Prasad’s planned departure, expected at the end of April, culminates a tumultuous term in which he reworked vaccine guidelines and was criticized for his office’s stance on several rare disease drugs.
Author: Awais
Mosaic Insurance, headquartered in Hamilton, Bermuda, made leadership hires to finpro lines across North America. John Soular In New York City, John Soular joined the company as senior vice president, miscellaneous professional liability. With more than 20 years of experience in professional lines and cyber underwriting, he’ll focus on managing complex risks and developing partner relationships. Soular previously worked at Liberty Mutual/Ironshore, overseeing its professional liability group. Michael Rossiter In Chicago, Illinois, Michael Rossiter has been hired as assistant vice president, financial institutions, focused on building Mosaic’s FI portfolio across the U.S. and growing its broker network. Previously, he worked…
With building pressure and stresses in private credit investment markets in the headlines, the insurance-linked securities community should remember that a closely interlinked investor base means any fallout can have ramifications for the ILS asset class as well, Brad Corbett of Shuriken Capital Management told us.Corbett, the investment committee lead at recently formed insurance-linked securities investment manager Shuriken Capital Management LLC, which is backed by insurer SafePoint, is well-known for his expertise across fixed income, including public and private credit. While Shuriken Capital Management is currently focused on the catastrophe bond market for its investments, with a plan to also…
Section 1115 waivers generally reflect priorities identified by states as well as changing priorities from one presidential administration to another. Key Biden administration 1115 initiatives included waivers addressing enrollee health-related social needs (HRSN), pre-release coverage for individuals who are incarcerated, and multi-year continuous eligibility for children. In March 2025, the Trump administration rescinded HRSN guidance issued by the Biden administration. CMS indicates this does not nullify existing HRSN 1115 approvals but going forward they will consider HRSN / SDOH requests on a case-by-case basis. In April 2025, the Trump administration announced it would be phasing out federal funding for “Designated State Health Programs” (DSHP)…
The California Department of Insurance, State Farm, Consumer Watchdog agreed on rate request from the carrier to raise homeowners rates. The interim rate of 17% will remain in place, meaning there will be no additional impact to policyholders beyond the currently approved interim rate, according to the CDI. State Farm, California’s largest homeowners insurer, got approval for a 17% rate increase following billions of dollars in losses from the L.A. wildfires and a pullback on writing new policies in the state. State Farm upped its rate request in May. The three-party settlement agreement in the rate hearing proceeding underway to…
A prominent Miami real estate developer could face years in prison after he was indicted last week on charges of leading a massive fraud scheme that allegedly diverted investor funding, deceived lenders and evaded taxes. Rishi Kapoor, 42, who until recently was head of Location Ventures and multiple other businesses, was arrested in Fort Lauderdale on Friday, according to news reports and a statement from the U.S. Attorney for southern Florida. “The indictment alleges an $85 million fraud scheme in which investor funds intended for real estate development were diverted for luxury purchases, including a 68-foot yacht,” said U.S. Attorney…
On March 5, 2026, the Delaware Supreme Court unanimously affirmed two Superior Court rulings and a final judgment in favor of Genworth and its life insurance subsidiaries. The case, originally filed on May 9, 2022, involved eight professional liability insurers across an approximately $80 million coverage tower with a $25 million self-insured retention. Four of the original defendants – Freedom Specialty, Continental Casualty, Atlantic Specialty, and Argonaut – settled with Genworth before the case reached the Supreme Court.
“The 2026 Elite Women are powerhouses; they’re adaptable, they’ve been around, and they have grown up in the industry,” says Handel.Aarons-Martin cited NAAIA’s research on the well-publicized underrepresentation in management and executive roles. “It underscores what many women already know from lived experience: talent alone doesn’t guarantee advancement. What makes a measurable difference is intentional sponsorship by industry leadership, not just at their present organization, and growing visibility as a subject matter expert and thought leader as a speaker at conferences or serving on boards.”A number of IBA’s Elite Women 2026 have taken on this mantle, not only by…
Michelle Ross NFP hired Michelle Ross as vice president, head of property/casualty broking, for its West region. Ross was previously NFP’s California broking leader. With more than three decades in the commercial insurance industry, Ross has partnered with mid-market businesses across Southern California. Most recently, she worked as a commercial lines and marketing leader at Brown & Brown. NFP is an Aon company and P/C broker and benefits consultant headquartered in New York City. Was this article valuable? Yes No Here are more articles you may enjoy. The most important insurance news,in your inbox every business day. Get the insurance…
The UK’s flood insurer of last resort says the country’s mortgage banks aren’t doing enough to prepare for the risks facing homeowners across Britain. “Their assumption is they don’t need to do anything,” Perry Thomas, chief executive of Flood Re, said in an interview. “And by not doing anything, they’re just making the problem worse.” Set up a decade ago to help vulnerable homeowners get affordable insurance, Flood Re is due to be wound down in 2039. Since its creation, however, flood losses have increased while government efforts to build protections have proved inadequate. The program, which currently has £3.2…
Airline stocks were hammered on Monday, while airfares soared as the U.S.-Israeli war with Iran sent oil prices surging, sparking fears of a deep travel slump and the potential for the widespread grounding of planes. Oil prices were trading more than 15% higher at levels not seen since 2022 – as some major producers cut supplies and fears of prolonged shipping disruptions gripped the market. At one point, Brent crude futures jumped as much as 29%. That promises to pile pressure on carriers already navigating tight airspace as travelers scramble to evade the Middle East conflict. In Asia, airlines bearing…
A ship hauling a million barrels of Saudi crude sailed through the Strait of Hormuz in recent days, one of the first large oil tankers to leave the Persian Gulf since traffic through the vital chokepoint all but halted. The Shenlong tanker, which is operated by Greece’s Dynacom Tankers Management Ltd. switched off its transponder in the Persian Gulf on March 4 while sailing toward Hormuz and began signaling near India’s coastline on Monday morning, according to ship-tracking data compiled by Bloomberg. Traders have been closely looking for any sign that ship traffic is beginning to move through Hormuz. US…
Many of Asia’s richest families are reconsidering their exposure to Dubai as the Iran war rattles the city that has attracted billions from across the region in recent years.Several consultants told Bloomberg News they are getting calls from clients seeking to delay relocation plans while others are exploring ways to reduce their investments in an area once considered safe and stable. Those who are already in Dubai are drawing up contingency plans in case the turmoil escalates. Asia investors who went to the Middle East for investment opportunities and tax advantages “are re-thinking their decisions and probably moving their money…
With implications of the ongoing conflict in the Middle East cascading across financial markets, investors are assessing how individual asset classes might be affected. Catastrophe bonds remain remote to such geopolitical events, but there are indirect financial market linkages investors should be aware of, according to specialist catastrophe bond fund manager Icosa Investments.“Recent developments in the Middle East have triggered a familiar chain reaction across global markets: falling equities, rising oil prices and renewed concerns about geopolitical risk. In times like these, investors naturally reassess how different asset classes might be affected,” Icosa Investments explained in a post on LinkedIn.…