Month: December 2022

December 30, 2022

The reinsurance sector now finds itself at a “crossroad,” according to analysts at Guy Carpenter, following one of the most challenging renewal periods ever experienced at January 1. In a report on the crucial renewal period, Guy Carpenter – a […]

December 30, 2022

Isosceles Insurance Ltd., the Bermuda-domiciled private insurance-linked securities (ILS) and catastrophe bond platform operated by Marsh McLennan and reinsurance broker Guy Carpenter, has completed another private cat bond note issuance, with an $18.48 million Isosceles Insurance Ltd. (Series 2022-H) deal. […]

December 29, 2022

A business owner’s insurance policy did not provide coverage for software damaged by a ransomware attack because there was no direct physical damage or loss, the Ohio Supreme Court ruled. “Computer software cannot experience ‘direct physical loss or physical damage’ […]

December 29, 2022

With last year’s 25% rate hikes for public directors and officers liability insurance dropping to 2.5%, and 150% hikes for cyber cover sinking to 25%, significant softening is forecast for some casualty lines in 2023. Those reduced price hikes are […]

December 28, 2022

Global insurers and reinsurers look set to incur costs stretching into the multi-billion-dollar range from the ongoing winter storm and severe cold weather impacting the United States and Canada. The storm, which has been labelled the “blizzard of the century,” […]

December 28, 2022

Ship insurers said they are canceling war risk cover across Russia, Ukraine and Belarus, following an exit from the region by reinsurers in the face of steep losses. Reinsurers, who insure the insurers, typically renew their 12-month contracts with insurance […]

December 27, 2022

Anaiza Villarreal Lopez, 30, of McFarland, California was sentenced in Kern County Superior Court on one count of grand theft by embezzlement after pocketing clients’ premium payments and leaving several of them uninsured. After receiving a complaint, the California Department […]

December 27, 2022

The Japanese government has asked insurers to take on additional risks to continue providing marine war insurance for liquefied natural gas (LNG) shippers in Russian waters, a senior official at the industry ministry said. The Financial Services Agency and Agency […]

December 23, 2022

King Insurance Partners has acquired Florida firm Jean Arthur Associates (JAA) as it continues to expand its reach within the state. Located in Winter Springs, JAA is a full-service commercial and personal lines insurance agency that has been serving Central […]

December 23, 2022

Florida’s Citizens Property Insurance Corporation has announced that current president, CEO, and executive director Barry Gilway will be leaving his position after over a decade of service. “Leading Citizens has been the capstone of a 52-year career in the insurance […]

December 22, 2022

After a jarring six months marked by sweeping policy promises, U-turns and four Chancellors of the Exchequer, UK financiers head into 2023 uncertain that the coming year will finally usher in substantive reforms to the City of London. Current Chancellor […]

December 22, 2022

The National Alliance for Insurance Education & Research is proud to announce that their acclaimed podcast, Awkward Insurance, was chosen as one of the Top 50 Insurance Podcasts on the web by Feedspot. Hosted primarily by Academic Director, Dustyne Bryant, […]

December 21, 2022

In its December review, Fitch Ratings has suggested that the large global reinsurers peer group’s capitalisation remains strong and that earnings have recovered. Insurers in this peer group include Hannover Re, Lloyd’s, Munich Re, PartnerRe, SCOR, and Swiss Re. According […]

December 21, 2022

A new report from AM Best says that the recent insurance market reforms in Florida mean that long-term relief is drawing nearer, but the state remains buffeted by near-term headwinds. Now, AM Best says that the elimination of assignment of […]

December 20, 2022

The North American Corporate Risk and Broking (CRB) division of WTW has launched a new strategy that looks to enhance its client proposition through aligning the entire value-chain of internal resources through industry specialisation. A statement from the firm said […]

December 20, 2022

Insurance and reinsurance broker Lockton has released a report suggesting the property sector is casting a major shadow over the market, despite conditions in other lines remaining largely predictable. In its report, Lockton explains that the P&C insurance market was […]

December 19, 2022

A New York attorney and surgeon were convicted by a Manhattan jury of six counts of fraud for participation in an illegal scheme that included false insurance claims and unnecessary surgeries for alleged injuries from staged trips and falls, a […]

December 19, 2022

CyberCube announced $50 million in additional growth capital from investment funds managed by Morgan Stanley Tactical Value (Morgan Stanley), with continued participation from all existing investors Forgepoint Capital, Hudson Structured Capital Management (Bermuda) Ltd., MTech Capital, and key investors from […]

December 16, 2022

The Texas Supreme Court has agreed to hear a case involving a collision of a train and a car at a railroad crossing that raises questions of federal preemption as well as sufficiency of evidence. Ladonna Sue Rigsby was killed […]

December 16, 2022

Munich Re is launching a new division, called Global Specialty Insurance (GSI), which will be comprised of various primary insurance businesses from the group that are currently part of the reinsurance segment. The restructuring, effective on Jan. 1, 2023, will […]