U.S. P/C market after Hurricanes Harvey, Irma and Maria drove massive catastrophe losses which soared to $27.9 billion from $9.7 billion the year prior. This caused 52 P/C insurers studied in ... read more
    Reinsurance NewsBy Marianne Lehnis
  • Aspen Names Former Maybank Exec as Group COO
    Aspen Insurance Holdings Ltd. has appointed David Schick, a former Maybank executive vice president, as group chief operating officer. He succeeds Richard Thornton, who is leaving after almost four ... read more
    AM Best TV
  • 5 ways to increase insurance customer success levels
    While it is true that bringing new prospects into your business is a key part of growth, how you engage and leverage the clients you already have can increase revenue and create new opportunities for growth. ... read more
    Property Casualty 360
  • Ahead of Brexit, Liberty to Redomicile UK Unit to Luxembourg
    As it prepares for the withdrawal of the United Kingdom from the European Union, Liberty Specialty Markets said it will redomicile its U.K.-based insurance company to Luxembourg. Despite the ... read more
    Best’s Insurance News
  • India Regulator Forms Panel to Study Innovation in Insurance
    The Insurance Regulatory and Development Authority of India has formed a working group to study how the latest technology trends such as wearable devices and telematics can impact the local insurance ... read more
    AM Best TV
  • Green earthquake alert (Magnitude 5.6M, Depth:10km) in Tonga 11/12/2017 10:50 UTC, No people within 100km.
    On 12/11/2017 10:50:00 AM, an earthquake occurred in Tonga potentially affecting No people within 100km. The earthquake had Magnitude 5.6M, Depth:10km. ... read more
    Global Disaster
  • Perils estimates Herwart storm losses at $297mn
    Catastrophe data specialist Perils has issued its initial loss estimate for Extratropical Cyclone Herwart, which caused significant damage in Austria and Germany on 29 October. Perils put the insured loss for Herwart, based on loss data from affected insurers, at EUR252mn ($297mn), in line with an earlier loss estimate from actuarial specialist Meyerthole Siems Kohlruss of EUR250mn. The company noted that, in addition to the losses in Germany and Austria, Herwart also affected Denmark, Poland, ... read more
    Inside FAC
  • Houston Residents Might Have to Raise Homes After Harvey
    More than 1,600 Houston residents whose properties flooded during and after Hurricane Harvey may need to elevate their homes if they want to continue living there. The city’s Public Works Department is getting ready to notify property owners in floodplains … ... read more
    Claims Journal
  • Typhoon causes $1 billion of economic losses: Aon Benfield
    A report by U.K.-based reinsurance broker Aon Benfield Group Ltd.'s subsidiary Impact Forecasting L.L.C. said that typhoon Damrey caused an estimated $1 billion in economic losses in Vietnam. ... read more
    Business Insurance
  • Typhoon expected causes $1 billion of economic losses: Aon Benfield
    A report by U.K.-based reinsurance broker Aon Benfield Group Ltd.'s subsidiary Impact Forecasting L.L.C. said that typhoon Damrey caused an estimated $1 billion in economic losses in Vietnam. ... read more
    Business Insurance
  • Typhoon causes $1 billion of economic losses: Aon Benfield
    A report by U.K.-based reinsurance broker Aon Benfield Group Ltd.'s subsidiary Impact Forecasting L.L.C. said that typhoon Damrey caused an estimated $1 billion in economic losses in Vietnam. ... read more
    Business Insurance
  • Insurtech jobs increasing 22 times faster than the rest of the UK market
    There’s no denying it – insurtech has been big news this year. In the UK, the sector saw record investment levels, pulling in £218 million in just the first half of 2017 – more than double the amount invested in the whole of Europe combined, according to Accenture figures. ... read more
    Insurtech News
  • UK insurer partners with Trust Re to provide cover for wind, solar energy projects
    U.K.-based specialist insurer GCube Underwriting Ltd. has partnered with Bahrain-based Trust International Insurance & Reinsurance Co. B.S.C. to provide $95 million of underwriting capacity for new wind and solar projects in the Middle East. ... read more
    Business Insurance
  • Filipino politician calls for probe into government reinsurance contracts
    Pantaleon Alvarez, speaker of the Philippines' lower house of parliament, has called for a probe into the reinsurance contracts awarded to local insurers by the Government Service Insurance System. ... read more
    Business Insurance
  • Pricing falls on Covea’s Hexagon Re cat bond
    Pricing on Covea Group's EUR 90mn ($106.8mn) Hexagon Re cat bond has dropped amid strong investor demand, according to Trading Risk sources. However, the bond is not a true test of rates following the recent hurricanes as it covers French, not US, windstorm which is a rare peril in the ILS market, sources said. The bond is split into two EUR 45mn tranches, both of which have seen a price reduction. The higher-risk class A ... read more
    Trading Risk
  • Cyclone Ockhi likely to cause more than $150 million of damage
    An official of Tamil Nadu state government in India said that cyclone Ockhi is likely to cause 10 billion Indian rupees ($155 million) worth of damage in the state. ... read more
    Business Insurance
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