Artificial intelligence firms are facing increasing pressure from some of the world’s most formidable names in technology and media, as new tools spark fresh questions over the risks posed by chatbots that threaten to rival human intelligence. Elon Musk became …
Negative ratings actions and financial challenges are forcing carriers to explore reinsurance options offering needed capital, according to a report released last month by Gallagher Re’s Strategic and Financial Analytics team. Downgrades of U.S. property/casualty (re)insurers jumped significantly in the …
Ryan Specialty reported fourth quarter 2023 net income of $58.5 million and net income of $194.5 million for the full year. The Chicago-based specialty insurance firm grew Q4 net income by about 28% from the prior year, while full year …
A dispute between an insurer and a yacht owner went all the way to the U.S. Supreme Court with a decision recently—the first of its kind on marine insurance in about 70 years—to clarify federal maritime law and state insurance …
Marsh McLennan, headquartered in New York, appointed David Liston as U.S. and Canada chief commercial officer (CCO) effective immediately. Liston previously served as Marsh U.S. and Canada corporate segment leader, and recently had an expanded role across Marsh and Mercer, …
A year after recording the largest underwriting loss in the company’s 100-year history, State Farm eclipsed it in 2023. The underwriting loss figure climbed to $14 billion for 2023, with a nearly $5 billion underwriting loss for property lines outpacing …
Elizabeth Gore is fighting for survival. Just six months ago, the founder of financial technology startup Hello Alice was getting ready to close an investment round to grow its business offering grants and networking opportunities to entrepreneurs from underrepresented groups. …
Bankrupt drugmaker Endo International will pay up to $465 million to settle the federal government’s law enforcement, tax, and healthcare cost claims, the U.S. Department of Justice said on Thursday. The settlement removes Endo’s largest obstacle to completing its plan …
UnitedHealth Group said on Thursday the recent cyberattack at its tech unit, Change Healthcare, was perpetrated by hackers who identified themselves as the “Blackcat” ransomware group. The statement confirms a Reuters report on Monday. UnitedHealth had initially blamed a “suspected …
Insurtech Lemonade reported a fourth quarter 2023 net loss of $42.4 million and a net loss of about $237 million for the full year but its chief executive said the company has seen “dramatic progress.” Results were in comparison to …
