Insurance

A Virginia man pled guilty to embezzling funds from his former employer, a fund that provides financial assistance to families of infants who suffer from brain or spinal cord injuries, reports the U.S. Attorney for Eastern Virginia. According to court …

An insurance broker who collected nearly $137,000 in sales commissions by submitting fabricated insurance applications for end-of-life insurance policies in clients’ names without their knowledge, and used those clients’ personal and banking information to pay for those policies, was sentenced …

Hurricane Milton churned toward Florida’s west coast with winds powerful enough to demolish houses, threatening to unleash once-in-a-century flooding across some of the state’s fastest-growing counties. Milton’s top winds dropped slightly to 155 miles (250 kilometers) per hour, making it …

A wide cone of uncertainty surrounds insurance experts’ pre-landfall predictions about the state of the industry that will prevail in the aftermath of Hurricane Milton, with most viewing it as a $20 billion-plus loss event. Amid the volumes of commentary …

Even before the second megastorm in as many weeks brings devastating floodwaters to the Southeast US, it’s already clear that federal flood-risk maps underpinning decisions by millions of American homeowners and businesses are severely out of sync with a new …

Home security firm ADT Inc said on Monday an unauthorized actor had illegally accessed its network using credentials obtained through a third-party business partner. Shares of the company fell 1.8% after the bell. Monday’s incident comes just months after the …

Munich Re has put its high-net worth managing general agent, GrovesJohnWestrup Private Clients. “A recent strategic review of our businesses led to the difficult decision that GrovesJohnWestrup Private Clients closed for business on 2 October 2024,” according to a Munich …

Investors in catastrophe bonds are girding themselves for substantial losses as the combined destructive force of Hurricanes Helene and Milton looks set to trigger payment clauses on a scale not seen in years. Two weeks after Helene unleashed severe floods …

Hurricane Milton could result in a $60 billion loss for the global insurance industry, creating a surge in 2025 reinsurance prices which could boost some insurance companies’ shares, analysts at RBC Capital said. The Category 5 hurricane is due to …

Optio Group, the London-based specialty managing general agent, announced it has acquired a strategic investment in the Italian MGA, Heca S.r.l., for an undisclosed sum. Founded in 2010 in Ortona, the province of Chieti in Abbruzzo, Heca has rapidly grown …