Month: August 2022

August 17, 2022

Multinational investment bank and financial services company Deutsche Bank has hired Philippe Kremer, an experienced insurance-linked securities (ILS) and structured reinsurance expert, who has previously worked at Citi and Swiss Re. Kremer has joined Deutsche Bank as a Director, Structured […]

August 17, 2022

Relation Insurance Services, a privately held corporation backed by Aquiline Capital Partners, has announced the acquisition of the assets of California-based Innovative Broker Services. The transaction brings an established insurance brokerage firm to Relation and expands the firm’s growing national […]

August 16, 2022

Midwest Holding Inc. has announced a GAAP net income of $9.3 million for the second quarter of 2022, against a loss of $5 million for the prior year period. Alongside the year-on-year improvement in net income, Midwest also reported a […]

August 15, 2022

Last month, a cyber-security startup told a major Indian online insurance brokerage it had found critical vulnerabilities in the company’s internet-facing network that could expose sensitive personal and financial data from at least 11 million customers to malicious hackers. The […]

August 15, 2022

Allianz Global Corporate & Specialty’s Global Claims Review 2022 says that fires and explosions (excluding wildfires) are the single largest identified cause of corporate insurance losses, accounting for 21% of the value of all claims. According to the firm, the […]

August 15, 2022

WTW has released the latest cyber insurance market update, providing an overview of key developments in the cyber insurance market and analyzing the conditions for domestic and international companies using the London insurance market to transfer risk. The report noted […]

August 12, 2022

Multi-factor authentication (MFA) is more than an annoying popup or text message when logging onto a company’s website or platform. Not only is using MFA a sound security practice and good business,[1] it is frequently becoming a prerequisite to procuring […]

August 11, 2022

The Texas Department of Insurance (TDI) is urging consumers to be wary of phone calls or other communications from anyone claiming to be a representative of TDI. TDI will call you only when you ask for assistance. TDI’s Fraud Unit […]

August 10, 2022

Commissioner Jim Donelon announced the Louisiana Department of Insurance (LDI) recovered funds of $129 million in addition to the original amounts offered by insurance companies in Fiscal Year 2021-2022. The additional money is the result of consumers filing complaints with […]

August 10, 2022

Cybersecurity revenues in the insurance sector are set to grow at a compound annual growth rate of more than 10%, from $6.4 billion in 2020 to $10.6 billion in 2025, according to data and analytics company, GlobalData. According to GlobalData’s […]

August 9, 2022

Insurtech Lemonade said it booked a second quarter net loss of $67.9 million compared with a net loss of $55.6 million during the same quarter last year, but in a letter to shareholders the company said returns will soon eclipse […]

August 9, 2022

Insurance companies in the USA strive to attract and retain members of the 2.83 million-strong industry workforce, with nearly 80% of agency owners and principals improving employee offerings over the past year, according to Vertafore’s recent report. Now, Insurance Business […]

August 8, 2022

Last week’s edition of Love Actuary, by JP Morgan, suggests turnarounds in P&C take time, there is no such thing as a very quick fix. The report states that P&C can be a cynical industry, even in the most vanilla […]

August 8, 2022

Australian primary insurance giant Suncorp reported its fiscal year 2022 results to June 30th this morning, revealing that its natural hazard losses ran above budget during the year, resulting in “significant recoveries” from its reinsurance. In fact, revenues from reinsurance […]

August 5, 2022

The expectation is that the 2022 Atlantic Hurricane season will still experience an above-average level of activity, despite both Colorado State University (CSU) and the National Oceanic and Atmospheric Administration (NOAA) lowering their forecasts in recent days. In its August […]

August 5, 2022

Investment holding company Alleghany Corporation has seen net premiums written for its reinsurance business TransRe decrease 9.1% in the second quarter of 2022. At the same time net premiums written for H122 decreased 5.9% compared to the same period last […]

August 4, 2022

Global investment in insurance technology firms totalled $2.41 billion in the second quarter, down 50% from a year earlier, as investors grew nervous about frothy valuations, broker Gallagher Re said in a report on Thursday. Insurtech firms make up around […]

August 4, 2022

Florida’s Office of Insurance Regulation (OIR) is referring the Miami, FL-based Weston Property & Casualty Insurance to receivership, just as the insurance company’s ratings were withdrawn. The regulator submitted an affidavit to be reviewed and approved by a Leon County […]

August 3, 2022

Insurance agencies report lengthy producer onboarding periods of up to 30 days, and in some cases even longer! This is frustrating for everyone: Producers, who rely on being able to sell insurance for their income Insurance agencies that need their […]

August 3, 2022

Hiscox is committed to a planned insurance consortium providing cover for ships traveling through a safe passage from Ukraine, its chief executive said on Wednesday, as the Lloyd’s of London insurer shares plunged on a first-half loss. The first grain-carrying […]