Amwins, a global distributor of specialty insurance products and services, today announced the appointments of Sam Baig and Jeff McNatt as presidents of Amwins Brokerage, effective immediately. James Drinkwater, who has served as president of the Brokerage division since 2008 and was also named president of Amwins Group in 2018, will directly focus on his… Continue reading Baig and McNatt Appointed Presidents of Amwins Brokerage
Author: Farkas Laura
P&C Rates Up through Q4 with Increases Moderating
MarketScout data shows commercial property and casualty (P&C) insurance rates rose through the fourth quarter of 2021, with the composite rate standing at 5.8 percent versus 6.8 percent in Q3. According to MarketScout, the most significant rate increases in the fourth quarter were for umbrella, property, and directors and officers liability. However, with the exception… Continue reading P&C Rates Up through Q4 with Increases Moderating
COVID-19 Loss of $44 Billion Is Third-Largest Catastrophe Cost to Insurers
According to insurance broker Howden, COVID-19’s insured losses of $44 billion so far represent the third highest cost to insurers of any catastrophe, trailing only Hurricane Katrina and the 9/11 attacks. However, Howden said in a report on reinsurance renewals that initial projections of $100 billion or more for COVID-19 insured losses now appear “improbable.”… Continue reading COVID-19 Loss of $44 Billion Is Third-Largest Catastrophe Cost to Insurers
Arthur J. Gallagher & Co. Acquires Risk Transfer Insurance Agency, LLC
Arthur J. Gallagher & Co. announced on Tuesday the acquisition of Risk Transfer Insurance Agency, LLC, based in Orlando, Florida. The transaction’s terms were not disclosed. Risk Transfer Insurance Agency, founded in 2000, is a full-service commercial property/casualty agency and program administrator providing customized insurance solutions and risk management services to professional employer organizations (PEOs)… Continue reading Arthur J. Gallagher & Co. Acquires Risk Transfer Insurance Agency, LLC
Auto Insurance Premiums Expected to Accelerate in 2022
The cost of auto insurance is rising, as is the cost of many other things right now. According to Insurify, the average national cost of car insurance in 2022 is expected to rise 5% to $1,707 per year, up from $1,663 in 2021. Our forecast for 2022 is in line with projected inflation rates, and… Continue reading Auto Insurance Premiums Expected to Accelerate in 2022
Some European Reinsurance Rates Rise by Over 50% at Jan 2022 Renewals
According to a report released on Tuesday by broker Gallagher Re, some European property reinsurance rates increased by more than 50% at January 1 renewals after the region experienced record insured losses from natural disasters such as floods and storms last year. Reinsurers insure insurers, and increases in reinsurance rates are frequently passed on to… Continue reading Some European Reinsurance Rates Rise by Over 50% at Jan 2022 Renewals
Pandemic-Wary U.S. Supreme Court to Weigh Biden Vaccine Mandates
The United States Supreme Court, which has limited its own operations during the COVID-19 pandemic, is preparing to rule on whether to block President Joe Biden’s vaccine mandates for large businesses and healthcare workers, in a test of presidential powers to address an unyielding public health crisis. The court will hear in-person arguments on Friday… Continue reading Pandemic-Wary U.S. Supreme Court to Weigh Biden Vaccine Mandates
PG&E Responsible for Dixie Fire, California Finds
California investigators have concluded that PG&E Corp. power lines sparked a wildfire in the Sierra Nevada foothills last summer, which grew to become the state’s second-largest in history. Cal Fire officials said in a statement late Tuesday that the fire started when a tree came into contact with the company’s electrical distribution lines in the… Continue reading PG&E Responsible for Dixie Fire, California Finds
Theranos Founder Holmes Found Guilty of Four Counts of Fraud
On Monday, Elizabeth Holmes, the founder of the failed blood testing startup Theranos, was found guilty of four of eleven fraud charges, in a case that came to symbolize the pitfalls of Silicon Valley’s culture of hustle, hype, and greed. In a generation of high-flying, money-losing start-ups, Ms. Holmes was the most prominent tech executive… Continue reading Theranos Founder Holmes Found Guilty of Four Counts of Fraud
Office-Building Surplus Could Be Ripe for Apartment Conversion
The two-tower Park Center in this Washington, D.C., suburb was another graying office complex a few years ago. One building was roughly one-third empty, while the largest tenant in the other was preparing to vacate. The property is now being redeveloped as upscale apartment buildings. Private cabanas for small gatherings, grilling stations, a bocce lawn,… Continue reading Office-Building Surplus Could Be Ripe for Apartment Conversion