Effective March 29, 2022, Demotech, Inc. withdrew the Financial Stability Ratings® (FSRs) previously assigned to Lighthouse Property Insurance Corporation and Lighthouse Excalibur Insurance Company. According to Joseph Petrelli, President, Demotech, Inc., “Despite a substantial capital contribution in the fourth quarter 2021, the operating loss in 2021, which reflected the evaluation of losses and loss adjustment… Continue reading Demotech Withdraws Financial Stability Ratings® Assigned to Lighthouse Property Insurance
Author: Farkas Laura
Alliant Insurance Services’ Lilian Vanvieldt Named to Insurance Business Global 100 List
Insurance Business has named Lilian Vanvieldt, Executive Vice President and Chief Diversity, Equity & Inclusion Officer of Alliant Insurance Services, to its prestigious Global 100 list. Vanvieldt was chosen from a large pool of insurance leaders and professionals worldwide and was recognized for her outstanding performance as an executive and producer. Insurance Business’ third annual… Continue reading Alliant Insurance Services’ Lilian Vanvieldt Named to Insurance Business Global 100 List
AerCap Submits $3.5 Billion in Insurance Claims Over Trapped Russian Jets
AerCap Holdings NV announced that it had filed $3.5 billion in insurance claims for more than 100 jetliners that it had rented to Russian airlines and that are now stuck in the country as a result of Western sanctions. The world’s largest aircraft-leasing company by value said it had rented 135 aircraft to Russian carriers… Continue reading AerCap Submits $3.5 Billion in Insurance Claims Over Trapped Russian Jets
U.S. Regulators Tighten Rules on SPAC Deals
U.S. securities regulators proposed new rules for shell investment companies on Wednesday, tightening a path for companies to go public that has been criticized for sacrificing investor protections. The new rules aim to put firms formed solely for the purpose of merging with another entity, known as special purpose acquisition companies (SPACs), on an equal… Continue reading U.S. Regulators Tighten Rules on SPAC Deals
AccuWeather Says to Expect Another Active Hurricane Season
The Atlantic hurricane season is two months away, with the official start arriving on June 1, but AccuWeather forecasters released predictions for the coming season this week, noting that there is a high chance for a preseason storm to develop and that another active tropical season is expected. AccuWeather forecasters emphasized that now is the… Continue reading AccuWeather Says to Expect Another Active Hurricane Season
Cyber Insurers Face Large Ukraine War-Related Claims, Despite Fine Print
Insurers face potential multi-billion dollar claims for cyberattacks related to Russia’s invasion of Ukraine, despite policy wording designed to get them off the hook for war, industry sources say. Following the Feb. 24 attack on Ukraine and Western sanctions against Moscow, the U.S. government said last week it had seen “preparatory” Russian hacking activity aimed… Continue reading Cyber Insurers Face Large Ukraine War-Related Claims, Despite Fine Print
Marsh McLennan Charts a Path to Net-Zero Across its Operations by 2050
Today, Marsh McLennan, the world’s leading professional services firm in the areas of risk, strategy and people, announced its commitment to set and execute low-carbon transition strategies that chart a path to net-zero across its operations by 2050 and reduce its emissions by 50 percent by 2030. The company will also set an emission reduction… Continue reading Marsh McLennan Charts a Path to Net-Zero Across its Operations by 2050
SageSure Selects One Inc’s ClaimsPay® for Outbound Digital Claim Payments
SageSure, technology-driven managing general underwriter specializing in catastrophe-challenged property markets, has selected One Inc’s ClaimsPay platform for its digital claims payment functionality. Already using One Inc for inbound payments, the adoption of this system for outbound claims payments consolidates all of SageSure’s payment activities onto one platform. By utilizing One Inc for both inbound and… Continue reading SageSure Selects One Inc’s ClaimsPay® for Outbound Digital Claim Payments
Peter Arkley Named President, Alliant Retail Property and Casualty
Alliant Insurance Services has announced the promotion of Peter Arkley to President, Alliant Retail Property and Casualty. In his new role, Arkley will lead Alliant’s retail P&C operation to leverage the strength of its Specialty Group and geographic business to drive operational excellence by bringing the best specialists to each client. “Peter has had an… Continue reading Peter Arkley Named President, Alliant Retail Property and Casualty
CVS to Pay $484 Million to Settle Opioid Case in Florida
CVS Health Corp. will pay $484 million to settle opioid-related claims by the state of Florida, the first time the pharmacy chain has agreed to payments to resolve a government lawsuit tied to opioid prescription abuse. CVS was one of several defendants in a trial that was scheduled to begin in April. Drugmaker Teva Pharmaceutical… Continue reading CVS to Pay $484 Million to Settle Opioid Case in Florida