INSURANCE NEWS
New York City’s Biggest Taxi Insurer Is Insolvent, Risking Transit Meltdown
In an unassuming white and blue office building in Freeport, a few miles into Nassau County, sits the headquarters of American Transit Insurance Co. The 52-year-old, family-owned firm is hardly a household name, but it’s vital to how New Yorkers …
People Moves: Acrisure Re Makes Leadership Changes in London; Dale Enters Int’l Professional Indemnity Market, Led by Barnes From Westfield
This edition of International People Moves details appointments at Acrisure Re and Dale Underwriting Partners. A summary of these new hires follows here. Acrisure Re Announces Leadership Changes in International Reinsurance Unit Acrisure Re, the re/insurance division of global insurance …
Norway Seeks to End Climate Injunction Against 3 Oilfields
Norway’s government will ask an appeals court on Wednesday to lift injunctions against developing three oil and gas fields, part of a wider effort by Oslo to overturn an earlier verdict invalidating their permits on environmental grounds. A lower court …
UK’s Specialist Risk Group Acquires Motor Fleet MGA Capulus
Specialist Risk Group (SRG), the London-based insurance intermediary, announced the acquisition of Capulus, a specialist motor fleet managing general agent (MGA). Financial details of the deal were not disclosed. Based in Wales, Capulus’ team of 21 colleagues will join SRG’s …
Clear Group Acquires UK MGA Specialist, Accelerate Underwriting
The Clear Group, the London-based independent insurance broker, announced the acquisition of the managing general agency, Accelerate Underwriting. Financial terms of the deal, which is its fourth involving an MGA, were not disclosed. Established in 2015, Accelerate Underwriting is a …
People Moves: Resilience Names Jones to Lead Engineering and Gittler Global Head of Claims; USG Hires McMahon, Buck and Gudenkauf
Resilience, headquartered in New York, named Rebecca Jones as senior vice president of engineering and Jeremy Gittler as global head of claims. Jones takes over leadership responsibilities for the company’s engineering team and software delivery efforts. She brings over 20 …
Risks Too Big for Insurers Just Fed a $200 Billion Market Boom in Captives
As the market for in-house insurance surpasses a record $200 billion, the underlying reasons for that boom show how a hotter, less stable planet is redrawing the risk map for corporations. Captive insurance, where companies create their own coverage vehicles, …
Aviva Says India Unit ‘Engaging’ With Authorities Over Tax Investigation
British insurer Aviva said on Saturday its India unit is “actively engaging” with local authorities in connection with alleged tax evasion practices. Reuters reported on Friday that an Indian tax agency has found that Aviva India breached local regulations capping …
Polish Insurer PZU Needs Strategy for Ownership of Stakes in 2 Banks, Minister Says
Poland’s biggest insurer PZU needs a strategy to tackle its ownership of stakes in two banks, which is complicating its valuation, the state assets minister said. Globally, insurers are focusing on core business and are spinning off banking operations, Jakub …
Viewpoint: It’s Election Season! Regulating Political Speech in the Workplace
With less than three months to go until the general election, politics seem to be a hot topic for discussion these days! However, today’s political climate is more divisive than ever, and there are many reasons why you may not …
SEC’s WhatsApp Probe Expands as Rating Agencies Hit With Fines
Moody’s Corp., S&P Global Inc. and Fitch Ratings Inc. will pay a combined $48 million over allegations that the credit-rating companies failed to keep proper electronic communications — the latest fallout from US regulators’ so-called WhatsApp investigations. The Securities and …
NCCI Calls For Tiny Workers’ Comp Rate Decrease for Florida After New Doctor Fees
Annual workers’ compensation rate cuts in the double digits have become routine in almost every U.S. state in recent years. That trend may have now come to an end in Florida, where the National Council on Compensation Insurance is recommending …