Billionaire businessman Don Hankey made headlines in early April when his company, Knight Specialty Insurance, provided the $175 million bond that Donald Trump posted in his New York civil fraud case.
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Munich Re Posts Quarterly Profit of €2.1B as P&C Reinsurance CoR Strengthens
Global reinsurer Munich Re has announced a preliminary net profit of €2.1 billion for the first quarter of 2024, as the firm highlights a better than expected operational performance across all lines of business.
INSTANDA Elevates U.S. Analyst to Global Configuration Lead
INSTANDA, the global provider of no-code insurance platform technology, today announced Jamie Boyer will now serve as the organization’s group configuration lead.
$80M Verdict for Three Zurich American Workers Fired for Off-the-Record Days Off
Three former workers in a Northern California office of the Zurich American Insurance Co. who were fired after taking “off-the-record” paid time off were awarded more than $80 million in damages by a Sacramento jury Thursday, Sacramento attorney Lawrance Bohm announced.
Insurance M&As Slow in Q1 2024: Optis Partners
Mergers and acquisitions among insurance brokers and agents declined 18% in the first quarter, falling to the lowest level of deals since the beginning of the COVID-19 lockdowns in 2020, according to a report released Friday by Optis Partners LLC.
Progressive to Sell Office Buildings as Shift to Remote Work Cuts Need for Space
Progressive Corp. intends to list several of its office buildings across the United States for sale as it consolidates office buildings amid a changing work environment, a company spokesman said.
U.S. Designates PFAS Chemicals as Superfund Hazardous Substances
The U.S. Environmental Protection Agency on Friday designated a pair of widely used industrial chemicals as hazardous substances under the country’s Superfund program, accelerating a crackdown on toxic compounds known as “forever chemicals.”
Rising Insurance Costs, Coverage Changes Prompt Florida & California Homeowners to Move: Redfin
A Redfin survey has found that nearly three-quarters (70.3%) of Florida homeowners and over half (51%) of California homeowners have seen a rise in insurance costs or change in coverage in the past year.
Allstate Estimates $731 Million in First-Quarter Pretax Cat Losses
Allstate Corp. said it incurred an estimated $343 million in pretax catastrophe losses from activity in March, raising the total for the first quarter to $731 million from $1.69 billion in the prior-year period.
Marsh McLennan’s Revenue Grows 9% in Q1 2024
Marsh McLennan reported consolidated revenue of $6.5 billion in the first quarter of 2024, up 9% from $5.9 billion in the prior-year quarter. On an underlying basis, its revenue also increased 9%.