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Somerset Reinsurance Brokers News & Blog
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MAY
17
Brazil floods: rising toll and mounting economic losses, says Aon
By:
Taylor Mixides
on
MAY
17
Following recent floods in the Brazilian state of Rio Grande do Sul, the region grapples with escalating casualties and significant financial repercussions. According to insurance and reinsurance broker Aon’s weekly cat report released on May 15, national authorities have confirmed that the total economic losses now surpass BRL9 billion ($1.75 billion). Meteorological Recap: beginning on […] The post Brazil floods: rising toll and mounting economic losses, says Aon appeared first on ReinsuranceNe.ws.
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MAY
17
HITRUST and Trium Cyber introduce exclusive cyber insurance
By:
Taylor Mixides
on
MAY
17
Trium Cyber announces its partnership with HITRUST. This collaboration introduces an exclusive cyber insurance product available solely to HITRUST-certified customers, marking a new benchmark in aligning information risk assurances with insurance underwriting. The insurance product, initially tailored for HITRUST r2 certified entities, aims to tackle the escalating complexities and disparities within the cyber insurance sector. […] The post HITRUST and Trium Cyber introduce exclusive cyber insurance appeared first on ReinsuranceNe.ws.
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MAY
17
Most insurance customers expect faster claims processing: Sollers Consulting
By:
Kassandra Jimenez-Sanchez
on
MAY
17
Insurers expected to intensify claims automation efforts as customers consider quick claims processing a priority, a recent survey by Sollers Consulting and Ipsos has found. For customers, faster claims processing from insurers is the most important thing when it comes to claims handling, but insurers are struggling to respond to their demands. According to the […] The post Most insurance customers expect faster claims processing: Sollers Consulting appeared first on ReinsuranceNe.ws.
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MAY
17
EPIC Insurance welcomes music and entertainment veteran Steve Gaches as Managing Principal
By:
Taylor Mixides
on
MAY
17
EPIC Insurance Brokers & Consultants has appointed Steve Gaches as Managing Principal of its Entertainment & Sports division. This addition underscores EPIC’s strategic commitment to recruiting seasoned professionals from the music and entertainment sectors to bolster its specialty insurance advisory services. Scott Davis, President of National Specialties & Risk Management, EPIC, commented: “Steve has a […] The post EPIC Insurance welcomes music and entertainment veteran Steve Gaches as Managing Principal appeared first on ReinsuranceNe.ws.
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MAY
17
Insurers’ business models and technology fail to meet today’s demands: Majesco
By:
Beth Musselwhite
on
MAY
17
Insurers’ traditional business models and technological infrastructure are ill-equipped to meet the demands of today’s rapidly evolving landscape, as noted by Denise Garth, Chief Strategy Officer at Majesco. This sentiment is echoed in Majesco’s latest thought leadership report, which emphasises the urgent need for updates or replacements. Failure to address these issues will hinder insurers […] The post Insurers’ business models and technology fail to meet today’s demands: Majesco appeared first on ReinsuranceNe.ws.
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MAY
17
Beazley secures additional $160m of reinsurance with second 144A cyber cat bond
By:
Luke Gallin
on
MAY
17
London headquartered insurer Beazley has sponsored its second 144A cyber catastrophe bond, securing an additional $160 million of capital markets-backed cyber reinsurance coverage via a PoleStar Re Ltd. (Series 2024-2) issuance, as reported by Artemis, our insurance-linked securities (ILS) focused sister publication. Artemis has learned from sources that this $160 million cyber cat bond transaction […] The post Beazley secures additional $160m of reinsurance with second 144A cyber cat bond appeared first on ReinsuranceNe.ws.
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MAY
17
Quarterly rate changes down across most major commercial lines: Applied Systems
By:
Jack Willard
on
MAY
17
Applied Systems has released first quarter of 2024 results of the Applied Commercial Index, the Canadian insurance industry’s premium rate index. Overall, the index shows that rates saw an increase of 6.14% in the first quarter of 2024, which is depressed relative to the rate increase of 7.39% in the same period last year. According […] The post Quarterly rate changes down across most major commercial lines: Applied Systems appeared first on ReinsuranceNe.ws.
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MAY
17
Collet and Hoppe join Lockton’s Transaction Liability Practice
By:
Kassandra Jimenez-Sanchez
on
MAY
17
Independent insurance broker Lockton is strengthening its Transaction Liability Group with the addition of Brian Collet and Dan Hoppe, each joining the group as Senior Vice President in the Representations and Warranties Insurance practice. In his new role at Lockton, Collet will focus on the continued expansion of the company’s market-making secondaries practice, spanning product […] The post Collet and Hoppe join Lockton’s Transaction Liability Practice appeared first on ReinsuranceNe.ws.
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MAY
17
Revolutionizing risk assessment: How Allphins gives reinsurers data confidence for smarter & faster decisions
By:
Jack Willard
on
MAY
17
Across the re/insurance sector, accurately assessing risk exposure is often portrayed as being a demanding task, fraught with disparate data sources and a lack of visibility. However, one company that is making progress to counteract this issue is Allphins, an artificial intelligence (AI) platform which is transforming the way companies assess their risk exposure. By […] The post Revolutionizing risk assessment: How Allphins gives reinsurers data confidence for smarter & faster decisions appeared first on ReinsuranceNe.ws.
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MAY
17
Thai Re sees 418% jump in net profit in Q1’24
By:
Jack Willard
on
MAY
17
Thai Reinsurance Company (Thai Re) has released their results for the first quarter of 2024, which includes a net profit of THB 57 million ($1.58 million), 418% higher than the prior year’s first quarter, due to improved reinsurance results. This was disclosed in financial statements lodged with the Stock Exchange of Thailand, which also showed […] The post Thai Re sees 418% jump in net profit in Q1’24 appeared first on ReinsuranceNe.ws.
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MAY
17
People Moves: AXA XL Promotes Riha as Chief Client & Distribution Officer, APAC/Europe
By:
on
MAY
17
AXA XL Promotes Riha as Chief Client & Distribution Officer, APAC & Europe AXA XL announced that Robert Riha has been appointed as chief client & distribution officer, APAC & Europe, effective July 1. In his new role, Riha will …
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MAY
17
Security First Touts 5% Rate Decrease for HO-3, Renters Policies in Florida
By:
on
MAY
17
Citing the stabilizing impact that legislative reforms have had on the Florida market, Security First Insurance Co. executives this week announced two residential property rate reductions of more than 5%. “For the first time in nine years, we’re going to …
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MAY
17
Kansas Governor Cites Competition Concerns While Vetoing Bill for School Gun-Detection Technology
By:
Admin
on
MAY
17
Kansas Gov. Laura Kelly vetoed a measure Wednesday that could have earmarked up to $5 million for gun-detection systems in schools while expressing concern that it could have benefitted only one particular company. Kelly’s line-item veto leaves in place $5 …
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MAY
17
Indigenous Consultant Accuses Chicago Blackhawks of Fraud, Sexual Harassment
By:
on
MAY
17
A consultant the Chicago Blackhawks hired to improve relationships with American Indian tribes has filed a lawsuit accusing the team, its charity foundation and its CEO of fraud, breach of contract and sexual harassment. Nina Sanders filed the civil action …
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MAY
17
Inszone Acquires Texas’ JHC Insurance Agency
By:
on
MAY
17
Inszone Insurance Services announced the acquisition of JHC Insurance Agency, Inc., an independent insurance agency serving the Victoria community and beyond. Rooted in the values of independence and client-focused service, JHC Insurance Agency, Inc. has become a key player in …
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MAY
17
Staffing Shortages, Reduced Safety Training Fuel Risks for Company Drivers
By:
on
MAY
17
Increased distractions, staffing shortages, and safety risks mean that 60% of company drivers are worried about their personal safety and liability behind the wheel. Over half have been involved in or witnessed an accident in the past year. According to …
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MAY
17
Deadly US Oil Blast Exposes Risks of Pushing Profits Over Safety
By:
Admin
on
MAY
17
The explosion that rocked Marathon Petroleum Corp.’s Galveston Bay oil refinery one year ago trapped Rigoberto Guillen 75 feet in the air. Stranded on a metal platform, he and a colleague crouched low as black smoke engulfed them. “I couldn’t …
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MAY
17
Fitch Ratings: US Cyber Premium Growth Slows in 2023
By:
Admin
on
MAY
17
The U.S. cyber insurance market saw what Fitch Ratings called an unexpected 1% decline in direct written premiums in 2023 following a 160% increase from 2020 to 2022. According to Fitch Ratings’ U.S. Cyber Insurance Market Update, standalone cyber written …
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MAY
17
Driver Says He Smoked Pot Oil, Took Meds Before Florida Crash That Killed 8 Workers
By:
on
MAY
17
OCALA, Fla. (AP) — A man with a long record of dangerous driving told investigators he smoked marijuana oil and took prescription drugs hours before he sideswiped a bus, killing eight Mexican farmworkers and injuring dozens more, according to an …
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MAY
17
DeSantis, Amid Criticism, Signs Bill Making Climate Change Less of a Priority
By:
on
MAY
17
TALLAHASSEE, Fla. (AP) — Climate change will be a lesser priority in Florida and largely disappear from state statutes under legislation signed Wednesday by Florida Gov. Ron DeSantis that also bans power-generating wind turbines offshore or near the state’s lengthy …
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MAY
17
Family of California Veteran Who Died After Officer Knelt on His Neck Settles for $7.5M
By:
Admin
on
MAY
17
Family members of a Navy veteran who died in 2020 after a police officer pressed a knee to his neck for nearly five minutes while he was in a mental health crisis have settled a federal lawsuit against the Northern …
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MAY
17
SEC Updates Customer Data Hacking Rules for Wall Street
By:
Admin
on
MAY
17
Wall Street’s top regulator on Thursday said it had updated rules to ensure investment companies and others work to detect and respond to hackers’ theft of customer data. The changes, approved unanimously by the five-member U.S. Securities and Exchange Commission, …
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MAY
17
Texas Storms Leave 800,000 Without Power While Flights Grounded
By:
Admin
on
MAY
17
A line of dangerous storms and flooding rains rolled over the US Gulf Coast, killing at least four people and leaving more than 800,000 customers in Texas — about 6% of the total — without power while grounding hundreds of …
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MAY
17
Markets/Coverages: Aon Offers Carbon Capture, Storage Insurance for Energy Transition
By:
on
MAY
17
Insurance broker Aon plc has developed a new insurance product designed for international transport and storage companies that are engaged in storing carbon dioxide for decarbonization projects across the globe. The new product is aimed at providing cover for key …
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MAY
17
Ardonagh Group’s MDS Brazil to Acquire Brazilian Broker D’Or Consultoria
By:
on
MAY
17
MDS Brazil, a subsidiary of Ardonagh-owned MDS Group and one of the country’s major brokers, announced it intends to acquire D’Or Consultoria, a health, dental, life insurance and pensions broker from Rede D’Or Sao Luiz. S.A. The transaction, which has …
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MAY
17
Volkswagen Reaches $54 Million ‘Dieselgate’ Settlement With Italian Owners
By:
on
MAY
17
Volkswagen and a group representing car owners in Italy have reached an agreement worth more than 50 million euros ($54 million) to end a legal battle over the “dieselgate” emissions scandal, they said on Wednesday. In the settlement, over 60,000 …
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MAY
17
Wildfires Could Affect Over Half of Canada’s Oil Sands Output: Report
By:
on
MAY
17
More than half of the oil sands production from Canada could be impacted if the wildfires in Alberta and British Columbia worsen, Rystad Energy said in a report on Thursday. WHY IT’S IMPORTANT Canada is one of the biggest oil …
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MAY
17
Firefighters Gain Control of One Blaze Threatening Oil Sands in Alberta
By:
Admin
on
MAY
17
Firefighters gained control of one wildfire near the main oil-sands region of Alberta on Wednesday, but continued to battle a much larger blaze to the south that’s threatening the area’s biggest city. The fire just north of Fort McMurray, located …
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MAY
17
People Moves: Marsh McLennan Agency Appoints Rappa Fine Arts and Specie Leader
By:
on
MAY
17
Marsh McLennan Agency, headquartered in New York, appointed Anne Rappa to the newly created position of fine arts and specie leader effective May 20. Based in New York, Rappa will work with teams in the U.S. and London to deliver …
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MAY
17
Auto Insurance Shopping ‘Hot,’ Consumers Switching ‘Sizzling’: LexisNexis
By:
on
MAY
17
Shoppers in the U.S. aren’t ready to accept higher auto insurance rates, choosing to shop around for the best deal and coverage, a new report finds. U.S. consumer auto insurance shopping activity registered as “Hot” on the LexisNexis Insurance Demand …
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MAY
17
Sony Music Warns Companies to Stop Training AI on Its Artists’ Content
By:
Admin
on
MAY
17
Sony Music Group, one of the world’s biggest record labels, warned artificial intelligence companies and music streaming platforms not to use the company’s content without explicit permission. Sony Music, whose artists include Lil Nas X and Celine Dion, sent letters …
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MAY
17
Greater Chance of Major Hurricane on East Coast This Year, Less in Gulf, Scientist Says
By:
William Rabb
on
MAY
17
Multiple computer models from forecasting organizations across the globe have predicted a very active hurricane season starting next month, spelling trouble for Florida and much of the Eastern United States. The models aren’t wrong, said Phil Klotzbach, a senior research …
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MAY
17
Washington Contractor, Grower Face $650K in Fines After Worker Dies in Apple Storage Room
By:
on
MAY
17
Two Washington companies face a combined $650,000 in fines for violations in connection with a worker who died from asphyxiation after entering an apple storage facility where the oxygen had been removed from the air. The incident on Oct. 1, …
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MAY
17
CyberTrust Massachusetts Launches Cybersecurity Services for Cities and Towns
By:
on
MAY
17
The nonprofit CyberTrust Massachusetts recently launched cyber assessment and monitoring services to help cities and towns in the state address the trend of escalating cyber attacks, ransomware, infrastructure disruption and data breaches. The launch began with a program sponsored by …
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MAY
17
Judge Hears Atlantic City Casino Workers’ Anti-Smoking Lawsuit
By:
Admin
on
MAY
17
A group of Atlantic City casino workers asked a judge Monday to ban smoking in the gambling halls, citing the toxic effects of working in a “poisonous” atmosphere, while the state said ending smoking could jeopardize a half-billion-dollar pot of …
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MAY
17
Judge Won’t Discard $38M Verdict in New Hampshire Youth Center Abuse Case
By:
Admin
on
MAY
17
The judge who oversaw a landmark trial about New Hampshire’s youth detention center has refused to discard the $38 million verdict, saying the facility’s leadership “either knew and didn’t care or didn’t care to learn the truth” about endemic physical …
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MAY
17
Former Raiders Coach Loses Nevada High Court Ruling in NFL Emails Suit
By:
Admin
on
MAY
17
Former NFL coach Jon Gruden lost a Nevada Supreme Court ruling in a contract interference and conspiracy lawsuit he filed against the league after he resigned from the Las Vegas Raiders in 2021, but his lawyer said he will appeal. …
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MAY
17
People Moves: Alliant Adds Rison; Lawley Grows Sales Team
By:
on
MAY
17
Alliant Private Client Names Rison SVP Julie Rison has joined Alliant Insurance Services, headquartered in Irvine, California, as senior vice president, Alliant Private Client. Based in Virginia, Rison will identify and pursue opportunities within the Mid-Atlantic region. She has over …
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MAY
17
Investigation Continues Into 4 Blackouts on Ship That Caused Baltimore Bridge Collapse
By:
Admin
on
MAY
17
The electrical blackouts experienced by the container ship Dali before it left Baltimore’s port were “mechanically distinct from” those that resulted in the deadly collapse of the Francis Scott Key Bridge hours later, according to congressional testimony Wednesday. “Two were …
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MAY
17
California Trucker Death Led to Workers’ Comp Investigation That Found $2M in Underreported Payroll
By:
on
MAY
17
An investigation began after an employee was found dead in a company owned semi-truck led to the arraignment of a California man on three felony counts of workers’ compensation fraud. Heigo Kubar, 84, of Fresno, was arraigned this week on …
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