INSURANCE NEWS
Global Regulators to Tackle Hidden Leverage Across ‘Shadow Banking’ Sector
Tackling hidden leverage across the multi-trillion dollar “shadow banking” sector is next year’s priority, global financial regulators said on Wednesday, but the challenge of accessing data could hamper the process. The G20’s Financial Stability Board (FSB) and IOSCO, a global …
Ryan Specialty Signs Agreement to Buy Castel Underwriting Agencies From Arch
Ryan Specialty, the Chicago-based specialty insurance firm, announced it has signed a definitive agreement to acquire Castel Underwriting Agencies Ltd. from Arch Financial Holdings (UK) Ltd. and minority shareholders. Terms of the transaction were not disclosed. Founded in 2014, Castel …
UK Signs Swiss Financial Services Deal, Easing Post-Brexit Access for Insurers, Brokers
The UK and Switzerland signed an agreement to recognize each other’s laws and regulations in financial services, easing post-Brexit market access for firms including banks, insurers and asset managers. Chancellor of the Exchequer Jeremy Hunt and his Swiss counterpart Karin …
The Rise of Self-Insurance: Navigating Risk in a Changing Insurance Landscape
In an era of heightened climate risks and evolving insurance dynamics, the traditional insurance model faces a conundrum. Insurers find themselves grappling with the aftermath of more frequent and severe storms, and struggling to collect adequate premiums while navigating stringent …
FTC Streamlines Probes Related to Artificial Intelligence
Investigations of cases where artificial intelligence (AI) is used to break the law will be streamlined under a new process approved by the U.S. Federal Trade Commission, the agency said on Tuesday. The move, along with other actions, highlights the …
FDA Identifies Recall of Philips Medical Imaging Devices as Most Serious
The U.S. Food and Drug Administration (FDA) on Wednesday classified the recall of Philips’ medical imaging devices as most serious as their use could cause serious injuries or death. The Dutch medical devices maker started the process on Nov. 30 …
What is ‘Incurred Cost’ in Insurance Policy? Florida Appeals Court Weighs in
Property insurance contracts often contain provisions requiring insureds to “incur” costs before insurance companies issue payments. For example, “ordinance or law” provisions provide “you may use up to 25% of the limit of liability that applies . . . for …
California Commissioner Warns Auto Insurers About Auto Insurance Consumer Complaints
California Insurance Commissioner Ricardo Lara issued an official notice to insurers regarding consumers who have been reporting issues obtaining auto insurance coverage. The California Department of Insurance continues to receive numerous complaints from consumers who have been having issues obtaining …
Several Louisiana Fire Districts Receive Improved Ratings
The Louisiana Department of Insurance (LDI) announced that several fire districts have received improved fire ratings between July and December 2023, which may lead to reduced fire insurance premiums for property owners in the associated area. According to LDI, fire …
People Moves: QBE Re Appoints Guarnori and Ahluwalia to Senior Roles; Fortin Promoted to President of Intact; Hamilton Names Riihiluoma as Head of Specialty Re
This edition of International People Moves details appointments at QBE Re, Intact Financial Corp., and Hamilton Re. A summary of these new hires follows here. QBE Re Appoints Guarnori and Ahluwalia to Senior Roles QBE Re has appointed Andrew Guarnori …
People Moves: Truenorth Names Rogers VP of HR; Leif Assurance Names Davis Creative Marketing Director
Leif Assurance Names Davis Creative Marketing Director Leif Assurance, headquartered in St. Louis, Mo., named Lauren Davis creative marketing director. Davis has worked as creative marketing director at Leif Assurance’s sister companies, Powers Insurance & Risk Management and Valley Insurance …
Indiana-Based Health Network Settles Medicare Fraud Case, Agrees to Pay $345 Million
INDIANAPOLIS (AP) – An Indianapolis-based health network has agreed to pay the government $345 million to resolve charges it defrauded Medicare by overpaying doctors who referred patients to its facilities, prosecutors said Tuesday. The agreement settles allegations that senior management …