Month: September 2021

September 30, 2021

In a recent report, S&P Global Ratings says the demand for cyber coverage has increased significantly since before COVID-19 and that a stronger partnership between insurers and reinsurers could help strengthen coverage, give greater balance sheet protection against frequent, high-severity […]

September 30, 2021

Bermuda-based reinsurer Everest Re Group, Ltd. has announced that its wholly-owned subsidiary, Everest Reinsurance Holdings, Inc., priced a registered public offering of $1 billion aggregate principal amount of 3.125% Senior Notes due 2052. Everest Reinsurance Holdings expects the offering to […]

September 30, 2021

A Houston businessman has been sentenced to two years in federal prison and ordered to pay more than $1.8 million in restitution – nearly five times the money he collected in an insurance fraud scheme. Robert Lance Kuperman, who pleaded […]

September 29, 2021

Trade Credit Insurance is a risk management product offered by governmental export credit agencies as well as private insurance companies to business entities that wish to protect their finances from losses caused by risks such as insolvency, protracted default, and […]

September 29, 2021

BMS Re, the independent specialist reinsurance broker, announced the launch of BMS Brasil Corretora de Resseguros Ltda (BMS Re Brazil), headquartered in Sao Paulo. Confirmation of BMS Re Brazil’s license was published in the Official Gazette on Sept. 27. José […]

September 28, 2021

Investors in insurance-linked securities are leaning toward structured catastrophe bonds rather than broader ILS instruments to steer away from unexpected losses from secondary perils. At the same time, catastrophe bond investors are accepting lower yields than they did two years […]

September 28, 2021

The United Nations Development Programme has launched an initiative to help governments and the private sector in developing countries provide insurance for crises such as pandemics and natural catastrophes, it said on Monday. Disaster recovery costs the world’s 77 poorest […]

September 27, 2021

Industry veteran Andrew Pinkes (pictured) is joining Randall & Quilter Investment Holdings (R&Q) on October 01 to serve as the group’s global chief executive for legacy insurance. “I’m delighted to announce Andy’s appointment as our new global CEO of legacy […]

September 27, 2021

The United Nations Development Programme (UNDP) has announced an initiative aimed at strengthening the protection of vulnerable communities from socio-economic, climate and health-related disasters. handshake-close-up-photoThe Insurance and Risk Finance Facility (IRFF), established in the Finance Sector Hub, is said to […]

September 24, 2021

A recently released report from the state’s insurance department shows more claims and higher average claim costs resulting from the severe and prolonged winter storm that enveloped Texas in mid-February than were previously reported. In the report released Sept. 1, […]

September 24, 2021

A former insurance broker is going to prison for defrauding insurance companies and individual investors out of more than $1 million. U.S. Attorney James P. Kennedy, Jr. announced that Brian Bartz of Rochester, New York, who was convicted of wire […]

September 23, 2021

Citizens Property Insurance Corporation could be dropping support for its independent agents, should a controversial proposal by its chairman gain more traction. On Wednesday, chairman of the board of governors Carlos Beruff resubmitted his proposal to cut independent agents out […]

September 23, 2021

Court Dismisses Claims Against Insurer For Bad Faith Failure To Settle, And For Consequential And Punitive Damages Scottsdale issued a policy to Watershed Ventures, LLC, which included Directors and Officers Liability Coverage. Scottsdale filed a declaratory judgment action seeking a […]

September 22, 2021

GEICO is set to raise auto insurance rates in Illinois by more than 6% on average – one of its highest rate increases in the state in the last six years. It was noted that GEICO had also attempted to […]

September 21, 2021

Zenkyoren, the Japanese National Mutual Insurance Federation of Agricultural Cooperatives and one of the world’s largest buyers of catastrophe reinsurance protection, could secure its largest catastrophe bond ever with its latest issuance, as the top-end target for the Nakama Re […]

September 21, 2021

The United States Court of Appeals for the Third Circuit, applying New Jersey law, has held that an insurer can deny coverage under a claims-made policy, without demonstrating “appreciable prejudice,” if the insured fails to comply with a clear condition […]

September 20, 2021

Foxquilt, a Toronto-based insurtech, announced it has raised an $8 million financing round led by Luge Capital with participation from AmTrust Financial, Extreme Venture Partners and Side Door Ventures. The new capital will be used to support talent acquisition, product […]

September 20, 2021

New research published by Capgemini and Efma shows that, for the first time, 50% of insurance customers are willing to consider coverage from new-age digital players, as incumbents seek strategic partnerships to remain competitive. The World InsurTech Report 2021 notes […]

September 20, 2021

California Insurance Commissioner Ricardo Lara on Monday ordered insurance companies to preserve residential insurance coverage for more than 325,000 policyholders who have been affected by Northern California wildfires across 22 counties. Lara in early September issued similar orders following emergency […]

September 17, 2021

The Texas Department of Insurance eliminated a backlog of consumer complaints and reduced processing times by 80% as part of the agency’s ongoing modernization initiative, the regulatory agency says. “Customer service is a priority, and that hasn’t changed during the […]