INSURANCE NEWS
EU Sets Out Plans to Cut Price of Financial Products Offered by Banks, Insurers
The European Union set out plans on Wednesday to cut how much retail investors pay banks and insurers for financial products to encourage investment and make its capital market deeper and more efficient. The retail investment package toughens up existing …
Anti-ESG Rhetoric in U.S. Prompts Urgent Talks as Insurers Quit Climate Coalition
The world’s biggest climate coalition for insurers is set to hold emergency talks after a wave of defections revealed the extent to which anti-ESG rhetoric in the US is unsettling members. Signatories of the Net Zero Insurance Alliance are due …
UN Says U.S. Concerns Have Led to Insurers Quitting Climate Alliance
The United Nations Environment Programme on Wednesday said “recent discussions within the United States” had been behind four insurance firms quitting a UN-convened alliance aimed at reducing carbon emissions in recent months. Republican federal and state lawmakers, governors, and attorneys …
Brown & Brown Agrees to Buy UK Parent of Nexus Underwriting, Xenia Broking
Brown & Brown Inc., the Daytona Beach, Fla.-based broker, announced it has entered into an agreement to acquire Kentro Capital Ltd. in the UK. The transaction is expected to close in the fourth quarter of 2023, subject to certain closing …
Arthur J. Gallagher Acquires Florida’s Ken Brown Brokerage
Arthur J. Gallagher & Co., the global insurance brokerage and consulting firm, said it has acquired Florida-based Insurance by Ken Brown Inc., a retail broker specializing in coverage for construction and swimming pool companies in the Southeastern United States. Ken …
White House Takes New Steps to Study AI Risks, Determine Impact on Workers
The White House said on Tuesday it would ask workers how their employers use artificial intelligence (AI) to monitor them, as it allocates federal investments in the technology, which is expected to change the nature of work. The White House …
2 Arkansas Teens Killed After Being Struck by Train While Walking on Tracks
CABOT, Ark. (AP) – Two teenagers have died after being struck by a train while walking on the tracks near a park in a central Arkansas town. Liam Harrison and Charlie Elliott, both 16, died in Cabot on Saturday evening, …
TWIA Finalizes Funding for 2023 Storm Season
The Texas Windstorm Insurance Association Board of Directors met in Austin Tuesday to finalize financial preparations for the 2023 storm season. The Board previously established $4.5 billion as the association’s 1:100 probable maximum loss for 2023. In April, the Board …
U.S. P/C Industry Posts Record Q1 Underwriting Loss: S&P
An analysis from S&P Global Market Intelligence found that the finger can be pointed at personal lines carriers for most of the property/casualty industry underwriting red ink during the first quarter. The U.S. P/C industry posted its first and largest …
New England Health Insurer Still Dealing With Ransomware Attack
Point32Health, the parent company of Tufts Health Plan and Harvard Pilgrim Health Care, is still dealing with a ransomware attack it first reported on April 17. The company has now disclosed that patient information has been stolen. The Massachusetts-based health …
Facebook Owner Meta Starts Final Round of Layoffs
Meta Platforms Inc started carrying out the last batch of a three-part round of layoffs on Wednesday, according to a source familiar with the matter, as part of a plan announced in March to eliminate 10,000 roles. Meta in March …
Alabama Couple Charged with Dumping Oil Over 33 Miles of Road, Creating a Hazard
An Alabama couple has been arrested after authorities said they dumped oil over 33 miles of road around Decatur, in the northern part of the state. The news outlet AL.com reported that crews in Lawrence County had to spread 37 …