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Archive: May 2024

Ryan Specialty Completes Acquisition of Castel Underwriting Agencies From Arch
Insurance Journal | May 1, 2024
Ryan Specialty Completes Acquisition of Castel Underwriting Agencies From Arch
Ryan Specialty, the Chicago-based international specialty insurance firm, announce it has completed the acquisition of Castel Underwriting Agencies from Arch Financial Holdings (UK) Ltd. and minority shareholders. Headquartered in London, Castel is a managing general underwriting (MGU) platform with additional …
Tornadoes Damaged 7,200 Residential Properties, Left $2B in Reconstruction Costs
Insurance Journal | May 1, 2024
Tornadoes Damaged 7,200 Residential Properties, Left $2B in Reconstruction Costs
The tornadoes that ripped through parts of Nebraska, Iowa and Oklahoma late last week damaged some 7,200 homes, leaving a reconstruction tab of $2.1 billion, according to CoreLogic, the data analytics firm. Some 127 tornadoes spun out of a severe …
Markets/Coverages: Relm Launches Employment Practices Cover to Fill Capacity Needs
Insurance Journal | May 1, 2024
Markets/Coverages: Relm Launches Employment Practices Cover to Fill Capacity Needs
Relm Insurance, a Bermuda-based specialty insurance carrier, unveiled its Comprehensive Employment Practices offering, responding to industry demand to address capacity scarcity. The enhancements of the new policy, payable in fiat or cryptocurrency, include: An expansion of third-party liability coverage to …
People Moves: BMS Launches Global Healthcare Liability Unit, Led by Wendin From Carpenter; Gallagher Re Taps Hiscox’s Marling as UK COO
Insurance Journal | May 1, 2024
People Moves: BMS Launches Global Healthcare Liability Unit, Led by Wendin From Carpenter; Gallagher Re Taps Hiscox’s Marling as UK COO
This edition of International People Moves details appointments at re/insurance brokers BMS and Gallagher. A summary of these new hires follows here. BMS Launches Global Healthcare Liability Unit, Led by Wendin From Carpenter BMS, the London-based independent specialist insurance and …
Agile Syndicate 2427 Gets Lloyd’s Approval to Begin Underwriting
Insurance Journal | May 1, 2024
Agile Syndicate 2427 Gets Lloyd’s Approval to Begin Underwriting
Agile Underwriting Services has received approval from Lloyd’s to commence underwriting in May. Agile Underwriting Services Syndicate 2427 (AUS 2427) will be focused primarily on Australia and New Zealand and writing accident and health, aviation, casualty, construction, financial lines, and …
AM Best Upgrades Rating of Hamilton Re, Hamilton Insurance DAC to “A” (Excellent)
Insurance Journal | May 1, 2024
AM Best Upgrades Rating of Hamilton Re, Hamilton Insurance DAC to “A” (Excellent)
AM Besthas upgraded the Financial Strength Rating to “A” (Excellent) from “A-” (Excellent) and the Long-Term Issuer Credit Ratings to “a” (Excellent) from “a-” (Excellent) of Hamilton Re Ltd., in Bermuda, and Hamilton Insurance Designated Activity Co., in Dublin, Ireland. …
What Is GPS Jamming and Why Is It an Aviation Problem?
Insurance Journal | May 1, 2024
What Is GPS Jamming and Why Is It an Aviation Problem?
Estonia has accused neighboring Russia of jamming GPS navigation devices in airspace above the Baltic states, echoing concerns from airlines that say they have been contending with such interference for months. Estonian Foreign Minister Margus Tsahkna’s accusation, for which he …
Hungary’s Orban Comes Under Fire From German Investors Decrying Cronyism
Insurance Journal | May 1, 2024
Hungary’s Orban Comes Under Fire From German Investors Decrying Cronyism
German companies have long treated Hungary like their backyard. Carmakers Mercedes Benz AG and BMW AG and Volkswagen AG’s Audi continue to expand their footprint, driving the country’s exports, while weapons producer Rheinmetall AG is building a handful of new …
The Future Is Near for Self-Driving Trucks on US Roads
Insurance Journal | May 1, 2024
The Future Is Near for Self-Driving Trucks on US Roads
On a three-lane test track along the Monongahela River, an 18-wheel tractor-trailer rounded a curve. No one was on board. A quarter-mile ahead, the truck’s sensors spotted a trash can blocking one lane and a tire in another. In less …
Newspapers Sue OpenAI for Copyright Infringement Over AI Training
Insurance Journal | May 1, 2024
Newspapers Sue OpenAI for Copyright Infringement Over AI Training
A group of newspapers, including the New York Daily News and Chicago Tribune, sued Microsoft and OpenAI in New York federal court on Tuesday, accusing them of misusing reporters’ work to train their generative artificial-intelligence systems. The eight newspapers, owned …