The scope of blame for Silicon Valley Bank’s failure stretches across bank executives, according to Federal Reserve supervisors and other regulators.
Author: Annie George
Florida Citizens Targets Extra $4.2B of Risk Transfer for 2023
Florida’s Citizens Property Insurance Corporation has disclosed details of its proposed risk transfer program for the coming year, which includes a budget of $725 million to fund an additional $4.2 billion of protection.
P/C Insurers Facing Hardest Market in a Generation: APCIA
The APCIA and University of South Carolina Associate Professor Robert Hartwig examine the top inflation trends, natural disaster losses and financial impacts resulting in significant pressure for property insurers, reinsurers, and consumers.
Underwriting Losses Soar, Net Income Shrinks for P&C Insurers in 2022
The P&C industry experienced a $26.9 billion net underwriting loss in 2022, more than six times the $3.8 billion underwriting loss in 2021.
Alera Group Bolsters Transportation Insurance Offerings with Acquisition of Capstone
Alera Group announced the acquisition of Capstone Insurance Services, an independent insurance agency that offers personalized programs to simplify insurance solutions for the transportation industry.
Boy Scouts’ $2.4B Bankruptcy Plan Upheld by Judge
A $2.4 billion bankruptcy plan for the Boy Scouts of America has been upheld by a federal judge.
Before Reform Limits Take Effect, New Florida Law Spawns Tidal Wave of Insurance Lawsuits
Tens of thousands of lawsuits flooded the offices of court clerks across Florida days before Gov. Ron DeSantis signed sweeping new business-backed legal restrictions.
Former Aetna CEO to Take Helm of Health Insurer Oscar
Mark Bertolini, former chief executive of health insurance giant Aetna Inc., will take the helm of Oscar Health Inc.
NHTSA Probes Tesla’s 50K Model X SUVs Over Seat Belt Issue
The NHTSA opened a preliminary investigation into an estimated 50,000 Tesla Model X SUVs over complaints of front seat belt failures.
U.S. Directors and Officers Liability Market Update
Longer-term increases in litigation activity, defense costs and settlement trends, offset by a pandemic-induced disruption in claim trends, drove directors and officers (D&O) liability underwriting volatility recently.