RenaissanceRe Holdings Ltd. today announced that it has concluded its acquisition of Validus Re, the treaty reinsurance business of American International Group, Inc. (AIG).
Author: Annie George
The Motor Carrier Insurance Education Foundation (MCIEF) Honors Tommy Ruke with Prestigious Jim Harrison Award
The Motor Carrier Insurance Education Foundation (MCIEF) is thrilled to announce that Tommy Ruke received the prestigious Jim Harrison Award during the 2023 MCIEF Annual Conference Honors Reception on October 5th, 2023.
Alliance of 40 Countries to Vow Not to Pay Ransom to Cybercriminals, U.S. Says
Forty countries in a U.S.-led alliance plan to sign a pledge never to pay ransom to cybercriminals and to work toward eliminating the hackers’ funding mechanism, a senior White House official said on Tuesday.
Insurance Industry Continues to Face Financial and Regulatory Headwinds
The property casualty insurance industry continued to face significant headwinds through the first half of 2023, according to the American Property Casualty Insurance Association’s (APCIA) report on the sector’s financial results and expected trends for the remainder of 2023.
SEC Sues SolarWinds Over 2020 Hack Attributed to Russians
The Securities and Exchange Commission on Monday sued SolarWinds, the software company victimized by Russian-linked hackers over three years ago, alleging the firm defrauded shareholders by repeatedly misleading them about its cyber vulnerabilities and the ability of attackers to penetrate its systems.
Cincinnati Financial CEO Says Inflation Easing as Rate Increases are Still Catching Up
Inflation that rapidly escalated at the start of 2021 has moderated the past couple of months, but it will take time for rate increases reflecting higher costs to reach all policyholders, Cincinnati Financial Corp. Chairman and Chief Executive Officer Steve Johnston said during a third-quarter earnings call.
Insurers Spar with Biden Administration Over Coverage for Mental Health Care
The Biden administration wants to impose new requirements on insurers that it says would reduce out-of-pocket costs for mental-health care and substance-use-disorder treatment. The insurance industry is firing back, arguing the proposal would drive up prices and set impossible-to-meet standards.
Insurtech Hippo Lays Off About 20% of Employees at Start of Organizational Realignment
Insurtech Hippo Holdings Inc. is laying off about 20% of its workforce, roughly 120 employees, at the start of an “organizational realignment,” according to a U.S. Securities and Exchange Commission filing.
Biden Signs Sweeping Executive Order Regulating Artificial Intelligence
President Joe Biden is directing the US government to take a sweeping approach to artificial intelligence regulation, his most significant action yet to rein in an emerging technology that has sparked both concern and acclaim.
Dramatic Plan to Expand Flood Areas Could Force Millions to Buy Insurance
Aproposal by a federal advisory panel urges the government to expand the areas considered by regulators to be at high risk of flooding, according to a report by the panel that was provided to E&E News.