INSURANCE NEWS
Arthur J. Gallagher & Co. Acquires UK Risk Management Consultant, Another Day
Arthur J. Gallagher & Co., the Rolling Meadows, Ill.-based insurance broker, announced the acquisition of Another Day Ltd. Terms of the transaction were not disclosed. Founded in 2016, AnotherDay is a London-based risk management consultancy that helps organizations across 90 …
Insurtech Startup Quotech Announces £1 Million Investment Led by Re/insurer Convex
Quotech, the insurtech that creates data-taming systems for specialty insurers, brokers, and MGAs, has raised £1 million from a number of angel investors and Convex Group Ltd., the international specialty insurer and reinsurer. Proceeds from the funding round will be …
Lloyd’s Launches 2nd Protected Cell Company to Provide Greater Flexibility for Investors
Lloyd’s announced it has received regulatory approval to set up a second protected cell company (PCC), which aims to enhance market accessibility for investors – a key deliverable of the Future at Lloyd’s project. Lloyd’s previously announced a number of …
AIA Weighs Purchase of Billion-Dollar Shanghai Tower as Its Expands Business in China
Insurance giant AIA Group Ltd. is in talks to purchase an office at a prime location in Shanghai as it expands business in China, according to people familiar with the matter. The Hong Kong-based insurer is considering buying SIIC Center, …
Alex Jones’ $49.3M Verdict and the Future of Misinformation
Alex Jones is facing a hefty price tag for his lies about the Sandy Hook Elementary School massacre – $49.3 million in damages, and counting, for claiming the nation’s deadliest school shooting was a hoax – a punishing salvo in …
Ukraine Nuclear-Plant Disaster Is ‘Real Risk,’ IAEA Warns
Ukrainian officials said Russian forces shelled the area around Europe’s largest nuclear plant for a second day, hours after the head of the UN’s atomic safety agency warned of “potentially catastrophic consequences.” Russian shells landed near spent nuclear fuel stored …
Energy Transfer Reports Louisiana Natgas Pipeline Ruptured in July
Energy pipeline operator Energy Transfer has disclosed a pipeline rupture in Louisiana last month that released 8.2 million cubic feet of natural gas, according to a report filed with the U.S. National Response Center. The July 22 leak, the equivalent …
U.S. Captive Market Thrives Amid Capacity, Pricing Challenges
The U.S. captive insurance market segment continued to generate profits and surplus gains in 2021 while outperforming the commercial market, according to a new AM Best report. The Best’s Special Report, “U.S. Captive Insurance: Stepping In Amid Capacity and Pricing …
U.S. Agency Probes Tesla Crashes That Killed 2 Motorcyclists
Two crashes involving Teslas apparently running on Autopilot are drawing scrutiny from federal regulators and point to a potential new hazard on U.S. freeways: The partially automated vehicles may not stop for motorcycles. The National Highway Traffic Safety Administration sent …
Bus in California Went off Highway, Injuring 24
A bus traveling from Los Angeles to Fresno crashed after it went off a highway, broke through a chain link fence and came to a rest on its side in a parking lot, injuring 24 people, authorities said. The driver …
Omaha, Nebraska to Host Insurtech on the Silicon Prairie in October
Nebraska Department of Insurance Director Eric Dunning announced that the Insurtech on the Silicon Prairie conference is back in-person and will be held on October 24 and 25. Omaha’s Holland Performing Arts Center will be the event venue. The night …
Sills Named CapSpecialty CEO as Sennott Steps Down
CapSpecialty, a wholly-owned subsidiary of Alleghany Corporation, said Jack Sennott is stepping down from his roles as CEO, president and chair, effective August 31. Alleghany has named Adam Sills, currently CapSpecialty’s head of specialty underwriting, as president and CEO. “Over …