The highly anticipated interim final rule weighs in on key issues for states hustling to operationalize work requirements before the 2027 deadline. But there’s still some gray area — and lots of critics.
Author: Awais
American Integrity Insurance Company has renewed a solid $409.1 million increase in reinsurance limit this year, helped by its latest catastrophe bond transaction, resulting in a reinsurance tower that now extends to $2.99 billion.Jon Ritchie, President of American Integrity, commented: “I am pleased to announce the successful completion of our 2026-2027 catastrophe excess of loss reinsurance program. “This year’s placement benefits from meaningful risk-adjusted rate reductions at the upper end of a US property catastrophe market that was publicly expected to be priced down 15-20% for June 1 renewals, improved terms and conditions, and an improved net retention profile.” “Due…
This edition of International People Moves details appointments at the insurers Beazley and Santam. A summary of these new hires follows here. Beazley Names Wunderlich Head of Alternative Risk Transfer in New Bermuda Office Beazley, the leading specialty insurer, announced that Stefan Wunderlich has been appointed head of Alternative Risk Transfer (ART) alongside his existing role of head of Parametric and will be relocating to Bermuda, subject to immigration approval. Stefan Wunderlich Beazley said its commitment to Bermuda has been further strengthened by the confirmation of its new office location at Ninety-One, 91 Front Street, which will open in June…
Howden Re estimates that risk-adjusted property catastrophe reinsurance rates-on-line decreased by as much as 25% on a weighted-average basis at the June 1st renewals, while the broker also highlights greatly improved appetites for lower layers of Florida towers and broader coverage terms being secured for protection buyers.All this against a backdrop of rising demand and rising risks, which the broker notes means there is a “widening dichotomy” between the softening of reinsurance prices and the elevated risks faced in the economy. The steepest reductions in property catastrophe reinsurance was seen on loss-free programmes at June 1st, with the as much…
Navium Marine, the marine-focused specialty MGA operating through The Fidelis Partnership’s (TFP’s) Pine Walk platform, announced it has partnered with the supply chain platform Overhaul, to launch a first-of-its-kind insurance solution built on real-time visibility of AI infrastructure cargo. The Helix Consortium connects Overhaul’s cargo risk management technology with the world’s leading cargo insurance market, Lloyd’s of London, where Navium, supported by capacity provided by TFP’s Syndicates 3123 and 2126, will be followed by 10 other Lloyd’s syndicates. The Consortium offers the world’s first dedicated insurance solution for AI infrastructure cargo, which has been purpose-built to protect shippers during the…
Within 24 hours of injecting the first dose of a weight loss medication she received following a visit with a telehealth doctor, Karleigh McClain was admitted to the hospital, she said. The 31-year-old compliance consultant from Hendersonville, Tennessee, said she couldn’t stop vomiting. “Sunday morning, it all hits,” McClain recalled, as she described what happened that weekend in January. “I can’t keep anything down.” McClain said she thought the dosage the telehealth company had prescribed seemed too high. She tried to contact her doctor, but when she didn’t get an immediate response, she said she called the company and a…
Eric Andersen landed a job that most insurance executives would have long considered too good to be true: leading a strong AIG. Thanks to a dramatic turnaround under his predecessor, Peter Zaffino, American International Group Inc. is no longer battling the regulatory headwinds and financial woes that tarnished the firm’s reputation earlier in the century. But as Andersen, 61, takes over as chief executive officer Monday, he faces a different challenge: a bruised corporate culture. Lauded in the industry for a hard-working ethos and attention to detail, Zaffino, 59, has also perturbed senior executives during his five-year tenure. While some…
The state claims UnitedHealthcare inflated the sickness of seniors enrolled in MassHealth managed care plans to reap at least $100 million in improper payments.
Admiral Theatre, Inc., an exotic dance club providing adult entertainment services, will pay $200,000 and furnish other relief to settle a lawsuit for sex and race discrimination and retaliation filed by the U.S. Equal Employment Opportunity Commission (EEOC), the federal agency announced. According to the EEOC’s suit, Admiral violated federal law by subjecting female entertainers to hostile and dangerous working conditions where they faced sexual harassment, including egregious physical attacks and assaults from customers, based on sex and race, as well as retaliation for complaining about it. Admiral acceded to customers’ requests for entertainers of certain races, including African Americans,…
Corpus Christi City Council is set to discuss Tuesday whether to revive a controversial and ambitious endeavor to build a desalination plant to convert seawater into drinkable water — a project the council rejected nine months ago over high costs and environmental concerns. A stubborn drought and rising demand has left the city strapped for water, but the coastal community is still divided on whether an expensive plant is worth the cost to taxpayers and the local ecosystem. Desalination removes salt and other minerals from seawater or salty groundwater, but plants are expensive to build and require lots of energy…
Firefighters responding to reports of a gas leak at a Dallas apartment complex had already arrived and were preparing to evacuate residents when the building exploded in a massive fireball, killing three people and injuring several more, the city’s fire chief said Friday. Dallas Fire-Rescue Chief Justin Ball said the first group of four firefighters arrived within two minutes of the call reporting the gas leak on Thursday. “Right before they were going to enter and evacuate, it exploded,” Ball said. Firefighters had been on scene for about 10 minutes, conducting necessary safety protocols that include blocking off the street,…
Pharmacists Mutual Insurance Group announced the appointment of Felix Gallagher, PharmD, as Chair of its Board of Directors. Gallagher succeeds Sue Sutter, who has served as Board Chair since 2024 and concludes 21 years of service on the Board. Gallagher has been a member of the Board of Directors since 2021 and brings extensive experience in community pharmacy management and workforce solutions. A 2000 graduate of Drake University College of Pharmacy and Health Sciences, he is the President and owner of PharmServ Solutions, a company specializing in pharmacist placements across the Midwest. Gallagher will lead the Board in supporting Pharmacists…
The European Commission may propose leaving the G7 price cap on Russian crude unchanged at its July review, in an effort to curb Moscow’s windfall from the Iran war and the ensuing oil price shock, EU diplomats said on Monday. The Commission floated this idea in meetings with European Union envoys over the weekend as a possible element in its forthcoming 21st package of sanctions against Russia for its war in Ukraine. The Group of Seven nations and allies, with the exception of the U.S., agreed to set a moving price cap last year to make it more effective. The…
HCI Group, Inc., the insurance holding company, has completed its catastrophe reinsurance programs for the 2026-2027 treaty year, securing a meaningful $4.06 billion in aggregate excess of loss (XoL) limit for the period, marking a 16% increase from the prior treaty year.Over the last couple of years, HCI Group has been growing steadily, both through expansion in its home state of Florida, as well as in broadening its multi-state underwriting reach. A year ago, HCI renewed its catastrophe reinsurance programs for the 2025-2026 treaty year with total aggregate limit of $3.5 billion. Now, for the 2026-2027 treaty year running from June…