Beazley Plc, a British insurer, resumed its dividend on Thursday after turning a profit for the year, aided by rising demand and double-digit growth in the cyber insurance space. Beazley, which provides casualty and property insurance, as well as cyber and political risk insurance, had a combined ratio of 93 percent, down from 109 percent… Continue reading Beazley Swings to Annual Profit on Robust Demand for Cyber Insurance
Author: Farkas Laura
Independent Agents, Brokers Mark All-Time High in 2021
Organic growth rates among the nation’s independent insurance agents and brokers doubled from 2020 to 2021. It’s one of several zeniths uncovered in the latest Reagan Consulting Growth & Profitability Survey (GPS), which measured fourth-quarter 2021 results, completing the full-year look at the industry sector. Reagan partner Tom Doran reports the following records were set… Continue reading Independent Agents, Brokers Mark All-Time High in 2021
Majority of January Commercial Lines Renewals See Lower Rates
IVANS® today announced the January 2022 results of the IVANS Index™, the insurance industry’s premium renewal rate index. Year over year, nearly all lines of business, except Workers’ Compensation, experienced an increase in average premium renewal rate. Month over month, premium renewal rates increased for lines of business including Commercial Property and Umbrella. Commercial Auto,… Continue reading Majority of January Commercial Lines Renewals See Lower Rates
Hamilton Launches U.S. E&S Insurer
Hamilton Insurance Group, Ltd. (“Hamilton”; “the Company”) today announced the formation of Hamilton Select Insurance Inc., a US excess and surplus (E&S) lines insurer. Hamilton Select Insurance Inc. has received a Financial Strength Rating of A- (Excellent) from A.M. Best Company, Inc. Hamilton’s Clay Rhoades, formerly President, US E&S, has been named CEO, Hamilton Select… Continue reading Hamilton Launches U.S. E&S Insurer
U.S. Congress Passes Bill Easing Sexual Misconduct Complaints at Work
On Thursday, US lawmakers approved legislation that would make it easier for victims of sexual harassment in the workplace to file complaints. The bill, which was passed by the Senate with rare bipartisan support, invalidates any clause in Americans’ employment contracts that prevents victims of sexual assault or harassment from suing their aggressor or the… Continue reading U.S. Congress Passes Bill Easing Sexual Misconduct Complaints at Work
Purdue’s Sacklers Consider Adding Another $1 Billion to Opioid Settlement
According to people familiar with the talks, members of the billionaire Sackler family, who own Purdue Pharma LP, are debating whether to add $1 billion to the OxyContin maker’s faltering opioid settlement bid in an effort to win over holdouts. The move would bring the family’s total contribution to $5.325 billion to get a handful… Continue reading Purdue’s Sacklers Consider Adding Another $1 Billion to Opioid Settlement
Tech Talent Shortage Is Helping Drive M&A Deals
According to industry analysts, a shortage of information-technology workers is prompting some companies to buy firms for their employees, a strategy that is helping to drive up the number of merger-and-acquisition deals across the IT and business-services sectors. Employers posted roughly 340,000 unfilled IT job openings last month, 11% more than the 12-month average, spanning… Continue reading Tech Talent Shortage Is Helping Drive M&A Deals
Insurer Groups Sue Over Washington State Credit Scoring Ban
The adoption last week by Washington state Insurance Commissioner Mike Kreidler of a rule prohibiting insurers from using credit scoring to set rates for auto, homeowner, and renter insurance has already sparked a legal challenge from insurer groups. The American Property Casualty Insurance Association, the Professional Insurance Agents of Washington, and the Independent Insurance Agents… Continue reading Insurer Groups Sue Over Washington State Credit Scoring Ban
Markel International Announces Renewables Reinsurance Partnership with AEGIS
Markel International and Associated Electric and Gas Insurance Services (AEGIS) have formed a partnership to provide additional reinsurance capacity for onshore renewable energy projects. Markel International will provide up to $75 million in capacity behind AEGIS for its policyholders’ renewable risks under the terms of the agreement. Markel’s reinsurance support will also enable AEGIS to… Continue reading Markel International Announces Renewables Reinsurance Partnership with AEGIS
Steve Harris Joins Alliant’s Employee Benefits Group in North Texas
Employee benefits veteran Steve Harris, CEBS, has joined Alliant as Senior Vice President, adding strength to its national Employee Benefits Group. The North Texas-based Harris will design and deploy strategic employee benefit solutions for a diverse portfolio of regional and national clients. “Steve will leverage Alliant’s platform to make a difference in optimizing the benefits… Continue reading Steve Harris Joins Alliant’s Employee Benefits Group in North Texas