The Lloyd’s of London insurance market will continue to provide cover for vessels traveling through the Strait of Hormuz even as shipowners avoid the area, according to chief executive officer Patrick Tiernan. Shippers seeking insurance for tankers going through the strait “is pretty rare at the moment because people are focused on safety and security,” Tiernan told Bloomberg Television in an interview on Thursday. Shipping through the Strait of Hormuz — which carries about a fifth of global oil flows, as well as gas, fertilizer and other products — has effectively ground to a halt since the US and Israel…
Author: Awais
Trident Marine Managers, a Ryan Specialty managing general underwriter, announced the appointment of Karolina Krol as Chief Operating Officer, effective immediately. Trident offers specialty marine and offshore energy insurance solutions and is part of Ryan Specialty Underwriting Managers, the underwriting management division of Ryan Specialty. Krol has over 20 years of insurance industry experience. In this role, Krol will oversee Trident’s day-to-day operations, operational strategy, and cross-functional alignment to ensure that its execution remains disciplined, efficient, and tightly aligned with its long-term vision. Trident is a Houston-based specialty marine and offshore energy MGU dedicated to serving the insurance needs of…
The Brookings Institution’s Hamilton Project has released a proposal for a federal reinsurance backstop called US Re to leverage federal borrowing capacity and stabilize the country’s homeowners insurance market. “Properly constructed, US Re could improve resilience while maintaining the benefits of market incentives,” authors of the plan from the think tank said. While the idea of a federal reinsurance backstop is “well-intentioned,” Dave Snyder, vice president for policy, research, and international for the American Property Casualty Insurance Association, said it raises “serious questions.” “The federal backstop being proposed does not address the real drivers of affordability challenges, including growing risk,…
A 7-ton meteor that sped across the Cleveland sky at 45,000 miles (72,420 kilometers) per hour on Tuesday before breaking apart in a thunderous boom startled residents who feared an explosion. People several states away reported seeing the bright fireball even though it was 9 a.m. The American Meteor Society said it received reports from Wisconsin to Maryland. NASA later confirmed that it was a meteor nearly 6 feet (1.83 meters) in diameter. “This one really does look like it’s a fireball, which means it’s a meteorite — a small asteroid,” said astronomer Carl Hergenrother, the group’s executive director. “So…
MEMIC Promotes Jarrard and Roberts to Territory Manager Roles Sunny Jarrard The MEMIC Group, headquartered in Portland, Maine, promoted Sunny Jarrard to territory manager for its Southeast Region and Benjamin Roberts to territory manager for its Northeast Region. Jarrard will guide MEMIC’s business across Virginia, Maryland, D.C., and Delaware, while also supporting the company’s portfolio in Tennessee. She will continue to lead MEMIC’s loss sensitive business, helping advance strategic initiatives and ensuring profitable growth across key markets. Jarrard joined MEMIC in 2021 as a loss sensitive underwriter and was later promoted to loss sensitive segment leader. Benjamin Roberts Roberts will…
The launch of Hiscox Capital Partners, which brings together under a single structure all the capital partnership activity that Hiscox Re has managed for nearly two decades, represents a natural evolution for Hiscox, as it allows the firm to go to market with a broader, more coherent proposition that meets capital partners where they are, according to Liz Breeze, Head of Hiscox Capital Partners.We recently spoke to Breeze about a number of different topics, such as why now was the right time for the rebranding, and how Hiscox Capital Partners can provide institutional investors with better access to the insurance-linked…
March 19, 2026 Insurance agents advising small business clients frequently face a foundational coverage question: Should this client purchase General Liability insurance or a Business Owners Policy (BOP)? General Liability insurance covers third-party bodily injury, property damage, and advertising injury claims. A Business Owners Policy includes that same liability coverage plus commercial property and business interruption protection. For many small businesses, agents begin with General Liability because it satisfies lease and contract insurance requirements. However, once a business acquires equipment, inventory, or a physical location, agents often recommend a Business Owners Policy to address property damage and operational downtime risks. Understanding when each policy structure makes sense allows agents to close…
Following the expiration of the enhanced premium tax credits for people with Affordable Care Act (ACA) Marketplace plans, a new KFF follow-up survey of the same Marketplace enrollees KFF surveyed in 2025 finds half (51%) of returning enrollees say their health care costs are “a lot higher” this year compared to last year, including four in 10 who specifically say their premiums are “a lot higher.” In all, a large majority (80%) of these enrollees say their health care costs, which can include premiums, deductibles, co-pays, or coinsurance, are higher. This new survey, which was fielded about a month after…
With premiums up 28% since 2017 and carriers fleeing high-risk states, three economists argue the private reinsurance market has reached its limits
The suit, filed March 17, 2026, in the United States District Court for the Southern District of New York, was brought by 1970 Group, Inc., a collateral funding provider, against ACE American Insurance Company, part of the Chubb group of insurance companies. The case centers on what the filing describes as an “unjust collateral grab” tied to the insurance program of a now-defunct New York construction company.
The home of the world’s highest-flying social media companies is considering a measure to clip their wings. A bipartisan bill in California would establish a minimum age requirement for social media accounts, curtailing the access of minors to platforms such as TikTok, Alphabet Inc.’s YouTube and Meta Platforms Inc.’s Instagram. The bill’s author, Assemblymember Josh Lowenthal, says he’s looking to bar anyone under 16. The proposed rules — which would rank among the toughest in the world — are setting up a clash between prominent Democrats and some of Silicon Valley’s most powerful companies. Governor Gavin Newsom, a potential presidential…
Most people who get their health coverage through the Affordable Care Act say they face sharply higher costs, with many worried they will have to pare back other expenses to cover them, according to a poll released Thursday. Some are uncertain whether they will be able to continue paying their premiums all year. Still, 69% of those enrolled last year signed up again this year, often for less generous coverage. About 9% said they had to forgo insurance, according to the survey by KFF, a health information nonprofit that includes KFF Health News. The KFF poll revisited the people who…
An employee has been awarded workers’ compensation benefits after being injured when performing a “common courtesy” even though her employer maintains what she did was outside the course and scope of her employment. The Virginia Workers’ Compensation Commission (VWCC) has affirmed benefits for an Abbott Laboratories employee who suffered a cervical spine injury at the company’s national sales conference when she attempted to move her manager’s heavy backpack to another table where she and her team colleagues were sitting. The VWCC agreed with a deputy commissioner that the claimant’s attempt to move her manager’s (also named Abbott) backpack to their…
The number of companies suing for tariff refunds has spiked in recent weeks, a sign that many importers aren’t confident yet in the Trump administration’s plans to create a claims process after the US Supreme Court struck down the president’s trade policies. Nearly 1,000 new cases were filed in a US trade court since March 1, according to a Bloomberg News review of publicly available records. That’s roughly a third of the more than 3,000 tariff lawsuits brought over the past year. Customs officials have told a judge that they’re building a new system to handle repayment demands after he…