Risk - Insurance Industry Brief

Pennsylvania’s Enders Insurance Joins Unison Risk Advisors

Insurance Journal

OCTOBER 17, 2024

Unison Risk Advisors (URA) has acquired Enders Insurance, a family-run property/casualty insurance agency based in Harrisburg, Pennsylvania. Enders has more than 60 employees throughout its central Pennsylvania office locations including Lancaster, Reading and Middleburg. Currently led by Andrew Enders, the …

Risk

Risk Casualty Insurance 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 Insured Insurance Insurer

Economic Challenges, Cyber, and People Risks Top UK Businesses’ Concerns: Marsh

Insurance Journal

OCTOBER 11, 2024

Economic and financial challenges (43%), cyber threats (39%) and people-related risks (38%) are the top three concerns facing UK businesses over the next 12 months, according to new research by Marsh McLennan. The findings come from Marsh’s UK Business Risk …

Cyber

Cyber Risk

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 Insured Insurance

Zillow Listings Will Now Highlight Climate Risks, Insurance Info

Insurance Journal

SEPTEMBER 26, 2024

For-sale listings on Zillow will now feature detailed climate risk information for five key categories — flood, wildfire, wind, heat and air quality — along with insurance recommendations, according to the online real estate company. The climate risk data, provided …

Risk

Risk Insurance Insurer Insured

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 Insured

Specialist Risk Group Launches APAC Unit in Singapore, Buys Local Broker

Insurance Journal

OCTOBER 15, 2024

Specialist Risk Group (SRG), the London-based specialist insurance intermediary that is majority-owned by Warburg Pincus and Temasek, announced its launch in Asia Pacific with a new subsidiary in Singapore. As the first part of its expansion plans, SRG has, through …

Risk

Risk Broker Broker-Agent Insured

Big Tobacco Firms Near Deal to Settle Canada Smoking Risk Cases

Insurance Journal

OCTOBER 18, 2024

Three of the world’s biggest tobacco companies are near a possible deal to resolve longstanding claims in Canada that they held back information about the health risks of cigarettes. Under the proposal from a court-appointed mediator, Canadian subsidiaries of Philip …

Risk

Risk Claim Liability

Specialist Risk Group Acquires UK-Based Anthony James Insurance Brokers

Insurance Journal

AUGUST 20, 2024

Specialist Risk Group (SRG), the London-based insurance intermediary, announced the acquisition of Anthony James Insurance Brokers, subject to regulatory approval. This latest acquisition further expands and strengthens SRG’s retail pillar, Specialist Risk … Financial details of the transaction were not disclosed.

Insurance Broker

Insurance Broker Broker Risk Insurance

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

Risk & Insurance Education Alliance and BrokerTech Ventures Launch New Insurtech Insurance Course

Insurance Journal

OCTOBER 14, 2024

October 15, 2024 – The Risk & Insurance Education Alliance, in collaboration with BrokerTech Ventures (BTV), is proud to introduce its latest educational initiative, the Introduction to Insurance for Insurtech Professionals module. Austin, TX., First announced in June 2024, the …

Risk

Risk Insurance Insurer Insured

Parent of Risk Strategies and One80 Intermediaries Closes $1 Billion Financing Deal

Insurance Journal

AUGUST 23, 2024

Accession Risk Management Group, the parent company of specialty insurance brokerages Risk Strategies and One80 Intermediaries, reports it has closed a $1 billion incremental debt raise and refinancing. Accession Risk Management Group is a portfolio company of Kelso & Co., …

Risk

Risk Insured Insurance Insurer

Unseasonal Winter Heat Across Australia Raises Wildfire Risks

Insurance Journal

AUGUST 22, 2024

Australia is facing elevated wildfire risks months ahead of the summer fire season, as an unusually warm winter scorches parts of the continent and threatens to set temperature records. Heat is forecast to bake vast areas of the country in …

Risk

UK’s Specialist Risk Group Acquires Motor Fleet MGA Capulus

Insurance Journal

SEPTEMBER 4, 2024

Specialist Risk Group (SRG), the London-based insurance intermediary, announced the acquisition of Capulus, a specialist motor fleet managing general agent (MGA). Financial details of the deal were not disclosed. Based in Wales, Capulus’ team of 21 colleagues will join SRG’s …

Risk

Risk Agents Broker-Agent Insured

Acquisition of UK’s Specialist Risk Group Completed by Warburg Pincus and Temasek

Insurance Journal

SEPTEMBER 30, 2024

Specialist Risk Group (SRG), the London-based specialist insurance intermediary, announced that its acquisition by Warburg Pincus, a global growth investor, and Temasek, the Singapore-based investment company, has been completed. With the necessary regulatory approvals now received, the partnership marks a …

Risk

Risk Broker-Agent Insured Insurance

1 in 10 Tri-State Properties at High Flood Risk: New York Fed

Insurance Journal

OCTOBER 2, 2024

Research by the Federal Reserve Bank of New York finds that nearly one million houses and multifamily buildings in New York, New Jersey, and Connecticut—one in 10 properties in the tri-state area—are at high risk of flooding. These properties rank …

Risk

Risk Building

Clashing Risk Predictions Cast Doubt on Black Box Climate Models

Insurance Journal

AUGUST 11, 2024

These tools can allow owners and investors to better anticipate risks of flooding, wind, wildfire and other disasters. Insurers have been among the adopters of climate-risk models, in a sign … Many companies offer detailed climate projections tailored to property-level precision.

Risk

Risk Insured Insurance Insurer

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

Private Equity’s Insurance Bets Raise Risks, BIS Researchers Say

Insurance Journal

SEPTEMBER 17, 2024

Private equity firms have changed the business models of life insurers they invest in, posing risks that are more likely to materialize with higher interest rates, according to researchers at the Bank for International Settlements. Buyout firms channel the insurance …

Risk

Risk Life Insurance Insurance Insurer

Understanding Builders’ Risk and Construction Insurance

Insurance Journal

AUGUST 14, 2024

Joe Tejeda, a Practice Leader from PCF Construction, provides a look at builders’ risk and construction insurance. This post is part of a series sponsored by PCF Insurance Services. The construction industry is a complex ecosystem with various stakeholders—each facing …

Risk

Risk Insurance Insurer Insured

Vermont Lags in Risk Management for Natural Disasters Including Flooding

Insurance Journal

SEPTEMBER 12, 2024

Vermont has failed to complete many actions in its five-year hazard mitigation plan aimed at reducing the risk from natural disasters such as flooding, according to a new report from the state auditor’s office. The plan is developed by Vermont …

Risk

Managing Management Liability Risk in Today’s Market

Insurance Journal

SEPTEMBER 1, 2024

But the segment faces growing risks from regulatory and technology-related exposures, making the quality … The management liability insurance segment has attracted a lot of new capacity in the last few years, and the increased competition has pushed rates down significantly.

Liability

Liability Risk Liability Insurance Insured

Become an Attractive Risk for Underwriters

Insurance Journal

AUGUST 12, 2024

Insurance Carriers are reducing their appetite for risk and increasing premiums. This post is part of a series sponsored by TSIB. This means they are being much more selective in what they are willing to insure. If they are going …

Risk

Risk Underwriting Underwriter Insurance Carrier

Bain Capital Insurance Backs Specialized Risk Financing Firm 1970 Group

Insurance Journal

JULY 31, 2024

Bain Capital Insurance has announced a capital investment in 1970 Group, a New York-based specialized risk financing provider to the insurance industry. 1970 Group offers expertise in structured financing, credit support and risk management. The company pioneered the concept of …

Risk

Risk Insurance Industry Insurance Insurer

Southern Water’s Credit Risk at Record High Amid Thames Water Woes

Insurance Journal

SEPTEMBER 30, 2024

Southern Water’s credit risk has soared to a record high in recent days as hedge funds scramble to protect themselves against the possibility of default at the UK water company. The curve on the utility firm’s credit default swaps is …

Risk

Risk Protection Liability Insured

Revolutionizing Flood Insurance with CoreLogic® Flood Risk Score

Insurance Journal

AUGUST 28, 2024

Rising floodwaters pose a significant threat to communities and economies worldwide, making flood insurance a vital component of risk management. However, accurately assessing flood risk for properties has been a … This post is part of a series sponsored by CoreLogic.

Risk

Risk Insurance Insurer Insured

Could Your Company’s Recruitment Practices Pose a Liability Risk?

Insurance Journal

JULY 14, 2024

As an insurance organization you understand risk management better than most businesses. You advise clients on how employment practices pose liability risks, but when is the last time you’ve thought about your own risks, particularly when it comes to hiring …

Liability

Liability Risk Insured Insurance

Insurance Professionals Invited to HAI Group’s Award-Winning Virtual Risk Management Conference on Nov. 7

Insurance Journal

OCTOBER 16, 2024

ET CHESHIRE, CONNECTICUT – HAI Group is pleased to announce its sixth annual Virtual Risk Management Conference … Comprehensive Strategies for Tackling Existing and Emerging Multifamily Housing Threats Date: Thursday, Nov. 7, 2024 Venue: Zoom Time: 10:30 a.m. –

Risk

Risk Insurance Insurer Insured

UK Faces High Wildfire Risk After Spell of Warmer Weather

Insurance Journal

AUGUST 6, 2024

Europe’s wildfire risks are extending as far north as the UK after a recent spell of hot weather. Parts of southeastern England, including areas around London, face high wildfire risks later this week, according to forecasts from Copernicus. Wildfires have …

Risk

Fresh Appetite for Risk Can Help Arrest Britain’s Downward Spiral, Think Tank Says

Insurance Journal

OCTOBER 10, 2024

Britain’s decade-long economic downward spiral could be reversed with a fresh appetite for risk that might help boost annual investment by a required 100 billion pounds ($131 billion) over the next decade, a leading think tank said on Friday. In …

Risk

Reinsurers’ Appetite for Natural Catastrophe Risks Grows – But Discipline Remains

Insurance Journal

SEPTEMBER 4, 2024

Top reinsurers are showing increasing – but disciplined – appetite for natural catastrophe risks as a result of rising demand, improved pricing, more favorable terms and conditions, and improving investment income, according to a report published by S&P Global Ratings.

Risk

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

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 Insurer Insured

Florida Peninsula MGA Changes Name to Windward Risk Managers

Insurance Journal

AUGUST 21, 2024

Florida Peninsula Managers, the managing general agency for Florida Peninsula Insurance and Edison Insurance, has officially changed its name to Windward Risk Managers, the name of the company that has managed it for years. The change comes a month after …

Risk

Risk Insured Insurance Insurer

Africa Specialty Risks Begins Operating as Lloyd’s Service Company

Insurance Journal

OCTOBER 4, 2024

Africa Specialty Risks (ASR), the pan-African and Middle East-focused reinsurance group, announced that has begun operating as a Lloyd’s service company. As a Lloyd’s service company, ASR’s UK based entity, Africa Specialty Risks Ltd. ASR Ltd.), is underwriting on behalf …

Risk

Risk Underwriting Underwriter

Report: 2.6M Homes at Moderate to Very High Risk of Wildfire

Insurance Journal

SEPTEMBER 1, 2024

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

Risk

Risk Damage

Insurers Say Dark Fleet Oil Tankers Pose a Major Claims Risk

Insurance Journal

SEPTEMBER 17, 2024

Marine insurance markets face significant risk from the growth of a shadow fleet of ships hauling oil from sanctioned producers like Russian and Iran, an industry group said. The opaque nature of the ownership of those vessels makes it hard …

Risk

Risk Claim Marine Insurance

EPIC Insurance Inks Deal to Provide Risk Management for Miami Dolphins, Stadium

Insurance Journal

SEPTEMBER 5, 2024

EPIC Insurance Brokers & Consultants, headquartered in San Francisco, is now the official provider of risk management services for the Miami Dolphins football team and Hard Rock Stadium. The deal, announced Thursday, will not put the EPIC patch on Dolphins’ …

Risk

Risk Insurance Broker Broker Insurance

People Moves: Risk Strategies Names Bagwell Commercial Lines Leader in West

Insurance Journal

JULY 21, 2024

Risk Strategies named Troy Bagwell commercial lines leader for the West region. Bagwell joins Risk Strategies from Panorama … Bagwell, who is based in Los Angeles, is responsible for building and executing the regional strategy for the commercial property/casualty business segment.

Commercial

Commercial Risk Commercial Property Building

New York City Subway Workers at Risk, Federal Agency Warns

Insurance Journal

AUGUST 18, 2024

The agency that runs New York City’s subway system is putting track workers at risk by failing to follow its own safety rules, federal authorities said in an audit issued this week. The Federal Transit Administration said in a special …

Risk

Australian Homeowners Struggling to Afford Insurance as Climate Risks Grow: Report

Insurance Journal

AUGUST 26, 2024

Home insurance is becoming unaffordable for a growing number of Australian households as increased climate threats drive up their premiums, potentially putting billions of dollars in mortgage loans at risk, a report said on Monday. As of March 2024, 15% …

Risk

Risk Home Insurance Premium Insurance

Symphony Risk Opens Austin Office, Names Burns President of Specialty Business

Insurance Journal

AUGUST 1, 2024

Symphony Risk Solutions announced it is opening an office in Austin, Texas to be led by Matt Burns, who was named president of the firm’s growing specialty business. As the leader of Symphony Build, Burns will oversee due diligence, evaluation, …

Risk

Risk Building

People Moves: AXA XL Re Taps Swiss Re’s Schiffer as CEO, N. America, Reinsurance; Specialist Risk Group Names Marsh McLennan’s Yap as CEO of APAC

Insurance Journal

OCTOBER 18, 2024

This edition of International People Moves details appointments at AXA XL Reinsurance and Specialist Risk Group. A summary of these new hires follows here. AXA XL Re Taps Swiss Re’s Schiffer as CEO, North America, Reinsurance AXA XL Reinsurance announced …

Risk

UNC Launches Risk Management Institute with IAP’s Ursano Chair of Advisory Board

Insurance Journal

AUGUST 15, 2024

The University of North Carolina at Chapel Hill announced it is launching an Institute for Risk Management and Insurance Innovation, an interdisciplinary research and innovation center. “The new institute will conduct research that improves our understanding of society’s emerging financial …

Risk

Risk Insured Insurance Insurer

Pennsylvania’s Enders Insurance Joins Unison Risk Advisors

New York Updates Financial Services Cybersecurity Regulation to Address AI Risks

Trending Sources

Economic Challenges, Cyber, and People Risks Top UK Businesses’ Concerns: Marsh

Western States Top Wildfire Risk Scores in New Analysis

Zillow Listings Will Now Highlight Climate Risks, Insurance Info

Viewpoint: CrowdStrike Failure Highlights Potential Aggregation Risks for Reinsurers

Specialist Risk Group Launches APAC Unit in Singapore, Buys Local Broker

Big Tobacco Firms Near Deal to Settle Canada Smoking Risk Cases

Specialist Risk Group Acquires UK-Based Anthony James Insurance Brokers

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

Risk & Insurance Education Alliance and BrokerTech Ventures Launch New Insurtech Insurance Course

Parent of Risk Strategies and One80 Intermediaries Closes $1 Billion Financing Deal

Unseasonal Winter Heat Across Australia Raises Wildfire Risks

UK’s Specialist Risk Group Acquires Motor Fleet MGA Capulus

Acquisition of UK’s Specialist Risk Group Completed by Warburg Pincus and Temasek

1 in 10 Tri-State Properties at High Flood Risk: New York Fed

Clashing Risk Predictions Cast Doubt on Black Box Climate Models

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

Private Equity’s Insurance Bets Raise Risks, BIS Researchers Say

Understanding Builders’ Risk and Construction Insurance

Vermont Lags in Risk Management for Natural Disasters Including Flooding

Managing Management Liability Risk in Today’s Market

Become an Attractive Risk for Underwriters

Bain Capital Insurance Backs Specialized Risk Financing Firm 1970 Group

Southern Water’s Credit Risk at Record High Amid Thames Water Woes

Revolutionizing Flood Insurance with CoreLogic® Flood Risk Score

Could Your Company’s Recruitment Practices Pose a Liability Risk?

Insurance Professionals Invited to HAI Group’s Award-Winning Virtual Risk Management Conference on Nov. 7

UK Faces High Wildfire Risk After Spell of Warmer Weather

Fresh Appetite for Risk Can Help Arrest Britain’s Downward Spiral, Think Tank Says

Reinsurers’ Appetite for Natural Catastrophe Risks Grows – But Discipline Remains

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

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

Florida Peninsula MGA Changes Name to Windward Risk Managers

Africa Specialty Risks Begins Operating as Lloyd’s Service Company

Report: 2.6M Homes at Moderate to Very High Risk of Wildfire

Insurers Say Dark Fleet Oil Tankers Pose a Major Claims Risk

EPIC Insurance Inks Deal to Provide Risk Management for Miami Dolphins, Stadium

People Moves: Risk Strategies Names Bagwell Commercial Lines Leader in West

New York City Subway Workers at Risk, Federal Agency Warns

Australian Homeowners Struggling to Afford Insurance as Climate Risks Grow: Report

Symphony Risk Opens Austin Office, Names Burns President of Specialty Business

People Moves: AXA XL Re Taps Swiss Re’s Schiffer as CEO, N. America, Reinsurance; Specialist Risk Group Names Marsh McLennan’s Yap as CEO of APAC

UNC Launches Risk Management Institute with IAP’s Ursano Chair of Advisory Board

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