Bad Bunny had a problem. Days before the Puerto Rican mega-star was set to perform in Colombia earlier this year, the possibility of heavy rains threatened to turn three sold-out shows in Medellin into multimillion-dollar losses. Solutions were few. Traditional event cancellation insurance is rarely available so close to a performance date. Even if a policy could be secured, geography posed another challenge. The nearest official weather sensor sat a mile from the open-air venue — too far, in a tropical city with steep terrain and complex microclimates, to serve as a reliable trigger for a payout. So a transatlantic…
Author: Awais
As the data centre build-out continues to expand as an emerging field across the industry, it appears very likely that insurers, reinsurers and various organisations may turn towards catastrophe bonds to source risk capital for these facilities, according to John Seo of Fermat Capital Management LLC.During a recent webinar hosted by Fermat Capital Management, Co-Founder and Managing Director John Seo shared insights into why these high-value assets are increasingly seeking protection from the ILS market. The sheer scale of investment required for AI infrastructure is creating a concentration of risk that traditional markets may struggle to absorb. Seo addressed this…
Concerns grew on Monday that the ceasefire between the United States and Iran might collapse after the U.S. said it had seized an Iranian cargo ship that tried to run its blockade and Iran vowed to retaliate. Efforts to build a more lasting peace in the region also appeared under threat, as Iran said it would not participate in a second round of negotiations that the U.S. had hoped to kick off before the ceasefire expires. The U.S. has maintained a blockade of Iranian ports, while Iran has lifted and then reimposed its own blockade on marine traffic passing through…
Regulators across Asia are stepping up scrutiny of cybersecurity risks in their financial systems, as concerns over Anthropic PBC’s latest AI model Mythos spread. Singapore’s financial regulator is urging banks to plug holes, while South Korea’s government agencies have met to review and discuss how to respond to the risks. In Australia, authorities expect lenders to be vigilant to ensure clients aren’t put at risk by inadequate controls. The actions around the region reflect rising global concern over Mythos as regulators discuss with financial firms how they are handling the cybersecurity risks raised by the model, which has so far…
Bipartisan agreement. Lower costs for patients. Saving money for taxpayers. While it may be hard to believe, there is one issue in Washington that meets the above criteria: fixing the 340B program. Under 340B, eligible hospitals and clinics can purchase medicines at prices that can be as low as a penny. Tax-exempt hospitals are exploiting the program by marking up medicines by as much as thousands of dollars, charging patients and their insurers the marked-up price, and pocketing the difference. The program now provides a nearly $65 billion oversight-free revenue stream for hospitals, clinics and their for-profit partners. In fact,…
Inszone Insurance Services acquired Tucson, Arizona-based Benchmark Insurance Group LLC, doing business as Randall Realty & Insurance. Founded in 1973 by Larry Randall, the agency was later acquired by Frank Fletcher. The firm specializes in mobile and manufactured home insurance, homeowners, auto and Medicare services Sacramento, California-based Inszone Insurance Services is a brokerage firm offering a range of property/casualty and employee benefits services. Topics Mergers & Acquisitions Was this article valuable? Yes No Here are more articles you may enjoy. Interested in Mergers? Get automatic alerts for this topic.
The arrangement broadens APU’s ability to insure equipment central to contractor operations, including cranes, riggers, concrete pumpers and millwrights, with protection available for owned, rented and borrowed equipment. The program is underwritten by a team with a combined 50 years of inland marine experience and is backed by an A+ (Superior) rated carrier, according to Amwins’ product information.
They include a new CFO and a new board member
Crest Appoints Solis as Commercial Insurance Broker in Tempe Jesus Solis Crest Insurance Group hired Jesus Solis as a commercial insurance broker in the firm’s Tempe, Arizona, office. An Arizona native, Solis joins the team with a focus on providing comprehensive risk management and insurance services to local businesses. Solis previously managed both commercial and personal lines. Crest is headquartered in Tucson, Arizona. Storie Joins Alliant’s Pacific Northwest Benefits Team Keith Storie joined Alliant Insurance Services as senior vice president within its employee benefits group. The Washington State-based consultant joins Alliant with a background spanning ancillary carrier operations and consulting.…
Florida has the largest wind-mitigation grant program in the country, providing more than $300 million to homeowners over the last few years and resulting in insurance premium discounts for thousands of people. But it’s not enough. The program is not targeted at enough properties that would produce the most benefit for insurers, homeowners and state interests. And too many insureds and builders fail to see the return from retrofitting their homes or building stronger structures in the most hurricane-prone state. That was the word from Florida professors, actuaries and insurance interests who participated in a panel discussion at the Florida…
The idea that AI tools can help plaintiffs’ lawyers to improve finely tuned litigation strategies that ultimately drive insurance company claims payouts is not new to Carrier Management readers. Nor is the suggestion that defense firms need to try to catch up with similar ammo. But a study commissioned by the Claims and Litigation Management Alliance (CLM) and conducted by Suite 200 Solutions probes a related topic that Carrier Management reporters hadn’t thought to ask our insurance industry sources in any of our previously published articles: Who should pay to even the score? The claim and litigation executives who responded…
Three times over the past decade, the US Supreme Court has cut the Securities and Exchange Commission’s ability to extract millions of dollars from alleged wrongdoers. Critics of the commission say it’s not enough. In arguments Monday they are asking the justices to put new limits on “disgorgement,” one of the SEC’s most potent enforcement tools, designed to recoup illicit profits and return them to victims. The dispute will shape a panoply of SEC cases in which victims aren’t easy to pinpoint, from low-profile record-keeping violations to major insider trading allegations. The SEC used disgorgement to secure orders for more…
The former chief executive and chief financial officer of iLearningEngines, which provided AI-driven business automation technology, were indicted on charges they defrauded investors and lenders by fabricating “virtually all” of the now-bankrupt company’s customer relationships and revenue. Former CEO Puthugramam Chidambaran, who founded iLearningEngines in 2010, and ex-CFO Sayyed Farhan Ali Naqvi were charged in a 10-count indictment with running a continuing financial crimes enterprise, securities fraud, wire fraud, and conspiracy to commit securities fraud and wire fraud. The indictment was made public on April 17 in the Brooklyn, New York, federal court. Chidambaran, 57, was arrested in Potomac, Maryland,…
An oil spill in the Gulf of Mexico that soiled beaches, killed wildlife and sparked outrage from environmental groups was caused by a leaky pipeline owned by state oil company Petroleos Mexicanos, the company said. A government investigation determined that an undersea pipeline near the Abkatun offshore platform was the cause of the leak, Pemex Chief Executive Officer Victor Rodriguez said at a press briefing on Thursday evening. Three employees were fired as a result of the accident, he added. The amount of crude that spilled into the Gulf is still being determined, Mexico’s Science Minister Rosaura Ruiz said at…