Florida Peninsula Insurance Company is now looking to upsize on its initial target for named storm reinsurance through the Palm Re Ltd. (Series 2026-1) catastrophe bond issuance, with the firm now seeking to secure $225 million of protection while the price guidance has also been lowered, this publication can report.Florida Peninsula came back to the cat bond market in March, for what will be the company’s third sponsorship in the Palm Re series of deals, with an initial target to secure $150 million of indemnity based Florida named storm reinsurance from this offering of notes. It will become the third…
Author: Awais
Thomas Reagan (pictured above), global cyber practice leader at Marsh Risk, said the facility has “evolved into the world’s most comprehensive cyber insurance facility, offering unmatched coverage limits, diverse placement options, and innovative enhancements.”
Maersk said on Wednesday the two-week ceasefire agreed between the U.S. and Iran could open some opportunities for vessels in the Strait of Hormuz, but did not yet provide enough security certainty to resume normal operations. “At this point, we take a cautious approach, and we are not making any changes to specific services,” the Danish shipping group said in a statement to Reuters. The war that began with U.S.-Israeli strikes on Iran in February, followed by Iranian attacks across the region and the closing of the Strait of Hormuz, has brought shipping in the Gulf to a near standstill,…
Travel retailers themselves – the agencies and businesses that make, arrange, or offer planned travel – can continue to offer travel insurance to their customers, but only on behalf of and under the direction of a licensed travel insurance producer. An unlicensed retailer cannot evaluate or interpret technical terms, benefits, and conditions of travel insurance coverage, advise customers on existing coverage, or hold itself out as a licensed insurer, licensed producer, or insurance expert.
A Kimberly-Clark Corp. employee has been arrested on arson charges after a massive fire broke out Tuesday morning at a California distribution center that serves around 50 million people. The facility — located in Ontario, California, about 35 miles outside of Los Angeles — houses facial tissue and toilet paper, according to a local Fox report. The 1.2 million-square-foot facility suffered extensive damage, including a partial roof collapse, the report said. Photos from the scene showed the entire building engulfed in flames. Kimberly-Clark said in a statement to Bloomberg News that there were no reported injuries. The company’s shares fell…
Shipowners are rushing to understand the fine print of a US-Iran ceasefire that could temporarily unblock the Strait of Hormuz, potentially opening an exit for more than 800 vessels trapped in the Persian Gulf. The vital waterway has been virtually closed since US and Israeli strikes at the end of February prompted Iran to tighten its control, triggering an unprecedented energy-supply crunch. Then, hours before a deadline set by President Donald Trump ran out during the US evening on Tuesday, the two sides agreed a ceasefire in exchange for a reopening. Key details remain uncertain: Iran says it has agreed…
After almost a decade of litigation, investigations and deliberations, criminal fraud cases against reported billionaire and North Carolina insurance entrepreneur Greg Lindberg appear to finally be nearing an end. A sentencing hearing is expected in the next few months, followed by a federal judge’s decision on how much in restitution Lindberg owes—and to whom. A special master, a bankruptcy-specialist attorney appointed by the federal court in North Carolina, last week recommended that Lindberg pay just over $1.6 billion in restitution to seven insurance companies and financial firms in North Carolina and Bermuda. Those are companies that Lindberg once controlled –…
Consider the moment a major commercial building changes hands. Thousands of hours of engineering work, such as structural specifications, systems commissioning data, compliance documentation, and material certifications, are packaged and transferred to the new owner. Those files land on a server, in a cabinet, or across a set of folders. One ownership cycle passes. Then another. The files are gone. Not destroyed deliberately, but simply abandoned, scattered across drives of firms no longer involved, locked inside obsolete platforms, or surviving only in the memory of a facilities director who retired years ago. For commercial property insurers, that missing history is…
Skyrocketing fuel prices due to the Iran war are fanning the embers of transportation costs, which were already rising due to a shrinking pool of drivers in the US. Trucking operators saw diesel prices spike by almost 50% since the start of the US-Israel war against Iran at the end of February. Haulers have responded by raising the weekly per-mile fuel surcharge paid by shippers to its highest since 2022, according to Truckstop.com data. Those surcharges come on top of a months-long increase in truck-equipment rates, which are charged to move goods around the country and are higher in part…
We live in risky times. War with Iran, the ongoing conflict between Russia and Ukraine, Mexican cartels—global tensions are at an all-time high. The Department of State is advising Americans worldwide to exercise increased caution. And yet, C-suite and other executives still need to travel for business. Carrier Management spoke with Patti Clement, EVP at HUB Private Client, to find out what precautions execs should be taking. “The biggest thing is that they have to be prepared ahead of time,” Clement said. “They can’t just get on a plane. They have to be educated as to where they’re traveling to…
“I’m excited to join a firm with a strong reputation and a platform that supports growth,” said St. Marie. “Brown & Riding’s entrepreneurial culture and commitment to client service, with a clear emphasis on collaboration, accountability, and long-term relationship building, align closely with my way of doing business. I look forward to the opportunity to expand relationships, grow production, and contribute meaningfully to the firm’s continued success.”
The Victory Pioneer CAT Bond Fund is approaching a new milestone of $2 billion in assets under management, while the combined AUM of the dedicated mutual and institutional insurance-linked securities (ILS) funds managed by the Pioneer Investments team is now over $5.2 billion.These are the two mutual fund strategies with a dedicated catastrophe bond and ILS investment focus that are managed by the Pioneer Investments portfolio management team, which now fall under Victory branding since the acquisition by Victory Capital. The Pioneer Investments team also invest in ILS and reinsurance-linked assets across a range of institutional and multi-strategy funds as well,…
Higher medical costs weighed on performance
Last summer, major payers committed to pare back onerous prior authorization policies, to the skepticism of providers. Now, AHIP and the Blue Cross Blue Shield Association are providing an update on insurers’ progress.