Alignment is three decades in the making
Author: Awais
James Sallada (pictured above), head of casualty for North America at Willis, said securing meaningful umbrella insurance coverage has become “increasingly difficult” for US buyers. The facility, he added, brings together “global capacity to provide organizations with access to higher limits, streamlined placement, and tailored solutions.”
In response to an opinion piece from the American Hospital Association, Dr. Catherine Gaffigan, president of health solutions at Elevance, defends the company’s new facility administrative policy.
The news outlet cited multiple insurance executives with direct knowledge of the arrangements, reporting that the Dubai-based airline is paying roughly $100,000 per week in additional premiums to cover its entire fleet operating in and out of the region. By contrast, other international carriers are reportedly being quoted between $70,000 and $150,000 per individual flight landing in the Gulf.
Fred Cooper, of Westfield Specialty, joins Insurance Business TV to look at the complex risk landscape. He explains how MGAs increasingly act as innovation engines for carriers, and whether there has been a fundamental shift in the niche program space.
The U.S. Treasury Department is expected to convene in coming weeks the first of a series of meetings with domestic and international insurance regulators about recent developments in jittery private credit markets, two sources familiar with the plans told Reuters. Concerns over liquidity, transparency and lending discipline have rattled investor sentiment in the $2 trillion non-bank lending sector in recent weeks. The sources said Treasury Secretary Scott Bessent had been planning since January, however, to start regular and sustained consultations with insurance regulators in the second quarter of this year. The first of the meetings could be announced as soon…
A search for three crew members reported missing after a Thai-flagged cargo vessel was attacked in the Strait of Hormuz earlier this month failed to locate them, according to ship’s owner. Mayuree Naree, owned by Bangkok-based Precious Shipping Pcl, was struck on March 11 by Iranian projectiles while transiting the strategic waterway in ballast. Of the 23 crew members on board, 20 were rescued by the Omani navy after abandoning the vessel in a lifeboat. The other three were believed to be trapped in the engine room at the stern, where the ship was hit and a fire broke out.…
Listen to the article 4 min This audio is auto-generated. Please let us know if you have feedback. Dive Brief: Out-of-pocket premiums for Affordable Care Act plans increased 58% this year, after Congress allowed more generous subsidies for coverage to expire, according to new data from the CMS. Consumers on average are paying $65 per month — or $780 per year — more for coverage in 2026 than they were in 2025. As a result of higher premiums, many people left the exchanges entirely, or switched to cheaper coverage that comes with much higher out-of-pocket costs, the data shows. The…
US insurer Progressive expanded its aggregate excess-of-loss reinsurance protection at the start of 2026 and has also renewed a hurricane season focused shared reinsurance limit arrangement to cover losses from any storms this year.Progressive has been utilising aggregate reinsurance for a number of years and has benefitted from its protection, renewing arrangements and also accessing the capital markets for annual aggregate protection through catastrophe bonds as well. The insurer secured an upsized $125 million of aggregate catastrophe reinsurance limit from its latest catastrophe bond, the Bonanza Re Ltd. (Series 2025-1) issuance that it sponsored in December 2025. That recently sponsored…
Non-weather water losses are quietly eroding profitability for American property insurers, with one in 60 insured homes filing a water damage or freezing claim each year and average losses climbing alongside labor and materials costs. As aging housing stock, infrastructure stress and extreme temperature swings expose more vulnerabilities, traditional risk controls and pricing alone are no longer enough. Carriers that fail to get ahead of non-weather water losses risk margin compression, tougher reinsurance conversations and a growing competitive gap against peers who are already leveraging connected home technologies. This white paper, Reducing Non-Weather Water Losses Through Smart Technology, shares exclusive findings from a…
This edition of International People Moves details appointments at brokers WTW and Guy Carpenter. A summary of these new hires follows here. WTW Makes Structural and Leadership Changes to EMEA Regional Operations Insurance broker WTW announced structural and strategic changes to the EMEA regional operations of its Insurance Consulting and Technology business. In response to technological disruption and client demand, dedicated EMEA P&C and EMEA Life businesses have been established to enable deeper expertise, more consistent delivery, and to drive innovation at scale and speed, while creating a stronger platform for sustainable growth. As part of the restructure, Tim Rourke…
Pop megastar Taylor Swift was sued by a Las Vegas performer on Monday who said Swift’s latest hit album “The Life of a Showgirl” violates her trademark rights. Maren Wade said in the complaint that marketing for Swift’s album threatened to “drown out” her long-running “Confessions of a Showgirl” stage show and asked the court to block Swift from creating confusion with her album title. Spokespeople for Swift and her label Universal Music Group UMG.AS, also a defendant, did not immediately respond to a request for comment. Wade’s attorney Jaymie Parkkinen said they “have great respect for Swift’s talent and…
Humanizing a technical risk Despite widespread awareness of cyber threats, many consumers do not realize personal cyber insurance exists. “Most people have heard the term ‘cyber insurance,’ but they associate it with businesses,” she said. “Understanding that there is coverage available for individuals is often the real challenge.” Part of the difficulty lies in the technical nature of cyber risk. Conversations can quickly drift into unfamiliar territory – malware, ransomware, authentication tools – which can alienate clients. “Cyber risk is deeply technical, and many people felt uncomfortable with that,” Araujo said. “They didn’t want to talk about the technical aspects.…
The Roman Catholic Diocese of Albany, New York has agreed to pay $148 million into a fund to settle claims of clergy and employee sexual abuse in an agreement approved by the committee of sexual abuse survivors. The amount is part of the diocese’s reorganization under its bankruptcy proceedings and must still be approved by the U.S. Bankruptcy Court for the Northern District of New York and by a vote of survivors. The 126 parishes in the Roman Catholic Diocese of Albany will contribute $50 million of the $148 million, primarily from parish savings. The diocese and its affiliates will…