Operating income hit an all-time high
Author: Awais
The NWSL has confirmed Columbus as its 18th club, scheduled to begin play in 2028. ESPN reported, citing an NWSL spokesperson, that the ownership group will pay a record $205 million expansion fee, with total initial investment expected to reach around $300 million once training facilities and stadium upgrades are included.
First quarter 2026 net income at insurer Chubb was up more than 74% compared to the same period in 2025, with property/casualty underwriting income up 306%. Net income for the first three months finished at $2.3 billion. Underwriting income was about $1.8 billion as pretax net catastrophe losses were $500 million compared to Q1 2025 losses of $1.6 billion—nearly all due to the California wildfires. P/C underwriting income for Q1 was 84 compared with 95.7 last year during the same time. Consolidated net premiums written (NPW) increased 10.7% to about $14 billion. P/C net premiums were up 7.2% and life…
Hackers linked to foreign governments are now behind the majority of “nationally significant” cyberattacks targeting the UK, the country’s top cybersecurity official is set to warn. Richard Horne, chief executive officer of the National Cyber Security Centre, or NCSC, is scheduled to say in a speech on Wednesday that the country is facing four consequential cyberattacks every week and living through the “most seismic geopolitical shift in modern history,” according to a preview of his remarks, which were reviewed by Bloomberg News. Horne named China, Iran and Russia as key adversaries posing a threat to UK cybersecurity. “Criminal activity such…
Thousands of survivors of the 2025 Eaton Fire in Altadena, California, have elected to accept an upfront settlement from the utility accused of causing it, forgoing future litigation for a faster payment that could help them rebuild or relocate. Related: Wildfires Used to ‘Sleep’ at Night. Climate Change Has Them Burning Overtime But unless a bill moving through Congress becomes law, that money could be taxed as income, taking big bites out of their payments and possibly disqualifying them from other government benefits. “There was this terrifying disbelief,” Bree Jensen, communications director for the Eaton Fire Long-Term Recovery Group, said…
New York state lawmakers have reintroduced legislation that would curb some investors’ ability to buy distressed sovereign debt and sue for full repayment, a move that would reshape the legal landscape for sovereign international bonds. The proposal would amend the state’s so-called champerty law to allow courts to dismiss claims where sovereign debt was acquired primarily for litigation. It would also reduce pre-judgment interest from the current fixed rate of 9% to a market-based benchmark. The bill revives a proposal that passed the State Senate last year and is again being advanced with the backing of debt-relief advocates. Both the…
A federal judge on Tuesday blocked President Donald Trump’s administration from enforcing a series of permitting policies that wind and solar energy industry groups say have stymied the development of new energy generation projects. Chief U.S. District Judge Denise Casper in Boston issued a preliminary injunction sought by nine advocacy groups and industry trade associations that argued the administration had imposed unlawful roadblocks that have halted the development of wind and solar energy projects nationwide. The judge said the plaintiffs were likely to succeed in showing the U.S. Department of Interior and other agencies adopted a series of unlawful policies…
Marci Waterman SterlingRisk, headquartered in Woodbury, New York, promoted Marci Waterman, Esq., to deputy chief executive officer, and appointed John S. Beres as chief operating officer (COO). Waterman joined SterlingRisk in 2013 and served as COO for nearly a decade. In addition to her newly elevated role, Waterman will continue to serve as president of Sterling Analytics, which is owned by SterlingRisk. With her shift away from day-to-day operational responsibilities at SterlingRisk, Waterman will focus on continuing to transform Sterling Analytics into a technology-driven business. John Beres Beres, who has been promoted to COO, will assume responsibility for the firm’s…
He was blunter on pricing. Property and financial lines conditions were “soft or softening, with portions of the property market softening at a rapid pace,” he said, prompting Chubb to walk away from parts of its shared and layered property book in Major Accounts and E&S, and to buy more reinsurance.
Tesla Inc. saw a steep drop in vehicle registrations in California as consumers in the Golden State increasingly embrace hybrid vehicles. Tesla’s first-quarter registrations declined 24% in the state compared with the prior-year period, according to a report released Tuesday by the California New Car Dealers Association. Related: Bargain Car Hunters Drive Next Wave of US EV Sales The drop continued a broader retreat by EVs in California, where zero-emission vehicles accounted for less than 14% of all new vehicles registered during the most recent quarter. By contrast, gas-electric hybrids grew to account for about 21% of the market, according…
New York’s attorney general sued Coinbase Financial Markets COIN.O and Gemini Titan GEMI.O on Tuesday, claiming their prediction markets violate state laws against illegal gambling. In petitions filed in state court in Manhattan, Attorney General Letitia James said Coinbase and Gemini failed to obtain New York State Gaming Commission licenses to operate their markets, where people trade based on the predicted outcomes of events such as sports and elections. James said Coinbase’s and Gemini’s so-called event contracts are “quintessentially gambling” because event outcomes are outside bettors’ control or amount to games of chance. She also objected to the Manhattan-based companies…
It’s been called one of the most unusual medical malpractice cases and one that has raised questions for organ donors, organ recovery centers and their insurance carriers. Paula Denison, age 57, was taken to the emergency room at Anderson Regional Medical Center in Meridian, Mississippi, late one afternoon in 2022. She showed signs of an aneurysm, brain swelling or a stroke. She was found to be drowsy and confused but with coherent speech, according to court documents. Within a few hours, the woman was pronounced “brain dead” by a physician, then “legally dead.” Denison’s family arranged for her to be…
Casualty claims are becoming more expensive at a faster rate, but medical professional liability stands out as one casualty line where compounding factors are turning severity deterioration into a heightened risk. According to an S&P Global Market Intelligence report, written by Husain Rupawala, Tim Zawacki and Jason Woleben, medical professional liability “stands out as the most severity-pressured line in casualty insurance, with the highest figure across all lines.” While severity steps down as claims mature and paid amounts reduce outstanding balances, the authors note such “moderation in newer years” primarily reflects claim immaturity rather than genuine improvement in underlying loss…
Drought in the contiguous United States has reached record levels for this time of year, weather data shows. Meteorologists said it’s a bad sign for the upcoming wildfire season, food prices and western water issues. More than 61% of the Lower 48 states is in moderate to exceptional drought — including 97% of the Southeast and two-thirds of the West — according to the U.S. Drought Monitor. It’s the highest levels for this time of year since the drought monitor began in 2000. The National Oceanic and Atmospheric Administration’s comprehensive Palmer Drought Severity Index not only hit its highest level…