INSURANCE NEWS
Insurer Fortegra Launches Subsidiary in UK
The Fortegra Group Inc., the Jacksonville, Florida-based specialty insurer and subsidiary of Tiptree Inc., announced it has received regulatory approval to launch a UK subsidiary, called Fortegra Insurance Company UK. The Prudential Regulation Authority (PRA) granted Fortegra UK the license, …
Viewpoint: Artificial Intelligence Faces New Era of Regulatory Oversight
Executive Summary: With over 70% of insurers planning to deploy gen-AI tools over the next two years, AI promises much, and the keen adopters likely will be rewarded – but it’s a path that must be navigated carefully, keeping a …
Inigo Owners Said to Weigh Options for Lloyd’s of London Insurer
The owners of Inigo Ltd. are exploring options for the British specialist insurance group including a potential sale, according to people familiar with the matter. The shareholders, which include buyout firm JC Flowers & Co. and Qatar Investment Authority, are …
US Official Fighting Chinese Telecom Intrusions Urges More Encryption
A senior U.S. official who is among those working to evict alleged Chinese hackers from American telecom companies has a word of advice for his fellow Americans: Use encryption. During a call with reporters on Tuesday, Cybersecurity and Infrastructure Security …
FTC Hits Pair of Data Brokers for Unlawfully Tracking and Selling Consumer Data
The Federal Trade Commission said it has issued an order prohibiting data brokers Mobilewalla and Gravy Analytics from selling consumer data without consent—including location information related to visits to healthcare facilities, places of worship, and participation in protests. According to …
High-Net-Worth Insureds’ Top Concerns: Climate, Collectibles and Cyber
A new report on emerging risks affecting wealthy households — those with assets of $500,000 to $5 million — highlights climate change, theft of collectibles and cybersecurity as top concerns. Chubb’s new “2024 Wealth Report: Cultivating Resilience in a Changing …
Despite IRS Scrutiny, Micro-Captives Growing Like Weeds in Hard Florida Market
Despite continued uncertainty over the future of federal tax rules on micro-captive insurance companies, the instruments seem to be increasingly popular for small businesses, especially in Florida, where rates for traditional commercial insurance have soared in recent years. SRA 831(b) …
E. Coli Outbreak Tied to McDonald’s Quarter Pounders Has Ended, CDC Says
The U.S. Centers for Disease Control and Prevention said on Tuesday that the E. coli outbreak linked to McDonald’s Quarter Pounder hamburgers is over and the investigation has been closed. As of Dec. 3, the CDC said 104 people have …
WTW to Return to Treaty Reinsurance Broking via Bain Capital Joint Venture
WTW announced it will return to treaty reinsurance broking via a joint venture with the private investment firm Bain Capital. WTW will hold a minority share in the new company, said WTW in an announcement outlining its growth and value …
People Moves: Liberty Mutual Names Orloff President, Global Risk Solutions N.A.
Liberty Mutual Insurance, headquartered in Boston, named Marc Orloff as president of Global Risk Solutions (GRS) North America, effective Jan. 1. Orloff will lead GRS North America’s financial and operational performance, which includes commercial and specialty businesses in the U.S., …
Arthur J. Gallagher & Co. Acquires Brokerages in Canada and Australia
Arthur J. Gallagher & Co., the Rolling Meadows, Illinois-headquartered insurance brokerage, risk management and consulting services firm, announced the acquisition of a Canadian and Australian insurance brokerages. In Canada, Gallagher purchased Sault Ste. Marie, Ontario-based Dawson & Keenan Insurance Ltd. …
GM to Sell Stake in Michigan EV Battery Plant to LG Energy
General Motors Co. is selling its stake in an electric-vehicle battery plant in Lansing, Michigan, to South Korean partner LG Energy Solution, recouping about $1 billion in investment from a facility that will still supply energy cells to the automaker’s …