INSURANCE NEWS
Viewpoint: ChatGPT, Laden With Hacker-Inserted Malware, Is Writing Code for Companies
If yours is like many companies, hackers have infiltrated a tool your software development teams are using to write code. Not a comfortable place to be. Developers have long used sites like stackoverflow.com as forums where they could get code …
Microsoft Offers to Help Politicians Crack Down on Deepfakes
Microsoft Corp. is offering US politicians and campaign groups a tool aimed at helping fight the rise of deepfakes ahead of the 2024 presidential election. The new tool will allow parties to authenticate their videos and photos with so-called watermark …
James River to Exit Reinsurance, Agreeing to Sell JRG Re to Fleming Holdings for $277M
James River Group Holdings Ltd. announced it has entered into a definitive agreement to sell JRG Reinsurance Co. Ltd., its casualty reinsurance business, to Fleming Intermediate Holdings. The total estimated transaction value is $277 million, inclusive of a $139 million …
Average Premiums Keep Rising for Most Commercial Lines: IVANS
Ivan’s Index for the third quarter found the average premium renewal rate increased for all major commercial lines of business except workers’ compensation. Compared to the same period a year ago, Q3 2023 average renewal rate increases were: Commercial Auto …
Insurers Review Middle East Events Policies After War Leads to Cancellations
Some insurers are excluding Israel, Lebanon and other Middle Eastern countries from their event cancellation policies after the Israel-Hamas war resulted in some activities being pulled. European Aquatics last week called off the continental water polo championships, which was scheduled …
China’s Ping An Sold Stake in Country Garden, Has No Plans to Buy the Troubled Firm
Ping An Insurance (Group) Co. doesn’t hold any shares in Country Garden Holdings Co. and has no plans to acquire the distressed Chinese developer, the company disclosed in a Shanghai Stock Exchange filing on Wednesday. The insurer said it hasn’t …
Gallagher to Buy Evans Bank Insurance Operations in Western New York for $40 Million
Western New York’s Evans Bancorp, Inc. has agreed to sell its insurance agency operation, The Evans Agency, to global insurance broker Arthur J. Gallagher & Co. for $40 million. The net gain on sale, on an after-tax basis, is expected …
Greenlight Re Names TransRe’s Richardson as CEO to Succeed Burton
Greenlight Capital Re Ltd., the Cayman Islands-based multiline property/casualty insurer and reinsurer, announced that Simon Burton, the company’s chief executive officer intends to step down, effective Dec. 31, 2023. He will be succeeded as CEO and a member of the …
Devastated California Town Struggles to Rebuild Amid High Home Insurance Costs
Heidi Lange was among the first to rebuild after the deadliest wildfire in California history destroyed her home in 2018 along with much of the town of Paradise. After the fire, she got divorced, which left her with only half …
‘Black Panther’ Stuntman Mourned After Georgia Crash that Killed Him and Children
The stuntman in “Black Panther” and “Avengers” movies was remembered by loved ones after he and three of his children were killed in a car crash last week in Georgia. Atlanta TV station WSB, the New York Times and others …
Local Governments in West Virginia Will Soon See Opioid Settlement Money
CHARLESTON, W.Va. (AP) — Local governments in West Virginia will start seeing opioid settlement money by the year`s end, the board in charge of distributing the lion’s share of around $1 billion in funds announced Monday. Around $73.5 million will …
Liberty Brokers Acquires Massabni Insurance in Maryland
The Liberty Company Insurance Brokers continues its growth with the acquisition of Massabni Insurance & Financial, a veteran and family-owned agency in Hyattsville, Maryland. The deal was made in partnership with Liberty Boudreau Insurance Services of Owings, Maryland. Massabni Insurance …