Fidelis Insurance Holdings Limited is pleased to announce its intention to create a new Managing General Underwriter which, subject to regulatory approval, will be separated from the existing balance sheet insurance companies. This new structure will allow each entity to focus on its core functions and specialisms, and provide clients, brokers and other stakeholders with… Continue reading Fidelis to Separate its Business to Create New Managing General Underwriter
Author: Farkas Laura
Florida Insurers Face Ratings Change that Could Raise Costs
Demotech ratings agency has plans to downgrade more than two dozen Florida-based property insurance companies in a move that could cost more money for homeowners with loans. The ratings firm Demotech plans to downgrade the 27 insurers (not 17 as originally reported) from an “A” rating to ratings of either “S” for substantial or “M”… Continue reading Florida Insurers Face Ratings Change that Could Raise Costs
California Truckers Halt ‘Gig-Worker’ Law Protests Over Weekend as Port Activity Slows
Independent truckers who have been protesting at California’s busy Oakland seaport over the past week against a new state law known as the “gig-worker” law took a break on Saturday, when the port business slowed to a crawl. But some truckers said protests may resume on Monday when normal port traffic is scheduled. “Protests are… Continue reading California Truckers Halt ‘Gig-Worker’ Law Protests Over Weekend as Port Activity Slows
More than $1 Million in Assistance Has Been Disbursed Due to June Flooding: FEMA
The Federal Emergency Management Administration (FEMA) announced that more than $1.2 million has been disbursed to people affected by June flooding. The federal agency announced in a release that as of July 18, more than $1.15 million has been released for the Housing Assistance program, and more than $62,000 from the Other Needs Assistance program.… Continue reading More than $1 Million in Assistance Has Been Disbursed Due to June Flooding: FEMA
Business Interruption Insurance Would Not Cover Gas Cut-Off
The insurance sector is not materially exposed to the business interruption (BI) losses that could arise due to a cut-off in Russian gas supplies to Europe, Fitch Ratings says. BI insurance policies typically only cover losses resulting from physical damage to business premises or production facilities. They do not cover losses caused by a supplier’s… Continue reading Business Interruption Insurance Would Not Cover Gas Cut-Off
Travelers Beats Profit Estimates on Premium Growth
Travelers Companies Inc reported a smaller-than-expected drop in quarterly profit on Thursday, as record premium growth offset a hit from higher catastrophe-related claims and lower investment returns. In the second quarter ended June 30, the company’s core income fell to $625 million, or $2.57 per share, from $879 million, or $3.45 per share, the previous… Continue reading Travelers Beats Profit Estimates on Premium Growth
Beazley’s Cairman to Exit in Fall 2022
British insurer Beazley said on Thursday that Chairman David Roberts will step down from the board in the autumn of 2022 to become chair of the Court of the Bank of England. Roberts was the chairman of Nationwide Building Society before he joined the London-based insurance firm as a non-executive director in 2017. Christine LaSala,… Continue reading Beazley’s Cairman to Exit in Fall 2022
Adar Purchases Rigid Bits Cybersecurity
Adar, an IT managed service provider for compliance-based businesses and the independent insurance agency and broker marketplace, today announced the acquisition of cybersecurity firm Rigid Bits. Rigid Bits is best known for its cutting-edge approach to cybersecurity and compliance and its deep experience in the insurance industry. The addition of Rigid Bits rounds out Adar’s… Continue reading Adar Purchases Rigid Bits Cybersecurity
Demotech Notifies 17 Property Insurers of Rating Downgrades
Florida’s insurance rating agency Demotech has informed approximately 17 property insurance companies that their ratings will be downgraded upon review of 2022 hurricane season reinsurance packets, according to a letter from the Florida Office of Insurance Regulation (OIR). OIR Commissioner David Altmaier sent a letter to Demotech President Joe Petrelli on Thursday sternly requesting that… Continue reading Demotech Notifies 17 Property Insurers of Rating Downgrades
Generational Divide Exists in the C-Suite on Remote Work
When it comes to the future of work, bosses and employees rarely agree on what is important. However, there is disagreement even within the C-suite, particularly regarding the disparate treatment of remote and in-office workers. According to the Future Forum, a research consortium backed by Slack Technologies Inc., younger executives cited inequities as their top… Continue reading Generational Divide Exists in the C-Suite on Remote Work