INSURANCE NEWS
After Decades of Abuse Complaints, New York Pediatrician Ordered to Pay $1.6 Billion
Starting in the 1980s, New York law enforcement and health officials fielded sexual abuse complaints from the young patients of a respected pediatrician who ran his practice out of a basement office in his home on Long Island. But Stuart …
Liberty Mutual CEO Sweeney Elected Chairman as Long Retires
Liberty Mutual’s Timothy M. Sweeney, president and chief executive officer, has been elected chairman of Liberty Mutual Holding Co. Sweeney succeeds, David H. Long, who is retiring. Long has been with Boston-based Liberty Mutual for 40 years. He was named …
Trump Temporarily Lowers Tariffs for Most Countries, Raises Them for China
U.S. President Donald Trump said on Wednesday he would temporarily lower new tariffs on many countries, even as he raised them further on imports from China, in a sudden reversal that sent U.S. stocks sharply higher. Trump’s announcement came less …
MNK Group Unveils New Unified Brand
MNK Group has launched a new unified brand, which integrates its broking, MGA, and risk-taking entities to ensure a consistent customer experience. The new group website (groupmnk.com) connects all underlying entities across the UK, Europe, North America, Latin America, Africa, …
China Financial Regulator to Raise Insurance Funds’ Limits for Stock Investment
China’s financial regulator plans to raise limits for insurance funds’ investment in the stock market, as part of action taken to increase support for capital markets and the real economy. It will raise the upper limit of the equity asset …
People Moves: Inszone Names Strong, Cook Midwestern Leadership
Inszone Insurance Services, headquartered in Rancho Cordova, California, made a series of leadership promotions in its Midwestern region. Jared Strong is now vice president of Illinois. Strong has been with Inszone for five years, previously serving as a producer. Brian …
California Wildfires Had Little Impact on Reinsurers’ Risk Appetite During April Renewals
Property-catastrophe capacity remained adequate to meet demand during the April 1 renewals for US reinsurance buyers, despite the record losses from California’s January wildfires, according to Aon and Gallagher Re in their renewal reports. Reinsurers continued to demonstrate an appetite …
Texas Oil Executives Are Frustrated at Trump for Crushing Crude Prices
The angry mutterings at the Permian Basin Petroleum Association’s “Spring Swing” golf tournament this week weren’t all about missed putts or lost balls. The Texas oilmen on the fairways had a more serious concern: The president they helped elect was …
Catastrophe Bonds Among Few Asset Classes Withstanding Meltdown
A bond market designed around natural catastrophes is proving remarkably resilient to a man-made market meltdown. While most markets have seen deep selloffs since Donald Trump’s “Liberation Day” tariff announcement, investors in catastrophe bonds have sailed through with hardly a …
Hackers Spied on 100 US Bank Regulators’ Emails for Over a Year
Hackers intercepted about 103 bank regulators’ emails for more than a year, gaining access to highly sensitive financial information, according to two people familiar with the matter and a draft letter to Congress seen by Bloomberg News. The attackers were …
Markets/Coverages: MGA Helix Underwriting Launches Professional Lines Program
Helix Underwriting Partners Ltd., the Bermuda-based managing general agent (MGA), has launched a professional lines program with a maximum line limit of $10 million. Backed by Somers Re, the Bermuda-based program is writing a portfolio of professional liability products and …
PointeNorth Expands with Three Alabama Agency Acquisitions
PointeNorth Insurance Group, one of the largest and fastest-growing independent agencies in the Southeast, has acquired three agencies in Alabama, the latest move in the group’s expansion plans. The acquisitions include Holloway and Hunt Insurance in the town of Arab, …