INSURANCE NEWS
Home Security Firm ADT Reports Unauthorized Activity on Its Network
Home security firm ADT Inc said on Monday an unauthorized actor had illegally accessed its network using credentials obtained through a third-party business partner. Shares of the company fell 1.8% after the bell. Monday’s incident comes just months after the …
Munich Re Closes Down its High Net Worth MGA, GrovesJohnWestrup
Munich Re has put its high-net worth managing general agent, GrovesJohnWestrup Private Clients. “A recent strategic review of our businesses led to the difficult decision that GrovesJohnWestrup Private Clients closed for business on 2 October 2024,” according to a Munich …
Catastrophe Bond Investors Brace for Major Losses as Milton Rages
Investors in catastrophe bonds are girding themselves for substantial losses as the combined destructive force of Hurricanes Helene and Milton looks set to trigger payment clauses on a scale not seen in years. Two weeks after Helene unleashed severe floods …
Hurricane Milton Loss Could Be $60 Billion, Similar to Ian in 2022- RBC
Hurricane Milton could result in a $60 billion loss for the global insurance industry, creating a surge in 2025 reinsurance prices which could boost some insurance companies’ shares, analysts at RBC Capital said. The Category 5 hurricane is due to …
Optio Acquires Italian MGA Heca
Optio Group, the London-based specialty managing general agent, announced it has acquired a strategic investment in the Italian MGA, Heca S.r.l., for an undisclosed sum. Founded in 2010 in Ortona, the province of Chieti in Abbruzzo, Heca has rapidly grown …
People Moves: Arch Insurance Int’l Promotes Brooks to Lead Fine Art & Specie; Aon Names Schultz Vice Chair of Reinsurance, Pennay Becomes CEO of Aon Securities
This edition of International People Moves details appointments at Arch International Insurance and Aon. A summary of these new hires follows here. Arch Insurance International Promotes Brooks to Head of Fine Art & Specie Arch Insurance International announced the promotion …
Intersys Expands in UK Insurance Market With Launch of London Office
Intersys, the UK-based provider of cyber risk management solutions, announced its expansion in the UK insurance market with the opening of an office in Leadenhall Market in London. Intersys’ London office will serve as a hub for delivering cutting-edge cyber …
Workplace Flexibility Is Key to Employee Retention: Research
Less than a month after Amazon announced employees would need to give up their flexible work arrangements and return to the office full-time, new research has reinforced the value of a flexible work culture. The 2024 Employee Benefits Review, by …
Russia and Iran Are Ramping Up Threats to UK, Spy Chief Warns
Threats to the UK from Russia and Iran and the danger posed by the Islamic State group have increased in recent months, according to the head of Britain’s domestic spy agency. Ken McCallum, the director-general of MI5, said the security …
Predictive Model Delivers Insights as Insurers, Reinsurers Brace for More Civil Unrest
Executive Summary: Insurers and reinsurers are responding to heightened risks of civil unrest with better calculations of their probable maximum losses, careful risk pricing, clear contractual wordings, and by using new modeling tools to help grasp this potentially costly risk. …
Global Emissions Likely Have Peaked as Renewables Take Hold
The world is choking from emissions more than ever, but that trend is set to reverse starting next year as the cost of solar panels and batteries crowd out coal and stunt the growth of oil, a new report says. …
Unlicensed Work Does Not Void Contract With Condos, Florida Appeals Court Says
Being unlicensed as a contractor in Florida does not necessarily void a storm-remediation contract, a Florida appeals court said in a decision that could affect insurance defense strategy in hurricane claims. “This shows that it’s really important to know the …