The Iowa Insurance Division announced it entered a settlement in principle with a group of affiliated companies commonly known as Abra. The settlement addresses Abra’s alleged offer and sale of interest-bearing cryptocurrency depository products referred to as Abra Boost and …
The owner of a suburban Chicago insurance agency has been sentenced to seven years in federal prison for swindling more than $1 million from clients by collecting annuity premiums for policies that he never purchased, the U.S. Attorney’s Office, Northern …
State Farm Insurance brought forth a subrogation lawsuit against Norfolk Southern over damages to a pair of East Palestine, Ohio homes allegedly caused by the railroad company’s February 2023 train derailment. State Farm filed a complaint in Columbiana County, Ohio …
National AXA XL named Michelle Chia as chief underwriting officer for cyber in the Americas. Based in New York, Chia joins AXA XL from Zurich North America, where she most recently served as head of professional liability and cyber. She …
Technology is poised to take over traditional markets and is rapidly creating new ones. For example, this trend is evidenced by the adoption of electric vehicles, demand for solar energy, and the blistering pace of generative AI adoption. Yet these …
Rating agency AM Best has assigned a negative outlook to the U.S. directors and officers liability insurance segment as more market entrants increase capacity and drive down pricing in the face of some troubling potential risk exposures. “The current pricing …
Negative ratings actions and financial challenges are forcing carriers to explore reinsurance options offering needed capital, according to a report released in February by Gallagher Re’s Strategic and Financial Analytics team. Downgrades of U.S. property/casualty (re)insurers jumped significantly in the …
The market for yacht insurance has hardened in recent years, due to the frequency and severity of catastrophic (CAT) claims. Widespread losses incurred along the West Coast of Florida and the Atlantic Coast from Hurricane Ian in 2022, for example, …
A dispute between an insurer and a yacht owner that went all the way to the U.S. Supreme Court resulted in a decision — the first of its kind on marine insurance in about 70 years — to clarify federal …
Based on the last 126 insurance commercials I’ve watched, I wouldn’t have a clue. I saw one insurance commercial the other night that did not even include the word “insurance” in the script other than the carrier’s name. Most people …
