Month: May 2024

Relation Insurance Services Announces First Insurance Acquisition In a significant move within the insurance industry, Relation Insurance Services has revealed the acquisition of First Insurance. According to the announcement, First Insurance will continue to operate under its current management structure. This acquisition is poised to provide an array of life insurance benefits to policyholders, extending […]

Tornado Destruction and Its Impact on Communities After the recent tornadoes wreaked havoc across several states, insurers are speeding up their response to assist affected residents. According to a report from Insurance Business Magazine, the Insurance Association has urged residents to contact their insurance providers as soon as they can safely do so. The Role […]

One80 Expands Homeowners’ Proposition to Oregon One80 Intermediaries, a national insurance group, has announced the expansion of its homeowners’ insurance offerings to Oregon. This move aligns the firm with carrier partners to provide wrap-around coverage that complements the state’s FAIR Plan. While this development is significant for property owners, it also brings to light the […]

US P&C Insurers’ Investment Income Offset Losses From Weather Events Last year, U.S. property and casualty (P&C) insurers saw their investments perform well, which helped mitigate significant losses due to weather events. According to recent data, the robust investment income was a crucial factor in balancing the insurers’ financial outcomes for the year. Key Financial […]

Elon Musk: Jobs to be Optional in ‘Benign’ AI Future Tesla and SpaceX CEO Elon Musk recently spoke at the World Artificial Intelligence Conference, predicting a future where jobs might become unnecessary due to advances in artificial intelligence. According to Musk, “If you want to do a job as a hobby, you can do a […]

Grant Thornton Delivers Adverse Verdict on Bermuda Reinsurer Renowned audit and advisory firm Grant Thornton has released an adverse audit opinion on a leading Bermuda-based reinsurer, highlighting significant concerns over the company’s financial reporting practices. Implications and Consequences The audit report, dated May 29, 2024, cites the reinsurer’s failure to consolidate a subsidiary’s financial statements […]

UK Life Insurers Tripling Down on Risk Sharing with Global Reinsurers In an unexpected twist, life insurers in the UK are significantly increasing their reliance on global reinsurers, a practice that’s raising eyebrows among regulators and pension trustees. The Bank of England (BoE) has voiced concerns, but insurers argue that the benefits far outweigh the […]

SiriusPoint Appoints New Director to Its Board SiriusPoint Ltd., a global insurer, has announced the appointment of a new director to its board, bringing the total number of board members to ten. This strategic move is anticipated to enhance SiriusPoint’s governance and strategic outlook. However, beyond board appointments, ensuring robust leadership and sound decision-making is […]

Palomar Holdings Boosts Reinsurance for Earthquake Line In a strategic move to amplify its financial protection against natural disasters, Palomar Holdings has significantly increased its reinsurance coverage for its earthquake insurance line. This announcement comes at a crucial time when the frequency and severity of natural disasters, including earthquakes and hurricanes, are on the rise. […]

Senior Actuary Underwriter Rejoins CCR Re, Highlights Benefits of Life Insurance CCR Re has announced the reappointment of a senior actuary underwriter, four years after his departure to another global reinsurer. This significant move underscores the evolving nature of the insurance sector and highlights the benefits of life insurance, including business, retirement, and marriage/divorce insurance. […]