INSURANCE NEWS
Morocco Survivors Seek Aid as Earthquake Death Toll Passes 2,100
Survivors of Morocco’s deadliest earthquake in more than six decades struggled to find food, water and shelter on Sunday as the search for the missing continued in remote villages and the death toll of more than 2,100 seemed likely to …
Legacy Acquisition Specialist RiverStone Int’l Acquires Catalina Insurance Ireland
RiverStone International, the London-based provider of legacy solutions in the Lloyd’s market, has signed an agreement with members of the Catalina Group to acquire Catalina Insurance Ireland, an Irish insurance company regulated by the Central Bank of Ireland. Financial details …
Reinsurers Hope Profitability Party Will Last – But All Good Things Must End
Executive summary: Fitch Ratings is projecting reinsurer returns on equity of 14% in 2023 and 2024, results that reflect a reinsurance environment that has effectively returned to the pre-soft market state of providing capital protection rather than earnings protection for …
Non-Life Insurers’ Profits to See Boost From Higher Rates
Non-life insurers are set to significantly improve their profitability in the next few years as investment returns from higher rates cushion a hit from a rise in claims, a report by Swiss Re Institute showed on Saturday. Insurers invest a …
SpaceX’s Starship Probe Ends With 63 Regulatory Fixes
The U.S. Federal Aviation Administration wrapped up a technical investigation into SpaceX’s April test launch of its giant Starship rocket, saying in a Friday statement that the company must implement dozens of corrective measures before flying the vehicle again. The …
P/C Insurers Set to Significantly Improve Profitability Even as Claims Rise: Study
Non-life insurers are set to significantly improve their profitability in the next few years as investment returns from higher rates cushion a hit from a rise in claims, a report by Swiss Re Institute showed on Saturday. Insurers invest a …
Carolina Insurance Agent Charged with ID Theft, Taking out Secret Life Policy
North Carolina authorities have charged a Charlotte-area insurance agent with identity theft after he reportedly took out a life insurance policy without the man’s knowledge. Derek Urban Ezzell, 56, a multi-lines producer in Concord, submitted an insurance application in the …
Brave New Whirl: Hurricane Lee Rewriting Rule Book on Storm Behavior
ATLANTA (AP) — Hurricane Lee is rewriting old rules of meteorology, leaving experts astonished at how rapidly it grew into a goliath Category 5 hurricane. Lee — which just as quickly dropped to a still-dangerous Category 3 and held that …
MGAs and Fronting Companies: Exploring the New ‘Asset-Light’ Frontier
Premiums underwritten by U.S. managing general agencies not affiliated with insurance companies reached $33 billion in 2022, and fronting companies wrote another $13 billion in the same year, a new report says. Reinsurance broker Howden Tiger and the insurance research …
Class Action Claims Mobile Home Park Managers Conspired to Fix and Inflate Lot Rental Prices
CHICAGO (AP) – A lawsuit seeking class-action status accuses nine mobile home community management companies and a mobile home market data provider of conspiring to fix and inflate lot rental prices at more than 150 locations across the U.S. The …
Kansas Insurance Department Returns Funds to Group-Funded Pools After Eliminating Assessment Fees
Kansas Insurance Commissioner Vicki Schmidt announced the Kansas Insurance Department (KID) has returned dollars to group-funded pools following the enactment of legislation that does away with two assessment fees. The Department introduced and successfully lobbied for the passage of legislation …
Litigation Funding Firms Seek to Intervene in Disciplinary Proceedings Against McClenny Moseley & Associates
Two litigation funding firms are seeking to intervene in disciplinary proceedings against McClenny Moseley & Associates after a federal judge in Louisiana ruled that the law firm has no right to any attorney fees for 201 hurricane-damage claims. The Equal …