INSURANCE NEWS
Bridge Specialty Group Acquires Assets of Wisconsin’s ARMR
J. Scott Penny, chief acquisitions officer of Brown & Brown, Inc. (NYSE:BRO), and David Dybdahl and Cynthia Statz, owners of American Risk Management Resources Network, LLC (“ARMR”), announced that a Bridge Specialty Group company and subsidiary of Brown & Brown, …
NFP Expands Presence in Texas With Acquisition of Capstone Strategies
NFP announced the acquisition of Capstone Strategies, LLC, a P&C and benefits broker located in Midland, Texas. Capstone Strategies founders Blake Johnston and Brandon Sheppard will join NFP as senior vice presidents, reporting to Amanda Ruback, P&C managing director in …
North Carolina Town Sues Duke Energy Over Climate Crisis
A town in North Carolina sued utility firm Duke Energy DUK.N on Wednesday, accusing the company of deceiving its customers and the broader public about the harms of climate change. The town of Carrboro, about 30 miles from the state …
Economic Threats Top of Mind for US Business Leaders
Economic downturn, labor shortages and inflation top the list of concerns for business leaders globally, according to the World Economic Forum’s 2024 Executive Opinion Survey, released by strategic partners Marsh McLennan and Zurich Insurance Group. Poverty and inequality ranked fourth …
US Small-Business Optimism Soars to Three-Year-High After Trump Win
US small-business optimism surged in November to a more than three-year high in anticipation of more favorable economic policies after Donald Trump sealed his return to the White House. The National Federation of Independent Business optimism index jumped 8 points, …
Trucordia Acquires Business of Virginia’s Archibald Insurance
Utah-basrd insurance broker Trucordia has acquired the insurance business of Archibald Insurance, an agency with offices in Richmond, Midlothian and North Chesterfield, Virginia. Archibald Insurance offers personal and commercial insurance. By joining Trucordia, the Archibald team seeks to access expanded …
Sloop to Take Over for Drinkwater as Amwins President
Ben Sloop is set to take over as president of Amwins Group at the start of 2025, the wholesale brokerage said. Sloop succeeds James Drinkwater, who has been with Amwins since 2004 and has served as president since 2018. He …
Allianz Raises Financial Targets for Next Three Years
Allianz, one of Europe’s biggest insurers, has raised its three-year financial targets after outperforming its key goals for this year, the company said on Tuesday. Shares in Allianz fell 1.3% by 0832 GMT. The operator of the PIMCO brand sees …
Insurers’ Climate Losses Almost Match Premiums From Fossil Fuels
Top insurance companies suffered $10.6 billion of climate-attributed losses this year, just shy of the $11.3 billion of direct premiums they underwrote for commercial fossil-fuel clients in 2023, according to Insure Our Future. Of the 28 insurers reviewed, more than …
Catastrophe Bonds See Investor Influx After ‘Fantastic’ Run
After emerging from an unusually active hurricane season with market-beating returns, catastrophe bonds are rapidly adding investors. Despite the increase in extreme weather — 2024 marked the ninth straight season in which the Atlantic basin suffered above-average storm activity — …
Yellen Warns Financial System Still Faces Commercial Real Estate, Crypto Risks
The US financial system continued to face vulnerabilities from commercial real estate risk and digital assets in 2024, Treasury Secretary Janet Yellen said on Friday, even as cooling inflation and low unemployment bolstered the broader economy. She signaled top US …
Study: A Meter of Sea Rise Could Impact $1 Trillion in Property on Southeast Coast
A meter of sea level rise by 2100 would affect more than 14 million people and $1 trillion worth of property along the Southeast Atlantic coast, a new study shows. A recent study published in the journal Nature Climate Change …