INSURANCE NEWS
EBRD Calls for Subsidized Insurance to Quickly Rebuild Ukraine
Subsidized insurance would attract investors to help rebuild Ukraine’s war-battered economy, according to the European Bank for Reconstruction and Development. “Reconstruction could start very quickly,” EBRD Chief Economist Beata Javorcik told Bloomberg Television on Friday. “I was in Berlin a …
Women Lost C-Suite Seats in Corporate America, S&P Says
Women’s representation in senior level positions at US companies faces an “alarming turning point,” with steady growth showing signs of fatigue for the first time in two decades, according to a new report. Women accounted for 11.8% of the approximately …
Trump’s Bond Firm Must Show Proof of Resources, New York AG Says
Donald Trump must prove within 10 days that the company providing his $175 million appeal bond in New York’s civil fraud case is financially capable of paying up if his legal challenges fail, the state told a judge. New York …
Private Credit Is Top Choice for Insurers Managing $13 Trillion
For the first time, a fixed-income sector — private credit — topped the list of favored assets in Goldman Sachs Asset Management’s annual survey of global insurance companies. Of the 359 executives polled, 53% ranked private credit among the top …
Investment Deficit Puts Planet on Path to Miss 1.5C, Study Finds
A lack of investment in green energy has left the world on track to overshoot the 1.5C temperature increase that scientists have defined as a critical threshold in global efforts to contain climate change. The finding was published on Thursday …
U.S. Justice Department to Meet Boeing Fatal Crash Victims’ Lawyers
The U.S. Justice Department next week will meet with lawyers for families of victims of two fatal Boeing 737 MAX crashes that killed 346 people in 2018 and 2019, as the government decides whether to move ahead with a criminal …
Applied Surety Underwriters Buys Majority of Argo’s In-Force Coal, Oil, Gas, Mining Biz
Applied Surety Underwriters (ASU), a subsidiary of Applied Underwriters’ United Risk division, announced it will acquire the majority of Argo Surety group’s in-force coal, oil, gas, and mining business. ASU will immediately assume the management and administration of the exposures …
US SEC Stays Climate Disclosure Rule Amid Legal Challenges
Wall Street’s top regulator has stayed new climate-related disclosure requirements pending judicial review, the agency said in a statement on Thursday, after criticism from across the political spectrum. The Securities and Exchange Commission’s (SEC) first-of-its-kind regulation on how companies share …
Buyers’ Reinsurance Market Prevails in April Renewals as Reinsurers Seek Growth
Brokers Aon and Gallagher Re described a buyers’ reinsurance market for the April 1, 2024 property and specialty renewals as reinsurer profit margins benefited from last year’s “redistribution of risk” to cedents. Reinsurers are not only venturing out with increased …
D.C.’s Pro Sports Teams Owner Scores Partial Win in COVID-19 Insurance Skirmish
The company that owns several District of Columbia professional sports teams and a major sports arena has settled its lawsuit against its insurance company over losses related to the shutdown caused by COVID-19. It was only a partial victory for …
Arrowhead Workers’ Comp Program Launching Commercial Auto Product in California
Arrowhead General Insurance Agency Inc. in California launched a new commercial auto product. Arrowhead’s Commercial Auto is available to California customers in construction-related industries. The program includes: Contractor/construction risks. Target premium range of $2,500 to $50,000 in total premium. California …
Weather and Inflation Have Not Been Kind to Vermont Mutual
For Vermont Mutual Insurance Group, which has been around since 1828, the past few years have been among the most challenging in its history. “The disruption was not from a single event, but a confluence of disrupters that had successive …