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INSURANCE NEWS
Oakbridge Teams Up with Valentine Agency in Memphis
Oakbridge Insurance, ranked as one of the 50 largest independent U.S. brokerages, has signed an agreement with Valentine Insurance in Memphis, the firms announced. The deal is a strategic partnership/joint venture, not a true acquisition. The Memphis agency will be …
AI Giants Are Quiet on Climate in Sign of Post-ESG Wall Street
In a few short years, US artificial intelligence startups have grown into some of the most powerful and influential businesses in the world, reaching near-trillion-dollar valuations. As two of them, Anthropic and OpenAI, prepare for initial public offerings, there’s a …
Brown & Brown EVP and Retail Head Steps Down With $2.5M Severance Pay
Brown & Brown’s executive vice president and grandson of the brokerage’s founder has resigned, marking another turning point in what may prove to be one of the most turbulent periods in the 87-year-old company’s history. P. Barrett Brown, younger brother …
Heatwaves Could Cost France €10 Billion-€15 Billion, Environment Minister Says
The heatwaves that have hit France in recent months could result in €10 billion to €15 billion ($17 billion) in direct and indirect costs, French environment minister Monique Barbut said on Wednesday. Barbut cited estimates from France’s national statistics agency, …
Business Moves: FM Acquires Wildfire Intelligence Firm FortressFire
Commercial property insurer FM said it has acquired FortressFire, a provider of wildfire intelligence solutions for homes, businesses and communities. FortressFire will operate as an independent, wholly owned division of Johnston, Rhode Island-based FM and will continue its work to …
Insurtech Root, The Zebra Partner on Auto Insurance
Root Inc. and The Zebra said they have partnered to make auto insurance easier for consumers and agents. Quotes from Columbus, Ohio-based insurtech Root can be received via TheZebra.com, an insurance marketplace and agent network. The consumers will go directly …
People Moves: World Insurance Names CFO, World Retail
World Insurance Associates Names Casey CFO World Insurance Associates LLC, headquartered in Iselin, New Jersey, named Ann Casey as World Retail chief financial officer effective September 1. Casey will lead the retail controllership and retail M&A accounting integration functions and …
OSHA Fines Maine Pulp Mill $700K for Chemical Release That Killed 2 Workers
A federal investigation into the release of a deadly gas at a Baileyville-based wood pulp mill found that the employer exposed workers to safety and health hazards that resulted in the death of two workers. The Occupational Safety and Health …
Putin Threatens Retaliation Over EU Moves to Seize Russian Ships
Russian President Vladimir Putin threatened to retaliate against any European Union moves to seize his country’s commercial ships, calling such actions “piracy.” As part of a new sanctions package last month, the bloc approved a mechanism allowing member states to …
Viewpoint: Is it Time to Rethink the ‘Secondary-Peril’ Label and Reclassify Risk?
As climate events intensify, exposure is expanding, and loss severities from secondary perils, such as convective storms, wildfires, floods and hail, are no longer easily dwarfed by hurricanes or earthquakes. These perils have contributed significantly to the insured losses in …
HSBC Global Insurance Business Head Moncreiffe to Leave, Sources Say
HSBC’s global chief executive for insurance business, Edward Moncreiffe, is set to leave the bank after two decades with the lender, sources said, amid a broader global overhaul and recent asset sales in Asia. Moncreiffe’s departure, which was first reported …
AI’s Volatile Power Demand Is Damaging Its Own Data Centers
Rapid swings in AI data centers’ power demands are straining vital equipment, causing batteries, generators and cooling systems to malfunction or wear out far sooner than expected. As the AI boom accelerates, these technical problems suggest added costs and unforeseen …
