As claims poured in from Hurricane Ida, executives of Lighthouse Insurance Co. scrambled to land an infusion of cash from investors, both to assuage concerns from regulators and in hopes of keeping the firm afloat.
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SIAA’s Four Texas Master Agencies Host Groundbreaking Lone Star Summit
The Lone Star Summit, a groundbreaking event uniting the four Texas Master Agencies of SIAA – The Agent Alliance, concluded its first gathering on May 1, 2024, at the picturesque Hyatt Regency Hill Country Resort and Spa
Chubb to Make $350 Million Payout in Baltimore Bridge Collapse
Chubb, the insurer of the collapsed Francis Scott Key Bridge in Baltimore, is preparing to make a $350 million payout to Maryland, paying the full amount of the coverage quickly rather than waiting for the rebuilding to begin.
ACORD’s Insurance Carrier M&A Study: Only 52% of the Last Decade’s Largest Transactions Created Long-term Value
ACORD, the standards-setting body for the global insurance industry, today released the first-of-its-kind study Carrier Mergers & Acquisitions: Major Transaction Value Analysis.
Best’s Market Segment Report: U.S. Medical Professional Liability Segment’s Profitability Buoyed by Net Investment Income
Premium growth for AM Best’s medical professional liability (MPL) composite moderated to 3.6% in 2023, but overall financial results were buoyed by favorable net investment income, according to a new AM Best report.
AIG Reports Q1 Net Income of $1.2B
In its Q1 2024 results, AIG has reported net income attributable to its common shareholders of $1.2 billion, marking a massive improvement compared to the $23 million recorded in the prior year quarter.
Neptune Flood Acquires Data Science Firm Charles River Data to Enhance AI-Driven Flood Insurance Solutions
Neptune Flood, the nation’s largest private flood insurance company, today announced its acquisition of Charles River Data, a renowned Boston-based data science consulting group.
Lemonade Narrows Net Loss to $47.3M; Employee Count Down 11% as Premiums Rise
Insurtech Lemonade Inc. narrowed its first-quarter net loss to $47.3 million from $65.8 million a year earlier as artificial intelligence enabled its “relentless pursuit of automation at every stage,” the company said in a shareholder letter.
Eight Newspapers Sue OpenAI, Microsoft for Copyright Infringement
Eight daily newspapers including The New York Daily News and The Chicago Tribune sued OpenAI and Microsoft on Tuesday seeking to stop the tech companies’ from using copyrighted articles to train artificial intelligence chatbots.
Delos Insurance and Lloyd’s of London Insurer Partner to Expand Vacant Home Insurance in California
Delos Insurance Solutions, which uses wildfire science and satellite imagery expertise to solve homeowners’ wildfire insurance availability issues, today announced it will offer wildfire insurance to more California policyholders with vacant properties.