Willis, a WTW business, announced the expansion of its international property facility, now able to offer up to US$60 million of follow capacity per placement. The facility’s expanded lead panel of Lloyd’s syndicates is able to quote competitively across a range of primary and excess layers. The automatic follow capacity, which is supported by Willis’ algorithmic digital platform Neuron, has also expanded with new markets. The territories are specifically focused internationally, covering Europe, Asia, Australia, New Zealand, South Africa, Latin America, the Caribbean and Canada, with appetite for risks such as airports, leisure and hospitality, industrial sites, infrastructure, manufacturing, retail,…
Author: Awais
While the hard market in property insurance and reinsurance has ended and the direction of travel for rates is generally down, Ian Beaton CEO of global specialty re/insurer Ark said he still feels there is rate adequacy this year and maybe into next. But, given the investor interest in casualty ILS, he was less certain on the outlook for those longer-tailed lines.Beaton was speaking at the White Mountains investor day last Friday and provided an overview of the Ark insurance and reinsurance business and the market conditions it is facing. On the property segment and property catastrophe risks, Beaton explained,…
City leaders said the regulation risks undermining the Affordable Care Act exchanges and adding new costs for local governments. Now, they’re suing to overturn the rule.
CorVel announced that Sarah Scott will be appointed CEO and President, effective July 1, 2026, succeeding Michael G. Combs, who will transition to the role of Executive Chair. Mr. Combs has served as President since 2017 and CEO since 2019, leading the company through significant growth and strategic development. As Executive Chair, Mr. Combs will, among other things, advise and support Ms. Scott during the leadership transition and continue to advance the company’s long-term vision and strategic priorities. Ms. Scott has served CorVel for more than 26 years and currently is the Executive Vice President, Product and Corporate Services. During…
Editorial Note: This brief expands and updates a prior KFF analysis on the impact of Title X and Medicaid funding on Planned Parenthood. Planned Parenthood clinics comprise a substantial portion of the nation’s reproductive health safety net. In recent years, actions across multiple branches of government—including federal agencies, Congress, the courts, and state governments—have placed considerable financial pressure on the organization, with implications for patient access to care. This pressure has primarily focused on the two main sources of public funding for these clinics: the federal Title X family planning program and Medicaid. This brief focuses on the status of these efforts as they…
US companies are spending more on LGBTQ causes and Pride Month events this June, a notable turnaround after years of retreat and anti-DEI backlash. Mastercard Inc. is increasing spending, including paying for about 100 employees and executives to march in Pride events this year. American Eagle Outfitters Inc. is among companies boosting contributions to lesbian, gay, bisexual, transgender and queer causes. Levi Strauss & Co., which is donating $100,000 to human rights group Outright International, is paying homage to queer motorcycle clubs with a collection of muscle tees and trucker jackets. Pride events from Milwaukee to Lexington, Kentucky, are also…
Analysts at insurance rating firm AM Best said there are “warning signs” for the directors & offers liability market, leading to shrinking underwriting margins and a tighter environment for buyers in 2026. In a new report, AM Best said 2025 marked the fourth straight year of premium decline in the D&O liability line. Nevertheless, insurers have generated favorable direct underwriting results the last few years while insureds have enjoyed competitive renewal terms and new offerings in a market that has maintained abundant capacity. However, in 2025 premium decreases were lower on average at renewal, with some seeing flat or slightly…
Miami’s mayor is moving to forcibly acquire 10 acres of land on Fisher Island, one of the priciest ZIP codes in the US, from real estate developers who want to replace a maritime fuel facility with swanky new condominiums. The site is home to the Port of Miami’s fuel depot, a vital piece of infrastructure for the bustling cargo and cruise hub. The depot’s previous owners sold the parcel last year for about $180 million to a group of developers including Jorge Perez, widely known as Miami’s “condo king.” The group had planned to remove the depot and replace it…
Thailand’s consumer watchdog has approved the filing of a civil lawsuit against the local unit of Volvo Cars and its repair and maintenance unit, Scandinavian Auto Co. Ltd, over battery-related fires in its EX30 model, Pradoemchai Bunchualuai, an adviser to the minister who chairs the watchdog, told Reuters by phone on Friday. The legal move comes after a meeting in Bangkok last month between Volvo Cars, the consumer protection board and customers failed to reach an agreement. The Office of the Consumer Protection Board will act as a plaintiff for 550 complaints and will file each suit individually, Pradoemchai said.…
A Los Angeles jury has awarded $176 million to the parents of two young brothers killed in a hit-and-run collision when a California socialite’s car struck them in a crosswalk nearly six years ago. The jury found both Rebecca Grossman and Scott Erickson, a former Los Angeles Dodgers pitcher, negligent in the deaths of 11-year-old Mark Iskander and 8-year-old Jacob Iskander. The damages awarded Wednesday were for wrongful death and emotional distress. The trial judge will ultimately determine how much each defendant has to pay. Court resumed Friday as jurors must still decide whether to award punitive damages to the…
Price guidance has been lowered again for the latest catastrophe bond for the Massachusetts Property Insurance Underwriting Association (MPIUA), with the range of spreads on offer reduced a second time for both tranches of the $150 million Mayflower Re Ltd. (Series 2026-1) issuance, Artemis understands.The Massachusetts Property Insurance Underwriting Association (MPIUA), a residual market property insurance association or FAIR Plan for the Commonwealth of Massachusetts, came back to the catastrophe bond market in May with what will become the seventh cat bond issuance it has sponsored. Then, we reported last Friday that while the target size for this new Mayflower…
Investors are underestimating the pace of the energy transition, putting both financial returns and climate goals at risk, according to Legal & General Group Plc. In a report published Monday, the UK insurer and asset manager warned against what it describes as a widespread but mistaken belief that the shift to a low-carbon economy has stalled. After updating the assumptions behind its climate scenarios, L&G concluded that “while there are undoubtedly some headwinds,” its analysis shows “the direction is clear: The global economy will decarbonize.” “There has been this market narrative developing in the background that essentially the energy transition…
President Donald Trump said he would marshal hundreds of millions of US taxpayer dollars behind his bid to revitalize the coal industry in America, steering funds to build new power plants, sustain existing operations and construct an export terminal in California. The announcement — which includes some $500 million made available under the Cold War-era Defense Production Act — marks Trump’s latest move to bolster mining and coal-fired electricity over the objections of environmentalists who say it warms the planet and worsens air quality. Bloomberg News reported earlier on the expected move. “Today, we’re taking historic action to bring down…
The Houthis, an Iran-backed militant group that controls much of Yemen, declared a ban on Israeli ships in the Red Sea, threatening a key bypass route to the Strait of Hormuz. “We declare a complete and total ban on Israeli maritime navigation,” the group said Monday in a statement. “We consider all enemy movements to be legitimate military targets for our armed forces.” The move comes as the Iran war drags into a fourth month and hostilities flare across the region, threatening to derail a fragile truce and complicate negotiations toward a peace deal. The conflict has led to the…