Chesapeake Employers’ Insurance Co. has filed for an 8% net rate decrease with the Maryland Insurance Administration (MIA) effective April 1, 2025. The nonprofit company, which is the state’s insurer of last resort, also announced its highest-ever policyholder dividend of …
Maryland’s Largest Workers Comp Insurer Files for 8% Rate Cut Read More »
After reporting underwriting losses of $13 billion in 2022 and $14 billion in 2023, State Farm recorded another underwriting loss for 2024—but narrowed it thanks to its auto insurance results. State Farm reported a 2024 net income of $5.3 billion …
State Farm 2024 Underwriting Losses Shrink on Auto Results Read More »
Most insurance executives surveyed last year believe they have “an ethical obligation” to close the protection gap—and also believe that “lack of trust in the insurance industry” is a key barrier standing in the way. Economist Impact, a division of …
Consumer Trust Issues Hinder Industry Efforts to Close Protection Gap: Survey Read More »
This edition of International People Moves details appointments at Price Forbes Re and AXA XL. A summary of these new hires follows here. Price Forbes Re (PF Re) announced the appointment of Sherman Power to the newly created role of …
Pool Re, Britain’s government-backed terrorism reinsurer, has completed placement of a new retrocession programme with more than 60 international reinsurers. The placement provides £2.75 billion ($3.5 billion) aggregate excess of loss cover, increased from £2.4 billion ($3.0 billion), with Hannover …
UK Terrorism Reinsurer Pool Re Completes Expanded Retrocession Placement of £2.75B Read More »
Japan is battling its worst wildfire in four decades, forcing thousands of people to flee amid some of the driest weather on record. At least one person has been killed since the blaze broke out Feb. 26 near the the …
Japan Battles Worst Wildfire in 40 Years Amid Record Dry Season Read More »
South Korea tightened rules on carrying lithium batteries on planes from Saturday, highlighting a growing risk to flights worldwide from the batteries used in cellphones and e-cigarettes which can malfunction to produce smoke, fire or extreme heat. Last year three …
South Korea’s New Lithium Battery Rules on Planes Highlight Growing Risk for Aviation Read More »
Optio Group, the London-based independent specialty MGA, announced it has acquired Norwegian-based MGA S Insurance AS (S Insurance) for an undisclosed sum, subject to regulatory approval. This acquisition follows Optio’s acquisitions of Netherlands and-Brussels based MGA Den Hartigh and Luxembourg-based …
Optio Group Acquires Norwegian-Based Marine Hull Specialist MGA, S Insurance Read More »
The US Securities and Exchange Commission has kicked off the new year with a makeover, wiping clean its slate of crypto enforcement actions and turning what was once a hostile landscape for digital assets into a potential haven. In the …
SEC’s ‘Demolition’ of Crypto Enforcement Met With Cheers as Well as Jeers Read More »
The cancellation of nearly three-dozen cybersecurity contracts at the US Consumer Financial Protection Bureau endangers the security of sensitive data maintained by the federal watchdog, a former senior official at the bureau said in court documents filed Friday. Former CFPB …
CFPB Data Imperiled by Cybersecurity Contract Cancellation, Ex-Official Says Read More »
