WTW is sharpening a strategic focus on specialty markets, as it progresses with a cost-saving transformation initiative that will wind down by 2025, said the broker’s chief executive officer.
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NC Insurance Commissioner Causey Rejects Large Homeowners Rate Increase
State Insurance Commissioner Mike Causey announced Tuesday that he has rejected a North Carolina Rate Bureau’s request to increase homeowner insurance rates by an average of 42%.
New Study Shows Intense Hurricanes Could Merit a Hypothetical Category 6
As fearsome as Category 5 hurricanes can be for people living in harm’s way, a new study reports global warming is supercharging some of the most intense cyclones with winds high enough to merit a hypothetical Category
Banking Groups Sue Regulators to Block CRA Revamp
Several industry groups sued US regulators to block recent overhauls to the Community Reinvestment Act, arguing the new rules meant to tackle redlining and boost lending to lower-income areas will actually discourage banks from lending.
WTW Reports Organic Revenue Growth of 6% for Q4’23
Global brokerage firm WTW has reported 6% organic revenue growth for the fourth quarter of 2023 to $2.91 billion, while net income for the period rose by 5%, year-on-year, to $623 million.
EU States Greenlight Landmark New AI Rules
EU member states on Friday approved landmark rules on reining in artificial intelligence, after tough last-mile negotiations on the legislation billed as a world first.
California Insurance Wholesalers Association (CIWA) Announces Four New Board Members
The California Insurance Wholesalers Association (CIWA), a professional trade association focused on California E&S insurance wholesalers, carriers and supporting entities, is pleased to announce four new members to its board of directors.
Q4 2023 Insurance Rates Remained Stable as Property Price Increases Continued to Moderate
Global commercial insurance rates increased by 2% in the fourth quarter of 2023 (down from a 3% increase in Q3), according to the Global Insurance Market Index released today by Marsh, the world’s leading insurance broker and risk advisor and a business of Marsh McLennan
More Layoffs Underway at Liberty Mutual
Liberty Mutual Insurance is notifying about 250 more employees their jobs are ending. Most of the layoffs take effect in the second quarter, according to a company spokesperson.
California Battered by Flash Floods and Hurricane-Level Winds
Residents in Southern California were surveying the damage after heavy rains brought flash flooding and landslides overnight.