INSURANCE NEWS
Net Income at Selective Insurance Drops on Unfavorable Casualty Reserve Development
Selective Insurance Group reported a 24% drop in fourth quarter 2024 net income as its chief executive admitted the year did “not meet expectations.” Fourth quarter net income was $93.2 million compared to $122.5 million a year ago. Net income …
Alphabet’s Waymo to Test Autonomous Driving Technology in New Cities
Alphabet’s self-driving unit Waymo announced on Wednesday it plans to expand testing of its autonomous driving technology in over 10 new cities in 2025. After testing the Waymo Driver in multiple cities, the company says the technology is adapting successfully …
How Competitive Is E&S Property? Exec Views Vary
E&S property insurance market conditions were a recurring talking point on two recent earnings conference calls, but the leaders of specialty insurers offering commentary were not perfectly in lockstep in their assessments of the competitive landscape. At RLI Corp., property …
Generali to Pay Out Over €7 Billion in Dividends by 2027
Assicurazioni Generali SpA plans to return more than €7 billion ($7.3 billion) in dividends and buy back at least €1.5 billion in shares by 2027, as Chief Executive Officer Philippe Donnet pursues growth in asset management and high-margin insurance. Italy’s …
EU Says Drive to Simplify Will Not Weaken Climate Agenda
The European Union’s drive to simplify rules will not weaken the bloc’s climate change goals, European Commission President Ursula von der Leyen said. She was speaking on Wednesday after the Commission published a plan to boost EU competitiveness, the first …
People Moves: Lloyd’s Promotes Cliff to CFO, Succeeding Keese; Ryan Re Appoints BMS’ Ryan as EVP to Lead Strategic Business Development
This edition of International People Moves details appointments at Lloyd’s and Ryan Re. A summary of these new hires follows here. Lloyd’s Promotes Cliff to CFO, Succeeding Keese Lloyd’s, the insurance and reinsurance marketplace, announced the appointment of Alexandra Cliff …
Theft and Violence in UK Retail Soar to Record Levels, Survey Shows
Theft and violence against retail workers in Britain soared to record levels last year and are “out of control,” driven partly by criminal gangs, according to a report published on Thursday. Industry body the British Retail Consortium’s annual crime survey …
UK Government Agencies Vulnerable to Cyberattacks, Watchdog Says
British government departments have operated hundreds of outdated computer systems and failed to meet their own cybersecurity targets, increasing the risk of a disruptive hack, a watchdog has found. The National Audit Office, an independent parliamentary body, flagged the concerns …
Flood-Prone New Zealand Says It Needs to Adapt to Climate Extremes
New Zealand plans to introduce legislation before the end of the year that will create a framework to help communities and businesses adapt to the impacts of climate change. The law will establish guiding principles and responsibilities for adaptation action, …
Lawsuit Accuses Amazon of Secretly Tracking Consumers Through Cellphones
Amazon.com was sued on Wednesday by consumers who accused the retailing giant of secretly tracking their movements through their cellphones, and selling data it collects. According to a proposed class action in San Francisco federal court, Amazon obtained “backdoor access” …
As Small Businesses Try to Recover from LA Fire Devastation, A Variety of Aid Exists
The fires in California have been devastating for many small business owners and others who saw their homes, businesses or livelihoods go up in smoke. Raquel “Rockey” Smeir startedMy Friends Café in Sierra Madre, California, in 2021. While the fires …
Pimco Warns LA City Utility Faces Steep Liabilities After Fires
The Los Angeles Department of Water and Power is facing the risk of significant financial liability for damages in the utility’s response to the Palisades Fire, according to Pacific Investment Management Co. “Given the sheer size of insured and uninsured …