Risk - Insurance Industry Brief

Cyber, Business Interruption, Natural Disasters Listed as Top 3 Business Risks: Allianz

Insurance Journal

JANUARY 15, 2025

Cyber, business interruption and natural catastrophes are the top three risks that concern global businesses, according to the Allianz Risk Barometer 2025. Cyber incidents, such as ransomware attacks, data breaches and IT outages, is the top global risk for 2025, …

Business Interruption

Business Interruption Cyber Risk Commercial

Western States Top Wildfire Risk Scores in New Analysis

Insurance Journal

SEPTEMBER 2, 2024

California, Oregon, Colorado, Washington and Arizona are the states most at risk for wildfires, earning an “F” rating, according to a new analysis by Guidewire detailing wildfire risk in the U.S. at local, state, and national levels. Guidewire’s HazardHub data …

Risk

Risk Property Insurance Insurance Insurer

King Risk Partners Acquires Kerr Agency in Connecticut

Insurance Journal

FEBRUARY 19, 2025

Florida-based insurance broker King Risk Partners announced its acquisition of the Kerr Agency Inc., This strategic acquisition furthers King Risk Partners’ expansion across the Northeast. an independent insurance agency located in Simsbury, Connecticut. Kerr is King’s fifth agency in Connecticut.

Risk

Risk Insurance Broker Insurance Agency Broker

Ryan Specialty Forms Contingency Unit, Joining Paradiso Risks and Alive Risk

Insurance Journal

DECEMBER 13, 2024

Ryan Specialty, Chicago-based specialty insurance services firm, announced that Paradiso Risks is joining Alive Risk, Ryan Specialty’s sports, leisure and entertainment managing general underwriter. London-based Paradiso became part of Ryan after its acquisition of Castel Underwriting Agencies in May 2024.

Risk

Risk Underwriter Underwriting Insurance

Streamline Insurance Claims Management By Analyzing Legal Trends

Advertiser: Trellis

Adjusters can evaluate claim validity, estimate settlement amounts, and identify potential litigation risks. Trellis' extensive State Trial Court Data can be leveraged to identify opposing/outside counsel and top mediators for insurance matters, evaluate the risk of new claims by viewing similar claim litigation history, and more.

Insurance Claim

Viewpoint: CrowdStrike Failure Highlights Potential Aggregation Risks for Reinsurers

Insurance Journal

SEPTEMBER 9, 2024

The unique, evolving and often volatile nature of cyber risks has always lurked beneath the surface as the cyber insurance premium climbed in recent years. The recent CrowdStrike software failure underscored the dormant threats posed by aggregation risk, and the …

Risk

Risk Cyber Premium Insurance

Howden Said in Talks to Buy Insurance Broker Risk Strategies

Insurance Journal

JANUARY 31, 2025

Howden, one of the world’s largest closely held insurance brokers, is in talks to acquire Risk Strategies, according to people with knowledge of the matter. The talks to acquire Risk Strategies, which is ultimately backed by private equity firm Kelso …

Insurance Broker

Insurance Broker Broker Risk Insurance

Specialist Risk Group Acquires Renewal Rights of London-Based Taxi Insurance Broker

Insurance Journal

AUGUST 30, 2024

Specialist Risk Group (SRG) announced the acquisition of the ongoing renewal rights of Morton Insurance Brokers, a specialist in private hire and taxi insurance across the UK since 1987. Financial details of the transaction were not disclosed. The acquisition strengthens …

Insurance Broker

Insurance Broker Broker Risk Insurance

Risk Strategies Acquires Ohio’s Cornerstone

Insurance Journal

NOVEMBER 21, 2024

Risk Strategies announced it has acquired the assets of Ohio-based employee benefits specialty organization Cornerstone Broker Insurance Services Agency, Inc., an Ohio-based national provider of employee benefits solutions. The sale also included the assets of ARC Benefit Solutions, which provides …

Risk

Risk Broker Insurance Insured

More People Moving In Than Out of Counties With High Catastrophe Risk

Insurance Journal

AUGUST 8, 2024

Despite the dangers and expense associated with living in high-risk areas, large numbers of people are still moving to parts of America most impacted by wildfires, flooding and extreme heat. According to a new report from real estate company Redfin, …

Risk

Risk Personal Property

Cyber Hits All-Time High Concern for Business Leaders, Says Travelers Risk Index

Insurance Journal

SEPTEMBER 25, 2024

For the fourth time in six years, cyber risk ranked highest as a concern for business leaders. In fact, this year cyber as a top concern reached an all time high, according to the 2024 Travelers Risk Index. Cyber was …

Cyber

Cyber Risk

King Risk Partners Acquires Connecticut’s Suzio Insurance

Insurance Journal

OCTOBER 30, 2024

Florida-based insurance broker King Risk Partners reports it has acquired Suzio Insurance Center, Inc., an independent insurance agency based in Meriden, Connecticut. Suzio Insurance Center was started in 1974 by the late Franklin Suzio and is currently headed by James …

Risk

Risk Insurance Broker Insurance Agency Insurance

New York Updates Financial Services Cybersecurity Regulation to Address AI Risks

Insurance Journal

OCTOBER 17, 2024

The New York Department of Financial Services (DFS) has issued new guidance to assist the more than 3,000 firms including insurers it regulates in addressing cybersecurity risks arising from artificial intelligence (AI). In a letter to letter companies, DFS Superintendent …

Risk

Risk Insurance Insured Insurer

Risk Strategies Acquires Felsen Insurance of New Jersey

Insurance Journal

NOVEMBER 13, 2024

North American specialty insurance brokerage Risk Strategies reports it has acquired Felsen Insurance Services, Inc., a New Jersey-based agency offering commercial and personal property/casualty insurance. Terms of the deal were not disclosed. Established in 1985, Felsen is based in Denville, …

Risk

Risk Casualty Insurance Personal Property Commercial

Risk Strategies Acquires Michigan’s Comprehensive Benefits, Gabrielson Insurance

Insurance Journal

JANUARY 30, 2025

Risk Strategies announced the acquisition of Comprehensive Benefits, Inc. and Gabrielson Insurance & Financial Services, both located in the Greater Detroit area. The joint acquisition preserves an established working relationship between the two partner companies, providing increased capabilities for the …

Risk

Risk Insurance Insured Insurer

German Watchdog Raises Focus on Physical Risks Stemming From Climate Change

Insurance Journal

JANUARY 28, 2025

German watchdog BaFin said the country’s financial industry needs a better grasp of physical risks stemming from climate change because of the increasing impact of events such as floods and droughts. Banks often don’t have data on where their clients …

Risk

Cyber Insurance Market to Expand as Risks Evolve: Gallagher

Insurance Journal

JANUARY 16, 2025

While 2024 brought record-breaking data-breach costs and evolving cyber risk, all signs point to stable rates and ample capacity in 2025. Intense competition among cyber insurance carriers has resulted in higher limits, enhanced cyber risk management services, flexibility in insurance …

Cyber

Cyber Risk Insurance Carrier Insurance

Risk Strategies Adds Blaisdell Insurance to Benefits Practice in New England

Insurance Journal

OCTOBER 23, 2024

National specialty insurance broker Risk Strategies reported it has acquired George W. The acquisition expands the Risk Strategies Employee Benefits Practice in its New England region. Blaisdell Insurance, an employee benefits agency based in Hampton Falls, New Hampshire. Terms of …

Risk

Risk Insurance Broker Broker Insurance

Private Equity Tie-Ups With Insurers Create Risks, BOE Says

Insurance Journal

DECEMBER 2, 2024

Private equity’s advance into the insurance sector exacerbates the risk of “fire sales” that disrupt the functioning of financial markets, the Bank of England warned. A growing number of PE firms in the US have acquired life insurers, while British …

Risk

Risk Life Insurance Insurance Insured

Risks Too Big for Insurers Just Fed a $200 Billion Market Boom in Captives

Insurance Journal

SEPTEMBER 3, 2024

As the market for in-house insurance surpasses a record $200 billion, the underlying reasons for that boom show how a hotter, less stable planet is redrawing the risk map for corporations. Captive insurance, where companies create their own coverage vehicles, …

Risk

Risk Insurance Insured Insurer

Specialist Risk Group Acquires Ecclesia Group’s Assets in Netherlands and Belgium

Insurance Journal

JANUARY 24, 2025

Specialist Risk Group (SRG), the London-based insurance intermediary, announced it will acquire the assets of Ecclesia Group in The Netherlands and Belgium a move that will see seven businesses and 700 new colleagues across the two countries join SRG.

Risk

Risk Broker-Agent Insurance Insured

Specialist Risk Group Acquires UK-Based MGA NW Re

Insurance Journal

NOVEMBER 5, 2024

Specialist Risk Group (SRG), the London-based specialist insurance intermediary that is majority-owned by Warburg Pincus and Temasek, announced the acquisition of specialist reinsurance firm NW Re. Financial details of the deal were not disclosed. SRG said the acquisition reinforces its …

Risk

Risk Broker-Agent Insurance Insured

People Moves: Augment Risk Tabs McElhiney to Lead New Captive Offering

Insurance Journal

DECEMBER 19, 2024

Augment Risk, the reinsurance and risk capital solutions broker, announced the appointment of Steve McElhiney as partner of newly created captive and alternative risk transfer solutions offering. Based in Dallas, Steve will develop Augment Risk’s efforts in creating legacy solutions …

Risk

Risk Broker

Risk Theory Launches New High Value Homeowners Insurance

Insurance Journal

DECEMBER 3, 2024

Dallas, TX, December 3, 2024 — Jupiter Risk Services, an affiliate of Risk Theory, is proud to launch its High Value Homeowners Insurance, a new insurance product designed specifically for single-family, high-value homeowner properties with coverage ranging from $800,000 to …

Risk

Risk Insurance Insured Insurer

Report: 2.6M Homes with a Cost of $1.3 Trillion at Moderate to Very High Risk of Wildfire

Insurance Journal

AUGUST 14, 2024

trillion are at moderate to very high risk of wildfire damage during the 2024 wildfire season, a new report shows. The 2024 CoreLogic Wildfire Risk … More than 2.6 million homes across 14 states with a total reconstruction cost of $1.3

Risk

Risk Damage

Specialist Risk Group Acquires Bloodstock and Livestock Specialist Broker Stonehatch

Insurance Journal

OCTOBER 30, 2024

Specialist Risk Group (SRG), the London-based insurance intermediary, announced the acquisition of Stonehatch, a leading specialist bloodstock and livestock insurance broker. Financial details of the transaction were not disclosed. Founded in 2014 by Chris Williamson, London-headquartered Stonehatch has built a …

Broker

Broker Risk Insurance Broker Broker-Agent

Willis Takes Donnelly From Marsh to Head North America Risk & Broking

Insurance Journal

JANUARY 31, 2025

Willis said it has hired veteran leader Pat Donnelly as head of risk & broking (R&B) in North America. Donnelly had been president, Marsh specialty and global placement a position he held since the middle of 2023 when he …

Risk

Unison Risk Advisors Adds Avondale as First to Join Its Non-Retail Division

Insurance Journal

OCTOBER 22, 2024

Unison Risk Advisors (URA) reports that Avondale Insurance Associates has joined the firm and is the first company to join URA’s non-retail division. Established in 2006, Avondale Insurance Associates is an excess and surplus lines underwriting management company across all …

Risk

Risk Underwriter Underwriting Insurance

Specialist Risk Group Acquires UK Claims Specialist One Claim Ltd.

Insurance Journal

NOVEMBER 12, 2024

Specialist Risk Group (SRG), the London-based specialist insurance intermediary, announced the acquisition of One Claim Ltd. Based in Essex, England, One Claim provides broker partners and their clients with claims management support from initial notification through to settlement. The One …

Claim

Claim Risk Broker Broker-Agent

Best Agency to Work For – East Gold Winner: Mackoul Risk Solutions

Insurance Journal

NOVEMBER 25, 2024

At Mackoul Risk Solutions, ‘Employees Come First’ Instead of becoming a major league umpire, Ed Mackoul chose to help his father build an insurance empire. Ed wasn’t sure how his life would turn out before joining Mackoul & Associates in …

Risk

Risk Building Insurance Insured

Cyber Specialty MGA Envelop Risk Extends Capacity Backing From MS Reinsurance

Insurance Journal

DECEMBER 11, 2024

Envelop Risk, the data-driven cyber reinsurance and analytics specialist, announced it has just completed a capacity agreement with MS Reinsurance for a further three years. Further to that, MS Reinsurance recently became a client of Envelop’s new Solutions Business with …

Cyber

Cyber Risk Insurance Insurer

People Moves: HDI Global Promotes Schulte as Global Head of Marine; Amwins Global Risks Hires Ewing to Lead Transactional Risk Practice

Insurance Journal

DECEMBER 12, 2024

This edition of International People Moves details appointments at HDI Global and Amwins Global Risks. A summary of these new hires follows here. HDI Global Promotes Schulte as Global Head of Marine HDI Global has promoted Dr. Carsten Schulte as …

Risk

Risk Marine

Wildfire-Risk Models Are Struggling to Predict LA-Style Fires

Insurance Journal

JANUARY 22, 2025

Even the most-sophisticated scientific models fail to capture all the risk factors or properly account for the increasing impact of climate change. Among natural disasters, wildfires are the great unknown. It’s a major problem for homeowners, insurers and investors, as …

Risk

Risk Insurance Insured Insurer

Viewpoint: Cyber Risk and AI – The Changing Landscape

Insurance Journal

FEBRUARY 5, 2025

Newswise In today’s world of interconnected computer-based information systems, cyber risk has become one of the critical risk factors impacting organizations. Indeed, several studies have shown that cyber risk (i.e., the probability of being the victim of a successful …

Cyber

Cyber Risk

Ryan Specialty to Acquire Nashville-Based Velocity Risk Underwriters MGU

Insurance Journal

JANUARY 7, 2025

Ryan Specialty, a specialty insurance services firm and trading partner for agents and brokers, plans to acquire Nashville-based Velocity Risk Underwriters, with a closing date early this year. Velocity Risk, providing coverage for catastrophe-exposed properties, is a managing general underwriter …

Underwriter

Underwriter Underwriting Risk Broker-Agent

US Chicken, Pork Plant Workers Face Higher Health Risks, USDA Studies Confirm

Insurance Journal

JANUARY 13, 2025

chicken and pork plants face higher risks than other manufacturing workers for musculoskeletal disorders such as carpal tunnel syndrome, according to two studies the U.S. Workers in U.S. Department of Agriculture issued on Friday. The findings highlight health concerns for …

Risk

Risk Workers Compensation Compensation

Moody’s Says LA Fire May Pose Risk to Southern California Edison

Insurance Journal

JANUARY 16, 2025

The Eaton Fire in central Los Angeles County poses a potential credit risk to power provider Southern California Edison, which operates electrical lines in the area where the destructive blaze first started, Moody’s Ratings said in a report on Thursday.

Risk

Risk Liability Insurance Insurer

Ryan Specialty Completes Buy of Velocity Risk Underwriters

Insurance Journal

FEBRUARY 4, 2025

Specialty insurance provider Ryan Specialty reported it has completed the acquisition of Velocity Risk Underwriters, LLC from funds managed by Oaktree Capital Management, L.P. Based in Nashville, Tennessee, Velocity is a managing general underwriter (MGU) providing first-party insurance coverage for …

Underwriter

Underwriter Underwriting Risk Insurance

AccuWeather: Elevated Risk of Mudslides at LA Wildfire Burn Scars From Coming Storm

Insurance Journal

FEBRUARY 7, 2025

Meteorologists are warning of an elevated risk of dangerous debris flows and destructive mudslides in Southern California next week in areas scorched by destructive Los Angeles wildfires. AccuWeather meteorologists expect between 2 inches and 4 inches of rain near the …

Risk

People Moves: Liberty Mutual Names Orloff President, Global Risk Solutions N.A.

Insurance Journal

DECEMBER 3, 2024

Liberty Mutual Insurance, headquartered in Boston, named Marc Orloff as president of Global Risk Solutions (GRS) North America, effective Jan. Orloff will lead GRS North America’s financial and operational performance, which includes commercial and specialty businesses in the U.S., …

Risk

Risk Commercial Insurance Insured

King Risk Adds to SW Florida Presence with Bruce Hendry Agency

Insurance Journal

JANUARY 16, 2025

King Risk Partners, a major U.S. It is the latest expansion move for King Risk into southwest Florida, the firm … brokerage and insurance agency based in Gainesville, Florida, has acquired Bruce Hendry Insurance in Immokalee, Florida, southeast of Fort Myers.

Risk

Risk Insurance Agency Insurance Insured

AI, Cybercrime Perceived as Top Insurance Risks: Kennedys

Insurance Journal

FEBRUARY 3, 2025

Artificial intelligence, cyberattacks or outages, and extreme weather events are the risks partners at global insurance law firm Kennedys perceive will have the biggest impacts on their markets in the next year, according to a new risk forecast. The firm’s …

Risk

Risk Insurance Insured Insurer

Clear Group Acquires Lilley Plummer Risks, Entering Wholesale Lloyd’s Broker Space

Insurance Journal

OCTOBER 29, 2024

Clear Group, the UK independent insurance broker that is owned by Private Equity at Goldman Sachs Alternatives, has entered the wholesale Lloyd’s broker space with the acquisition of Lilley Plummer Risks Ltd., a London-based marine and property specialist. Financial details …

Broker

Broker Risk Insurance Broker Marine

Los Angeles Faces Another Day of Extreme Fire Risk as Winds Rise

Insurance Journal

JANUARY 14, 2025

Hot, dry winds are pummeling Los Angeles and surrounding areas of Southern California, raising wildfire risks through at least Wednesday as the region reels from blazes that have killed at least 24 people and burned neighborhoods to the ground. Tropical-storm-strength …

Risk

Risk Damage Insurance Insurer

Cyber, Business Interruption, Natural Disasters Listed as Top 3 Business Risks: Allianz

Western States Top Wildfire Risk Scores in New Analysis

Trending Sources

King Risk Partners Acquires Kerr Agency in Connecticut

Ryan Specialty Forms Contingency Unit, Joining Paradiso Risks and Alive Risk

Streamline Insurance Claims Management By Analyzing Legal Trends

Viewpoint: CrowdStrike Failure Highlights Potential Aggregation Risks for Reinsurers

Howden Said in Talks to Buy Insurance Broker Risk Strategies

Specialist Risk Group Acquires Renewal Rights of London-Based Taxi Insurance Broker

Risk Strategies Acquires Ohio’s Cornerstone

More People Moving In Than Out of Counties With High Catastrophe Risk

Cyber Hits All-Time High Concern for Business Leaders, Says Travelers Risk Index

King Risk Partners Acquires Connecticut’s Suzio Insurance

New York Updates Financial Services Cybersecurity Regulation to Address AI Risks

Risk Strategies Acquires Felsen Insurance of New Jersey

Risk Strategies Acquires Michigan’s Comprehensive Benefits, Gabrielson Insurance

German Watchdog Raises Focus on Physical Risks Stemming From Climate Change

Cyber Insurance Market to Expand as Risks Evolve: Gallagher

Risk Strategies Adds Blaisdell Insurance to Benefits Practice in New England

Private Equity Tie-Ups With Insurers Create Risks, BOE Says

Risks Too Big for Insurers Just Fed a $200 Billion Market Boom in Captives

Specialist Risk Group Acquires Ecclesia Group’s Assets in Netherlands and Belgium

Specialist Risk Group Acquires UK-Based MGA NW Re

People Moves: Augment Risk Tabs McElhiney to Lead New Captive Offering

Risk Theory Launches New High Value Homeowners Insurance

Report: 2.6M Homes with a Cost of $1.3 Trillion at Moderate to Very High Risk of Wildfire

Specialist Risk Group Acquires Bloodstock and Livestock Specialist Broker Stonehatch

Willis Takes Donnelly From Marsh to Head North America Risk & Broking

Unison Risk Advisors Adds Avondale as First to Join Its Non-Retail Division

Specialist Risk Group Acquires UK Claims Specialist One Claim Ltd.

Best Agency to Work For – East Gold Winner: Mackoul Risk Solutions

Cyber Specialty MGA Envelop Risk Extends Capacity Backing From MS Reinsurance

People Moves: HDI Global Promotes Schulte as Global Head of Marine; Amwins Global Risks Hires Ewing to Lead Transactional Risk Practice

Wildfire-Risk Models Are Struggling to Predict LA-Style Fires

Viewpoint: Cyber Risk and AI – The Changing Landscape

Ryan Specialty to Acquire Nashville-Based Velocity Risk Underwriters MGU

US Chicken, Pork Plant Workers Face Higher Health Risks, USDA Studies Confirm

Moody’s Says LA Fire May Pose Risk to Southern California Edison

Ryan Specialty Completes Buy of Velocity Risk Underwriters

AccuWeather: Elevated Risk of Mudslides at LA Wildfire Burn Scars From Coming Storm

People Moves: Liberty Mutual Names Orloff President, Global Risk Solutions N.A.

King Risk Adds to SW Florida Presence with Bruce Hendry Agency

AI, Cybercrime Perceived as Top Insurance Risks: Kennedys

Clear Group Acquires Lilley Plummer Risks, Entering Wholesale Lloyd’s Broker Space

Los Angeles Faces Another Day of Extreme Fire Risk as Winds Rise

Stay Connected