Posts by Hometown Insurance
Travelers CEO on Q1 Results: ‘We’re Firing On All Cylinders’ With Net Income Up 16%
The Travelers Companies, Inc. today reported first quarter net income of $1.123 billion, up 16% compared to $975 million in the prior year quarter. Core income in the current quarter was up 14% to $1.096 billion, compared to $970 million …
Read More Rupture on TC Energy’s NGTL Gas Pipeline Sparks Wildfire in Alberta
A section of TC Energy’s NGTL gas pipeline system in Alberta ruptured and caught fire on Tuesday, sparking a wildfire in a remote area, the company said. “An initial ignition of natural gas at the rupture site is now extinguished. …
Read More Time-Tested Loss Reserving Methods Challenged: AM Best
Reflecting on one of the trends that surfaced as property/casualty insurers announced 2023 financial results recently, AM Best expects reserve strengthening for accident years 2015-2019 to continue, the rating agency said in a new report. As companies “finished reporting their …
Read More People Moves: Berkshire Hathaway Expands U.S. Marine Business With Wyatt, Frick
Berkshire Hathaway Specialty Insurance (BHSI), headquartered in Boston, expanded its global marine capabilities in the U.S., launching ocean marine Insurance. BHSI named Ben Wyatt as head of marine and Chris Frick as head of marine claims in the U.S. Wyatt, …
Read More Boeing’s Safety Record Under Scrutiny in Split-Screen Hearings
Boeing Co.’s safety culture will come under public scrutiny today as two separate Senate hearings pore over a whistleblower’s claims of poor assembly processes and shortcomings revealed in an extensive study commissioned by Congress. Besides the whistleblower — a Boeing …
Read More Aspen and Allianz’s PIMCO Launch Casualty-Focused Reinsurance Vehicle
Aspen Insurance Holdings Ltd. and PIMCO Investment Management Co. announced the formation of Pando Re Ltd., a Bermuda-domiciled collateralized re/insurer focused on casualty business. Under a long-term agreement, Aspen will be the sole cedent to Pando Re and PIMCO will …
Read More Howden’s DUAL Acquires Swiss Re’s Marine Team to Support Growth Ambitions
DUAL, the specialist underwriting arm of Howden Group Holdings, announced it has significantly strengthened its marine capability in Europe with the acquisition of Swiss Re’s Genoa, Italy-based Marine team with the authority to write marine business for Swiss Re going …
Read More Coral Reefs Around World Undergoing Mass Bleaching as Oceans Warm: Scientists Warn
Coral reefs around the world are experiencing global bleaching for the fourth time, top reef scientists declared Monday, a result of warming ocean waters amid human-caused climate change. Coral reef bleaching across at least 53 countries, territories or local economies …
Read More Broker Howden Launches Red Sea Cargo War Insurance as Ship Risks Surge
Howden has started offering war risk cargo insurance to cover vessels sailing through the Red Sea against drone and missile attacks as geopolitical tensions escalate in the region, the UK-based insurance broker told Reuters on Tuesday. The cost of insuring …
Read More Triple-I: Insurance Economic Drivers Outperform Overall US GDP
The economic drivers of the U.S. property/casualty (P/C) insurance industry are growing faster than the nation’s Gross Domestic Product (GDP) and are expected to gain further momentum in the event of Federal Reserve monetary rate cuts, according to the Insurance …
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