INSURANCE NEWS
Typhoon Muifa Pounds Eastern China With Strong Gales, Rain
Powerful gales and torrential rains battered Zhoushan in eastern China on Wednesday as Typhoon Muifa made landfall at the port city in what local media called the strongest tropical cyclone to hit the populous Yangtze River Delta in a decade. …
People Moves: Orchid Names Cody CEO, Promotes Bowie, Carlsen
Orchid Underwriters Agency named Kathy Cody CEO. Cody joined Orchid in 2019 as its COO and became president in 2021. She was previously chief operating officer, personal lines for Farmers Insurance Group. She was CFO of Farmers Life and head …
California Mudslides Damage Homes, Carry Away Cars
Rescuers searched for a person missing in a mudslide Tuesday as big yellow tractors plowed through dark, thick sludge and pushed boulders off roads after flash floods swept dirt, rocks and trees down fire-scarred slopes, washed away cars and buried …
Acrisure Receives Nod From Lloyd’s to Launch Syndicate 1985, Managed by Asta
Asta, the third-party managing agent at Lloyd’s, and Acrisure announced that Lloyd’s has granted “in principle” approval for the launch of Flux Syndicate 1985, which will commence underwriting on Jan. 1, 2023. Flux is expected to generate gross written premium …
Repeal of Massachusetts Immigrant Driver’s License Qualifies for November Ballot
Massachusetts voters will get the chance to decide whether the state should reject a new law allowing immigrants in the country illegally to obtain state driver’s licenses. The secretary of the commonwealth’s office announced late Friday that it had certified …
Deeper Roots: How the Latino Community Is Strengthening the Cyber Insurance Workforce
The root level is the highest permission level of access to a computer system, and most cybersecurity professionals work hard to ensure criminals don’t gain root access to a system. However, the word ‘root’ has another meaning for Raíces Cyber, …
Brown & Brown Acquires New England’s Smithwick & Mariners Insurance
Brown & Brown of Massachusetts has acquired Maine-based Smithwick & Mariners Insurance, which includes MidCoast Insurance and Chapman & Chapman Insurance. Originally founded in 1987 to service the marine industry, Smithwick & Mariners has grow to serve business owners and …
Markets/Coverages: Earnix, Guidewire Partner; XPT Unifies Brands; Franchise Hotel Program at Suitelife; New Hotel Umbrella Option at Distinguished
Earnix and Guidewire Partner Guidewire and Earnix announced that the two companies have launched a collaborative effort to facilitate faster adoption and increased ongoing performance of their shared offerings. Earnix is a global provider of real-time AI-driven rating, analytical underwriting, …
Hong Kong Insurer FWD Refiles Application for Hong Kong IPO, Eyeing 2023 Listing
FWD Group Holdings Ltd., the Asian insurer backed by billionaire Richard Li, has refiled an application for a Hong Kong initial public offering as it now weighs a listing next year amid market volatility. The renewed filing will grant more …
Montenegro Wrestles With Massive Cyberattack, Russia Blamed
At the government headquarters in NATO-member Montenegro, the computers are unplugged, the internet is switched off and the state’s main websites are down. The blackout comes amid a massive cyberattack against the small Balkan state which officials say bears the …
Supply Chain Restructuring to Generate $33B in Commercial P/C Premiums by 2026: Swiss Re
Swiss Re predicts that deglobalization will generate $33 billion in new commercial property/casualty insurance premiums by 2026, according to its latest sigma report: “Maintaining resilience: the role of P&C insurers in a new world order.” Supply chain restructuring is expected …
Misrepresentation by Insured? It’s Complicated, Florida Appeals Court Rules
Proving that an insured misrepresented the extent of damage from a storm may have just become a little more complicated for Florida insurance companies. Florida’s 5th District Court of Appeals last week reversed a trial court’s summary judgment order, which …