American International Group exceeded second-quarter profit expectations on Tuesday, driven by growth at its life and retirement unit and lower-than-expected catastrophe losses in what was a very expensive quarter for the industry.
Author: Annie George
Clyde & Co Sees Revenue Boost from UK Law Firm Merger
A merger with another law firm last year fueled significant revenue growth for Clyde & Co, the London-founded global firm said on Tuesday.
WTW Launches Climate Vista to Bridge Climate Skills Gap in the Boardroom
With shareholder, investor and regulatory pressure increasing, alongside the growing demand for climate risk and transition plan disclosure, Climate Vista is a new engagement tool designed to help company boards and senior management better understand their exposure to ESG and climate-related risks and opportunities.
Progressive Reports Increased Cat Losses in Q2, Exceeds Reinsurance Retention Thresholds
Property and auto-focused insurance group, Progressive, has revealed a significant rise in catastrophe losses for the second quarter of 2023, driven by a surge in severe weather events across the US.
Global Commercial Insurance Rates Continue to Moderate as Pricing Up 3% in 2Q
Global commercial insurance prices increased 3% in the second quarter of 2023 (down from a 4% increase in Q1), according to the Global Insurance Market Index released today by Marsh, the world’s leading insurance broker and risk advisor and a business of Marsh McLennan.
Vesttoo Laying Off 75% of Employees Amid Fraud Scandal
Under fire Vesttoo is laying off around 150 employees, accounting for 75% of the company’s workforce. Most of the company’s employees are headquartered in Israel.
Aon Facing Client and Counterparty Action Over Vesttoo Linked LOCs
Insurance and reinsurance broking giant Aon has acknowledged that it is facing legal action over letters of credit (LOCs) related to the Vesttoo collateral investigation, but believes it has “meritorious defenses” in this case.
California Opens Privacy Probe Into Who Controls, Shares the Data Your Car Is Collecting
California’s new privacy regulator said Monday it is embarking on its first-ever enforcement action: a review of the privacy practices of connected automobiles.
SEC Asked Coinbase Not to Trade Any Cryptocurrency Other than Bitcoin Before Suing the Platform
The U.S. Securities and Exchange Commission (SEC) urged cryptoasset exchange platform Coinbase to cease trading any other cryptocurrency besides bitcoin before proceeding early last June to sue the company for operating as an unregistered exchange, Coinbase CEO Brian Armstrong has revealed.
Convective Storms Create Diversification Challenges for Property Insurers: AM Best
According to new AM Best analysis, the growing severity and breadth of severe convective storms (SCS) causes a bigger challenge for insurance companies attempting to diversify their portfolios. “Reinsurers and national insurers rely on geographic diversification in underwriting to maintain a stable, profitable portfolio,” Best wrote. “As the frequency and intensity of convective storms increase… Continue reading Convective Storms Create Diversification Challenges for Property Insurers: AM Best