The California Insurance Wholesalers Association (CIWA), a professional trade association focused on California E&S insurance wholesalers, carriers and supporting entities, is pleased to announce four new members to its board of directors.
Author: Annie George
Q4 2023 Insurance Rates Remained Stable as Property Price Increases Continued to Moderate
Global commercial insurance rates increased by 2% in the fourth quarter of 2023 (down from a 3% increase in Q3), 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
More Layoffs Underway at Liberty Mutual
Liberty Mutual Insurance is notifying about 250 more employees their jobs are ending. Most of the layoffs take effect in the second quarter, according to a company spokesperson.
California Battered by Flash Floods and Hurricane-Level Winds
Residents in Southern California were surveying the damage after heavy rains brought flash flooding and landslides overnight.
Munich Re Launches Global Parametric Risk Transfer Business Unit
Munich Re, one of the largest reinsurance companies in the world, has launched a new global unit focused on growing its share in parametric natural catastrophe risk transfer solutions, bringing together expertise from across the business to target this growing area of the market.
Aon Seeks Recovery as Vesttoo Bankruptcy Forces $197 Million Charge
Aon plc sees an opportunity to work on recoveries related to the bankruptcy process of insurtech Vesttoo Ltd. over time and is confident over recovering a “meaningful” amount, said its president.
NHTSA Upgrades Probe into Tesla Power Steering Loss
U.S. safety regulators have upgraded their probe into Tesla vehicles over power steering loss to an engineering analysis – a required step before the agency could demand a potential recall.
Funding Dries Up for Insurance-Focused Fintech Startups
Startups using technology to shake up the insurance industry have generally failed to deliver for investors buying publicly traded shares.
U.S. Surety Growth and Profitability Bolstered by Public Projects
Demand for surety bonds in the United States continues to rise, especially for performance bonds, which has led to consistent top-line premium growth for this high-performing segment of the insurance industry, according to a new AM Best report.
Aon Calls for Clear Blue’s Lawsuit Over Vesttoo Fraud to Be Dismissed
Aon has filed a motion calling for the New York state lawsuit that fronting specialist Clear Blue Insurance filed against it, in relation to the reinsurance letter of credit (LOC) fraud perpetrated by insurtech Vesttoo, to be dismissed in its entirety.