The Federal Emergency Management Agency will pay $121.1 million to transfer $619.5 million of flood risk to the private reinsurance market, FEMA said in a statement.
Author: Annie George
Biden Admin to Announce Independent Contractor Rule that Could Upend Gig Economy
The administration of U.S. President Joe Biden will release a final rule as soon as this week that will make it more difficult for companies to treat workers as independent contractors rather than employees that typically cost a company more, an administration official said.
Hub International Buys Virginia-Based Book of Business, Growing Footprint
Hub International Ltd. has acquired the assets of Virginia-based Bob Gottschling’s book of business.
Japan Earthquake Estimated to Cost Insurers $6.4B
Insured losses from the devastating earthquake in Japan could reach $6.4 billion, according to an estimate from U.S.-based catastrophe modeling firm Karen Clark & Co (KCC).
SpaceX Sues Labor Board Over Employee Firings
SpaceX sued the U.S. government’s labor board a day after an official at the agency accused the company of violating a federal workplace law by firing employees who circulated a letter critical of Elon Musk.
Florida Is First State Allowed to Import Drugs from Canada in Bid to Reduce Costs
The Food and Drug Administration has decided to allow the first state to import drugs from Canada, a move that would change the way Americans obtain prescription medicines and could reduce their cost.
Buyers Driving Terms on Cyber Reinsurance Renewals
It was a buyers’ market for cyber reinsurance at Jan. 1, driven by improved results in the primary market and more options for transferring risk, according to recent broker reports.
Majesco Acquires DRC, Adding to Its Growing MGA/MGU Customer Base
Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced the acquisition of the Decision Research Corporation (DRC) business, a SaaS-based insurance software company delivering market-leading enterprise rating, a reinsurance solution, and core for the P&C insurance market.
U.S. P&C Insurers Cut Expenses in the Wake of Deteriorating Personal Lines Results
Despite ongoing pressure from catastrophe-related and secondary peril losses, insurers within the U.S. property/casualty (P/C) industry have been able to bolster their bottom-line financial results by cutting underwriting expenses, according to a new AM Best report. The U.S. P/C industry segment has cut 2.6 percentage points from its underwriting expense ratio over the past decade,… Continue reading U.S. P&C Insurers Cut Expenses in the Wake of Deteriorating Personal Lines Results
Over $80M in Crypto Stolen in Cyber-Attack on Orbit Chain
Over $80m worth of cryptocurrency has been stolen following a cyber-attack on cross-chain bridge project Orbit Chain.