INSURANCE NEWS
Oil Field Service Companies Face Lawsuit for Alleged Sexual and Racial Harassment
Oil field service companies Bigfoot Energy Services and Iron Mountain Energy Services, operating as a single employer, violated federal law by failing to prevent widespread sexual and racial harassment in their workforce, the U.S. Equal Employment Opportunity Commission (EEOC) charged …
Allstate Reports $1.7B in Q3 Pretax Catastrophe Losses, $630M From Helene
Allstate Corp. doesn’t announce third quarter earnings until Halloween but today it released some scary September pretax catastrophe losses. In keeping with its initiative to announce monthly catastrophe losses that total at least $150 million, the Northbrook, Illinois insurer said …
Florida Man Dies From Smoke After Golf Cart Battery Fire in Milton Flooding
The death toll from Hurricane Milton has risen to at least 25, including an elderly man who died from smoke inhalation after a golf cart battery exploded when submerged by rising floodwaters. Local newspapers reported that the man in Charlotte …
Marsh McLennan Reports 6% Increase in Q3 Revenue
Insurance broker Marsh McLennan reported a 6% increase in third quarter consolidated revenue to $5.7 billion, while revenue increased 5% on an underlying (organic) basis. Q3 operating income was $1.1 billion, an 11% increase from $996 million reported in Q3 …
Family of Tenn. Man Who Died in Plastics Plant Flooding Files Wrongful Death Suit
NASHVILLE, Tenn. (AP) — The family of a Tennessee employee who was killed by catastrophic flooding caused by Hurricane Helene has filed a wrongful death lawsuit against the company he worked for, arguing that workers were forced to stay at …
Travelers Triples Q3 Net Income, Reverses Underwriting Loss
Travelers on Thursday said third quarter net income was $1.26 billion compared to net income of $454 million during the same period a year ago on record net premiums, favorable prior year reserve development, and higher investment income. The New …
New York Updates Financial Services Cybersecurity Regulation to Address AI Risks
The New York Department of Financial Services (DFS) has issued new guidance to assist the more than 3,000 firms including insurers it regulates in addressing cybersecurity risks arising from artificial intelligence (AI). In a letter to letter companies, DFS Superintendent …
HCI Group Expects to Pay $600M to $750M in Claims from Recent Hurricanes
Publicly traded HCI Group, the Tampa-based holding company for Homeowners Choice Property & Casualty, TypTap and a new condominium insurance reciprocal, is one of the first insurers to report estimated losses after recent hurricanes. HCI said in a statement Wednesday …
Multi-Class MGA, Carrow Insurance, Is Launched, With Former AmTrust Exec at Helm
Mission Underwriters, the MGA incubator, announced the launch of Carrow Insurance, under the leadership of Ronan Conboy, the former CEO of AmTrust International. Carrow is set to focus on warranty, accident & health, and income protection products in the UK …
People Moves: LM Re Taps Vantage Risk’s Sweeney as Specialty Casualty Underwriting Mgr; Marsh Promotes Thomas-Ferrand to Lead Captive Insurance as Charnley Retires
This edition of International People Moves details appointments at Liberty Mutual Reinsurance and Marsh. A summary of these new hires follows here. LM Re Taps Vantage Risk’s Sweeney as Specialty Casualty Underwriting Manager Liberty Mutual Reinsurance (LM Re), part of …
Aon’s NFP Acquires Irish Financial, Benefits and Insurance Advisory Firm
NFP, an Aon company and insurance brokerage, announced it has acquired IHI Group, the Dublin-based advisory firm that specializes in financial planning, healthcare and general insurance needs. Philip Brennan, CEO of IHI Group, will join NFP as VP business development, …
AXA Rebrands China Reinsurance Unit to ‘AXA International Re’
AXA Insurance announced it has rebranded its Chinese reinsurance unit, XL Re China, to AXA International Re. The name change took effect on Oct. 16, 2024, following approval from the Chinese regulator, the National Financial Regulatory Administration The move follows …