Connecticut Governor Ned Lamont, has signed into law Public Act 23-15, An Act Concerning Captive Insurance Companies, a groundbreaking piece of legislation aimed at bolstering the captive insurance industry in the state, the state said in a news release.
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Revenues Earned Globally by MGAs, MGUs, and Coverholders Grew by Around 19%
According to an updated ranking and analysis completed by Insuramore, the value of revenues earned worldwide by MGA, MGU and coverholder groups was about $17.3 billion in 2022, signifying annual growth in this sector of around 19% before adjusting for inflation.
Federal Cybercrime Reporting May be Incomplete: GAO
Federal cybercrime reporting may have some gaps, due to lack of a comprehensive approach or common definitions of cybercrime across all federal agencies, according to a recent study from the U.S. Government Accountability Office (GAO).
3M Reaches Tentative $10.3B Deal Over U.S. ‘Forever Chemicals’ Claims
3M Co has reached a $10.3 billion settlement with a host of U.S. public water systems to resolve water pollution claims tied to “forever chemicals,” the chemical company announced on Thursday.
Whistleblowers Warned OceanGate Safety Issues Could Prove ‘Catastrophic’
Safety concerns about the Titan submarine that imploded in the depths of the Atlantic Ocean with five people on board have been revealed in a number of scathing reports.
First Chicago Insurance Company Enhances Commercial Auto Underwriting with New Verisk Solution
First Chicago Insurance Company (FCIC), a proud member of the Warrior Insurance Network (WIN), is refining its commercial auto underwriting with robust vehicle data from Verisk, a leading global data analytics and technology provider.
Auto Insurance Firm Root Gets Takeover Bid
Closely held Embedded Insurance has made multiple approaches and offered to acquire Carvana-backed Root for $19.34 a share, the people said.
Global Cyber Insurance GDPW Reached Nearly 13.5B in 2022
GDPW for cyber insurance can be estimated globally at close to $13.5 billion in 2022 rising towards $14 billion if captive insurers are also included, and with the US alone likely to make up over a half of the total.
June Insured Losses from Severe Convective Storms Estimated at $5.5B
KCC estimates that the insured loss from this Severe Convective Storm (SCS) outbreak will be close to $5.5 billion.
Credit Suisse Investors Sue Over Bank’s Demise
A group of Credit Suisse creditors who took some of the $17 billion hit that fueled the bank’s demise are suing its former executives — and are blaming a “toxic culture” at its New York offices.