Aspen Capital Markets, the third-party, ILS and alternative reinsurance capital management unit that now falls under Sompo after its acquisition of Aspen, grew its assets under management AUM to a new high of almost $2.73 billion in 2025, representing 23% growth over the year.At the same time, the Aspen Capital Markets team and their insurance-linked strategies, where they partner with third-party investors to share returns of the underwriting undertaken by Aspen, also earned meaningfully more in fee income over the course of 2025. In fact, fee income for the full-year reached $194.4 million, up by 15% from full-year 2024’s fee…
Author: Awais
Many Americans face significant challenges affording their medications, including adults who take more medications or have lower incomes. KFF polling shows these challenges have grown more acute over the years. While about two-thirds (65%) of adults overall say it is “very” or “somewhat” easy to afford their prescription drug costs, affordability is a bigger issue for those who are currently taking four or more prescription medicines. Nearly four in ten (37%) of those taking four or more prescription drugs say they have difficulty affording their prescriptions, compared with one in five (18%) adults who currently take three or fewer prescription…
Marsh announced Ted Moynihan will become president and CEO of Marsh Management Consulting and Oliver Wyman, effective April 1. He will succeed Nick Studer, who earlier this month was appointed president and CEO of Marsh Risk. Moynihan will serve on the company’s executive committee and report to John Doyle, president and CEO of Marsh. He will continue to be based in London. Related: Studer to Become CEO of Marsh Risk, South Moves to Chief Client Officer of Marsh Moynihan’s career at Oliver Wyman spans 30 years. He has held multiple senior leadership roles, including most recently as the firm’s global…
“By preventing contracts from requiring providers to insure public entities for the public entities’ own negligence and by capping certain legal risks, the bill makes liability more predictable and insurance coverage more attainable and affordable, reducing the likelihood that crushing judgments or skyrocketing premiums will force providers to exit the system,” Damien Zillas, senior corporate counsel for the Nonprofits Insurance Alliance, said in a statement.
Wars, including a widening conflict in the Middle East, are heightening risks for aviation as flight corridors are squeezed and drones become more widespread, Europe’s top aviation safety regulator told Reuters. The month-old Iran war is reshaping airspace across the Middle East and increasing disruption to flights, including clogging routes between Asia and Europe that previously transited or flew over the region. On top of the prolonged Russia-Ukraine conflict and fighting between Pakistan and Afghanistan, that has forced airlines into ever tighter corridors, notably over Azerbaijan and central Asia. “It’s clear that concentrating traffic on certain routes, the availability of…
Mollica will set strategic direction for the dental unit across its Medicaid, Commercial and Medicare Advantage segments, as well as affiliated Advantage Dental+ practices. He will also lead go-to-market strategies for all businesses and products, including vision insurance, which currently serve approximately 32 million people nationwide.
Samantha Liss and Rachana Pradhan States are paying contractors such as Deloitte, Accenture, and Optum millions of dollars to help them comply with the One Big Beautiful Bill Act — a law that will strip safety-net health and food benefits from millions. State governments rely on such companies to design and operate computer systems that assess whether low-income people qualify for Medicaid or food aid through the Supplemental Nutrition Assistance Program, commonly referred to as food stamps. Those state systems have a history of errors that can cut off benefits to eligible people, a KFF Health News investigation showed. These…
A sightseeing company’s helicopter crashed near a remote beach off the coast of the Hawaiian island of Kauai, killing three people and injuring two others, authorities said. It was the latest in a series of fatal crashes that has plagued the industry for decades. The helicopter was carrying one pilot and four passengers when it crashed Thursday afternoon just off Kalalau Beach, the Kauai Fire Department said. The beach is on the Na Pali Coast on Kauai’s North Shore, an area that is otherwise reachable only by hiking or boat. The area’s geography of tall seaside cliffs and sharp mountain…
Shippers remain doubtful of a wholesale return to the Strait of Hormuz while it remains beset by conflict, throwing cold wateron a Trump administration plan for US-backed insurance and naval escorts to clear passage through the vital waterway. “This is currently an unmanageable risk,” said Bob McNally, president of Rapidan Energy Group, a Washington-based consultant firm. “Insurance rates will fall — and the willingness of commercial operators to insure and send cargoes through the Strait will rise — only after Iran’s military capabilities are degraded.” Even so, US government officials remain publicly bullish about the prospect for an increase in…
New York City sued ridehail app Empower and founder Joshua Sear, claiming the company has been operating unlawfully without a license the past few years even as the service gained popularity by offering cheap fares to customers. Empower has violated local laws by failing to apply for relevant licenses since it began operating in the city in 2022, New York said in a lawsuit filed Friday in state court. The city said it seeks to permanently ban the “unlawful” ridehail service. “New York City will not tolerate companies that flout the law while putting drivers, passengers, and the public at…
Tower Hill Insurance Exchange is back in the catastrophe bond market looking to expand its capital markets backed reinsurance, with an initial target to secure $225 million of protection from a Winston Re Ltd. (Series 2026-1) issuance, the first from the sponsor to feature a third event cover, Artemis can report.Tower Hill Insurance Exchange is a Florida homeowners and commercial property insurance underwriter and back in 2024 it secured $400 million of reinsurance from its debut Winston Re 2024-1 catastrophe bond, following that up with a $175 million Winston Re Ltd. (Series 2025-1) cat bond sponsorship in 2025. So it…
Los Angeles’ water and power utility is tapping the municipal bond market with its first offering since a judge ruled last month that the utility must face hundreds of lawsuits faulting its response to the devastating 2025 Palisades Fire. The Los Angeles Department of Water and Power — the largest municipal electric utility in the US — plans to sell $400 million in power revenue bonds this week. The borrowing comes during a quiet stretch for issuance otherwise, with only about $6.4 billion of muni deals scheduled in the period, according to JPMorgan Chase & Co. Concerns about the utility’s…
It has taken more time than expected but leaders of a startup Florida insurance reciprocal believe they’re just weeks away from writing their first policies—and all without the assistance of takeouts from the state-created property insurer. “It has taken a little longer, and it was the fundraising cycle. We could have shortened it, but we wanted to be patient to bring in patient capital,” said Subhashish Dutta, the CEO of Sypher Insurance, which was granted an operating permit this month by the Florida Office of Insurance Regulation. That’s one step short of a certificate of authority, which Dutta expects to…
The Zurich American policy included a “Limitation of Coverage to Designated Premises, Project or Operations” endorsement, which restricts coverage to bodily injury that occurs at a scheduled location or arises out of a scheduled project. Separately, a “Construction Operations Exclusion” endorsement bars coverage for injuries arising out of construction work, defined in the policy to include “the construction, renovation, rehabilitation, demolition, excavation, roofing, structural façade work or remediation of any building, property or structure.”