INSURANCE NEWS
Tornado-damaged Pfizer Plant in North Carolina Restarts Production
ROCKY MOUNT, N.C. (AP) — A major Pfizer pharmaceutical plant in North Carolina that makes critical supplies for U.S. hospitals has restarted production about 10 weeks after it was heavily damaged by a tornado, the company announced Monday. Getting a …
People Moves: Taylor Joins ReSource Pro as Global Head of Marketing
Taylor Joins ReSource Pro as SVP, Global Head of Marketing ReSource Pro, headquartered in New York, N.Y., named Beth Taylor senior vice president and global head of marketing. Taylor brings over 18 years of experience in global B2B marketing, including …
Markets/Coverages: Bold Penguin Partnering With NEXT Insurance
Bold Penguin has partnered with NEXT Insurance, a leading technology-first small business insurer, to enhance small business coverage options on the Bold Penguin Terminal. Per a press release, through this partnership, Bold Penguin users will gain access to NEXT’s General …
Rising Claims Costs Limit US P/C Profitability in 2023
While the profitability outlook for the U.S. P/C industry this year is mixed, Swiss Re predicts a stronger year in 2024, as premium increases and interest rates improve industry results. According to the U.S. Property & Casualty Outlook report, the …
The Challenges of a Widening Cyber Insurance Protection Gap
According to privileged access management Delinea’s report, Closing the Cyber Insurance Gap – 2023 State of Cyber Insurance, a significant gap is emerging between insurance carriers and organizations who are seeking affordable, comprehensive cyber coverage. More than 20 respondents in …
Markets/Coverages: Aon Offers Financial Institutions Solution With Capacity of $100M
Insurance broker Aon plc announced the launch of a flagship new insurance solution, FI Protect 360, created in collaboration with several leading London market insurers. FI Protect 360 is designed to address key operational risks faced by today’s financial institutions …
Hiscox Agrees to Sell Motor Insurance Business in Singapore and Thailand
Hiscox Ltd., the Bermuda-headquartered specialist insurer, announced it has entered into an agreement to sell DirectAsia, its motor insurance business in Singapore and Thailand, to Ignite Thailand Holdings Ltd., the parent of the Roojai group of companies. The transaction is …
Insurtech MGA Loadsure Partners With WeatherOptics to Boost Cargo Risk Calculations
Loadsure, the London-based insurtech and managing general agent, has partnered with WeatherOptics, a leading weather intelligence platform, with the aim of bringing weather intelligence into its risk calculations. Loadsure directly addresses the global freight underinsurance crisis with data powered, AI-priced, …
Cinven Buys Back Eurovita Bonds to Help Avoid Messy Liquidation of Its Insurer: Source
Private equity firm Cinven has agreed to buy back 160 million euros ($170 million) of debt sold by its insurer Eurovita and is open to supporting other measures to avoid a messy liquidation of the Italian company, a person with …
Ship Insurance Facility Set Up for Ukraine Grain Exports, Broker Miller Says
A new marine insurance facility for Ukrainian grain exports using the country’s sea corridor has been set up in conjunction with Ukraine’s authorities, insurance broker Miller said on Tuesday. Russia quit a U.N.-backed deal in July to enable exports from …
Businesses Unprepared for Cyberattacks Despite Steady Concern
Cyber risks remain a top concern for business leaders, according to the annual Travelers Risk Index. The top concerns among 1,206 survey participants are, in order, medical cost inflation (60%), broad economic uncertainty (59%) and cyber risks (58%). Travelers reported …
Target Closes Nine NYC, West Coast Stores to Stop Losses From Rising Theft
Target Corp. is closing nine stores in four states to stem losses from rising retail theft. One Manhattan location will be shuttered, along with two in Seattle, three in Northern California and three in Portland, Oregon, Target said in a …