INSURANCE NEWS
Aviva Completes Acquisition of Probitas, Re-entering Lloyd’s After More Than 20 Years
UK insurer Aviva announced it has completed the acquisition of Probitas Holdings (Bermuda) Ltd., which marks the company’s return to the Lloyd’s market after a hiatus of more than 20 years. The deal with Probitas, first announced in March, was …
Damage from Hurricane Beryl May Cost Insurers $2.7B in US, $510M in Caribbean: KCC
Insurers in the United States may take a hit of about $2.7 billion from damage caused by Hurricane Beryl, catastrophe modeling company Karen Clark & Co (KCC) said on Thursday. About 1.5 million customers remained without power in Texas on …
Global Reserve Managers Upbeat on Growth but Worry About Geopolitical Risks
An escalation in geopolitical conflicts is the biggest risk to the global economy, according to central bank reserve managers, who are generally positive about the world’s economic outlook, according to an annual survey released on Thursday. The UBS Asset Management …
Elon Musk Beats $500 Million Severance Lawsuit by Fired Twitter Workers
Elon Musk won dismissal of a lawsuit claiming he refused to pay at least $500 million of severance to thousands of Twitter employees he fired in mass layoffs after buying the social media company now known as X. U.S. District …
Hurricane Beryl Triggers Record Payout for Caribbean Insurer
Hurricane Beryl’s path of destruction through the Caribbean last week triggered a record $44 million payout to the nation of Grenada from a regional catastrophe insurance fund. The Caribbean Catastrophe Risk Insurance Facility, or CCRIF, said it will be paying …
Biden Administration Raises FEMA Bar for Flood Resilience
The US Federal Emergency Management Agency (FEMA) has finalized a rule mandating that projects built using its funds not only take into account previous and current levels of local flood risk, but for the first time consider the future risk …
3 People Killed by Faulty Replacement Air Bag Inflators in Last 9 Months: NHTSA
A U.S. auto safety regulator said on Wednesday that three people have been killed and two seriously injured in the last nine months by low-cost faulty replacement air bag inflators. The National Highway Traffic Safety Administration urged used car buyers …
People Moves: Society Insurance Names Brown to Board of Directors
Society Insurance, headquartered in Fond du Lac, Wisconsin, elected Sherman Brown of Chicago as a director at its annual meeting of policyholders. Thomas Gross retired from Society’s board of directors after serving for 27 years. Brown is executive vice president …
Chubb Continues Promotion Spree in North American Operations
Chubb today announced an additional handful of promotions within its North America insurance operations, with Ana Robic and Ben Rockwell getting appointed senior vice president of Chubb Group. Robic is division president, North America personal risk services, and Rockwell is …
Ford Pro Expands to Minnesota and Maryland
Ford Pro is expanding the availability of its commercial auto coverage, Ford Pro Insure, to Maryland and Minnesota. Ford Pro is underwritten by Ford Credit’s insurance subsidiary and powered by Pie Insurance. Minnesota is the first state with a Ford …
Markets/Coverages: High-End Home Insurer Openly Enters Virginia
Home insurer Openly has begun offering its coverage options to independent insurance agents and their policyholders in Virginia. Already active in 23 states, the upmarket home insurer said it is launching in Virginia with a phased introduction, granting access to …
‘We’re All Going to See the Impact’ – Beryl Could Worsen Texas Insurance Crisis
Insurance agent Ian Hartgrove was one of many Houston residents caught off guard by the size of Hurricane Beryl, which made landfall on the Texas Gulf Coast Monday morning. Beryl had weakened to a Category 1 hurricane by the time …