Month: December 2021

December 30, 2021

News about two proposed but unrealized insurance acquisitions were the top national stories published by Insurance Journal in 2021, a year in which news on COVID-19 and ransomware also continued to dominate. Reports on the twists and turns of broker […]

December 29, 2021

Oil spills, port explosions, blockages in the Suez Canal and supply chain risks. These are just some of the events that global space company Skytek has analyzed over the past year for its insurance industry customers. The company helps insurers […]

December 29, 2021

The government of the Philippines has drawn $80 million to help in the recovery from super typhoon Rai (Odette) from the World Bank supported catastrophe contingent line-of-credit it has in place through a Catastrophe-Deferred Drawdown Option arrangement, dubbed the CAT-DDO […]

December 28, 2021

Vienna Insurance Group AG agreed to share ownership of its Hungarian operations with a state investment fund after months of negotiations, in order to salvage an 830 million-euro ($941 million) deal to buy regional assets from Aegon NV. The insurer […]

December 27, 2021

The New York State Police in Brunswick arrested 53-year-old Michael LePage of Glens Falls, New York, on December 17, 2021, for insurance fraud in the fourth degree, a class E felony, and making a false written statement, a class A […]

December 27, 2021

Insurance rates in key lines for cannabis businesses may be heading up 10% or more next year. That was one of the predictions made by an expert in the final Insuring Cannabis podcast of the year in which we interviewed […]

December 23, 2021

Catastrophe risk modeller PERILS has said that the insurance industry losses from European Windstorms Arwen and Barra remain under €200 million for both events. PERILS’ threshold for reporting on loss events is €200 million, so the fact the impact of […]

December 23, 2021

Insurance and reinsurance marketplace Lloyd’s has launched a new renewable energy consortium for the APAC region and supporting countries. Developed by the Lloyd’s Asia platform, the consortium pools underwriting expertise and capacity among the participating syndicates for renewable energy risks. […]

December 22, 2021

An investigation into a Phillipsburg, NJ truck stop has uncovered a massive $20 million insurance fraud scheme, with 12 individuals charged in connection with the fraud ring. The charges cover about $2.7 million in underpaid insurance premiums for just the […]

December 21, 2021

Nephila Capital, the world’s largest insurance-linked securities (ILS) investment manager, has announced plans for its Lloyd’s specialty syndicate 2358, as the firm looks to provide investors with greater access to the wider specialty insurance market. Set to commence trading in […]

December 21, 2021

We understand that the World Bank has been put on notice as the Philippines government hopes to trigger the $500 million catastrophe contingent line-of-credit it can receive through its Catastrophe-Deferred Drawdown Option arrangement, dubbed the CAT-DDO 4. The Philippines government […]

December 20, 2021

Argo Group International Holdings Ltd., the Bermuda-based underwriter of specialty insurance, announced an agreement to sell its Malta business operations, ArgoGlobal Holdings (Malta) Ltd. and its subsidiaries, to Riverstone Holdings Ltd. (part of the RiverStone International group), an acquirer and […]

December 20, 2021

Throughout 2022, insurers are expected to innovate to improve customer experience and build trust, post-COVID, according to Ernie Van Der Vyver, partner at Clyde & CO. “With the flow of COVID-related business interruption (BI) claims payments nearing its end, in […]

December 17, 2021

An Iowa insurance agent has overwhelmingly won a state Senate seat in a northwest Iowa special election. Spirit Lake insurance agent Dave Rowley, a Republican, won the special election Tuesday to fill the Senate District 1 set vacated by Zach […]

December 17, 2021

Auto drivers in the state of Michigan have received significant attention in the last several months. Last month, the Michigan Catastrophic Claims Association (MCCA) voted unanimously to approve refunds on auto insurance premiums, after Michigan governor Gretchen Whitmer called on […]

December 16, 2021

The board of governors for Citizens Property Insurance Corp., Florida’s state-backed insurer of last resort, wants the maximum allowed rate increase – 11% for next year and 12% for 2023 – in an effort to stem the insurer’s rapid growth. […]

December 16, 2021

Customer insurance specialists from the Missouri Department of Commerce and Insurance will participate in resource centers to assist customers who were affected by the recent tornado. A Multi-Agency Resource Centers will be held the St. Paul United Church of Christ, […]

December 15, 2021

AGCS Promotes Williams to CUO Corporate, Succeeding Buckle Allianz Global Corporate & Specialty SE (AGCS) has appointed Shanil Williams as new chief underwriting officer Corporate. In this role, he will join the AGCS SE board of management with effect on […]

December 15, 2021

Global specialty insurer SiriusPoint said it is investing in LuckyTruck Corp., a digital broker and aggregator specializing in commercial trucking insurance. The two did not disclose the investment amount. LuckyTruck vows to make the purchase of insurance for trucking fleets […]

December 14, 2021

Leading online reinsurance pricing and placing platform Tremor transacted $175 million of premium in 2021 and achieved marketplace revenue growth of over 400% year over year. Tremor Technologies Tremor has seen over $275 million of reinsurance premium transacted on its […]