INSURANCE NEWS
The Care and Feeding of Property-Catastrophe Models
Executive summary: The key to getting useful model results is working with models that fit specific underwriting needs and making sure the models are regularly updated while employing qualitative analysis (in addition to the models’ quantitative analysis), say experts from …
People Moves: Nutter to Retire as RAA President; Covington Appointed to Take the Helm
The Reinsurance Association of America (RAA) on Wednesday said its long-time president, Frank Nutter, will retire at the end of the year and Lee Covington is president-elect. Nutter has been president of the trade association for property/casualty reinsurers for 32 …
People Moves: VIAA Names Thornton to New Development Role
VIAA Names Thornton to New Development Role Valley Insurance Agency Alliance (VIAA), headquartered in St. Louis, Mo., named Michael Thornton as book management coach. Thornton has worked at VIAA for six years as a foundation specialist. Before joining the company, …
People Moves: Texas Mutual Makes New Board Member Appointment and Two Reappointments
Texas Mutual Makes New Board Member Appointment and Two Reappointments Texas Gov. Greg Abbott has appointed Gary Gibson of Houston and reappointed Kristi Koncaba of Friendswood and Ron Simmons of Lewisville to the Texas Mutual Insurance Company board of directors. …
Novatae Acquires Arkansas’ American Management Corporation
Novatae Risk Group announced that it acquired the assets of American Management Corporation, (“AMC”) of Conway, Arkansas on September 1, 2023. Terms of the transaction were not disclosed. AMC was founded over 60 years ago and has grown into a …
23 Injured as Driver Crashes SUV Into Texas Denny’s
ROSENBERG, Texas (AP) – A driver plowed through a wall of a busy East Texas restaurant, injuring 23 people. Police in the Houston suburb of Rosenberg, Texas said a man crashed his SUV into a Denny`s restaurant just off the …
Owner of Collapsed Iowa Apartment Building Files Lawsuit Blaming Engineering Company for Negligence
DAVENPORT, Iowa (AP) – The owner of an Iowa apartment building that collapsed in May, killing three people, has filed a lawsuit that blames an engineering company for not warning the building was structurally unsound and that residents should be …
People Moves: Marsh Names Harris CEO, UK Retail; AXA XL Appoints Meier as Chief Client Officer
This edition of International People Moves details appointments at Marsh McLennan and AXA XL. A summary of these new hires follows here. Marsh Appoints Harris as CEO, UK Retail Marsh McLennan announced the appointments of Nick Harris as CEO, UK …
Authorities Looking for Source of Oil Spill at Florida’s Port Manatee
The U.S. Coast Guard is continuing to investigate the source of an oil spill that contaminated more than 19,000 gallons of water at Port Manatee in Tampa Bay. The spill was reported last week and crews have worked since then …
E&S Market Lines Expand, Outperform Broader P/C in 2022
The U.S. excess and surplus (E&S) lines market had a good year in 2022, growing to account for nearly 9% of the U.S. property/casualty (P/C) insurance industry. E&S direct written premiums (DWP) increased for the twelfth consecutive year and reported …
Atlantic Storm Lee Set to Explode in Strength
Tropical Storm Lee is on track to tie Hurricane Franklin to become 2023’s strongest Atlantic storm with winds of 150 miles per hour by this weekend as it plows through the ocean north of Puerto Rico, the US National Hurricane …
Things to Know About Lawsuits and Tourism a Month After Fire Leveled a Hawaii Community
Nearly a month after the deadliest U.S. wildfire in more than a century killed at least 115 people, authorities on Maui are working their way through a list of the missing that has grown almost as quickly as names have …