INSURANCE NEWS
MGA Arcadian Enters D&F Property Binding Agreement With Aviva for Worldwide Risks
Arcadian Risk Capital Ltd., a Bermuda-based managing general agent (MGA) and part of the “Class of 2020,” announced that it has entered into a direct and facultative (D&F) property binding arrangement with Aviva Insurance Ltd. UK. The multi-year agreement will …
Howden Tiger Forms Broking Division by Aligning Facultative, Consortia, Facilities Teams
Howden Tiger announced the creation of a new broking division, Howden Tiger Fac, which aligns the facultative, consortia, facilities expertise and specialty reinsurance capabilities from across the newly combined business. Howden Tiger Fac will be led in London by Gordon …
Denny’s Responds After Falling Sign Crushed Car and Killed a Woman
A woman died and her daughter was injured last week in central Kentucky after high winds caused a Denny’s restaurant sign to fall on their car. News outlets reported that the 1.3-ton sign crushed the car in Elizabethtown, about an …
Construction Firm Denies Illegal Dumping Charges as ‘Legally, Factually Baseless’
A Massachusetts construction company charged with illegally dumping thousands of tons of contaminated fill in Rhode Island during a highway construction project says it has done nothing wrong. The Rhode Island attorney general’s office announced Wednesday that Barletta Heavy Division, …
Aircraft Leasing Companies Cautious About Risky Markets After $10B Hit in Russia
Aircraft leasing companies, which own most of the world’s passenger jets, face a tricky balance between risks and rewards after losing 400 planes in Russia, but have made no “knee-jerk” withdrawal from any major market yet, executives said. The lessors …
Consilium Launches Cedent Facultative Reinsurance Division
Consilium, the London-based speciality re/insurance broking business of the Aventum Group, announced the launch of a new cedent driven facultative (FAC) reinsurance division. Simon Richardson has been appointed managing partner of the new division and following his notice period will …
NFP Acquires UK’s Direct Safety Solutions
NFP, the New York City-based property/casualty insurance broker and consultant, announced it has acquired Direct Safety Solutions Ltd., a UK-based health and safety consultancy. Financial details of the deal were not disclosed. Based in the West Midlands, England, Direct Safety …
UK Insurers Fear That Promised Brexit Capital Reforms Will Be Derailed
Insurers loved the UK government’s long-awaited plans to free up billions of pounds of their capital. But after the celebrations have come fears that regulators could nudge the changes in a more cautious direction. Reforms to City of London rules, …
Europe Braces for a Sharp, Abrupt Real Estate Reversal
Turmoil at trophy properties in London and Frankfurt offer a glimpse of the damage awaiting European real estate investors as they face the sharpest reversal on record. From a fraught refinancing process for an office building in the City of …
People Moves: TrueNorth Announces Next Step of Leadership Succession Plan; Holmes Murphy Promotes 3
TrueNorth Announces Next Phase of Leadership Succession Plan Effective January 2023 TrueNorth Companies, L.C., a closely and privately held risk management and insurance brokerage firm headquartered in Cedar Rapids, Iowa, has announced a series of leadership changes. Several officer appointments …
Laid Off Tech Workers Are About to Get Help—From Allstate
Allstate Corp. plans to tap the pool of recently fired tech workers to help the insurer overhaul its business. The company—best known for auto and home policies—is investing in technology including artificial intelligence and telematics, which sets premiums based on …
Wind Turbine, Blades Collapse Onto Wisconsin Field
HERMAN, Wis. (AP) – A company that operates a southern Wisconsin wind farm is investigating what caused part of a wind turbine and its blades to plummet to the ground, leaving debris strewn across a field. No one was injured …