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Markets/Coverages: Ariel Re and Hiscox Re & ILS Launch Cyber Catastrophe Consortium Re/insurer Ariel Re and Hiscox Re & ILS, the reinsurance and insurance linked securities arm of insurer Hiscox, announced the launch of CyberShock, a cyber catastrophe consortium. The CyberShock consortium is designed to offer up to US$50 million of per-program …
POSTED APRIL 25, 2024 8:23 AM |
Citi’s CEO Fraser Wary of Insurance Giants’ Role in Private Credit Citigroup Inc. Chief Executive Officer Jane Fraser warned that there’s a risk to the growing number of insurers piling funds into direct lending opportunities. It’s one of many risks tied to the rise of the private credit industry that Fraser’s …
POSTED APRIL 25, 2024 7:50 AM |
Fosun’s Fidelidade Says It Plans to Carry Out an IPO in 2025 Fidelidade-Companhia de Seguros SA, a Portuguese insurer controlled by China’s Fosun International Ltd., said it’s planning to carry out an initial public offering in 2025. That share sale would take place after Fidelidade completes a planned IPO of hospital operator …
POSTED APRIL 25, 2024 7:32 AM |
South Africa Advised by World Bank on Climate Insurance, Contingency Fund Options The World Bank is advising South Africa’s National Treasury on a climate risk strategy after floods in recent years caused billions of dollars of damage. The country may take out climate insurance or establish a contingency fund to deal with …
POSTED APRIL 25, 2024 7:17 AM |
People Moves: Morisato joins Sentry Board of Directors Susan Morisato has joined Sentry’s Board of Directors. Sentry is headquartered in Steven’s Point, Wisconsin. Morisato, based in Des Plaines, Illinois, brings over 30 years of health insurance experience to Sentry’s board. She is a former president of insurance solutions …
POSTED APRIL 25, 2024 7:00 AM |
SageSure and SURE Close $130 Million Gateway Re 2024-2 Catastrophe Bond SageSure, a managing general underwriter focused on catastrophe-exposed markets, and SureChoice Underwriters Reciprocal Exchange (“SURE”), a policyholder-owned reciprocal exchange, announced the close of the Gateway Re 2024-2 second and subsequent event catastrophe bond at $130 million, with pricing 75 basis …
POSTED APRIL 25, 2024 7:00 AM |
Viewpoint: Insurance Sector Adopts Easy-to-Use Technology for Digital Transformations Upgrading or changing legacy platforms and enterprise software can be a nightmare to disentangle, particularly when dealing with existing operating systems, data storage, and payment processing software. When planning an upgrade, there have historically only been two options: Buy pre-made …
POSTED APRIL 25, 2024 6:26 AM |
McKinsey Faces US Criminal Probe Over Opioids Work, Sources Say McKinsey & Co is under criminal investigation in the United States over allegations that the consulting firm played a key role in fueling the opioid epidemic, with federal prosecutors homing in on its work advising OxyContin maker Purdue Pharma and …
POSTED APRIL 25, 2024 5:34 AM |
Viewpoint: Insurers Face Added Role in Curbing Workplace Violence With California Law New legislation aimed at reducing workplace violence in California vastly increases employers’ responsibilities and hands workers’ compensation insurers an unprecedented oversight role that is likely to trigger lawsuits and affect rates and capacity. The Workplace Violence Prevention Bill SB 553, …
POSTED APRIL 25, 2024 5:15 AM |
4,800 Claims Handled by Unlicensed Adjusters in Florida after Irma, Lawsuit Says Two south Florida lawsuits against property insurers argue that two major carriers have employed a business strategy of hiring inexperienced or even unlicensed claims adjusters after storms, practices that have led to “lowball” damage estimates that fall below deductibles. In …
POSTED APRIL 25, 2024 5:01 AM |
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