Wed, 08 Jul 2020 10:57:10 +0000
The Lloyd’s Market Association (LMA) has launched a Delegated Authority Committee (DAC) to inform and guide the evolution of this important aspect of Lloyd’s underwriting, distribution and claims. Delegated authority business currently accounts for rou...
Wed, 08 Jul 2020 10:36:49 +0000
Lloyd’s has started work with three insurtech startups to help the market respond to the COVID-19 pandemic. As part of its package of measures to respond to the COVID-19 pandemic, Lloyd’s has expanded the scope, process and timings for new …
Wed, 08 Jul 2020 09:58:08 +0000
India’s financial technology platform Paytm is set to acquire Mumbai-based private sector general insurer Raheja QBE General Insurance Co. Ltd. The acquisition is subject to customary conditions, including approval from the Insurance Regulatory and Dev...
Wed, 08 Jul 2020 08:03:57 +0000
How reinsurers will respond when cedents pay their insureds for COVID-related business interruptions remains an open question, legal and insurance professionals suggested recently, adding more wrinkles to an already complex claims situation. Illustrati...
Wed, 08 Jul 2020 07:31:40 +0000
Hospitals rapidly approached capacity across the Sunbelt, and the Miami area closed indoor dining at restaurants and gyms again because of the surging coronavirus Monday, as the U.S. emerged from a Fourth of July weekend of picnics, pool parties and …
Wed, 08 Jul 2020 07:22:42 +0000
The TrueNorth Companies Nashville branch will adopt the name of its affiliate, First MainStreet Insurance (FMSI), as part of its efforts to further its presence in the Nashville market. According to TrueNorth Nashville Partner & Benefits Advisor Lou Ho...
Wed, 08 Jul 2020 07:16:24 +0000
It’s time for someone else to have a go at one of the toughest jobs in European finance: deciding the future of Aviva Plc. The UK insurer’s pick of Amanda Blanc as chief executive officer has brought a leader with …
Wed, 08 Jul 2020 07:08:48 +0000
AXA XL announced that Sean McGovern has been appointed as CEO UK & Lloyd’s market, subject to regulatory approval. McGovern had been performing the role on an interim basis for some months and has now been confirmed on a permanent …
Wed, 08 Jul 2020 06:42:25 +0000
Commercial insurers are facing hefty claims from the coronavirus crisis but are also seeing a steep rise in premiums – tempting companies and industry veterans to raise capital, launch new businesses or expand into new lines. New insurance ventures s...
Wed, 08 Jul 2020 05:24:23 +0000
Mike Rice Sr. will retire from Chicago-based Ryan Specialty Group LLC (RSG) at the end of the year, the company said. Rice joined RSG in 2010 as chairman and CEO of RSG Underwriting Managers LLC (RSGUM) and will have completed …
Wed, 08 Jul 2020 05:00:42 +0000
Cannasure Insurance Services has named Jim McErlean director of business development. McErlean will be based in the Redondo Beach, Calif., office. He has more than 20 years of sales, product and distribution management experience in the property/casual...
Wed, 08 Jul 2020 05:00:02 +0000
The civil disturbance that started in Minneapolis after the killing by police of George Floyd spread to 20 other states, leading to an unprecedented property insurance catastrophe. The experience will likely impact policy renewals and could even persua...
Wed, 08 Jul 2020 02:12:49 +0000
The board of data analytics firm CoreLogic yesterday unanimously rejected an acquisition offer from an investment firm and hedge fund, calling the unsolicited bid undervalued. CoreLogic added that it would be willing to meet with the two firms behind t...
Tue, 07 Jul 2020 16:59:10 +0000
Arkansas’ governor on July 3 signed an order allowing cities to enact measures requiring masks in public to prevent the spread of the coronavirus, relenting after opposing such mandates at the state or local level. Gov. Asa Hutchinson signed an …
Tue, 07 Jul 2020 16:56:44 +0000
NEW YORK — Harvey Weinstein and his former studio’s board have reached a nearly $19 million settlement with dozens of his sexual misconduct accusers, New York state’s attorney general and lawyers in a class-action lawsuit said last week. The agreement …
Tue, 07 Jul 2020 16:49:11 +0000
Alera Group has appointed Jim Wochele national vice president of Sales Development. Based in Cleveland, Ohio, Wochele will oversee sales training and development, strategy and execution across the United States. Wochele is an accomplished consultant, s...
Tue, 07 Jul 2020 16:39:34 +0000
Talisman Casualty Insurance Co. of Nevada has launched a surety program designed to help its captive clients avoid the possibility of losses caused by a failure on the principal’s part to meet the obligations of their contracts. Surety bonds are …
Tue, 07 Jul 2020 16:26:26 +0000
The Louisiana Workforce Commission (LWC) will receive $3.45 million from U.S. Department of Labor to support the expansion of its registered apprenticeship programs. The funding received, is part of the USDOL’s “Building State Capacity to Expand Appren...
Tue, 07 Jul 2020 16:24:01 +0000
Ray Harkins will retire as executive vice president and chief underwriting officer, Reinsurance, at St. Louis, Missouri-based Safety National Re. Bob King has been tapped to succeed him as senior vice president and chief underwriting officer, Reinsuran...
Tue, 07 Jul 2020 16:16:07 +0000
Authorities are blaming fireworks for a blaze that caused an estimated $10,500 in damage to a Junction City, Kansas, duplex. WIBW-TV reports that the fire was reported around 4:20 a.m. Sunday on the northeast edge of the city. Junction City …
Tue, 07 Jul 2020 14:50:23 +0000
Nevada health officials reported 843 more confirmed cases of coronavirus on Sunday and four more known deaths. The cumulative number of statewide COVID-19 cases now is 22,418 with 534 known deaths. That’s 1,700 more patients since July 2 when the …
Tue, 07 Jul 2020 14:48:19 +0000
The Anchorage Department of Health released a list of businesses where people who later tested positive for COVID-19 spent extended periods of time. The health department named 19 locations in the Municipality of Anchorage, Palmer and Seward to which t...
Tue, 07 Jul 2020 14:46:17 +0000
California firefighters are battling large wildfires in Santa Clara and Los Angeles counties. A fire that has burned more than 2.3 square miles north of Gilroy was 15% contained as of Monday, and a smaller fire east of Morgan Hill …
Tue, 07 Jul 2020 13:30:45 +0000
Chubb’s disclosure of second quarter 2020 global net catastrophe losses underscores the damage COVID-19 is doing to some carriers’ bottom lines. The global property/casualty insurer estimated $1.8 billion in pretax catastrophe losses for Q2, or $1.5 bi...
Tue, 07 Jul 2020 13:23:14 +0000
The Vermont Superior Court for Washington County has placed Global Hawk Insurance Company Risk Retention Group (Global Hawk RRG) into liquidation as of June 8, 2020. The liquidation is being handled by the Vermont Department of Financial Regulation, as...
Tue, 07 Jul 2020 13:00:06 +0000
Fraud inevitably rises after natural disasters and during economic downturns. The COVID-19 pandemic has brought both conditions to the entire globe at once. Fraud-prevention advocates have long been warning about the coming increase in fraudulent claim...
Tue, 07 Jul 2020 12:37:22 +0000
A multistory health club shuttered by the coronavirus pandemic collapsed into a heap of rubble on a Brooklyn street Wednesday, three weeks after building inspectors ordered a halt to some construction work at the location because of structural problems...
Tue, 07 Jul 2020 12:21:35 +0000
Industry advisory firm TigerRisk Partners announced that Joe Jackson has joined its North American team. Jackson joins TigerRisk from Aon, where he was managing director of Reinsurance Solutions. He joined Benfield (later Aon) in 2006 and developed spe...
Tue, 07 Jul 2020 12:19:52 +0000
Bayer shares fell more 6% on Tuesday after a U.S. judge questioned part of the German company’s proposed settlement to deal with future claims relating to allegations that its widely used weedkiller Roundup caused cancer. Last month Bayer agreed to …
Tue, 07 Jul 2020 11:28:44 +0000
Specialist insurer Beazley has launched an online booking system to make it easier and quicker for brokers to arrange virtual appointments and share relevant documentation securely with underwritrs. Built in collaboration with Microsoft and IT consulta...