INSURANCE NEWS
Flow Specialty Says Its AI Agent Passed RPLU Exams
Specialty wholesaler Flow Specialty said its artificial intelligence model has passed the Registered Professional Liability Underwriter (RPLU) exams for cyber, errors & omissions, and executive liability modules. “For far too long, the middle market segment of specialty business has been …
South Dakota Bill to Protect Farms From Spying Could Limit Access to Data
Proposed legislation aimed at protecting South Dakota farmers from potential “agro-terrorism” activities could have a secondary effect of limiting access to some information about the state’s largest animal feeding operations. Senate Bill 14 seeks to strengthen a set of existing …
Highstreet Acquires Missouri’s Siebert Agency
Highstreet Insurance Partners announced its acquisition of Siebert Agency Ltd, and its sister companies Russ Siebert Insurance and Mary Siebert Insurance Agency (collectively, “Siebert Insurance”). The terms of the transaction were not disclosed. Under the leadership of Bill Siebert, his …
Texas Regulators Overhaul Oilfield Waste Rule
Texas regulators have completed the first overhaul of oilfield waste rules in over 40 years. The Railroad Commission of Texas last month adopted revisions for Chapters 3 and 4 of its rules that govern commercial oilfield waste landfills and on-site …
Verisk Estimates Insured Losses for Palisades and Eaton Fires at $28B to $35B
New estimates peg insured losses to property from the Palisades and Eaton fires in Los Angels together will fall between $28 billion and $35 billion, which includes losses to the California FAIR Plan. The estimates out on Wednesday from the …
Travelers Posts 28% Increase in Q4 Net Income
The Travelers Cos. said fourth quarter 2024 and full year net income increased 28% and 67% on string underlying underwriting results. Travelers posted fourth quarter net income of about $2.1 billion compared to about $1.6 billion during the last quarter …
Wildfire-Risk Models Are Struggling to Predict LA-Style Fires
Among natural disasters, wildfires are the great unknown. Even the most-sophisticated scientific models fail to capture all the risk factors or properly account for the increasing impact of climate change. It’s a major problem for homeowners, insurers and investors, as …
Treasury’s FIO Releases ‘Flawed’ Homeowners Insurance Report, Industry Says
The U.S. Treasury’s Federal Insurance Office last week released what it called the “most comprehensive data on homeowners insurance in history.” Weeks after a U.S. Senate committee released a study and held a hearing on the affect of climate change …
People Moves: Lawley Names 4 New Partners; Burns Heads XS Brokers New Cyber Unit
Lawley, headquartered in Buffalo, New York, appointed four new partners. Michael Jantzi II has worked in the insurance and business development sectors since 2010. Prior to becoming a partner, he was an employee benefits consultant for over 10 years. Michael …
Tennessee to See Another Drop in Average Workers’ Comp Costs This Year
Average workers’ compensation loss costs for the voluntary market in Tennessee will drop by 3.6% starting March 1, marking the 12th straight year for decreases in the state. The National Council on Compensation Insurance recommended the decrease in a September …
People Moves: Arch Promotes Thompson to Offshore Energy Underwriting Manager; WTW Names Mamone as Head of Tech Delivery and Strategy
This edition of International People Moves details appointments at Arch Insurance International and Willis Towers Watson. A summary of these new hires follows here. Arch Promotes Thompson to Offshore Energy Underwriting Manager Arch Insurance International (Arch) has announced the promotion …
Italy’s Reale Mutua Eyes €1 Billion Deals in Europe Expansion
Italian insurer Societa Reale Mutua di Assicurazioni is looking to expand in Europe through acquisitions — and it’s ready to consider deals of up to €1 billion ($1 billion) to make it happen. “We’re aiming to develop our international presence …