Insurance
Hail and Wind from Thunderstorms Caused $5.5 Billion in Damage, KCC Says
Severe weather created when a stationary front trapped warm, humid air over Texas and the Southeast caused an estimated $5.5 billion in insured losses, Karen Clark & Co. said in a briefing on Tuesday. KCC said there were dozens of …
Read More Serious Change Underway at SiriusPoint
SiriusPoint has seen a cluster of challenges over the past two years—ranging from an incomplete merger integration to persistent underwriting and investment losses to several leadership shake-ups. First the merger: Third Point Re merged with Sirius International Insurance Group in …
Read More The Pros and Cons of Going Private
In the days before hedge fund manager Daniel Loeb decided to drop its buyout of SiriusPoint, Carrier Management asked analysts at AM Best and Fitch Ratings about the pros and cons of taking insurers and reinsurers private. Sridhar Manyem, senior …
Read More kWh Analytics Reveals Top Challenges in Solar Industry Risk Management
Demand isn’t an issue for the solar industry. The challenges lie with fulfilling demand with more skilled labor, more technology, and more sites. While the Inflation Reduction Act (IRA), a freeze of potential tariffs, and more robust supply chains have …
Read More World Insurance Acquires Business of B. R. Alexander in Boston
Insurance broker World Insurance Associates LLC (reports it acquired the business of B. R. Alexander & Co., Inc. of Boston, Massachusetts on May 1, 2023. Terms of the transaction were not disclosed. B. R. Alexander was founded in 1937. The …
Read More Fitch: US Insurance Market Forecast to Withstand Losses From Large Hurricane This Year
With ample capital, Fitch Ratings’ latest annual ‘U.S. Hurricane Season’ report indicates U.S. property and casualty (P/C) and reinsurers can absorb losses if a large hurricane makes landfall this year. Hurricane Ian was the only storm to touch down in …
Read More Senator Says DeSantis’ Veto of Flood, Other Projects is Political Retaliation
Florida Gov. Ron DeSantis has vetoed flood-control and other measures in central and west Florida and at least one Republican claims that it was retaliation for his support for the governor’s rival in the 2024 presidential race. State Sen. Joe …
Read More People Moves: California Commissioner Lara Makes Appointments
California Insurance Commissioner Ricardo Lara appointed new members Janise Graham and Doug Smith, as well as reappointed members Monique Howard and Sandra Moriarty to the Curriculum Board. Lara also appointed Nona Tirre Miranda to the California Automobile Assigned Risk Plan …
Read More Federal Regulator Throws Wrench Into Massachusetts Right-to-Repair Plans
A new right-to-repair motor vehicle law in Massachusetts that grants owners and their designated service firms access to the telematics data collected in cars has nun into a roadblock. The National Highway Traffic Safety Administration (NHTSA) in a June 13 …
Read More States Are Rushing to Regulate Deepfakes as AI Goes Mainstream
Images of former President Donald Trump hugging and kissing Dr. Anthony Fauci, his ex-chief medical adviser. Pornographic depictions of Hollywood actresses and internet influencers. A photo of an explosion at the Pentagon. All were found to be “deepfakes,” highly realistic …
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