“Our vision is to make Marsh the most impactful professional services firm in the world,” Doyle said in a statement. “These appointments will help us accelerate growth, increase our agility, unlock additional value for our clients, and realise our vision.”
Author: Awais
“Our vision is to make Marsh the most impactful professional services firm in the world,” Doyle said in a statement. “These appointments will help us accelerate growth, increase our agility, unlock additional value for our clients, and realise our vision.”
Risk Theory, a specialty insurance platform, announced it has completed the acquisition of Roundhill Express, a specialized managing general agent (MGA) underwriting commercial habitational properties throughout New York City. Roundhill Express operates in New York City’s commercial habitational market through a proprietary online portal, offering package policies covering property and general liability for one- to 10-unit dwellings, including landlord-tenant, owner-occupied, and mixed-use properties. Its operating model spans underwriting, policy issuance, loss control, and claims administration. Roundhill Express specializes in risk classes that have faced increasing underwriting pressure as many admitted carriers have reduced exposure. Following the acquisition, Roundhill Express will…
The sound of the school nurse’s office door opening. Light reflecting off a stained-glass window. Tearful outbursts and fear of getting on the school bus. For many survivors of clergy abuse, memories like these linger for decades. A report released this week by the Rhode Island attorney general detailed decades of abuse inside the state’s Catholic Diocese of Providence, identifying 75 clergy members who sexually abused more than 300 children since 1950. The investigation drew on thousands of church records and years of interviews with victims and witnesses. Officials said the true number of victims is likely much higher. But…
Specialty insurer Beazley said it has reached an agreement to acquire kWh Analytics. Terms of the deal were not disclosed. kWh Analytics, a managing general agency, combines data with advanced analytics to deliver insurance and risk management solutions for clean energy assets in the U.S. Beazley said kWh Analytics will add scalability and enhance its capabilities in modelling, underwriting and risk management across renewable energy portfolios. San Francisco-based kWh Analytics will be part of Beazley’s MAP (Marine, Accident & Political) Risks team. “The energy transition represents one of the most significant opportunities for the specialty insurance market,” said Beazley CEO…
Global professional services firm Aon announced the first known stablecoin insurance premium payment among major global brokers. The proof of concept was backed by using trusted U.S. dollar-backed stablecoins, expanding digital asset insurance capabilities for clients, and supporting more efficient movement of funds. “Our position as a first mover in accepting stablecoin to settle insurance premiums advances our commitment to innovating on behalf of clients to better serve their needs,” said Tim Fletcher, CEO of Aon’s financial services group. “As tokenized instruments become more widely used, clients need confidence that speed and innovation do not come at the expense of…
The Florida House of Representatives Monday night gave final approval to a Senate bill that will set up a clearinghouse to help offload Citizens Property Insurance commercial policies to admitted and surplus carriers—despite lingering opposition from a number of insurance agents and brokers around the state. The bill, Senate Bill 1028, championed by Sen. Joe Gruters, was passed by a House vote of 88 to 19. Several representatives raised questions about the necessity of the bill and how it seems to be geared towards setting up a major wholesale broker to manage the clearinghouse. But the measure passed without changes.…
Policymakers around the world are readying measures to absorb surging energy and commodities prices triggered by the Middle East war that now threaten the global economy with its biggest shock since the pandemic. What were cast as dire scenarios when the conflict began have quickly become reality, with Brent crude surging Monday to almost $120 a barrel from around $72 dollars before the war with Iran started. While oil fell back below $100 after President Donald Trump indicated the war would be resolved “very soon” and said he plans to waive oil-related sanctions, it remains unclear how the conflict ends…
To coincide its 10-year anniversary, Insurify launched what it called the first ever insurance app on OpenAI’s directory, which caused the stocks of brokers to take a hit due to disruption fears. Well, that’s not exactly true. While Insuify did integrate with ChatGPT’s Open AI, and it did cause a momentary drop in S&P 500 Insurance index, the anniversary piece was coincidence, of course. Still, founder and CEO Snejina Zacharia told Insurance Journal, “Nobody would have predicted it—that what we thought was a tiny announcement would cause such an impact in the industry.” “Everyone is working or figuring out how…
Beazley, the London headquartered specialty insurance and reinsurance company, has reached an agreement to acquire kWh Analytics, a US-based renewable energy MGA, in a move that will see the firm get embedded into its MAP (Marine, Accident & Political) Risks team.kWh Analytics is a leader in insuring the energy transition, underwriting property insurance and revenue firming products for renewable energy assets, including in parametric risk transfer formats. Beazley explained that the global energy transition represents a “significant strategic growth opportunity” and that it is focused on underwriting the complex risks that will enable the transition. Considering this, the specialty re/insurer…
Under the agreement, kWh Analytics will be integrated into Beazley’s Marine, accident and political (MAP) risks division. The MGA’s chief executive, Jason Kaminsky (pictured right), will report to Tim Turner, while working as part of the insurer’s broader transition underwriting strategy led by Kelly Malynn.
Oracle Corp. and OpenAI have scrapped plans to expand a flagship artificial intelligence data center in Texas after negotiations dragged over financing and OpenAI’s changing needs. The collapsed talks created an opening for Meta Platforms Inc. to step in and consider leasing the planned expansion site in Abilene, Texas, from developer Crusoe, according to people familiar with the matter. Nvidia Corp., the leading AI chipmaker, helped facilitate Meta’s discussions with the developer, said the people, who asked not to be identified because the talks are private. The shifting plans underscore the complexity of building out AI data centers, which are…
The first call came just before Thanksgiving last year. She didn’t recognize the phone number, but she answered anyway. “The person said he was an officer of the Department of Criminal Investigations looking into drug trafficking and money laundering,” the woman recalled. He seemed to know a lot about her: the states where she and her late husband had lived; his name and occupation; and her current address in Washington County, Rhode Island. On her phone, he showed her a convincing badge and a photo ID with his name (“‘Frank’ something”), plus an article describing the supposed investigation. The woman,…
Iran’s Revolutionary Guards said on Tuesday they would not let any oil be shipped from the Middle East if U.S. and Israeli attacks continue, prompting President Donald Trump to say the U.S. would hit Iran much harder if it blocked exports. The rhetoric did little to quell a fall in crude prices and a rally in global shares that followed Trump expressing confidence in a swift end to hostilities, even after Iran showed defiance by naming Mojtaba Khamenei as its new supreme leader. Trump said on Monday the U.S. had inflicted serious damage on Iran’s military. He also predicted the…