CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its annual Wildfire Report for 2022, which examines property-related wildfire risk alongside reconstruction resource availability, temporary housing capacity for displaced individuals, and community economic recovery potential among fire-prone regions. The report tracks wildfire risks in 15 Western U.S. states and Florida. Wildfires… Continue reading Four Western States and Florida Are at Most Risk for Wildfire Damages in 2022: CoreLogic Reports
Author: Farkas Laura
Westfield Expands into International Specialty Insurance Business
Successfully executing on its Specialty Insurance expansion strategy, Westfield today announced its entrance into the international specialty market via the purchase of Lloyd’s of London Syndicate 1200 from Argo Group International Holdings, Ltd. As a leading property and casualty (P&C) insurance company in the United States, this acquisition accelerates Westfield Specialty’sSM rapid growth after a… Continue reading Westfield Expands into International Specialty Insurance Business
Next Generation of Risk Managers Focuses on the Changing Workplace
Summer is over, and with its end, students are starting to filter back into the classroom—including undergraduates who aspire to be the next generation’s risk professionals. The Wall Street Journal (WSJ) spoke to Kristen Jaconi, the executive director of the Peter Arkley Institute for Risk Management at the USC Marshall School of Business, about the… Continue reading Next Generation of Risk Managers Focuses on the Changing Workplace
Liberty Mutual Insurance Announces Changes to its U.S. Dual-Channel Specialty and E&S Distribution Strategy
Liberty Mutual Insurance announced changes to its dual-channel distribution strategy for specialty and excess & surplus (E&S) insurance solutions. The changes will improve ease-of-doing-business and better serve retail and wholesale brokers in efforts to meet the changing and increasingly complex and interconnected needs of businesses. Going forward, all US commercial, specialty and E&S products placed… Continue reading Liberty Mutual Insurance Announces Changes to its U.S. Dual-Channel Specialty and E&S Distribution Strategy
FAA Approves Design of First Aerial Delivery Drone
U.S. aviation regulators approved designs for the first flying drone built specifically for shipping packages, a major step forward for the fledgling remote delivery industry. The Federal Aviation Administration said Wednesday that Matternet Inc.’s Model M2, a four-rotor copter capable of carrying a 4-pound (1.8-kilogram) package, is safe and reliable. Winning regulatory approval for aeronautical… Continue reading FAA Approves Design of First Aerial Delivery Drone
Global Reinsurance Outlook Remains Neutral: Fitch
Fitch Ratings is maintaining its fundamental global reinsurance sector outlook at neutral. The outlook reflects its view that the sector’s underlying financial performance will be broadly stable in 2022 and 2023. High price discipline in a hardening market environment, rising reinvestment yields and strong demand for reinsurance protection are likely to support earnings. These factors… Continue reading Global Reinsurance Outlook Remains Neutral: Fitch
Lloyd’s Reports Strong Underwriting Result in 1H 2022
Lloyd’s, the world’s leading marketplace for commercial, corporate and specialty risk solutions, today announced an improved underwriting result for the first six months of 2022, with an underwriting profit of £1.2bn (HY 2021: £0.96bn) and a combined ratio of 91.4% (HY 2021: 92.2%). Notwithstanding a challenging year of natural catastrophes, the invasion of Ukraine, inflation,… Continue reading Lloyd’s Reports Strong Underwriting Result in 1H 2022
What to Consider When Replacing Your Policy Administration System
You’ve been talking about changing your policy administration system for some time but are unsure about taking the plunge. It’s a big commitment in financial and human resources. What you have works, well sort of, albeit with workarounds here and there. The fact is technology has evolved and you’re missing out on capitalizing on more… Continue reading What to Consider When Replacing Your Policy Administration System
U.S. Surplus Lines Segment Reports Record-High Direct Premiums Written: AM Best
According to a new AM Best report, total U.S. surplus lines direct premiums written (DPW) reached a record $82.6 billion in 2021, with momentum continuing through mid-year 2022. U.S. surplus lines companies reported vastly improved underwriting and operating results, as well as their largest year-over-year premium growth since 2003, according to Best’s Market Segment Report,… Continue reading U.S. Surplus Lines Segment Reports Record-High Direct Premiums Written: AM Best
RPS President Joel Cavaness Receives City of Hope Spirit of Life® Award
Risk Placement Services, the E&S wholesale broker and managing general agency, is pleased to announce its President Joel Cavaness has been named the 2022 Spirit of Life® Honoree by City of Hope, one of the largest cancer research and treatment organizations in the United States. The Spirit of Life® Award is City of Hope’s most… Continue reading RPS President Joel Cavaness Receives City of Hope Spirit of Life® Award