INSURANCE NEWS
Australia Hits New Renewable Milestone of Over 50%
Australia hit a new clean energy milestone during the December quarter, even as power demand rose over 2.2% from a year earlier, the Australian Energy Market Operator (AEMO) said on Thursday. Gas-fired generation fell to its lowest level since 2000, …
Flood Losses Set to Soar 10-Fold in Southeast Asia, WTW Study Finds
Losses tied to floods in Southeast Asia may grow as much as 10-fold in the coming years due to the rise of extreme weather events, according to Willis Towers Watson Plc. Early indications suggest that major regional flooding events have …
Berkely Says It’s No Longer Pressured to Push for Rate ‘Across the Board
W.R Berkley reported a “flattish” top line but nearly 15% growth in underwriting income for fourth-quarter 2025 this week. The insurer’s chief executive signaled a change in the level of rate increases going forward. President and CEO W. Robert Berkley, …
People Moves: Marsh Risk Expands US Surety Team; AXA XL Appoints Billingslea as Head of Energy; Nixon Joins KCC Leadership Team
Marsh Risk Expands US Surety Team With 3 Leadership Appointments Marsh Risk, headquartered in New York City, made three leadership appointments. Jimmy Tse was named U.S. financial institutions surety growth leader. Tse has 20 years of experience in financial institutions, …
Russia-Linked Oil Tanker Loses Control Again in Mediterranean
A second Russia-linked oil tanker lost control as it was entering the Mediterranean Sea in under a week. The medium-range vessel Chariot Tide first showed signs of difficulty as it approached Tangier, Morocco, on Jan. 21, when its speed abruptly …
US Marshals Are Investigating a Possible Digital-Asset Hack
The US Marshals Service, which provides custody of cryptocurrencies seized by or forfeited to federal law enforcement agencies, said it’s investigating a possible hack of US government digital-asset accounts. “At this time, we will not be making any statement as …
Breakdown Cover and Car Insurance Firm RAC Poised to Pick Banks for London IPO
Breakdown cover and car insurance company RAC is close to selecting banks to lead its initial public offering in London, according to people familiar with the matter. The nearly 130-year-old firm is set to pick Goldman Sachs Group Inc., Bank …
Thousands of East Texans Remain Without Power After Winter Storm
Thousands of East Texans remain without power days after a winter storm paralyzed most of the state over the weekend. Many may be without power until Sunday as utility workers traverse icy roads in dense forests to restore power. Winter …
People Moves: Novi Underwiters Adds Three to Management Liability Lines
Novi Underwriters has named Jason Binette, James Cinque and Cody Ruggirello to its newly launched management liability offering. Featuring modern forms for a variety of risks and quick points of sale, coverage will benefit auto dealers, fintechs, manufacturers, retailers, foundations, …
Kansas Commissioner Supports Bill to Create Insurance Savings Account
Kansas Insurance Commissioner Vicki Schmidt this week testified in favor of a bill that would create an Insurance Savings Account (ISA). The Kansas Department of Insurance introduced the bill to give Kansans a state tax free way to save for …
People Moves: Texas Mutual Names Cullison as SVP of Talent and Brand Strategy; Brown & Riding Adds Herbert to National Casualty Practice
Texas Mutual Names Cullison as SVP of Talent and Brand Strategy Texas Mutual Insurance Company, the state’s leading provider of workers’ compensation insurance, recently announced Brittany Cullison as its senior vice president of talent and brand strategy, effective January 12. …
Australian Broker AUB Agrees to Buy Majority Stake in UK’s Prestige
AUB Group Ltd., the Sydney, Australia-based brokerage and underwriting agency group, announced it has entered into an agreement to acquire 95.9% of Prestige Insurance Holdings Ltd. for $432 million (US$300.1 million). Founded in 1973, Prestige is a diversified insurance broking …