Re/insurer Ariel Re and Hiscox Re & ILS, the reinsurance and insurance linked securities arm of insurer Hiscox, announced the launch of CyberShock, a cyber catastrophe consortium. The CyberShock consortium is designed to offer up to US$50 million of per-program …

Citigroup Inc. Chief Executive Officer Jane Fraser warned that there’s a risk to the growing number of insurers piling funds into direct lending opportunities. It’s one of many risks tied to the rise of the private credit industry that Fraser’s …

Fidelidade-Companhia de Seguros SA, a Portuguese insurer controlled by China’s Fosun International Ltd., said it’s planning to carry out an initial public offering in 2025. That share sale would take place after Fidelidade completes a planned IPO of hospital operator …

The World Bank is advising South Africa’s National Treasury on a climate risk strategy after floods in recent years caused billions of dollars of damage. The country may take out climate insurance or establish a contingency fund to deal with …

Susan Morisato has joined Sentry’s Board of Directors. Sentry is headquartered in Steven’s Point, Wisconsin. Morisato, based in Des Plaines, Illinois, brings over 30 years of health insurance experience to Sentry’s board. She is a former president of insurance solutions …

SageSure, a managing general underwriter focused on catastrophe-exposed markets, and SureChoice Underwriters Reciprocal Exchange (“SURE”), a policyholder-owned reciprocal exchange, announced the close of the Gateway Re 2024-2 second and subsequent event catastrophe bond at $130 million, with pricing 75 basis …

Upgrading or changing legacy platforms and enterprise software can be a nightmare to disentangle, particularly when dealing with existing operating systems, data storage, and payment processing software. When planning an upgrade, there have historically only been two options: Buy pre-made …

McKinsey & Co is under criminal investigation in the United States over allegations that the consulting firm played a key role in fueling the opioid epidemic, with federal prosecutors homing in on its work advising OxyContin maker Purdue Pharma and …

New legislation aimed at reducing workplace violence in California vastly increases employers’ responsibilities and hands workers’ compensation insurers an unprecedented oversight role that is likely to trigger lawsuits and affect rates and capacity. The Workplace Violence Prevention Bill SB 553, …

Two south Florida lawsuits against property insurers argue that two major carriers have employed a business strategy of hiring inexperienced or even unlicensed claims adjusters after storms, practices that have led to “lowball” damage estimates that fall below deductibles. In …

PCF Insurance Services in Utah closed $400 million in incremental debt financing led by Blue Owl. The financing was materially oversubscribed and was upsized from $300 million to $400 million in response to demand from new and existing lenders. The …

OMAHA, Neb. (AP) — Former Nebraska women’s basketball assistant coach Chuck Love denied ever having a sexual relationship with former Cornhuskers player Ashley Scoggin but acknowledged in a court document that he did meet with her late at night in …