Net investment income, by contrast, fell 11% to $185 million, which AXIS attributed largely to lower cash returns following the loss portfolio transfer reinsurance deal struck with Enstar in the second quarter of last year. Fees from strategic capital partners rose to $23 million, from $16 million a year earlier, underscoring the group’s deepening third-party capital ties.
Author: Awais
Palomar Insurance Holdings has now successfully priced its seventh catastrophe bond sponsorship, securing $410 million of capital markets backed California earthquake and Hawaii named storm reinsurance from its new Torrey Pines Re Ltd. (Series 2026-1) issuance, Artemis can report.Palomar has now sponsored new catastrophe bonds for six years in a row, as its debut cat bond in 2017 was four years prior to the second in 2021. The insurer began its cat bond journey in 2017 with a multi-peril issuance as its first Torrey Pines Re deal, after which the next five covered earthquake risks only, focused largely on California…
A few Iran-linked vessels are making their way through the Strait of Hormuz, as the crucial waterway remains effectively closed to most international shipping amid blockades by both Tehran and the US. Just a single Iran-linked fuel tanker was observed entering the Persian Gulf on Thursday morning, with no exits for the day recorded so far, according to vessel-tracking data compiled by Bloomberg. That follows just three outbound and two inbound transits of dry cargo ships on Wednesday, most of which have ties to Tehran. Brent crude futures earlier hit a four-year high amid the supply disruption. The US and…
State Decisions on Implementation Timing, Compliance Verification, and Hardship Exceptions Implementation Timing Most states are planning to implement work requirements on January 1, 2027, as required by the law; however, three states indicated they will implement earlier. The 2025 reconciliation law requires states to implement work requirements starting January 1, 2027. States have the option to implement requirements sooner through a state plan amendment or through an approved 1115 waiver. Nebraska was the first state to announce that it would begin enforcing Medicaid work requirements early, starting May 1, 2026. Montana has indicated it will begin enforcing work requirements on…
Camp Mystic on Thursday said it has withdrawn its application for an operating license, a decision that means it will not reopen to campers this summer. The decision follows a grueling hearing earlier this week when Texas lawmakers pushed the family that runs the camp to consider if they were truly ready to reopen after 25 campers and two counselors died there during last year’s July 4 flood, along with the camp’s executive director Dick Eastland. Family members of the girls who died also spoke passionately to the camp directors in that hearing about their loss. “No administrative process or…
“We had a terrific first quarter,” said J. Patrick Gallagher, Jr., chairman and CEO. “Our results reflect the strength and consistency of our business model across the dynamic insurance and economic environment. We remain focused on organic growth, strategic mergers and acquisitions, investment in productivity and quality, and maintaining our culture. We are also seeing the benefit of deeper collaboration across our P&C brokerage, benefits, and claims teams, supported by practical applications of AI, automation, and digitization that enhance how we serve and advocate for our clients. We believe Gallagher is well positioned to continue delivering strong growth and long-term value…
A businessman accused of stealing more than $50 million from hundreds of people in upstate New York as part of a massive Ponzi scheme pleaded guilty this week to charges stemming from the fraud, according to the state attorney general. Miles “Burt” Marshall faces four to 12 years in prison after pleading guilty to second-degree grand larceny, securities fraud and first-degree scheme to defraud, according to the attorney general’s office, which secured an indictment against him last summer. Marshall, 74, prepared taxes and sold insurance in the quaint village of Hamilton, near Colgate University. For decades, he also took money…
Historically, executing decisive, effective workers’ compensation claims has been a work in… well, compensation. As in compensating for holes in data that, if available or accessible, would help deliver far more expedient, cost-effective and successful outcomes for all parties. These holes create blind spots in how carriers, third-party administrators and self-administered employers understand claimants’ injuries. And these blind spots tend to result in delayed treatment, longer duration, and higher costs. Largely, this is because workers’ compensation claims have always been defined by variability. No two injuries are identical, no two workers bring the same medical history, and no two recovery…
A Kentucky insurance agent charged with swiping premium payments from a church pleaded not guilty this week. Glen David Ramey, of Murray, Kentucky, is scheduled for a preliminary hearing in district court on May 13, the Murray Ledger and Graves County Sheriff’s Office reported. Ramey, 59, owner of David Ramey Insurance in Murray, was charged with fraud in early April. Leaders of the Yahweh Baptist Church reported some suspicions to the sheriff on March 16, after receiving a cancellation notice from an insurance carrier, local news sites reported. Investigators said the church asked Ramey to produce a run-loss report, which…
Two new products on the market could help reduce losses and property insurance claims in storm-prone parts of the Southeast and beyond, makers announced recently. Flood Risk America, based in Lake Worth, Florida, said it has expanded its flood protection lineup with three new systems: Hinged flood gates, permanent flood doors, and fabric flood barriers. The gates allow entry-point protection for properties without blocking daily access, the firm said in a news release. The doors are designed to provide watertight protection when closed, but normal access in routine use. The barriers are made of what the company calls Aqua Fabric,…
A band of severe storms bearing down on central Texas has raised concerns about flooding, with heavy rains expected near the site of last year’s deadly Fourth of July floods. An ariel view of flash flood damage along the banks of the Guadalupe River on July 11, 2025 in Kerrville, Texas. President Donald Trump and first lady Melania Trump traveled to Texas one week after flash flooding along the Guadalupe River swept through cities, mobile home parks and summer camps, killing 120 people. Ninety-six of those killed were in Kerr County, where the toll includes at least 36 children. Photographer:…
For the quarter ended March 31, 2026, net income attributable to common shareholders rose to $763 million, or $1.41 per diluted share, from $698 million, or $1.16 per share, a year earlier. Adjusted after-tax income (AATI) increased to $1.15 billion, or $2.11 per diluted share, from $702 million, or $1.17 per share, an 80% year-over-year increase per share. Core operating return on equity improved to 12.2% from 7.7%, while adjusted return on equity rose to 10.9% from 6.4%.
First quarter 2026 underwriting income in American International Group’s (AIG) General Insurance segment increased nearly 220% compared with the prior year, to $774 million. Financial results for the first three months of the year included catastrophe losses of $180 million, compared with $525 million a year ago, plus favorable net prior year development of $132 million versus $64 million in Q1 2025. The combined ratio for the General Insurance unit—which includes North America commercial, international commercial, and global personal—was 87.3 in Q1 2026 compared with 95.8 for Q1 2025. “We delivered impressive top-line growth with net premiums written increasing 24%…
Eligibility Policies The median eligibility level for children remains unchanged from prior years at 255% FPL, though the transition from separate CHIP program to a CHIP-funded Medicaid expansion among some states continued. Oregon transitioned its separate CHIP program for children to a CHIP-funded Medicaid expansion (M-CHIP). In M-CHIP states, children who are income eligible for CHIP receive all the benefits and protections associated with Medicaid; however, the child must be previously uninsured for the state to claim the enhanced federal match for CHIP. Utah also plans to convert its separate CHIP program to M-CHIP in mid-2026, which will bring the…