CRC Group has announced the opening of a new Indianapolis office and several strategic hires as part of its goal to expand binding capabilities in the Midwest. The company is also considering M&A targets in the region. Mark Maucere has been hired as office president of the new Indianapolis office, bringing with him more than…
Capital One has agreed to pay an $80 million penalty over its lack of preparation against a massive data breach last year, which exposed the personal financial information of over 100 million Americans. In a regulatory filing, the Office of the Comptroller of the Currency (OCC) said that the bank had failed to establish proper…
The Casualty Actuarial Society (CAS) has developed a series of papers examining the issue of race and insurance pricing and seeking to contribute constructively to the policy discussion around it. “Insurance pricing is a high-wire act,” CAS says. Actuaries have to quantify and differentiate among a massive variety of risk variables while avoiding unfair discrimination.…
AXIS Re, the reinsurance segment of AXIS Capital Holdings, has announced the promotion of Dan Osterrieder to head of AXIS Re Casualty North America. The promotion will take effect August 17. In his new role, Osterrieder will lead AXIS Re’s casualty unit for North America, including areas such as general liability, auto, umbrella and excess,…
By Max Dorfman, Research Writer, Triple-I “Neither the United States Geological Survey (USGS) nor any other scientists have accurately predicted a major earthquake,” according to a recent post in the California Residential Mitigation Program (CRMP) blog. “And scientists do not expect to be able to predict earthquakes in the future. However, USGS scientists can calculate the probability that a…
Two will soon become one, as two major names in the reinsurance world are set to combine their operations. A definitive agreement has been reached between Sirius International Insurance Group, a multi-line insurer and reinsurer, and specialty reinsurer Third Point Reinsurance Ltd, to combine in a stock and cash transaction. The combined firm will subsequently…
By Max Dorfman, Research Writer, Triple-I Local governments in the United States in recent years have begun adopting “Vision Zero” policies, which aim at cutting roadway fatalities to zero. Such policies – which have demonstrated success abroad – have drawn even more interest since the onset of the pandemic, during which traffic fatalities and injuries…
Florida-based insurance provider TypTap Insurance Company has announced plans to expand nationwide. TypTap, which provides homeowners’ and flood insurance, has asked Florida insurance regulators to approve its expansion plans. If that approval is forthcoming, the company can then seek approval from other state regulators to expand its operations. TypTap’s Florida operations have seen rapid growth.…
Tailoring coverage for high net worth (HNW) clients requires an incredibly comprehensive approach as their risk profiles are often considerable and they’re constantly evolving. From purchasing luxury cars to multiple mansions, these wealthy clients heavily rely on agents to provide the protection they need. Madelyn Mauk, private risk advisor at Holmes Murphy, spoke to Insurance…
It looks like Liberty Mutual has been hit hard in the second quarter, with the insurance group unable to maintain profitability amid above-average catastrophe losses and the significant blow dealt by the coronavirus crisis. For the three months ended June 30, Liberty Mutual Holding Company Inc. and its subsidiaries (LMHC collectively) suffered $320 million in…