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Category: Insurance Journal

Hard Market Game Refuses to End: Arch Capital CEO
Insurance Journal | August 1, 2023
Hard Market Game Refuses to End: Arch Capital CEO
Drawing analogies to an epic tennis match and the hands of a clock, the leader of Bermuda-based Arch Capital declared the current hard market one of the longest the P/C industry has ever experienced. “This is the type of well-rounded …
Uber-Backed Group to Reboot Gig-Worker Ballot Initiative in Massachusetts
Insurance Journal | August 1, 2023
Uber-Backed Group to Reboot Gig-Worker Ballot Initiative in Massachusetts
A coalition of gig economy giants plan to reboot a failed ballot initiative in Massachusetts in a renewed push to cement their workers’ status as independent contractors. The Massachusetts Coalition for Independent Work, a group bankrolled by Uber Technologies Inc., …
Swedish Mining Firm Exempted From Paying Compensation for Toxic Spill in Spain in ’98
Insurance Journal | August 1, 2023
Swedish Mining Firm Exempted From Paying Compensation for Toxic Spill in Spain in ’98
A Spanish court on Friday exempted a Swedish mining firm from paying 89 million euros ($98 million) in compensation for the cleaning of a toxic sludge spill that occurred in 1998 at a heavy metals mine in southern Spain. The …
People Moves: Marsh Promotes Duca to Global Head of Credit Specialties; Howden Names Agarwal CEO, Howden India, as Vashista Becomes Chairman
Insurance Journal | August 1, 2023
People Moves: Marsh Promotes Duca to Global Head of Credit Specialties; Howden Names Agarwal CEO, Howden India, as Vashista Becomes Chairman
This edition of International People Moves details appointments at Marsh and Howden. A summary of these new hires follows here. Marsh Promotes Duca to Global Head of Credit Specialties Marsh, the insurance broker and risk adviser, announced the appointment of …
MGA Pen Underwriting Creates Standalone Financial Lines & Specialist Liability Division
Insurance Journal | August 1, 2023
MGA Pen Underwriting Creates Standalone Financial Lines & Specialist Liability Division
Pen Underwriting, the London-based managing general agent and Gallagher subsidiary, announced changes to its divisional structure to bring together core underwriting capabilities and expertise, for the benefit of its brokers. As of Aug. 1, Pen is separating its International & …
Rain Pelts Beijing, Northern China, Causing Floods and Claiming at Least 11 Lives
Insurance Journal | August 1, 2023
Rain Pelts Beijing, Northern China, Causing Floods and Claiming at Least 11 Lives
Relentless rain stretched into a fourth day in Beijing and nearby cities on Tuesday as a weakening typhoon brought non-stop precipitation and widespread flooding to northern China, so far claiming 11 lives. Rivers have swollen to dangerous levels, prompting Beijing …
Viewpoint: Innovation Trends Through the Lens of Qorus-Accenture Innovation Awards
Insurance Journal | August 1, 2023
Viewpoint: Innovation Trends Through the Lens of Qorus-Accenture Innovation Awards
The winners of the Qorus-Accenture Innovation in Insurance Awards were announced recently at a live ceremony in Milan, bringing together the industry’s trendsetters and pioneers. Now in its eighth year, this program has served as a catalyst for insurance innovation, …
As E-bikes Proliferate, so Do Deadly E-Bike Fires Blamed on Exploding Batteries
Insurance Journal | August 1, 2023
As E-bikes Proliferate, so Do Deadly E-Bike Fires Blamed on Exploding Batteries
The explosion early on a June morning ignited a blaze that engulfed a New York City shop filled with motorized bicycles and their volatile lithium-ion batteries. Billowing smoke quickly killed four people asleep in apartments above the burning store. As …
Aircraft Lessors Aim for June 2024 Trial Over Contested Russia Insurance Claims
Insurance Journal | August 1, 2023
Aircraft Lessors Aim for June 2024 Trial Over Contested Russia Insurance Claims
Some of the world’s largest aircraft lessors and insurers are aiming to be ready to go to trial in June 2024 over contested insurance claims for aircraft stuck in Russia, a lawyer for one of the lessors said on Monday. …
Diverging Cyber Cat Model Results Challenge Underwriters’ Risk Analysis: Guy Carpenter
Insurance Journal | August 1, 2023
Diverging Cyber Cat Model Results Challenge Underwriters’ Risk Analysis: Guy Carpenter
Significant progress has been made in advancing vendor’s cyber catastrophe models, but a notable degree of variability exists across model outputs, which can pose a challenge to insurance and reinsurance companies as they formulate their views of risk, according to …