AXA’s 2023 Earnings Miss Forecasts on Higher Costs, Lifts Dividend 16%
France’s AXA, Europe’s second-biggest insurer, pledged on Thursday to deliver higher earnings and returns to shareholders by 2026 by growing its client base, automating processes and reducing labor costs. The new three-year plan, dubbed “Unlock the Future” — Thomas Buberl’s …
China Cargo Ship Smashes Through Bridge Sending Vehicles Into River: Reports
A cargo ship slammed into a bridge in southern China, sending several vehicles tumbling into a river. Two people died and three others were missing after the accident Thursday in Guangzhou, state-run Global Times said on X, formerly known as …
Cyber MGA Coalition Predicts Common Vulnerabilities to Increase 25% in 2024
Cyber insurance provider Coalition said it expects the total number of common vulnerabilities and exposures (CVEs) to increase by 25% in 2024 to 34,888 vulnerabilities, or roughly 2,900 per month. The insurtech’s Cyber Threat Index 2024 detailed cybersecurity trends from …
Slumping EV Prices Force Carmakers to Repay Leasing Firms
Carmakers have begun compensating leasing companies for the sliding value of used electric cars as Tesla Inc.’s price cuts rip through an industry that must sell more EVs or face hefty fines. Ayvens, the biggest multi-brand leasing firm, already has …
Russia’s LockBit Disrupted But Not Dead, Hacking Experts Warn
Two arrests. Twenty-eight servers seized. And 1,000 decryption keys obtained that can help hacking victims worldwide get their data back. The takedown announced Tuesday of the Russia-linked hacking gang LockBit, which by some estimates has been responsible for a quarter …
Georgia Sheriff’s Chief Aide Resigns After Indictment on Auto Insurance Fraud
The former chief of staff for an Atlanta-area sheriff has resigned after he was indicted on auto insurance fraud charges. Braxton Tyree Cotton, 42, top aide to Cobb County Sheriff Craig Owens, claimed in 2023 that his Chevrolet Corvette had …
Castle Key Defends 53.5% Condo Rate Hike, Blames Reinsurance, Ian, Rapid Growth
When Allstate’s Florida unit, Castle Key Indemnity Co., entered the surging condominium insurance market in 2020, it looked like it had made a smart bet: Within two years, the carrier had added no fewer than 123,000 policies. Then came reinsurance …
People Moves: Belinn Joins Alliant Insurance Services’ Employee Benefits Group
Anne Belinn joined Alliant Insurance Services as a vice president within its employee benefits group. Belinn will provide employee benefits consulting to a wide variety of clients nationwide. Belinn has over 25 years of experience in employee benefits consulting and …
ANALYSIS: Trump’s Appeal of Civil Fraud Verdict May Hinge on ‘No Victims’ Defense
Donald Trump’s planned appeal of a $355 million judgment against him in his civil fraud case may focus on the former president’s contention that there were no actual victims from his conduct at issue in the case, which was brought …
California Puts Waymo Robotaxi Expansion Application on Hold Until June 19
A California regulator has put on hold until June 19 an application by Alphabet’s Waymo to expand its robotaxi services to parts of the Los Angeles area and San Francisco’s peninsula, amid rising safety concerns over autonomous vehicles. The application …
Insurers’ LNG Support at Odds With Their Climate Ambition, Report Says
The underwriting of liquefied natural gas (LNG) capacity in the US by major global insurers is at odds with their climate ambition, according to a report from activist groups including Public Citizen and Rainforest Action Network. Chubb, American International Group …
TWIA Board Votes to Increase PML to $6.5B in 2024
The Texas Windstorm Insurance Association Board of Directors voted Tuesday to establish $6.5 billion as the association’s 1:100 probable maximum loss (PML) for the 2024 storm season, an increase of $2 billion over last year’s PML. TWIA has added more …
Michigan Department of Insurance Recovers $19.5M for Consumers in 2023
The Michigan Department of Insurance and Financial Services (DIFS) announced that the department helped recover more than $19.5 million for Michigan consumers in 2023. In addition, DIFS staff answered nearly 140,000 consumer phone calls, a single year record, and handled …
Resilience Acquires Texas-Based BreachQuest
Resilience, a risk management firm, has strategically expanded its capabilities through the acquisition of BreachQuest, an incident response technology solution. This move is set against the backdrop of an evolving digital workspace and cloud-based productivity applications, highlighting the critical challenge …
California Hillsides Are at Risk of Floods After Days of Downpours
The latest in a series of robust storms is drenching California again with rain and snow, prompting officials to warn residents to stay on high alert for floods as weakened terrain gets further tested. Some hillside communities — including affluent …
New Concerns About NC State University Building Found to Have PCBs
Concerns and controversy have continued to mount over the presence of toxic chemicals, including cancer-linked polychlorinated biphenyls, or PCBs, found in a building at North Carolina State University. The Raleigh News & Observer, Forbes magazine and other news outlets have …
Texas Car Dealership Settles Discrimination Lawsuit for $145K
An Amarillo, Texas-based car dealership will pay $145,000 and furnish other relief to settle an age and disability discrimination lawsuit filed by the U.S. Equal Employment Opportunity Commission (EEOC), the federal agency announced. According to the EEOC’s lawsuit, an employee …
Greek Ship Attacked in Red Sea by Houthis Arrives in Port of Aden With Cargo
The Greek-flagged bulker Sea Champion arrived in the southern Yemeni port of Aden on Tuesday after being attacked in the Red Sea in what appeared to have been a mistaken missile strike by the Houthi militia, sources said. Shipping risks …
President Biden Visits East Palestine, Ohio to Assess Cleanup After Train Derailment
EAST PALESTINE, Ohio (AP) — President Joe Biden on Friday surveyed the federal cleanup in East Palestine, Ohio, more than a year after an explosive fire from a derailed train carrying hazardous chemicals, and saw up close the lingering hostility …
Insurtech Cake Completes $1.3M in Pre-Seed Funding
Cake, an insurtech based in Indianapolis, has announced the completion of a $1.3 million pre-seed funding round led by venture capital company Markd. Additional sponsors included 2ndF, Iridium Bloom LLC, 101 Weston Labs, IIANC, and other industry-specific strategic partners. The …
Insurance Journal delivers the latest business news for the Property/Casualty insurance industry
Subscribe to Insurance Journal feed