INSURANCE NEWS
People Moves: World Insurance Associates Names Miller EVP, National Accounts
World Insurance Associates LLC, headquartered in Iselin, New Jersey, named Adam Miller as its executive vice president, national accounts. Miller, who is based in Chicago, has nearly 20 years of experience in the insurance industry, specializing in strategic leadership and …
Business Moves: Aon, Guy Carpenter, WTW Each Complete Previously Announced M&As
Insurance brokers Aon plc, Guy Carpenter and WTW announced they each have completed previously announced mergers and acquisitions. Aon’s acquisition of Griffiths & Armour, which was first announced in November 2024, officially completed on Jan. 1, 2025. Aon said the …
Core Specialty to Purchase London Aviation Underwriters
Core Specialty Insurance Holdings Inc. and its subsidiaries have agreed to purchase London Aviation Underwriters Inc. (LAU), in a stock and cash transaction. Financial details of the deal, which is expected to close early in 2025, were not disclosed. Upon …
1 Killed in Large Avalanche in Western Wyoming
An avalanche killed one skier and injured another after the group they were in triggered the large snowslide while ascending a mountain in western Wyoming. The avalanche happened Saturday in a backcountry area about 20 miles east of Grand Teton …
Viewpoint: Innovation Enhances Brokers’ Growth and Profits
Boosting growth and profitability is a goal for all U.S. insurance agents and brokers, but until recently that has been easier to assert than to achieve consistently. Booking organic growth is difficult, even for firms with strong sales cultures, and …
Ryan Specialty to Acquire Nashville-Based Velocity Risk Underwriters MGU
Ryan Specialty, a specialty insurance services firm and trading partner for agents and brokers, plans to acquire Nashville-based Velocity Risk Underwriters, with a closing date early this year. Velocity Risk, providing coverage for catastrophe-exposed properties, is a managing general underwriter …
Moody’s Global P/C Outlook Now Stable Despite Past-Peak Commercial Pricing
Moody’s Ratings changed the sector outlook for the global property/casualty insurance industry to stable from negative last month, pointing to personal lines price hikes in the U.S. and UK as a reason for the upgrade. As for commercial P/C insurance, …
Asian American Venture Capitalist Accuses PayPal of Racial Bias in Minority Program
PayPal has been sued by an Asian American businesswoman who accused the digital payments company of racial bias for restricting part of a $535 million investment program to Black and Hispanic applicants, costing her millions of dollars. Thursday’s complaint by …
NHTSA Probing About 2.6M Tesla Vehicles Over ‘Actually Smart Summon’ Feature
The U.S. National Highway Traffic Safety Administration said on Tuesday it had opened a probe into about 2.6 million Tesla vehicles after reports of some crashes linked to its “Actually Smart Summon” driverless feature. The NHTSA’s Office of Defects Investigation …
Old Republic Starts New Company for Cyber, Tech E&O
Old Republic International Corp. said it is forming a new subsidiary for cyber and technology errors and omissions insurance products. Old Republic Cyber Inc. will be led by CJ Pruzinsky, formerly of Resilience. He will serve as president of the …
China Says 32 People Killed, 38 Hurt as Earthquake Hits Tibet
China said 32 people have been killed and another 38 were injured by an earthquake that struck its far western region of Tibet. The epicenter of the magnitude 6.8 quake that hit around 9:05 a.m. Tuesday morning was in Tingri …
MarketScout: 2024 Composite Personal Lines Rates Up 5.8%; Commercial Rates Up 3.8%
According to the MarketScout Market Barometer, the composite rate for U.S. personal lines increased about 5.8% in 2024 — the highest yearly jump in a dozen years. For the last quarter of 2024, the composite rate went up 4%, said …