INSURANCE NEWS
Emerging Risks: Quantum Computing, Lower Construction Quality, Legal Tech etc.
The global community continues to deal with known challenges such as the pandemic, the war in Ukraine, economic turmoil and failing trust in established social institutions. But a report from Swiss Re reminds re/insurers that there are new emerging risks …
Florida HO Premiums Highest in Nation at $4,200 Average, Triple I Report Shows
A report from the Insurance Information Institute confirms what many Florida homeowners have suspected: Their insurance premiums are some of the highest in the nation. The annual cost of a Florida homeowners policy this year will jump to $4,231 – …
Crews Find Body of Worker Under Collapsed Iowa Grain Silo
Crews recovered the body of a man who was buried under piles of grain and debris from a collapsed grain silo in southeastern Iowa on Wednesday. The collapse happened just before 8 a.m. Tuesday at a grain elevator at Yarmouth, …
Nursing Home Owner Whose Residents Suffered in Ida in Trouble
The owner of seven Louisiana nursing homes who sent more than 800 of his elderly residents to a crowded, ill-equipped warehouse to ride out Hurricane Ida last year was arrested Wednesday on fraud and cruelty charges arising from the squalid …
Parliament Cautions Regulators: UK Finance, Insurance Yet to Feel Full Brexit Impact
Britain should avoid hasty reforms to make its financial sector more globally competitive after the industry’s separation from the European Union by Brexit, a parliamentary report said on Thursday. The finance ministry has proposed scores of changes to rules governing …
‘Weston’s Law’ Elevator Upgrade to NC Cottages Close to Approval
A safety mandate to reduce or eliminate space between elevator doors and landing doors inside North Carolina vacation cottages and other short-term rentals needs one more affirmative vote to receive final General Assembly approval. The requirement is contained in the …
Insurers Among Investors as Canada’s Brookfield Raises $15B for Climate Fund
Canada’s Brookfield Asset Management said on Wednesday it had raised $15 billion for its first impact fund focused on the global transition to a net-zero carbon economy. The fundraise comes at a time when investors and lawmakers across the globe …
Gallagher Acquires Ireland’s INNOVU Group
U.S. based global insurance broker Arthur J. Gallagher & Co. reports it has purchased Wexford, Ireland-based INNOVU Group Holding Co. Terms of the transaction were not disclosed. Founded by Ronan Foley in 2018, INNOVU Insurance is a retail insurance broker …
People Moves: MMC Names Jones, Hageman to Senior Posts; Lockton Welcomes Marsh’s Millett for Innovation; Applied Financial Builds Cyber Risk Team
Marsh McLennan Creates New Senior Leadership Positions Marsh McLennan announced the appointment of John Jones as chief marketing and communications officer and Pat Hagemann as chief of staff to the chief operating officer. Jones will lead Marsh McLennan’s new marketing …
Hackers Steal $100 Million by Exploiting Crypto’s Weak Link
Hackers looted about $100 million from a so-called cryptocurrency bridge, again exposing a key vulnerability in the digital-asset ecosystem. Blockchain Harmony said in a tweet that the hack of its Horizon bridge, which lets people swap coins between different blockchains, …
Argo Group Names Bradley CEO as Rehnberg Departs
Thomas A. Bradley has stepped into the role of chief executive officer of Argo Group International Holdings Ltd., the Bermuda-based specialty insurer. Bradley, who has served as Argo’s chairman since 2020, has been interim CEO since March 2022 when Kevin …
Ukraine Crop-Handling Port Damaged in Russian Attacks, Adding to Farm Sector Losses
Infrastructure owned by two major agriculture traders was damaged in Russian attacks at one of the biggest crop-handling ports in Ukraine, adding to the mounting losses suffered by its farm sector. Rocket strikes on the Ukrainian port city of Mykolayiv …