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Somerset Reinsurance Brokers News & Blog

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Inland homeowners increasingly vulnerable to floods but most without coverage: Triple-I

Kassandra Jimenez-Sanchez

Despite the growing threat of flooding from intense storms, many homeowners in inland areas remain unprotected as they do not have flood insurance coverage, reflecting a widespread misunderstanding about the coverage, Triple-I highlighted in a recent report. The report “Flood: State of the Risk” examines the flood insurance gap across the United States and explores […] The post Inland homeowners increasingly vulnerable to floods but most without coverage: Triple-I appeared first on ReinsuranceNe.ws.

Bernard promoted to Head of Industry Practices for U.S. Middle Market at Zurich

Kassandra Jimenez-Sanchez

Stan Bernard has been promoted to Head of Industry Practices for the U.S. Middle Market at Zurich North America, taking over the role from Lynn Zeitler, who will be retiring in December after 31 years with Zurich. In his new role, Bernard will collaborate to implement strategic plans and drive growth and profitability across all […] The post Bernard promoted to Head of Industry Practices for U.S. Middle Market at Zurich appeared first on ReinsuranceNe.ws.

Tokio Marine & Resilient Cities Network to boost investments in urban resilience

Tokio Marine Group and The Resilient Cities Network (R-Cities) have entered into a partnership which will see Tokio Marine Group provide industry expertise and support to the Resilience Finance Taskforce, made up of cities and private sector partners to bolster the portfolio approach to investment in city resilience. For those unaware, The Resilient Cities Network […] The post Tokio Marine & Resilient Cities Network to boost investments in urban resilience appeared first on ReinsuranceNe.ws.

Rate increases needed for ‘almost all lines’ exposed to social inflation: Swiss Re CFO, Dacey

John Dacey, Chief Financial Officer (CFO) of reinsurance giant Swiss Re, has said that short-term, rates need to increase for almost all lines of business exposed to social inflation, as the industry continues to navigate the complex US liability landscape. Global reinsurer Swiss Re delivered a robust set of nine month 2024 results this morning, […] The post Rate increases needed for ‘almost all lines’ exposed to social inflation: Swiss Re CFO, Dacey appeared first on ReinsuranceNe.ws.

Atrium announces senior leadership changes for 2025

Beth Musselwhite

Atrium, a specialist insurer at Lloyd’s of London, has announced several senior appointments. James Cox has been appointed Group COO, in addition to his duties as Managing Director of Atrium Underwriters Limited, effective January 1, 2025. His appointment follows James Lee’s planned retirement at the end of 2024, after 22 years with the firm. Justin […] The post Atrium announces senior leadership changes for 2025 appeared first on ReinsuranceNe.ws.

Cloutman joins Origami Risk to support international growth strategy

Kassandra Jimenez-Sanchez

Risk, safety, and insurance Software as a Service (SaaS) technology firm, Origami Risk, has announced the appointment of Steve Cloutman as Director of Business Development, who has been tasked to build on the company’s strong growth trajectory in Europe. With over three decades of experience in the risk and insurance technology sector, Cloutman will be […] The post Cloutman joins Origami Risk to support international growth strategy appeared first on ReinsuranceNe.ws.

SCOR purchases three-year capital markets P&C / life stop-loss retro cover

Beth Musselwhite

During an analyst call this morning, the senior executive team at French reinsurer SCOR confirmed that it has secured a new capital markets retrocession agreement with a Tier 1 bank, providing three years of stop-loss protection across both property and casualty (P&C) and life risks. The retrocession, backed by third-party capital, will begin in January […] The post SCOR purchases three-year capital markets P&C / life stop-loss retro cover appeared first on ReinsuranceNe.ws.

Allianz Commercial appoints Hiscox’s Rob Carslake as new head of London region

Allianz Commercial has hired Hiscox’s Rob Carslake as its new head of London region for mid-market, where he will be responsible for the leadership of Allianz’s London region, shaping the business strategy, as well as delivering on the firm’s underwriting goals. Overall, he brings over 13 years of expertise across the insurance sector towards the role. […] The post Allianz Commercial appoints Hiscox’s Rob Carslake as new head of London region appeared first on ReinsuranceNe.ws.

Talanx sees net income growth and improved CoR in 9M’24 despite nat cat losses

Kassandra Jimenez-Sanchez

Talanx Group, the parent company of Hannover Re, has generated nine-month Group net income of €1,592 million, already exceeding the full prior-year figure, and an improved combined ratio of 91.2% from 93.5 in 9M ‘23, despite numerous natural catastrophe events. The Group is also lifting its earnings forecast for the ongoing financial year 2024 to […] The post Talanx sees net income growth and improved CoR in 9M’24 despite nat cat losses appeared first on ReinsuranceNe.ws.

L&G completes £34m buy-in with Walkers Shortbread retirement scheme

Beth Musselwhite

UK insurer Legal & General Assurance Society Limited has announced the completion of a £34 million buy-in with the Walkers Shortbread Limited Retirement Benefits Scheme (the Scheme), securing benefits for 161 retirees and 238 deferred members. Walkers Shortbread Ltd., a Scottish producer of shortbread, biscuits, cakes, and oatcakes, is the sponsoring employer. The Scheme is […] The post L&G completes £34m buy-in with Walkers Shortbread retirement scheme appeared first on ReinsuranceNe.ws.

Texas DWC Seeks Comments on Employer Forms

The Texas Department of Insurance, Division of Workers’ Compensation (DWC) is accepting public comments on revised static forms: DWC Form-005, Non-Subscriber Notice to Division of Workers’ Compensation. DWC Form-007, Employer’s Report of Non-Covered Employee’s Work-Related Injury or Illness. DWC said …

Rapper Nelly Has Drug, Insurance Charges Dropped Following Summer Arrest

Rapper Nelly won’t face drug charges following his arrest this summer at a St. Louis-area casino, a prosecutor said. Nelly was arrested at 4:45 a.m. Aug. 7 as he sought to collect several jackpots he won at Hollywood Casino & …

People Moves: FMIG Adds Grimes as Account Manager; Convr Appoints Vaglieri as COO

First Mid Insurance Group (FMIG) announced the addition of Amanda ‘Mandi’ Grimes as an Account Manager leading their FMIG Select team. In her new role, Grimes will be responsible for leading a team of account management and administrative professionals who …

Indiana Home Care Operator Faces $172K for Federal Wage Law Violations

The operator of an Indiana home care company may have to pay more than $172,000, including $86,000 in overtime wages, for violating federal wage laws, the Department of Labor announced. Hahn March, owner of Aging and Disabled Home Healthcare in …

Texas Workers’ Comp is Growing, Profitable, Adding Doctors

Texas’s worker’s compensation market is stable and steadily growing. The workers’ compensation market is one of the few consistently profitable lines in the state, according to the Worker’s Compensation Annual Report 2024 from the Insurance Council of Texas. Texas has …

Allianz Exec Ryan to Succeed Donnell as NCCI President and CEO

The board of NCCI Holdings, Inc. elected Tracy Ryan as its new president and CEO, effective January 6, 2025. Bill Donnell, the company’s current president and CEO, is retiring in February 2025. Boca Raton, Florida-based NCCI said Ryan has more …

Lloyd’s of London Shakes Up IT, Operations Teams

Commercial insurance market Lloyd’s of London is restructuring its data, operations and change departments, which will involve outsourcing some of those units’ work, a Lloyd’s spokesperson said on Thursday. It was too soon to say what the impact would be …

NC Insurance Broker Sentenced to Five Years in Long-running Tax Scheme

A federal judge on Wednesday sentenced a North Carolina insurance agent to five years in prison for his role in a decade-long scheme that created fraudulent tax shelters and cheated the U.S. government of more than $22 million in tax …

New York State Imposes Burn Ban; Brush Fire in Manhattan; Arrest in Medford Fire

New York Governor Kathy Hochul announced a statewide burn ban is in effect until November 30 due to an increased fire risk as the state continues to experience drought conditions and a record number of outdoor fires. Also, Suffolk County …

Doe & Emuss Launches as Professional Liability U/W Manager and Lloyd’s Coverholder

Doe & Emuss (D&E), the London-based boutique professional liability underwriting manager, has been launched with approved coverholder status at Lloyd’s. D&E is founded and led by industry veterans, Chief Executive David Doe and Managing Director Paul Emuss, who have more …

US Accuses China of Vast Cyber-Espionage Against Telecoms

Chinese state-sponsored hackers perpetrated a “broad and significant cyber-espionage campaign” in which they breached multiple telecommunications companies, US officials said in a statement on Wednesday, confirming additional details about cyberattacks with major national security implications. The hackers infiltrated the networks …

Fidelis Insurance Group Forms Strategic Partnership With MGA Euclid Mortgage

Fidelis Insurance Group, a Bermuda-based global specialty re/insurer, announced a new strategic partnership with Euclid Mortgage Insurance Services LLC, a managing general agency that specializes in underwriting credit risk on portfolios of residential mortgages. Fidelis Insurance Group will provide reinsurance …

Allstate Insurers Sue Hyundai, Kia to Pay for Claims From Defective Cars

A group of subsidiaries of Allstate have filed a subrogation suit against Hyundai and Kia to get back costs paid to insureds for damages when their cars suddenly erupted in flames. According to the lawsuit, now in U.S. District Court …

Intact Financial Acquires Canada’s No. 1 Home Maintenance App

Intact Financial Corp., the Toronto-based property-casualty insurer, announce that it has acquired Jiffy Inc., Canada’s No. 1 home maintenance app. Through this acquisition, Jiffy will have the platform and capabilities to accelerate expansion of its services across more Canadian jurisdictions …

Massachusetts Still Battling Brush Fires as Drought Conditions Persist

Massachusetts remains under a red flag warning as multiple brush fires continue to burn across the state. The warning issued by the National Weather Service indicates that the fires now burning are at high risk of spreading and more difficult …

New Hampshire High Court Invalidates Geico Underinsured Claim Provision

A claim provision requiring insureds to seek underinsured benefits from their auto insurer within three years of an accident is unenforceable in New Hampshire because it restricts the insureds’ right to obtain the same benefits they would have received if …

Typhoon Usagi Hits Philippines, Set to Track Toward Taiwan

Typhoon Usagi struck the northern Philippines on Thursday afternoon, the fifth powerful storm to impact the country in three weeks, with the system set to swing north and move toward Taiwan. Usagi, known locally as Ofel, has maximum sustained winds …

Apple Faces UK Class Action Over Data Storage Allegations

Apple Inc. faces a lawsuit from a UK consumer group over allegations its monopoly on data storage breaches competition law, in a fresh class action that could ultimately cost the tech giant billions. The iCloud provider is accused of abusing …

People Moves: Everest Insurance Appoints Corbo to Lead US Primary Casualty, Weiser to Lead US Excess Casualty

Everest Insurance, the insurance division of Everest Group, headquartered in Warren, New Jersey, appointed Nina Corbo to lead U.S. primary casualty and Debbie Weiser to lead U.S. excess casualty. Corbo oversees the risk management and commercial casualty segments. With nearly …

What Is the Latest Science on Climate Change?

This year’s U.N. climate summit – COP29 – is being held during yet another record-breaking year of higher global temperatures, adding pressure to negotiations aimed at curbing climate change. The last global scientific consensus on climate change was released in …

Consumer Watchdog Facing Curbs, Scrutiny Following Trump Win

Bank executives and lawyers anticipate the incoming Trump administration to place significant limits on the U.S. Consumer Financial Protection Bureau (CFPB), but the president’s populist leanings could leave room for some activity by the watchdog. The CFPB has long been …

2024 More of the Same in Commercial Auto Segment After $5B Net Loss in 2023

After the U.S. commercial auto insurance segment sustained a $5 billion net loss in 2023, a new AM Best reports indicates further deterioration in the first half of 2024. Despite targeted underwriting initiatives, including raising premiums to match the rising …

North Carolina Insurance Agent Charged with Embezzlement

A North Carolina insurance agent who was penalized by regulators almost 20 years ago has given up her producer license after she was charged with pocketing insurance premiums. Lori Ann Crisp, 56, of Kannapolis, was charged with forgery, embezzlement and …

Florida Commission Accepts Three New Flood Models as Storm Impacts Rise

As with computer models that help predict risk from hurricane winds, insurers now have more than one model to use when gauging flood damage in storm-soaked Florida. The Florida Commission on Hurricane Loss Projection Methodology this month accepted three flood …

Amtrak Service Disrupted After Fire Near Tracks in New York City

Amtrak service in parts of the Northeast was disrupted or delayed Tuesday after a fire broke out near a train route in New York City. Amtrak said initial reports indicated a brush fire stemming from a transformer at an Amtrak …

Family of Security Guard Shot and Killed at Oregon Hospital Sues Facility for $35M

The family of a security guard who was shot and killed at a hospital in Portland, Oregon, sued the facility for $35 million on Tuesday, accusing it of negligence and failing to respond to the dangers that the gunman posed …

Underwriting Games: To Manage the Cycle Effectively, Focus on Behavior

Executive summary: When actual prices line up with technical prices, insurers expect underwriting profits to emerge. But what if underwriters find ways to adjust technical prices downwards? In the second part of a two-part series, Tony Buckle and John Carolin, …

Police Cruiser Strikes and Kills Bicyclist Pulling Trailer in Vermont

A bicyclist pulling a trailer in Vermont died after he was struck by a police cruiser, state police said. The crash happened just before 3 a.m. Monday on U.S. Highway 7 in South Burlington. The officer, a sergeant with the …

California Labor Commissioner Recovers Nearly $1M in for Bakery Workers

The California Labor Commissioner’s Office reached a $942,604 settlement in a case involving a wholesale bakery in Vista that closed its doors without paying 187 workers. Baked in the Sun shut down without paying its employees, resulting in workers not …

Hub Acquires R.K. Gore & Associates in Utah

Hub International Ltd. acquired the assets of R.K. Gore & Associates in Lehi, Utah. Robert Gore, owner, and the R.K. Gore & Associates team will join Hub Southern California and Utah. R.K. Gore & Associates will be referred to as …

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