INSURANCE NEWS
Swiss Insurer Baloise Targets Higher Returns for Shareholders After Cevian Move
Swiss insurer Baloise said on Thursday it plans to boost return on equity and will consider share buybacks after activist-investor Cevian Capital this week revealed it held more than 9% of the company’s stock, becoming its top stakeholder. Baloise said …
Taishin Raises Offer for Shin Kong in What Could Be Taiwan’s Biggest Financial Deal
Taiwan financial conglomerate Taishin said it would raise its offer for peer Shin Kong by 25% to about T$222.4 billion ($7 billion), in a deal that would be Taiwan’s biggest-ever financial services industry merger. Taishin and Shin Kong’s long-mooted tie-up, …
Moody’s, Amwins Expect Continued Cyber Market Growth
Two organizations recently expressed optimism that the softening cyber market that emerged in 2023 will remain favorable into the future. In separate reports, Moody’s Ratings and Amwins Brokerage offered insights on the sector’s landscape. Moody’s shared that the market is …
Cyberattacks on US Utilities Surged 70% This Year, Says Research Firm
U.S. utilities faced a near 70% jump in cyberattacks this year over the same period in 2023, according to data from Check Point Research, underlining the escalating threat to a critical infrastructure. The utilities and power infrastructure across the U.S. …
Study Stirs Debate on Real Impact of Litigation, Fraud on Property Insurance
An academic paper published in the Journal of Insurance Regulation seems to have rekindled the debate over how much of an impact litigation and fraud have had on property insurance losses and premiums, particularly in Florida. The paper, “The Case …
People Moves: Meister Joins Sertis as SVP, Distribution Partnerships; Alliant Names Mast SVP, Employee Benefits Group; Venbrook Names Oakes EVP
Meister Joins Sertis as SVP, Distribution Partnerships Sertis, headquartered in Reno, Nevada, appointed Kurt Meister as senior vice president, distribution partnerships. Meister has more than 36 years of experience in the insurance industry, including underwriting leadership, program management and broker …
State Farm: Catalytic Converter Thefts Drop 74%
For the second year in a row, State Farm auto claims data has revealed a significant drop in catalytic converter theft claims. There was a 74 % drop for the first half of 2024 compared to the same period in …
AM Best Downgrades Credit Rating of Michigan’s Wolverine Mutual
AM Best has downgraded the Financial Strength Rating to C++ (Marginal) from B- (Fair) and the Long-Term Issuer Credit Rating to “b” (Marginal) from “bb-” (Fair) of Wolverine Mutual Insurance Company, based in Dowagiac, Michigan. The outlook of these Credit …
Iowa Hotel Worker Charged With Insurance Fraud
An Iowa hotel worker was charged with insurance fraud, the Iowa Insurance Division announced Sept. 10. Jose De Jesus Rodriguez Esparza, age 39, was charged with one count of Insurance Fraud – Presenting False Information (Class D Felony) and Identity …
Francine Makes Landfall in Louisiana as Powerful Category 2 Hurricane
Hurricane Francine packed power just as it slammed into the coast of Louisiana, reaching Category 2 strength with 100 miles per hour winds and a dangerous storm surge. The storm made landfall in Terrebonne Parish, around 6 p.m. Eastern time …
In Latest Salvo AIG Says its Former Execs at Dellwood Are ‘Bad Leavers’
In its latest court filing to keep alive a lawsuit against start-up Dellwood Insurance, American International Group said its new competitor failed to explain why the suit cannot go on. AIG argued in a brief filed yesterday in U.S. District …
TSLA Unveils New Website and Management System
Kimmi Cantwell, President of the Texas Surplus Lines Association, Inc., announced that TSLA unveiled its new website and management system. This upgrade simplifies event registration, member updates, and membership applications. Key features include an enhanced membership directory, streamlined event management, …