Net income for publicly traded U.S. property/casualty (P/C) insurers, according to an AM Best report, more than doubled to $133.9 billion in 2021, despite numerous weather-related natural disasters, investment market volatility, and the lingering economic effects of the COVID-19 pandemic. According to AM Best’s new Best’s Special Report, “Despite Near-Record Catastrophe Losses, U.S. Property/Casualty Insurers Post… Continue reading P&C Insurers Post Strong Gains in 2021 Despite Near-Record Catastrophe Losses
Author: Farkas Laura
Technologies Designed to Protect Homes Against Extreme Weather
Threats from hurricanes, wildfires and tornadoes are a growing concern for many homeowners looking for ways to protect their properties—especially as some scientists report that extreme weather events will likely continue to have far-reaching consequences in coming years. New technologies are emerging. Companies are developing innovative roof systems such as one made by Tesla Inc.… Continue reading Technologies Designed to Protect Homes Against Extreme Weather
Nursing Homes Face Growing Number of Lawsuits from Covid-19 Fallout
Two years after the coronavirus wreaked havoc on nursing homes, families of residents who died as a result of Covid-19 are filing a flood of negligence and wrongful death lawsuits against the facilities. The wave of lawsuits, fueled by the repeal of liability protections and statutory deadlines for filing them, largely accuses nursing homes of… Continue reading Nursing Homes Face Growing Number of Lawsuits from Covid-19 Fallout
Accounts Deceivable: BECs Costliest Type of Cybercrime
A Beverly Hills shopping spree, a luxury vacation in Mexico, and a bank account that grew from $299.77 to $1.4 million overnight. Moe and Kateryna Abourched appeared to have won the lottery from the outside. This large payout, however, was not the result of lucky numbers. According to a search warrant application filed in federal… Continue reading Accounts Deceivable: BECs Costliest Type of Cybercrime
Distinguished Programs Announces Majority Investment from Aquiline Capital Partners
Distinguished Programs, a national insurance program manager, is pleased to announce that it has entered into a definitive agreement with Aquiline Capital Partners LLC to acquire a majority stake in the Company. Aquiline is a private investment firm based in New York and London with $7.5 billion in assets under management. Financial details of the… Continue reading Distinguished Programs Announces Majority Investment from Aquiline Capital Partners
Victor Enters Reinsurance Market with Acquisition of Regional Treaty Services Corporation
With the acquisition of Regional Treaty Services Corporation (RTSC), a privately held reinsurance MGU based in Newport, Rhode Island, Victor, a global managing general underwriter (MGU), has entered the reinsurance market. RTSC, founded in 2003, is a licensed reinsurance producer that acts as a managing general agent (MGA) for three reinsurance facilities for small to… Continue reading Victor Enters Reinsurance Market with Acquisition of Regional Treaty Services Corporation
Munich Re to Exclude War in Cyber Policies
Munich Re’s top cyber underwriter told Reuters that the reinsurer is planning new wording in cyber insurance policies to exclude war in order to avoid disputes over what is covered. Russia’s invasion of Ukraine has heightened concerns about cyber attacks, with the possibility of targeting Western businesses or government institutions. Most cyber policies protect businesses… Continue reading Munich Re to Exclude War in Cyber Policies
2022 Atlantic Hurricane Season Forecast Includes Four Major Storms
The 2022 Atlantic hurricane season is expected to have four major hurricanes with sustained winds of at least 111 miles per hour (178 kilometers per hour), according to Colorado State University forecasters on Thursday. According to the university’s Tropical Meteorology Project, 19 tropical storms with winds of at least 39 mph (63 kph) and nine… Continue reading 2022 Atlantic Hurricane Season Forecast Includes Four Major Storms
Art LeGar Joins Alliant Insurance Services’ Employee Benefits Group
Alliant Insurance Services has hired Art LeGar as Vice President within its Employee Benefits Group, further solidifying its strength in the large employer marketplace. Based in Baltimore, LeGar will focus on assisting employers in the large market across a range of industries and addressing their employee benefits challenges. “Art excels at navigating large, complex organizations… Continue reading Art LeGar Joins Alliant Insurance Services’ Employee Benefits Group
Property Investors Becoming a Favorite Customer of Home Builders
Investors who purchase and then rent out new homes are quickly becoming a favorite customer of the home building industry. Individuals and families bought the vast majority of the hundreds of thousands of new homes built last year. However, rising mortgage rates are making those purchases much more expensive, potentially leading to a drop in… Continue reading Property Investors Becoming a Favorite Customer of Home Builders