Fortress Investment Group LLC is pitching an investment opportunity within an increasingly popular yet controversial corner of finance — funding other companies’ legal battles. The private equity firm is raising its second fund to invest in legal assets, having already …
In a letter to employees, GEICO president and chief executive officer Todd Combs said the Berkshire Hathaway company is laying off 2,000 associates, or about 6% of the workforce. “This will allow us to become more dynamic, agile, and streamline …
Insured losses from severe convective storms in the United States continued to increase during the third quarter, surpassing the $50 billion mark for the first time on record and accounting for roughly 60% of all global insured losses, according to …
Ransomware victims have become less likely to pay extortion demands, but cyber criminals are changing their tactics by hitting third-party vendors and using data exfiltration instead of encryption when making ransom demands, according to a new report by cyber insurer …
American International Group Inc. Chief Executive Officer Peter Zaffino said the biggest challenge to the insurance sector over the last decade has been “unpredictable risks” including the pandemic, wars and climate change. “We’ve had 100 natural disasters reported through nine …
Allstate Corp. today reported September catastrophe losses of $317 million and total catastrophe losses for the third quarter of about $1.2 billion pretax. Seventeen events in September resulted in catastrophe losses of about $357 million, partially offset by favorable reserve …
S&P Global Market Intelligence projects that personal auto results will improve from 2022’s worst-in-decades combined ratio of 112.2%, though not as rapidly as the organization’s experts previously expected. Continued pressure on claim severity across coverages has prolonged post-pandemic recovery for …
Ahead of its third quarter earnings announcement early next month, The Hanover Insurance Group released a preliminary estimate of catastrophe losses of nearly $196 million primarily from multiple convective storms in the Midwest. “Severe weather represented a formidable challenge in …
National multi-line program administrator Atlas General Insurance Services, an RPS Company, announced the addition of a new workers’ compensation insurance program with Sompo International. This new platform includes the addition of over 400 workers’ compensation classes, including contractors, healthcare, hospitality, …
Risk Strategies and One80 Intermediaries on Oct 18 announced an internal reorganization to operate under the newly introduced Accession Risk Management Group parent brand. Accession Risk Management Group, led by John Mina as global CEO, will represent the family of …
