Insurance
NY Fed Finds Modest Impact of AI on Jobs Even as Usage Increases
Use of artificial intelligence among businesses jumped in the last year and is expected to continue to grow, yet few firms have cut jobs as a result so far, according to a new Federal Reserve Bank of New York study. …
Read More Markets/Coverages: AXA XL Launches Portal for Multinational Clients
AXA XL has launched a web-based portal for its global clients, providing a centralized platform which allows data insights across multinational solutions portfolios to be viewed and exported in real-time. The portal, which is available via AXA’s Digital Commercial Platform, …
Read More Alabama DOI Extends Moratorium on New Captives, Risk Retention Groups
Alabama’s insurance commissioner has extended a moratorium on new captive insurance companies and risk retention groups until at least next summer. The bulletin, posted this week, follows the commissioner’s announcement in March that the Department of Insurance would not accept …
Read More ‘It’s Scary’ – Crypto Workers Under Siege From North Korean Hackers
North Korean hackers are saturating the cryptocurrency industry with credible-sounding job offers as part of their campaign to steal digital cash, according to new research, raw data, and interviews. The problem is becoming so common that job applicants now regularly …
Read More Missing Billions in Pakistan Expose Grim Reality of Global Climate Finance Aid
When churning flood waters swept away a group of tourists in Pakistan’s Swat Valley in June, the whole country felt a sense of déjà vu. Just three years ago, extensive floods had swallowed entire hotels and families vacationing in the …
Read More US Government Says Southern California Edison Should Pay for LA Fire Costs
The U.S. asked a federal court to force Southern California Edison to pay for fighting a pair of wildfires that were believed to have originated from its power lines, including the Eaton Fire in January in Los Angeles County that …
Read More Steadfast Group Acquires Novum Underwriting Partners
Steadfast Group has announced its acquisition of a majority stake in US-based specialty managing general agency and wholesale brokerage, Novum Underwriting Partners LLC. Founded in 2019 and based in Ohio, the business is underpinned by a proprietary technology platform, Novum …
Read More AccuWeather: Warm Gulf Water Could Fuel Storm Intensification in September
The Gulf Coast has avoided any major tropical storms so far this hurricane season, but the Gulf’s luck could soon change, AccuWeather hurricane experts say. Water temperatures in the Gulf are exceptionally warm, creating conditions for rapid intensification of storms. …
Read More Business Moves: Gallagher Re Agrees to Buy Steadfast Re in Australia; Lockton Re Launches in Dubai for Expansion in MENA Region
Gallagher Re Agrees to Buy Steadfast Re in Australia Gallagher Re, the global reinsurance broker and subsidiary of Arthur J. Gallagher, has signed an agreement to acquire Steadfast Re Pty Ltd., a Sydney-based reinsurance broking firm. Terms of the deal …
Read More Lloyd’s Reports Combined Ratio of 92.5% on Drop in H1 Underwriting Result
Lloyd’s first half underwriting result dropped by half to £1.5 billion ($2.0 billion) from £3.1 billion ($4.2 billion) in H1 2024, which was driven primarily by claims from January’s California wildfires. The market’s combined ratio rose to 92.5% (compared with …
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