Penn State names chief risk officer
The Pennsylvania State University announced Thursday it has named Jared Wise chief risk officer.
Trouble ahead for workers comp sector: Fitch
The average combined ratio for the workers compensation line is expected to rise to the “mid-90s or higher” in 2024 after nearly a decade of record lows “given flat or declining premium volume, potential for rising claims costs from medical inflation, and a reduction in favorable reserve development,” according to a report released Thursday by Fitch Ratings Inc.
Markel names former Allianz exec to underwriting role
Markel, the insurance operations of Markel Group Inc., Thursday named Jamie Mullarkey, formerly with Allianz Global Corporate & Specialty SE, as global executive underwriting officer for property and first-party lines.
Global insurance sector M&As fall sharply in H1: Report
Mergers and acquisitions in the global insurance sector continued to decline in the first half, with 103 deals, compared with 171 in the year-earlier period, according to a report from the law firm Clyde & Co.
Hartford can intervene in business trip injury suit to protect subrogation lien
A workers compensation insurer can intervene in a premises liability lawsuit brought by a woman who was injured after falling at a hotel during a business trip, the 11th U.S. Circuit Court of Appeals ruled Wednesday.
No fairytale ending for Disney afficionados
It had taken an Arizona couple more than a decade, and as much as $125,000 annually, to gain and maintain membership in Disneyland’s exclusive Club 33; a tale that went south when the theme park ousted the couple for an alleged public drunkenness incident in 2017.
Pipefitter’s widow entitled to death benefits in occupational disease claim
The widow of a pipefitter who died after developing leukemia was entitled to death benefits even though pneumonia from COVID-19 was listed as an official cause of death, the West Virginia Intermediate Court of Appeals ruled Wednesday.
Axa XL names CUO for newly established Canadian market
Axa XL announced Thursday Arti Rawal was appointed as chief underwriting officer for its newly established middle market, Canada team.
Lockton appoints COO of Northeast business
Lockton Cos. LLC on Thursday named Josh Korzon as chief operating officer of its Northeast business.
Construction firm fined for using crane to hoist workers
The Washington State Department of Labor & Industries said Wednesday that it fined a construction company for using a crane to lift workers after an elevator breakdown.
Bishop Street Underwriters buys Michigan-based MGA
Bishop Street Underwriters, a managing general agent platform backed by New York-based private-equity firm RedBird Capital Partners Management LLC, said Thursday it has acquired Conifer Insurance Services, a specialty MGA, from Conifer Holdings Inc.
Grenfell inquiry exposes key companies’ roles in tragic fire
A report into a major fire that killed 72 people in Grenfell Tower in London in June 2017 identifies several companies and their alleged roles in the disaster, Sky News reported. The report said that Arconic Architectural Products SAS manufactured the flammable cladding panels, Kingspan Group plc supplied combustible insulation, and Celotex Corp. provided insulation […]
Lloyd’s of London sees profit jump 26%
Lloyd’s of London’s pretax profit increased by 26% year-on-year to £4.9 billion ($6.4 billion) in the first half of this year, MSN reported citing Reuters. The market saw gross written premiums grow by nearly 7% year-on-year to £30.6 billion.
Beazley seeks $75 million from latest cyber cat bond issue
U.K.-based insurer Beazley PLC is seeking $75 million or more through the issuance of its PoleStar Re Ltd. (Series 2024-3) cyber catastrophe bond, Artemis reported. The bond will provide broad cyber reinsurance coverage from the capital markets, protecting Beazley against significant cyber loss events affecting its underwriting entities, including Lloyd’s syndicates and its U.S. insurers.
Reinsurers to tighten terms to limit exposure to secondary perils
Analysts at Fitch Ratings Inc. said global reinsurers are likely to enforce strict terms and conditions to minimize their exposure to secondary perils, as weather-associated losses are becoming increasingly significant, Reinsurance News reported. The rating agency noted that tightening terms for natural catastrophe cover is expected to help enhance reinsurers’ risk profiles and long-term profitability.
Parts shortage delay Cathay Pacific jets return to service
Hong Kong-based Cathay Pacific Airways Ltd.’s Airbus A350 jets are facing extended downtime due to a shortage of engine parts, exacerbated by ongoing supply chain disruptions, The Business Times reported citing Bloomberg. The airline has already grounded several jets for inspections and repairs, after an engine component failure on one of its A350 aircraft forced […]
Worker protests shut down 27 major drug manufacturers
The Bangladesh Association of Pharmaceutical Industries said the industry has plunged into turmoil with workers protesting for job regularization, wage increases, additional leave, and other issues, leading to the shutdown of factories owned by 27 major drug makers, The Business Standard reported. Some of these companies forced to halt their operations include Beximco Pharmaceuticals Ltd., […]
Czech insurers maintain steady premium growth
Data published by the Czech National Bank showed that local insurers reported a combined gross written premium of €2.35 billion ($2.6 billion) in the first quarter of this year, a figure that is nearly identical to that of the first quarter of 2023, Xprimm reported. Non-life insurance premiums increased by nearly 2% year-on-year to €1.77 […]
Dale Underwriting expands into international professional indemnity
U.K.-based Dale Underwriting Partners, the trading name for Dale Managing Agency Ltd.’s Lloyd’s Syndicate 1729, has expanded into the international professional indemnity sector, Reinsurance News reported. The firm has appointed Ryan Barnes to lead the new initiative, with effect from January 2025.
Massive wildfire devours 20% of Brazil forest amid record drought
A massive wildfire has destroyed 20% of Brazil’s National Forest of Brasilia and cloaked the city of Brasilia in smoke, Reuters reported. Recent government data showed that a record drought, which was exacerbated by a supercharged El Nino, increased fires in the rainforest for the month of August to their highest level since 2010.