INSURANCE NEWS
Markets/Coverages: DUAL Europe Launches Cyber Active Protect Solution
DUAL Europe announced the launch of DUAL Cyber Active Protect, a new product that combines comprehensive cyber insurance with proactive cyber prevention services. It also has launched a new entity – DUAL Cyber Prevention and Response (DUAL CPR) – which …
APCIA: Insurance Markets Work Best Without Excessive Price Regulation
The American Property Casualty Insurance Association (APCIA) recently released a report that concludes over-regulation impedes insurance markets “Insurance markets function best when allowed to operate competitively, free from excessive price regulation,” said Robert Gordon, APCIA’s senior vice president, policy, research …
AIG’s Hancock to Lead Global Personal Lines as Insurer Restructures Businesses
American International Group (AIG) said it is organizing into three segments and Jon Hancock will lead two of them. Hancock will continue to lead AIG’s international commercial business and will also take on leadership of the newly formed global personal …
Crew Abandon HK-Flagged Container Ship in Red Sea After Fire: Sources
The crew of the Hong Kong-flagged ASL Bauhinia have abandoned the container ship in the Red Sea after it caught fire on Tuesday, two maritime sources said, adding the cause of the incident was not immediately clear. The crew were …
Everest Group Boosts Casualty Losses Reserves $1.7B
Everest Group preannounced full-year 2024 earnings yesterday, disclosing about a 45% drop in net income attributable to a $1.7 billion boost in its casualty insurance reserves. The company, which writes more than twice as much reinsurance premium as insurance premium, …
Storm Triggers Worst Floods in 40 Years in Northwest France
Storm Herminia triggered the worst flooding in four decades in parts of northwest France and created dangerous avalanche conditions in the Alps. In Brittany, hundreds of people were evacuated from their homes in the department of Ile-et-Vilaine, including the city …
Fuji Media, Rocked by Sexual Misconduct Allegations, Says Executives to Resign
Japan’s Fuji Media said on Monday its chairman and the head of its TV unit would step down immediately amidst a probe into alleged sexual misconduct by a celebrity TV host. The scandal, which has led to an exodus of …
Ardonagh Netherlands to Buy Majority Stake in 2 High-Net-Worth Specialist Firms
Ardonagh Netherlands, part of The Ardonagh Group, has reached an agreement to acquire a majority stake in Private Insurance Assuradeuren B.V. (PIA) and Private Insurance Nederland B.V. (PIN), two prominent players in the Dutch insurance market for high-net-worth individuals. Financial …
Oceans Are Warming Faster and Faster as the Earth Traps More Energy
The world’s oceans are warming four times faster than they were in the late 1980s, according to a new study. The alarming acceleration helps explain why 2023 and 2024 saw unprecedented ocean temperatures — and more extreme storms. The findings …
German Watchdog Raises Focus on Physical Risks Stemming From Climate Change
German watchdog BaFin said the country’s financial industry needs a better grasp of physical risks stemming from climate change because of the increasing impact of events such as floods and droughts. Banks often don’t have data on where their clients …
People Moves: Kalinsky Named CEO of Plymouth Rock Management; Hunter Joins Protecdiv
Plymouth Rock Assurance, headquartered in Woodbridge, New Jersey, named Greg Kalinsky as president and CEO of the Plymouth Rock Management Co. of New Jersey, effective February 24. Kalinsky will oversee Plymouth Rock’s direct-to-consumer and exclusive agent auto insurance division, based …
UnitedHealth Says Hack at Tech Unit Impacted 190 Million People
The cyberattack at UnitedHealth Group’s tech unit last year affected the personal information of 190 million people, the health conglomerate said on Jan. 24, making it the largest healthcare data breach in the United States. The hack at Change Healthcare …