INSURANCE NEWS
Marsh McLennan Reports Organic Q1 Growth of 4%, a Decrease From Q1 2024
Marsh McLennan reported consolidated revenue during the first quarter of $7.1 billion, an increase of 9% compared with Q1 2024, or 4% on an underlying (organic) basis. MMC had organic growth of 9% in Q1 2024. Q1 operating income was …
EPA Considers Weakening Regulations on Coal Ash Disposal
In 2022, federal officials rebuked a major coal plant next to the Ohio River for letting coal waste — in a pile so big it could fill the Dallas Cowboys’ football stadium twice over — threaten groundwater with heavy metal …
Coal Country Voices Say Closure of MSHA Offices Endanger Mine Safety
Retired coal miner Stanley “Goose” Stewart questions whether it’s safe for anyone to work in the industry right now. The Department of Government Efficiency, created by President Donald Trump and run by Elon Musk, has been targeting federal agencies for …
AM Best Revises Outlooks to Negative for Virginia’s Loudoun Mutual Insurance Co.
AM Best has revised the outlooks to negative from stable of Loudoun Mutual Insurance Co. of Waterford, Virginia based on the “deterioration in Loudoun’s underwriting and operating performance” in recent years and corresponding “decline in overall risk-adjusted capitalization.” At the …
Business Moves: NSM Completes Sale of Commercial Division to New Mountain Capital; Compre Buys Covea’s CSE Group
Specialty insurer NSM Insurance Group said it has completed the sale of its U.S. commercial insurance division to investment firm New Mountain Capital. The agreement includes NSM’s portfolio of 15 niche insurance programs across property/casualty, accident & health, and reinsurance—as …
China Bans ‘Smart’ and ‘Autonomous’ Driving Terms From Vehicle Ads
China is banning automakers from using the terms “smart driving” and “autonomous driving” when they advertise driving assistance features, and it will tighten scrutiny of such technology upgrades. The mandate on vehicle advertising was delivered by the Ministry of Industry …
Lloyd’s Broker Charged Over Alleged Ecuador Bribes
UK fraud cops have charged an insurance broker with bribery, after a four-year probe into alleged corruption involving state-run insurance contracts in Ecuador. The Serious Fraud Office accused United Insurance Brokers Ltd. of failing to prevent associates from bribing state …
Viewpoint: A Favorable Prognosis—Healthcare at the Forefront of Cyber Risk
Healthcare organizations continue to find themselves at the forefront of cyber risk. Exposures such as IT supply chain dependencies, website tracking litigation, ransomware attacks, new security regulations, and data breach class actions put healthcare organizations of all sizes at high …
In Last-Minute Reversal, US Agency Extends Support for Cyber Vulnerability Database
U.S. officials will extend support for 11 months for a database of cyber weaknesses that plays a critical role in fighting bugs and hacks, a spokesperson said on Wednesday, just as the funding was due to run out. The expected …
Potential Tariff Auto Severity Impact on Travelers: Single-Digits or Less
Wildfire losses obscured what executives of Travelers described as outstanding underlying results for the insurer’s first quarter—and looking ahead, the company is well-positioned to face the impacts of macroeconomic uncertainty, the chief executive said. During a first-quarter earnings conference call …
NC Committee Approves Bill to End Education Requirements for Insurance Agents
A North Carolina House of Representatives committee voted Wednesday to do away with educational course requirements for insurance agent licenses, a move that could help address what has been called a shortage of producers in the state. “It’s a 40-hour …
Florida’s Anchor Insurance is Reborn as Patriot Select With $29M in Capital
It was once known as Anchor Property & Casualty Insurance Co., based in St. Petersburg, Florida, and launched in 2014. Then it was known as another Florida carrier that had slipped into financial troubles and was placed into an orderly …