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Tag: insurance-journal

Bank Completes Sale of Eastern Insurance to Gallagher
Insurance Journal | November 1, 2023
Bank Completes Sale of Eastern Insurance to Gallagher
Eastern Bankshares, Inc., the stock holding company for Eastern Bank, has completed the previously disclosed sale of its insurance operations, which conduct business as Eastern Insurance Group, to Arthur J. Gallagher & Co. Under the agreement, Gallagher acquired Eastern Insurance …
UK’s Ardonagh Acquires Commercial Broker for SMEs in Switzerland
Insurance Journal | November 1, 2023
UK’s Ardonagh Acquires Commercial Broker for SMEs in Switzerland
The Ardonagh Group, the London-based independent insurance distribution platform, has agreed to acquire ASSEPRO, the largest independent commercial broker for small and medium-sized enterprises (SMEs) in Switzerland, with operations in Austria and Liechtenstein. Ardonagh will fund the transaction with a …
Whistleblower Says Southern Co. Should Repay $382M for Failed Clean Coal Plant
Insurance Journal | November 1, 2023
Whistleblower Says Southern Co. Should Repay $382M for Failed Clean Coal Plant
(AP) — A former employee is suing to force a Mississippi utility to repay $382 million that the federal government gave to build a failed coal- fueled power plant. Kelli Williams, a former construction manager for Atlanta-based Southern Co., filed …
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 …