Cadence Bank to sell insurance business to Gallagher for $904M
Cadence Bank will sell its insurance brokerage unit to Arthur J. Gallagher & Co. for $904 million to narrow its focus and redeploy capital to its core banking business, the lender said Tuesday.
Fake lawyer in legal trouble after winning 26 cases
A Kenyan man will be facing a judge but not in connection with his attorney duties, which authorities said were faked.
Secondary perils take key role in insurer considerations: CRC Group
The latest Redy Index by CRC Group Inc. showed that secondary perils, which were once seen as supplementary, are now taking a key role in insurers’ pricing considerations, Reinsurance News reported. Insurers suffered record losses in the first half of this year due to secondary perils, prompting carriers to place a heightened focus on refining […]
Employers grapple with high costs of new obesity treatments
The introduction of GLP-1 medications, like Ozempic and Wegovy, for obesity treatment poses a dilemma for employers balancing employee wellbeing and the high costs of these drugs, BenefitsPro reports. Although workplace obesity impacts productivity and raises insurance premiums, these new treatments can cost more than $1,600 a month. Presently, 22% of U.S. employers cover weight […]
Many workers overwhelmed during health benefits enrollment: Study
A recent Fidelity Health study revealed 56% of Americans feel "overwhelmed" or "discouraged" during their employers’ annual enrollment period, reports the North Bay Business Journal. The study suggests employers should bolster support through workplace education to help employees make informed choices.
Michigan adopts ACA provisions in state law ahead of Supreme Court case
In anticipation of a U.S. Supreme Court case that might ify the Affordable Care Act's preventive care mandates, Michigan Gov. Gretchen Whitmer signed bills embedding several ACA provisions into state law, reports Becker’s Payer Issues. These provisions oblige insurers to provide cost-free preventive care services advised by the U.S. Preventive Services Task Force, extend coverage […]
Georgia’s Medicaid with work requirement sees low enrollment
Georgia's new health plan for low-income adults, has enrolled merely 1,343 individuals three months post-launch, despite projections by the Georgia Department of Community Health of benefiting up to 100,000, the Associated Press reports. Distinguishing itself as the only Medicaid program with a work prerequisite, its slow uptake reflects fundamental differences and possible burdens compared to […]
AI chatbots found giving incorrect racial medical information
A study led by Stanford University researchers revealed that prominent AI chatbots, including OpenAI's ChatGPT and Google's Bard, provided responses containing false or outdated medical information related to racial differences in kidney function, lung capacity, and muscle mass, reports Axios. Such misinformation risks exacerbating health disparities and can lead to misdiagnoses for Black patients.
Medicaid expansion could insure over 2.3 million in 10 states: Study
According to an analysis by the Urban Institute, Medicaid expansion in 10 states – Alabama, Florida, Georgia, Kansas, Mississippi, South Carolina, Tennessee, Texas, Wisconsin, and Wyoming – could lead to more than 2.3 million individuals gaining health coverage, reports Fierce Healthcare. This would result in a 25% decrease in the uninsured rate in these states.
Fall protection tops list of OSHA citations for 2023
For the 13th consecutive year, lack of fall protection topped the U.S. Occupational Safety and Health Administrations preliminary top 10 most frequently cited workplace safety violations for fiscal year 2023.
Supply chain disruption top concern for SMEs ahead of winter
A survey by consultancy firm BDO L.L.P. has found that supply chain disruption is the top concern of medium-sized businesses ahead of winter, City A.M. reported. The poll showed nearly a quarter fear that supply chain problems, including suppliers going out of business and stock shortages, could threaten revenue targets this year.
Talanx expects higher profits after unexpectedly good business
German insurer Talanx AG is expecting higher profits this year after unexpectedly good business, with income now likely to reach substantially more than €1.5 billion ($1.59 billion) instead of the €1.4 billion it had earlier projected, MarketScreener reported citing dpa-AFX. The company’s executive board expects a profit of over €1.25 billion for the first nine […]
Rokstone hires former AIG executive as head of marine
Rokstone Underwriting, the trading name of Rokstone Group Ltd., the Aventum Groups international insurance and reinsurance managing general agent, Tuesday named former American International Group Inc. executive Mike Nukk as head of marine.
Risk Strategies buys wine specialist
RSC Insurance Brokerage Inc., which does business as Risk Strategies Co., said Tuesday it has acquired wineries specialist North Bay from InterWest Insurance Services LLC.
FDA guidelines put focus on medical cybersecurity
Food and Drug Administration guidance that calls for medical device manufacturers to address cybersecurity issues before their products go to market will be a challenge, particularly for small and medium-sized companies, experts say.
IAT appoints former Travelers exec as EVP, surety
IAT Insurance Group Inc. named Mike Zurcher, formerly with Travelers Cos. Inc., as executive vice president, surety.
Wholesale insurtech secures additional funding
QuoteWell Inc., an Austin, Texas-based wholesaler that uses artificial intelligence technology in its submission and marketing processes, said Wednesday it has secured more than $15 million in Series A funding and is introducing brokerage operations targeting independent retail agents.
Global insured losses from nat cat events reach $88 billion: Aon
According to a new report by Aon plc, the global insured losses from natural disaster events had reached $88 billion by the end of the third quarter of this year, 17% higher when compared to the 21st century annual average, Reinsurance News reported. The report said that the losses were driven by so-called secondary perils. […]
Munich Re net profit jumps 127%
Germany-based Munich Reinsurance Co. reported a net profit of around €1.2 billion ($1.27 billion) for the third quarter of this year, up 127% from €527 million posted in the year-ago comparative period, Reuters reported. The reinsurer cited major losses in its property-casualty division that were slightly below expectations and strength in its life and health […]
Rules on nuclear insurance pool working procedures take effect
A regulation on the working procedures and principles of Turkey’s Nuclear Insurance Pool came into force on Oct. 19, Middle East Insurance Review reported. The Pool will compensate for nuclear damage suffered in the event of a nuclear incident. Nuclear facility operators are required to take out insurance within the scope of their legal liabilities […]