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Archive: November 2023

Insurtech Layr Closes $10M Funding to Expand Reach for Brokerage Platform
Insurance Journal | November 1, 2023
Insurtech Layr Closes $10M Funding to Expand Reach for Brokerage Platform
Layr, an Atlanta-based insurtech that promises to digitize insurance brokerage operations, said it has raised $10 million to expand operations, marketing and functionality. “One of every four dollars in the GDP goes through the insurance industry,” yet the industry is …
RenRe Completes $3.3 Billion Acquisition of Validus Re From AIG
Insurance Journal | November 1, 2023
RenRe Completes $3.3 Billion Acquisition of Validus Re From AIG
RenaissanceRe Holdings Ltd. announced it has concluded its acquisition of Validus Re, the treaty reinsurance business of American International Group. AIG received total consideration of $3.3 billion in cash, including a pre-closing dividend, and approximately $275 million in RenaissanceRe common …
NC Commissioner Fires Top Fire Marshal Officials as Feud with Lawmakers Continues
Insurance Journal | November 1, 2023
NC Commissioner Fires Top Fire Marshal Officials as Feud with Lawmakers Continues
North Carolina Insurance Commissioner Mike Causey appears to have escalated a feud with lawmakers, firing three officials at the state fire marshal’s office after legislation stripped Causey of the marshal’s job. Causey, insurance commissioner since 2017, recently sent a top …
Global Insurance Prices Continue to Stabilize in Q3 as US Cyber Premiums Drop: Marsh
Insurance Journal | November 1, 2023
Global Insurance Prices Continue to Stabilize in Q3 as US Cyber Premiums Drop: Marsh
Global commercial insurance prices increased 3% in the third quarter of 2023, the same as the prior quarter, according to the Global Insurance Market Index released by the insurance broker Marsh, a business of Marsh McLennan. The third quarter marks …
Verisk Tops Q3 Expectations on Resilient Demand From Insurers
Insurance Journal | November 1, 2023
Verisk Tops Q3 Expectations on Resilient Demand From Insurers
Verisk Analytics beat market expectations for third-quarter revenue and profit on Wednesday, as more insurance companies used its products to assess risk. The data analytics company’s products cater to insurers across sectors ranging from real estate to manufacturing. Insurance company …
Southern California Wildfire Prompts Evacuation Order for Thousands as Winds Fuel Flames
Insurance Journal | November 1, 2023
Southern California Wildfire Prompts Evacuation Order for Thousands as Winds Fuel Flames
A wildfire fueled by Santa Ana winds ripped through rural land southeast of Los Angeles, forcing about 4,000 people from their homes, fire authorities said. The Highland Fire erupted at about 12:45 p.m. Monday in dry, brushy hills near the …
Bayer Ordered to Pay $332M in Another Roundup Cancer Trial
Insurance Journal | November 1, 2023
Bayer Ordered to Pay $332M in Another Roundup Cancer Trial
A California jury on Tuesday found Bayer liable in a case brought by a man who claimed his cancer was due to exposure to the company’s Roundup weed killer, and ordered it to pay $332 million in damages. The verdict …
Trump Children to Testify in New York Civil Trial
Insurance Journal | November 1, 2023
Trump Children to Testify in New York Civil Trial
Ivanka Trump’s testimony at her father’s New York civil fraud trial is being delayed until next week so there is sufficient time for her to be questioned, a judge said Monday. Former President Donald Trump’s eldest daughter had been set …
Bayer Investor Calls for Rethink After Latest Glyphosate Defeat
Insurance Journal | November 1, 2023
Bayer Investor Calls for Rethink After Latest Glyphosate Defeat
Bayer investor Union Investment said on Wednesday the German group should reconsider its litigation strategy for glyphosate after it lost a trial over the weed killer’s alleged carcinogenic effects for a third time in a row. A California jury on …
China Eases Investment Rules for Insurers in Bid to Boost Flows Into Stocks
Insurance Journal | November 1, 2023
China Eases Investment Rules for Insurers in Bid to Boost Flows Into Stocks
China has taken a move that effectively allows insurance firms to make longer-term investment in shares, adding to a drumbeat of support measures to revitalize the country’s stock market. The Ministry of Finance will from now on evaluate insurers’ return …