INSURANCE NEWS
Maui Fire Officials Defend Response to Deadly Lahaina Blaze
Maui Fire Department officials defended their initial response to what became the deadliest fire in Hawaii history, saying they stayed at the scene of the Aug. 8 blaze until it was fully extinguished. The officials commented at a press conference …
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 …
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. …
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 …
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, …
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 …
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 …
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 …
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 …
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 …
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 …
MGM Resorts Sues FTC to Stop Investigation of Casino Hack
MGM Resorts International sued the Federal Trade Commission to stop an investigation into how it dealt with a cybersecurity attack last year. The company said the investigation deprives it of its fundamental due process rights and that FTC Chair Lina …