Swiftly, a global technology company with operations in Bermuda and the United States, was founded by several well-known insurance industry executives. Through an innovative technology ecosystem, the new company will be focused on driving down insurance costs while improving customer experience. Swiftly is led by Michael Lyons, the founder and former CEO of Weston Insurance,… Continue reading Insurance Execs Launch Swiftly, A New Tech Company
Author: Farkas Laura
Companies Sweetening 401(k) Plans in Tight Job Market
Facebook’s parent company, Meta Platforms, and consulting firm KPMG U.S. are among a growing number of companies that are putting more money into their employees’ 401(k) retirement accounts, using another lever to attract and retain staff in the face of high turnover and competition for talent. According to preliminary results of a survey of about… Continue reading Companies Sweetening 401(k) Plans in Tight Job Market
Lloyd’s of London Considering Moving Its Headquarters
Lloyd’s of London is considering whether to keep its flagship City of London headquarters and may make a decision this year. The tower, designed by British architect Richard Rogers, was completed in 1986 after an eight-year construction period. Companies are rethinking their office space after the COVID-19 pandemic demonstrated that working from home was feasible.… Continue reading Lloyd’s of London Considering Moving Its Headquarters
Closely Built Homes Help Spread Colorado Marshall Fire
Too many houses built too close together on the tinder-dry high plains between Denver and Boulder resulted in $1 billion in Marshall firestorm losses, insurance industry researchers discovered this week as they sifted through ashes and charred ruins. They were starting an investigation, similar to the work done after previous devastating fires, such as the… Continue reading Closely Built Homes Help Spread Colorado Marshall Fire
Zurich Could Exceed 2022 Financial Targets, Says CEO Greco
Zurich Insurance could exceed its targets for the 2022 financial year as the business has performed well during the COVID-19 pandemic, CEO Mario Greco said last week. Europe’s fifth-largest insurer set out ambitious three-year targets in Nov 2019, including raising its target for business operating profit after tax return on equity (BOPAT ROE) to more… Continue reading Zurich Could Exceed 2022 Financial Targets, Says CEO Greco
Insurance Agency M&As Took Off in 2021
There were 1,034 announced insurance agency mergers and acquisitions in 2021, up 30% from 795 reported in 2020, according to OPTIS Partners. Investors flush with capital continue to meet an increasing supply of business owners looking to take advantage of all-time high valuations while capital-gains tax rates are low, the firm said. The 384 deals… Continue reading Insurance Agency M&As Took Off in 2021
California Freezes Hundreds of Thousands of Suspicious Disability Insurance Claims
California’s labor department froze 345,000 disability insurance claims that it believes are linked to fraudulent actors attempting to exploit the system. In a news release issued on Jan. 13, the state’s Employment Development Department (EDD) stated that it suspected “organized criminal elements” of filing false claims using stolen credentials from doctors or other medical professionals.… Continue reading California Freezes Hundreds of Thousands of Suspicious Disability Insurance Claims
University of Michigan to Pay $490 Million to Sexual Abuse Victims
The University of Michigan has agreed to pay $490 million to settle allegations that a former university doctor, Robert Anderson, sexually abused over 1,000 people. According to the university and attorney Parker Stinar, who represents about 200 of the victims and is one of six attorneys who negotiated the settlement, $460 million will go to… Continue reading University of Michigan to Pay $490 Million to Sexual Abuse Victims
Cyber Perils Outrank Covid-19 and Broken Supply Chains as Top Global Business Risk: Allianz
Cyber perils are the biggest concern for companies globally in 2022, according to the Allianz Risk Barometer. The threat of ransomware attacks, data breaches or major IT outages worries companies even more than business and supply chain disruption, natural disasters or the Covid-19 pandemic, all of which have heavily affected firms in the past year.… Continue reading Cyber Perils Outrank Covid-19 and Broken Supply Chains as Top Global Business Risk: Allianz
Activision Fired Dozens Over Harassment Allegations
As reported by the The Wall Street Journal, the video game company Activision Blizzard has fired nearly 40 employees and disciplined about 40 others since July as it deals with allegations of sexual harassment and other misconduct. According to the newspaper, which cited people familiar with the situation, the company has also received about 700… Continue reading Activision Fired Dozens Over Harassment Allegations