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Category: Insurance Journal

Countries Shore Up Digital Defenses as Global Tensions Raise Cyberwarfare Threat
Insurance Journal | May 1, 2025
Countries Shore Up Digital Defenses as Global Tensions Raise Cyberwarfare Threat
Hackers linked to Russia’s government launched a cyberattack last spring against municipal water plants in rural Texas. At one plant in Muleshoe, population 5,000, water began to overflow. Officials had to unplug the system and run the plant manually. The …
Buyer’s Remorse Hits Finance Bosses Who ‘Overhired’ for ESG
Insurance Journal | May 1, 2025
Buyer’s Remorse Hits Finance Bosses Who ‘Overhired’ for ESG
There’s a course-correction underway among financial firms that went all out on ESG hiring just a few years back, according to recruiters advising banks and money managers. Firms have had to acknowledge that the goal of generating the highest profits …
AM Best Revises Credit Rating Outlook to Negative for NJM Insurance Group
Insurance Journal | May 1, 2025
AM Best Revises Credit Rating Outlook to Negative for NJM Insurance Group
Ratings agency AM Best has revised the outlook to negative from stable for the members of the NJM Insurance Group (NJM) for the Long-Term Issuer Credit Ratings and affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term …
Allstate Q1 Income Drops 52% on Record $3.3B Gross Catastrophe Losses
Insurance Journal | April 30, 2025
Allstate Q1 Income Drops 52% on Record $3.3B Gross Catastrophe Losses
Allstate Corp. first quarter 2025 net income applicable to common shareholders fell more than 52% to $566 million primarily due to a record $3.3 billion of gross catastrophe losses. The gross loss was partially offset by $1.1 billion of reinsurance …
LA County Approves $4B Payout to Settle Sexual Abuse Claims at Juvenile Facilities
Insurance Journal | April 30, 2025
LA County Approves $4B Payout to Settle Sexual Abuse Claims at Juvenile Facilities
Los Angeles County officials this week approved a $4 billion payout to settle nearly 7,000 claims of sexual abuse in juvenile facilities since 1959. The agreement reached on April 4 far surpasses a $2.6 billion settlement reached in 2022 with …
Bill to Address California Wildfire And Insurance Crises Moving Through Legislature
Insurance Journal | April 30, 2025
Bill to Address California Wildfire And Insurance Crises Moving Through Legislature
A California Assembly committee advanced a bill designed to deal with the state’s wildfire and insurance crises. The California Safe Homes Act, Assembly Bill 888, passed out of the Assembly Insurance Committee on a unanimous vote. Related: Forecast Calls for …
Strengthen Oklahoma Homes Program to Hold Second Pilot Launch
Insurance Journal | April 30, 2025
Strengthen Oklahoma Homes Program to Hold Second Pilot Launch
The Oklahoma Insurance Department is preparing for a second pilot launch of the Strengthen Oklahoma Homes Program, which provides up to $10,000 to residents to upgrade their homes to the IBHS Fortified standard. Applicants who are eligible and live in …
AM Best Revises Outlook to Negative for Missouri Valley Mutual Insurance Company
Insurance Journal | April 30, 2025
AM Best Revises Outlook to Negative for Missouri Valley Mutual Insurance Company
AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Missouri Valley Mutual Insurance Company (MVMIC) based in Burke, South Dakota. …
People Moves: SiriusPoint Taps AIG’s Gibson as International Chief Underwriting Officer; Howden Appoints McLaughlin From Chaucer to Lead Howden Re Miami
Insurance Journal | April 30, 2025
People Moves: SiriusPoint Taps AIG’s Gibson as International Chief Underwriting Officer; Howden Appoints McLaughlin From Chaucer to Lead Howden Re Miami
This edition of International People Moves details appointments at SiriusPoint and Howden. A summary of these new hires follows here. SiriusPoint Taps AIG’s Gibson as International Chief Underwriting Officer SiriusPoint Ltd., the Bermuda-based specialty insurer and reinsurer, announced the appointment …
Car Smashes Through Illinois Building, Killing 4 Young People and Injuring Others
Insurance Journal | April 30, 2025
Car Smashes Through Illinois Building, Killing 4 Young People and Injuring Others
A car smashed through a building Monday afternoon, killing four young people and injuring several others during an after-school program in a small city outside of Springfield, Illinois, police said. Officers responded at about 3:20 p.m. to calls about a …