INSURANCE NEWS
NFP Acquires UK-Based Cronin Insurance Consultancy Ltd.
NFP, a New York City-based property/casualty broker, announced its acquisition of The Cronin Insurance Consultancy Ltd., a commercial insurance broker based in the West Midlands, England. This latest acquisition continues NFP’s growth in the region and provides Cronin with access …
NHTSA Fines Zipcar for Uncompleted Recall Rentals
U.S. auto safety regulators said Oct. 16 that car-sharing firm Zipcar has agreed to pay a $150,000 fine after a government investigation found it allowed customers to rent vehicles with uncompleted recalls. Zipcar could be forced to pay another $150,000 …
1 Global Capital CEO Pleads to Using Investor $ for Cars, Artwork Insurance
MIAMI (AP) — A Florida executive whose family business once owned Playgirl magazine is awaiting sentencing after pleading guilty to conspiracy to commit securities fraud for misleading investors in another of his companies — one that made high-interest loans to …
Banks Told to Review Clients in Historic ESG Crackdown in EU
Banks in Europe will need to adjust the risk assessments they conduct of their clients to reflect new ESG requirements enforced by their watchdog. In a world first, the European Banking Authority is revising the framework that sets industrywide capital …
Trump Sues Ex-British Spy Over Dossier Containing ‘Shocking and Scandalous Claims’
A lawyer for Donald Trump told a London judge Monday that the ex- president plans to prove that a discredited report by a former British spy that contained “shocking and scandalous claims” that he was compromised by Russians in his …
Markets/Coverages: Howden Launches Climate Parametrics Practice to Help Clients Derisk Net-Zero Climate Transition
Howden, the London-based insurance group, announced the creation of Howden Climate Parametrics, a global practice that brings together re/insurance, climate, and data expertise to focus parametric risk transfer solutions on meeting the escalating demand for climate derisking capabilities across industries, …
NFP Acquires Florida Broker
Global insurance broker NFP announced it has acquired Benefits & Co., the Florida benefits business of Clearscope, a benefits services and software firm with offices in New York and New Jersey. Based in Sunrise, Florida, Benefits & Co. is an …
Artificial Intelligence Startup Helps Insurers Spot Cognitive Decline in Older Drivers
Mind Foundry Ltd., an artificial intelligence startup vying to help insurers decide which drivers should be covered, has raised $22 million in funding, the latest sign of growing demand to deploy AI in critical sectors where there’s little room for …
New FERMA President Plans to Amplify Voice of European Risk Managers at EU Level
Charlotte Hedemark became president of the Federation of European Risk Management Associations (FERMA) on Oct. 16 at an official handover ceremony at the FERMA Seminar 2023 in Antwerp, Belgium. She replaces Dirk Wegener, who was president for four years. In …
UK Commercial Property Defaults Rise as Rate Hikes Hit Borrowers
The number of soured commercial real estate loans has begun to rise in the UK as the rapid increase in interest rates feeds through to property valuations. The overall default rate on UK commercial real estate debt reached 4% in …
Down, Down, Down….AM Best P/C Downgrades Outpacing Upgrades
The number of rated property/casualty personal lines insurers that had their credit ratings downgraded by AM Best more than doubled to 21 in the first-half of 2023, compared to 10 in first-half 2022. Additional downgrades of 10 commercial insurers and …
Viewpoint: Logic & Language, Forms & Facts – Revisiting Terrorism Issues
“Yesterday was my son’s 12th birthday but he didn’t spend it unwrapping presents or gorging on ice cream and cake. Most of our evening was spent solemnly observing unspeakable horror and devastation as the events of September 11, 2001 unfolded.” …