WTW reported net Income for the fourth quarter of 2024 of $1.25 billion, compared to net income of $623 million in the same period in 2023. However, the broker saw a net loss for the year of $88 million, compared …

Specialty insurance provider Ryan Specialty reported it has completed the acquisition of Velocity Risk Underwriters, LLC from funds managed by Oaktree Capital Management, L.P. Based in Nashville, Tennessee, Velocity is a managing general underwriter (MGU) providing first-party insurance coverage for …

Treasury Secretary Scott Bessent is now the acting head of the US Consumer Financial Protection Bureau, signaling a potential shift away from the aggressive enforcement and regulatory approach under Rohit Chopra. It comes after Chopra was fired by the Trump …

Liberian-flagged crude oil tanker Chrysalis, which was attacked by Yemen’s Houthis last year, sailed through the Red Sea this week, the Suez Canal said on Monday, in one of the first voyages since the militia announced a halt in attacks …

Generali to remain in charge of decisions over how to allocate its own clients’ savings under the asset management deal with France’s BPCE, the insurer said, addressing concerns raised by Italy’s government and two leading investors. In a bid to …

China on Tuesday imposed tariffs on some U.S. imports in a swift response to new U.S. duties on Chinese goods, raising the stakes in a showdown between the world’s top two economies even as President Donald Trump offered reprieves to …

The growing adoption of data-driven underwriting and predictive analytics has given delegated underwriting authority enterprises (DUAEs) a competitive advantage within the insurance industry, with technology serving as a cornerstone for many of these operations. An AM Best survey of its …

The number of securities class action filings increased for the second consecutive year in 2024, with artificial intelligence (AI)-related filings more than doubling from the previous year, according to a new report released today by Cornerstone Research and the Stanford …

Artificial intelligence, cyberattacks or outages, and extreme weather events are the risks partners at global insurance law firm Kennedys perceive will have the biggest impacts on their markets in the next year, according to a new risk forecast. The firm’s …

Aspire named Isaac Adams vice president of product. Adams most recently served as Aspire’s chief marketing officer. He previously served as vice president of data science at The Hartford. He also ran his own agency, Isaac Adams Agency, a Farmers …

A New Jersey man has been sentenced to 57 months in prison for his role in a conspiracy to receive, retitle, and “re-VIN” stolen vehicles. According to Acting U.S. Attorney Vikas Khanna, Nathaniel Bell of Linden pleaded guilty in federal …

An insurance company says it is not obligated to defend or indemnify the owners and managers of a Memphis apartment complex who are facing a $30 million wrongful death lawsuit stemming from the fatal shooting of a 14-year old boy …

Weeks after wildfires that killed at least 29 people and destroyed entire neighborhoods, Southern California is facing another extreme-weather threat: Too much rain. After drenching the northern part of the state, a massive Pacific storm will start to move south …

A Connecticut man has been arrested and charged with insurance fraud for allegedly running a scam involving filing fraudulent insurance claims for iPhones. Connecticut State Police said its investigation linked Esmaylin Delacruz of Milford to at least $50,000 in value …

North Carolina officials charged with leading recovery efforts in western North Carolina after Hurricane Helene — as well as parts of eastern North Carolina still struggling from previous hurricanes — told state lawmakers last week that they need more money. …

State Farm General said on Monday it is asking the California Department of Insurance to immediately approve interim rate increases, including 22% average for homeowners. The carrier, the state’s top homeowners insurer, is partly blaming the devastating Los Angeles wildfires …

A pressurized oxygen chamber exploded Friday, killing a 5-year-old patient and injuring his mother at a suburban Detroit medical facility. The hyperbaric chamber explosion occurred about 8 a.m. at the Oxford Center in Troy, north of Detroit. The child, from …

TXSE Group Inc., parent company of the proposed Texas Stock Exchange, closed its initial fundraising round at $161 million and said the TXSE has filed for registration as a bourse with the US Securities and Exchange Commission. If the registration …

Louisiana parish officials who threatened to arrest and imprison an environmental activist as she attempted to speak during a public meeting did not violate her right to freedom of speech, a unanimous civil jury ruled Wednesday. Joy Banner had sought …

A group of victims of the New Orleans New Year’s Day terror attack have filed suit against city officials and contractors, saying they failed to protect revelers from a “preventable” truck ramming incident that killed 14 people and injured dozens. …