INSURANCE NEWS
Aon Promotes Reinsurance Leaders as John Neal Takes a New Direction With AIG
Insurance broker Aon announced the promotions of Alfonso Valera as CEO of International for Reinsurance, responsible for UK, EMEA and APAC, and Steve Hofmann as CEO of Americas for Reinsurance, responsible for North America and Latin America. In addition, George …
Progressive Q2 Income More Than Doubles
Second quarter net income at Progressive Corp. increased 118% compared to the same period a year ago to about $3.2 billion. Progressive reports results monthly. Net income for June was up 40% to $1.1 billion. Year-to-date net income as of …
Venbrook Launches Habitational Product for California Condos, Townhomes
Venbrook Group has entered a strategic alliance with DB Insurance to bring a specialty coverage option for multi-unit residential properties in California. The product is tailored for condominium and townhome homeowners association policies. It is the first offering from the …
The Hartford Promotes Chhabra to Chief Risk Officer
The Hartford said it is promoting Prateek Chhabra to chief risk officer, succeeding Robert Paiano who will retire from the company at the end of the year. Chhabra, who since 2018 has held the role of senior vice president and …
Former Lloyd’s CEO Neal to Lead General Insurance as President at AIG
American International Group (AIG) said today that former Lloyd’s CEO John Neal is joining as president, effective December 1. Neal, who at the start of 2025 was named CEO of reinsurance at Aon, will lead AIG’s General Insurance—North America and …
Strong Argument for Cameras Emerges in Jet Crash Probes, IATA Chief Says
The installation of cockpit cameras would greatly help aviation safety authorities investigating accidents like the recent fatal Air India crash, according to the head of the International Air Transport Association. “On a personal basis, I can see that there is …
Global Insured Losses From Natural Cats Hit $100B in H1, Driven by US Wildfires, SCS
Global insured losses during the first half of this year were at least $100 billion with more than 90% of that total – or approximately $92 billion – driven by wildfires and severe convective storms in the U.S., according to …
Florida People Rush to Help Plane Near Airport Mayor Says is Plagued With Crashes
Residents in a Miami suburb used an ax, fire extinguisher and garden hose to rescue four people from a small plane that crashed into a tree in yet another mishap near a busy South Florida airport. “It was nothing short …
Central Texas Floods Highlight State’s Risky Profile, Triple-I Analysis Finds
The catastrophic floods in central Texas on July 4th occurred in an area where fewer than 3% of homeowners have flood insurance through the National Flood Insurance Program, serving as another example of why Texas has one of the highest …
USDA Margin Coverage Option for Row Crops Available in Select States
The U.S. Department of Agriculture’s (USDA) Risk Management Agency (RMA) announced this month it is introducing a new margin coverage option as a crop insurance endorsement for corn, cotton, grain sorghum, rice, soybeans and spring wheat in select states for …
U. of Michigan Faces Federal Scrutiny Over Chinese Scientists’ Smuggling of Biological Materials
The University of Michigan is under federal scrutiny after two Chinese scientists linked to the school were separately charged with smuggling biological materials into the United States. The Education Department on Tuesday opened an investigation into the university’s foreign funding, …
US Farm Agency Ends Program to Support Small Businesses
The U.S. Department of Agriculture said on Tuesday it would cut funding for a national network of centers that have supported thousands of small- and mid-sized farm and food businesses. The cuts are another hit to farmers from President Donald …