Connecticut businesses praise governor’s approval of comp disability amendment
The Connecticut Business and Industry Association on Wednesday praised Gov. Ned Lamont’s approval of a budget bill that included a reversal of a controversial state Supreme Court ruling from March.
RIMS offering chief risk officer certificate program
The Risk & Insurance Management Society Inc. on Wednesday launched a chief risk officer certificate program in advanced enterprise risk management.
Tornado outbreak causes estimated $16 billion in rebuilding costs: Cotality
An estimated 63,000 properties, with a combined reconstruction cost of nearly $16 billion, were potentially damaged by the May 15 to 18 Midwest tornado outbreak, according to Cotality, formerly known as CoreLogic Inc.
Cyber risks are execs’ most cited top concern
Cyber risks were the most widely cited top concern for business leaders in a survey conducted by The Hartford Insurance Group Inc.
Fashion waging war on dupe culture
Some could say the first volley may have been something so overpriced it may have cost more than one’s first car.
Starwind names new president for JH Blades
Starwind Specialty Insurance Services, a unit of CRC Group Inc., said Wednesday that Graham Jenks has succeeded the retired Richard Martin as president of JH Blades & Co. Inc., its Houston-based energy managing general agent and wholesale broker.
OSHA to target employers with injury, illness rates ‘markedly below’ industry averages
The Occupational Safety and Health Administration announced it has updated a targeted inspection program that targets nonconstruction employers with high injury rates to now include those with injury and illness rates “markedly below” industry averages.
MS Re’s profits slide, but combined ratio drops
Switzerland-based MS Reinsurance posted a net profit of $346 million for 2024, down roughly 5% year-on-year due to a one-off $93 million deferred tax asset in 2023, Reinsurance News reported. Gross written premiums rose 17.6% year-on-year to $3.6 billion, while net premiums earned increased 19.5% to $2.9 billion. The combined ratio improved to 88.7% from […]
Ryan Specialty buys Irish MGU
U.S.-based Ryan Specialty Holdings Inc. has acquired Ireland-based 360 Degree Underwriting Designated Activity Company, which specializes in commercial construction, TradingView reports, citing Reuters and The Insurer. The acquisition expands Ryan Specialty’s presence into Ireland and complements its existing latent defect business. Financial terms of the deal were not disclosed.
MS Amlin Underwriting posts slightly lower net income
U.K.-based MS Amlin Underwriting Ltd. posted a net income of 149 million British pounds ($199 million) for 2024, down from £197 million in 2023 due to higher corporate taxes and increased catastrophe and market losses, Reinsurance News reported. Net premiums earned climbed to £1.5 billion from £1.3 billion, while MS Amlin’s combined ratio increased to […]
Tokio Marine’s global profits dip on investment losses
Japan-based Tokio Marine Holdings Inc.’s international business posted a 2% drop in net profit for fiscal year 2024, totaling 428 million Japanese yen ($2.9 million), Reinsurance News reported. Net premiums written rose 6.6% year-on-year to ¥3.3 billion, with North America leading growth at 19.6% to ¥2.3 billion.
Sanctions target insurers that cover shadow fleet ships
The latest European Union and U.K. sanctions targeting Russia’s shadow fleet continue to include insurers, with Russian firm VSK Insurance Joint Stock Company among those named for providing coverage to sanctioned tankers, Lloyd’s List reported. These designations highlight growing regulatory scrutiny on maritime insurance providers aiding in high-risk or opaque shipping practices, including the provision […]
Motion Specialty bags Lloyd’s coverholder license
U.K.-based Motion Specialty Services Ltd., a new business founded by Dan Alpay and Alex Kickham with support from U.S. broker Johnson & Johnson Inc., has been approved as a Lloyd’s of London coverholder, Insurance Edge reported. The company will initially focus on underwriting niche product lines, including standalone flood insurance, targeting the wholesale-to-wholesale distribution channel.
Ping An launches AI-powered risk mitigation platform
Ping An Property and Casualty Insurance Company of China Ltd. has officially launched its AI-enhanced platform, China’s first globally offered insurance risk mitigation service, GuruFocus News reported. EagleX uses over 2 trillion data points to assess natural disaster risks such as floods, typhoons and earthquakes. The assessments support post-disaster claims verification and provide alerts for […]
EU ship insurance reporting rules take effect
The European Commission’s new ship insurance reporting requirements have officially entered into force as of May 18, Safety4Sea reported. The amended directive mandates that all ships entering European Union waters provide proof of insurance, which aligns the Union’s regulations with international standards and addresses risks tied to hazardous cargo and geopolitical instability.
Gulf Insurance’s profits erode 40%
Kuwait-based Gulf Insurance Group KSCP reported a net profit of 6 million Kuwaiti dinars ($21.5 million) for the first quarter of 2025, down from KWD10 million in the same period last year, Middle East Insurance Review reported. Net investment income dropped to KWD12 million from KWD19 million, while insurance revenue fell to KWD177 million from […]
Marks & Spencer cyberattack upheaval seen lasting until July
A “highly sophisticated and targeted” cyberattack will cost Marks & Spencer about £300 million ($403 million) in lost operating profit, and disruption to online services is likely until July, the British retailer said Wednesday.
Experts put climbing medical costs in comp under the scope: NCCI
Pain management has been a balancing act for workers compensation payers, with medical claims costs slowly climbing despite efforts to reduce them, according to experts who spoke last week at the National Council on Compensation Insurance’s Annual Insights Symposium.