Month: December 2022

December 15, 2022

Florida’s property insurance reform bill has been passed by the House and awaits a signature from State Governor Ron DeSantis, despite opposition from Democrats. The bill aims to create a $1 billion reinsurance fund, reduce litigation costs and may compel […]

December 15, 2022

Provider of downtime insurance, Parametrix, is strengthening and expanding its operations in the United States with additional reinsurance capacity. The firm has announced that partners Hannover Re and certain underwriters from Lloyd’s, which includes Tokio Marine Kiln, RenaissanceRe, and Apollo […]

December 15, 2022

What is the duty of an insurance broker in New Jersey to members of a limited liability corporation (LLC) when it comes to workers’ compensation coverage? The New Jersey Supreme Court this week ruled that a broker has a “non-waivable” […]

December 14, 2022

Risk Strategies, national specialty insurance brokerage and risk management firm, has acquired Miami-based Worldwide Assurance Inc., a retail life, health and benefits agency. Worldwide was founded in 2012 and has grown rapidly in recent years, its president, Osvaldo Gonzalez III, […]

December 14, 2022

Analysts at KBW have reported that secondary perils that had previously been reinsured are now being “aggressively pushed back” toward primary insurers ahead of the January 1st reinsurance renewals. KBW provided some comments on the state of the global reinsurance […]

December 13, 2022

The Ohio Supreme Court ruled Monday that COVID-19 cannot cause any direct physical damage or loss that is covered by a commercial property insurance policy, joining nine other state high courts that have rejected similar business-interruption claims. The Ohio court […]

December 13, 2022

US commercial insurance prices rose again during the third quarter, according to new data from global broker WTW. WTW’s Commercial Lines Insurance Pricing Survey compared prices charged on policies written during Q3 to those charged for the same coverage during […]

December 12, 2022

Insurance Business has teamed up with Latin American Association of Insurance Agencies (LAAIA) and Association of Professional Insurance Women (APIW) for its Best in Insurance 2022 special report. Founded in 1969 as “the voice for the independent insurance agents,” LAAIA […]

December 12, 2022

Florida-based primary insurer, FedNat Holding Company, has announced that it and certain wholly-owned subsidiaries have filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the U.S., with the company set to explore all strategic alternatives, including a sale […]

December 9, 2022

New data from cyber specialist Corvus Insurance has found that fraudulent funds transfer (FFT) and ransomware are the top drivers of cyber loss in 2022, accounting for over 50% of all claims combined. FFT alone comprised 36% of all claims […]

December 9, 2022

Hurricane Ian is seen as an additional catalyst for hardening reinsurance rates, by global giant Swiss Re, who warns that its impact “will extend beyond Florida and add to pre-existing drivers of rate increases such as claims inflation.” Reinsurance capacity […]

December 8, 2022

Travel insurance has bounced back in a big way after two years of pandemic travel restrictions. As people return to taking personal trips and holidays, they’re prioritizing safety and peace of mind. Shannon Lofdahl (pictured), president and CEO of Travelex […]

December 8, 2022

Health insurance premiums across the US can range between $320 and $840 monthly per person, which can be a steep price to pay for some American families. This may not be a cause of concern for many of the gainfully […]

December 7, 2022

Assicurazioni Generali SpA is planning to sell a roughly €20 billion ($21 billion) Italian life insurance portfolio as part of a plan to improve profitability, people familiar with the matter said. The Italian insurer, which has been working with an […]

December 7, 2022

Are your clients hesitant to offer health insurance at their small business? If so, they’re not alone. According to a recent survey, 60% of small business owners offer limited insurance benefits, if any, due to high healthcare costs. Plus, more […]

December 6, 2022

The Florida Legislature will conduct a special session during the week of December 12 focusing on fixes for a failing, flailing insurance market in the state that has reached crisis levels. Symptoms of the crisis include the financial collapse of […]

December 6, 2022

Arbol, an insurtech platform underwriting climate and weather insurance, has delivered a $10-million parametric insurance payout to property and casualty (P&C) company Centauri Insurance, only weeks after the hurricane struck in late September. This is the first known parametric insurance […]

December 5, 2022

The Housing and Urban Development Department (HUD) has opened up an option for more mortgage borrowers in special flood hazard areas (SFHAs) to access the private flood insurance market. While a welcome change, the timing is “lousy” according to a […]

December 5, 2022

When defendants are sued in state court, one of the first things defense attorneys will usually consider is whether the case is removable, and if so, whether it should be removed. A recent practice, spurred by case law, has allowed […]

December 2, 2022

Legal & General Retirement America (LGRA) has completed a c.$145 million pension risk transfer (PRT) transaction with Rolls-Royce North America Inc. The deal, which closed in July, covered approximately 1,200 plan participants from the Retirement Plan for Rolls-Royce NA, and […]