INSURANCE NEWS
Risk Strategies Buys Florida-based Setnor Byer Brokerage
Risk Strategies, a specialty insurance brokerage, has acquired Setnor, Byer, Boganoff Inc., which does business as Setnor Byer Insurance & Risk, a Fort Lauderdale-area brokerage and risk management firm. Terms of the deal were not disclosed. Founded in 1981, Setnor …
Appeals Court Finds Rules for Oregon’s Climate Program Invalid
A state appeals court in Oregon decided the rules for a program designed to limit and drastically reduce greenhouse gas emissions from fossil fuel companies are invalid. The program, started in 2022, is one of the strongest climate programs in …
7th Person in Tennessee Dies from Tornado
NASHVILLE, Tenn. (AP) — A seventh person in Tennessee has died from injuries she suffered during a string of powerful storms earlier this month that whipped up destructive tornadoes, according to police. Penny Scroggins, a 78-year-old from Clarksville, died Saturday …
US Airlines Ready for Busier Holiday Travel After 2022 Meltdown
U.S. airlines say they are prepared for busier end of year holiday travel compared with the same peak period a year earlier, when storms led to thousands of canceled flights and congestion. The U.S. Federal Aviation Administration expects Thursday to …
People Moves: Triple-I Adds 4 Non-Resident Scholars; Tate Appointed Aspen’s Head of Product for Inland Marine; Schuermann Named President of Berkley Entertainment
The Insurance Information Institute (Triple-I) announced the appointment of four new Non-Resident Scholars (NRS). Teresa Chan, Director – Insurance Management Program School of Professional Studies, Columbia University Seth Rachlin, Assistant Teaching Professor, Social Data Science, Arizona State University Joan T. …
People Moves: Parkinson Joins Signers National; Baynes to Succeed Crawford at New York Municipal Reciprocal
Signers National, a specialty insurance agency group focused on commercial real estate, nonprofits and human service organizations, headquartered in New York, N.Y., hired Chris Parkinson as chief information officer (CIO). Parkinson most recently served as senior vice president of global …
Global Regulators to Tackle Hidden Leverage Across ‘Shadow Banking’ Sector
Tackling hidden leverage across the multi-trillion dollar “shadow banking” sector is next year’s priority, global financial regulators said on Wednesday, but the challenge of accessing data could hamper the process. The G20’s Financial Stability Board (FSB) and IOSCO, a global …
Ryan Specialty Signs Agreement to Buy Castel Underwriting Agencies From Arch
Ryan Specialty, the Chicago-based specialty insurance firm, announced it has signed a definitive agreement to acquire Castel Underwriting Agencies Ltd. from Arch Financial Holdings (UK) Ltd. and minority shareholders. Terms of the transaction were not disclosed. Founded in 2014, Castel …
UK Signs Swiss Financial Services Deal, Easing Post-Brexit Access for Insurers, Brokers
The UK and Switzerland signed an agreement to recognize each other’s laws and regulations in financial services, easing post-Brexit market access for firms including banks, insurers and asset managers. Chancellor of the Exchequer Jeremy Hunt and his Swiss counterpart Karin …
The Rise of Self-Insurance: Navigating Risk in a Changing Insurance Landscape
In an era of heightened climate risks and evolving insurance dynamics, the traditional insurance model faces a conundrum. Insurers find themselves grappling with the aftermath of more frequent and severe storms, and struggling to collect adequate premiums while navigating stringent …
FTC Streamlines Probes Related to Artificial Intelligence
Investigations of cases where artificial intelligence (AI) is used to break the law will be streamlined under a new process approved by the U.S. Federal Trade Commission, the agency said on Tuesday. The move, along with other actions, highlights the …
FDA Identifies Recall of Philips Medical Imaging Devices as Most Serious
The U.S. Food and Drug Administration (FDA) on Wednesday classified the recall of Philips’ medical imaging devices as most serious as their use could cause serious injuries or death. The Dutch medical devices maker started the process on Nov. 30 …