INSURANCE NEWS
Springsteen’s Drummer, Weinberg, Says Florida Car Restorer Took $125,000 From Him
FORT LAUDERDALE, Fla. (AP) — Bruce Springsteen`s drummer, Max Weinberg, is suing the owners of a Florida car restoration company, saying they stole $125,000 by falsely promising him a like-new 1957 Mercedes-Benz and then using his money for personal expenses. …
Leadership Changes at The Hartford With New Heads of Commercial, Personal Lines
The Hartford said it will head into 2024 with new heads of commercial and personal lines and announced additional leadership changes. A. Morris “Mo” Tooker, who joined The Hartford in 2015 as chief underwriting officer and later became head of …
World to Hit 2.5F of Warming During 2023 as Hottest Year on Record
With a month to run, 2023 will reach global warming of about 1.4 degrees Celsius (2.5 Fahrenheit) above preindustrial levels, adding to “a deafening cacophony” of broken climate records, the World Meteorological Organization (WMO) said on Thursday. The WMO’s provisional …
Markets/Coverages: MGA Rokstone Launches Contingency Portfolio
Rokstone, the international speciality re/insurance MGA that is part of the Aventum Group, announced the launch of a new contingency portfolio with backing from “A”-rated carriers. Rokstone is launching the contingency account initially in the UK and Europe with plans …
Shadow Banks, Such as Insurers, Hedge Funds, Could Be Sitting on Elevated Risk: ECB
The European Central Bank may need to take on a bigger role in supervising shadow banks as they are now bigger than conventional lenders and may be sitting on elevated risk, the outgoing head of the ECB’s supervision arm told …
London Metal Exchange Triumphs in Lawsuit Over Canceled Nickel Trades
The London Metal Exchange (LME) won a legal battle with U.S. financial firms on Wednesday which brought a case demanding $472 million in compensation after the exchange canceled billions of dollars in nickel trades last year following a surge in …
Massachusetts Climate Strategy Brings Together Its 78 Coastal Communities
Massachusetts Governor Maura Healey has announced a plan to assist the state’s 78 coastal communities from Cape Cod to the North Shore where 2.5 million live with their development of long-term regulatory, policy, and funding solutions to the effects of …
Reinsurance Market Outlook ‘Stable’ on Improved Rates, Higher Demand: AM Best
Substantial rate improvements, higher attachment points and rising investment income are combining with increased demand for reinsurance cover to create a stable outlook for the global reinsurance sector, according to AM Best. Of course, headwinds still exist for reinsurers such …
Red Sea Attacks on Ships Spark Safety Concerns for Sailors
Commercial ships face increasing dangers at sea after armed groups have attacked and seized vessels in waters around the Red Sea and off the coast of Yemen, adding to perils for seafarers, shipping officials said on Wednesday. An attempted hijacking …
India’s GIFT-City Financial Hub Plans to Grow in Re/Insurance, Direct Listings
Gujarat International Finance Tec-City, India’s newest financial hub and a flagship project of Prime Minister Narendra Modi, is preparing for its next phase of growth. The first phase followed the creation in 2020 of a new regulator, the International Financial …
AM Best: Adverse Results Linger For Nonstandard Auto
AM Best reported a net underwriting loss of $333 million for the U.S. nonstandard auto insurance segment during the first half of 2023 — a year-over-year improvement from the $773 million loss seen in the first six months of 2022. …
Q3 2023 Signals Six Years of Premium Increases for Commercial Lines: CIAB
Overall commercial property/casualty premiums increased slightly more than 8% on average in the third quarter, marking six full years of steady increases. According to The Council of Insurance Agents and Brokers’ Q3 Market Survey, the 8.1% average increase in Q3 …