Month: March 2023

March 20, 2023

Pennsylvania-based insurance program specialist NSM Insurance Group has completed its acquisition of three businesses that specialize in the field of medical stop loss insurance and managed care insurance. The firms are Sequoia Reinsurance Services in Minnesota, and IOA Re’s two […]

March 20, 2023

Cyber disaster recovery firm Fenix24 has announced a $5 million investment by insurtech investor Eos Venture Partners. Zach Powell, general partner at Eos Venture Partners, will join Fenix24 as a board member. Fenix24 is a cybersecurity firm focused on restoring […]

March 17, 2023

Indian digital payments firm PhonePe said on Friday it has raised $200 million from majority backer Walmart Inc. at a pre-money valuation of $12 billion. PhonePe, already India’s most valuable payments firm and among the country’s most highly valued startups, […]

March 17, 2023

The insurance industry has for decades lived up to its value proposition of providing capital to cover risk and reimburse losses. But a new survey shows this traditional premise of insurance is not enough for consumers anymore. Instead, attitudes and […]

March 17, 2023

A number of mortgage insurance-linked securities, or mortgage insurance-linked notes, transactions have had their credit ratings upgraded, as the fundamentals related to them improved on faster pay-downs have helped to build up credit enhancement associated with them. The mortgage insurance-linked […]

March 16, 2023

U.S. primary insurer Allstate has announced estimated catastrophe losses for February of $211 million or $167 million, after tax. Catastrophe losses for February events were estimated at $241 million, and related to nine events primarily from wind and rain that […]

March 15, 2023

Auto insurance and tort-reform groups are celebrating after a subcommittee of the Florida House Banking and Insurance Committee approved a bill that would ban assignment-of-benefits agreements for windshield repairs, a measure that proponents hope will stem a flood of litigation […]

March 15, 2023

Advancements in technology have given new life to the slow, inefficient processes common in the insurance industry. While the influx in AI-operated systems has some employees worried about job security, there are plenty of reasons why human touch is still […]

March 14, 2023

Underwriters of directors and officers insurance for startups and venture capitalists, as well as the financial institution insureds supporting them, narrowly avoided financial distress thanks to US Government intervention around the collapse of Silicon Valley Bank, AM Best has warned. […]

March 14, 2023

New York Senate Bill 4007 and Assembly Bill 3007, which represent Governor Kathy Hochul’s state budget proposal, include provisions to amend Article 77 of the New York Insurance Law, the Life Insurance Company Guaranty Corporation of New York Act, to […]

March 13, 2023

Insurers led by AIG are asking London’s High Court to merge various lawsuits brought by aircraft lessors against insurance companies refusing to pay out claims for jets effectively confiscated in Russia. AerCap Holdings NV, the world’s biggest jet lessor, is […]

March 13, 2023

The National Insurance Crime Bureau (NICB) has applauded the Florida House Judiciary Committee and the Senate Committee on Banking & Insurance for passing two significant bills aimed at reducing insurance lawsuit abuse. House Bill 837 and Senate Bill 236, supported […]

March 10, 2023

Allianz Group announced it is restructuring its global commercial insurance segment as one go-to-market business under the trading name Allianz Commercial, which will encompass its Allianz Global Corporate & Specialty (AGCS) business, serving large corporate clients, and the insurance businesses […]

March 10, 2023

The recently launched cyber catastrophe bond from specialist insurer and reinsurer, Beazley, is a welcome innovation and an important addition to insurer’s “armoury against systemic risk,” according to Julian Miller, a London-based Partner at law firm DAC Beachcroft. In early […]

March 8, 2023

Insurer Swiss Re Corporate Solutions, reinsurance broker Guy Carpenter, and the data technology firm ICEYE have teamed up with New York City government agencies to develop a pilot parametric flood recovery assistance program for low and moderate income households in […]

March 7, 2023

Whatever your feelings are about generative artificial intelligence (AI), ChatGPT believes it can positively impact the insurance industry. The chatbot, which became a global sensation after its launch in November, made a case for itself at a demonstration at the […]

March 7, 2023

In a new report from CyberCube, the risk analytics specialist anticipates that there will be further attempts to compromise IT supply chains and geopolitical targets such as government agencies and non-government organizations​. In CyberCube’s Global Threat Briefing, the firm identifies […]

March 6, 2023

A Texas lawmaker is seeking to broaden the fight against ESG (environmental social governance) policies by imposing further limits on the types of investments state pension managers can make and restricting shareholder proposals that would dictate insurance companies’ business with […]

March 6, 2023

With strikes, riots and civil commotion (SRCC) around the world expected to rise, businesses need to remain vigilant about the different threats this heightened risk environment can pose, as this can result in significant loss of income, according to an […]

March 3, 2023

Global insurance mergers and acquisitions (M&A) activity saw a 10-year high in 2022, though a marked downturn in H2 as economic pressures began to impact investor sentiment has left the outlook for 2023 somewhat mixed, says global law firm Clyde […]