Today's Insurance News

Automatic updating insurance news with the latest trends and ideas in the insurance industry.

Markel Reorgs Professional Liability Products
Posted on Wednesday February 05, 2025

Special insurer Markel said it is realigning its U.S. professional liability products into four pillars: management liability, errors & omissions (E&O), cyber, and financial institutions. “After careful consideration and evaluation, we believe this streamlined underwriting approach will lead to improved …

NC Governor Tests Lawmakers With Hurricane Helene Recovery Funding Request
Posted on Wednesday February 05, 2025

RALEIGH, N.C. (AP) — North Carolina Gov. Josh Stein asked state legislators Monday to roughly double their spending so far on recovery from Hurricane Helene, warning that waiting will cause more business closings, housing construction delays and students falling behind. …

DeSantis’ Budget Would Triple Funding for Wind Mitigation Grant Program
Posted on Wednesday February 05, 2025

Florida’s 2025-2026 state budget, as proposed by Gov. Ron DeSantis, would provide some $600 million for home and condominium hardening grants – almost triple what lawmakers approved for the popular programs last year. In his budget posted this week, DeSantis …

Viewpoint: Cyber Risk and AI – The Changing Landscape
Posted on Wednesday February 05, 2025

Newswise — In today’s world of interconnected computer-based information systems, cyber risk has become one of the critical risk factors impacting organizations. Indeed, several studies have shown that cyber risk (i.e., the probability of being the victim of a successful …

Markets/Coverages: MGA Rokstone Expands Portfolio Into Financial Institutions
Posted on Wednesday February 05, 2025

Rokstone, the international speciality re/insurance MGA that is part of the Aventum Group, has announced the launch of a D&O and PI combined facility for financial institutions in the UK, Europe and the Caribbean, backed by a $10 million Lloyd’s …

Australia Bans DeepSeek From Government Tech Over Security
Posted on Wednesday February 05, 2025

Australia has banned DeepSeek AI services from all government systems and devices, becoming one of the first countries to take direct action against a Chinese artificial intelligence startup that shook Silicon Valley and global markets this year. Home Affairs Minister …

UK Commits £2.65 Billion to Tackle Rising Flood Risk
Posted on Wednesday February 05, 2025

The UK will spend £2.65 billion ($3.31 billion) on flood defenses to protect homes from the growing risks posed by climate-fueled storms and rainfall, according to a government announcement on Tuesday. The investment on upgrading and repairing flood infrastructure will …

Allianz, IAG Said to Mull Bids for Top Western Australia Insurer
Posted on Wednesday February 05, 2025

Insurance firms Allianz SE and Insurance Australia Group Ltd. are among parties considering bidding for Western Australia’s top insurer, according to people familiar with the matter. Allianz and IAG are mulling the offers for the insurance arm of The Royal …

People Moves: AXA XL Hires Bakker for Environmental Post; Tokio Marine HCC Appoints Gaine Head of N.A. Distribution
Posted on Wednesday February 05, 2025

AXA XL Hires Bakker as Head of Environmental Package Solutions, Middle Market, Americas AXA XL in the Americas hired Peter Bakker as head of environmental package solutions for the middle market in the Americas. Bakker is based in New York. …

US Congress to Form Cryptocurrency Working Group
Posted on Wednesday February 05, 2025

U.S. Representative French Hill, a Republican who chairs the House Financial Services Committee, said on Tuesday lawmakers from both chambers of congress would form a working group to develop policy favoring development of digital assets. New legislation will deliver “clarity …

Weinstein Wants Mangrove to Be Big Player in Florida, Focused on Mid-Market
Posted on Wednesday February 05, 2025

Stephen Weinstein, a Harvard-trained lawyer, has spent more than two decades with Renaissance Re as chief legal officer and executive vice president. He is now turning that experience to Mangrove Property Insurance, a startup insurer based in Florida. The Demotech …

LA Wildfire Losses Seen as High as $164 Billion, UCLA Says
Posted on Wednesday February 05, 2025

Economic losses from the fires that tore through Los Angeles County in January range from $95 billion to $164 billion, according to a new report, potentially making the blazes the second-costliest natural disaster in U.S. history. The Eaton and Palisades …

Jupiter Launches $1M in Added Capacity Above FAIR Plan for California Homeowners
Posted on Wednesday February 05, 2025

Jupiter Risk Services has launched its Jupiter Private Client Excess Homeowners Insurance (XS Homeowners), a property insurance product providing up to $1 million in additional capacity above the California FAIR Plan. Features of XS Homeowners Insurance include: Available through certain …

California Food Distributor Settles for $949,000 on Small-Business Contract Violations
Posted on Wednesday February 05, 2025

The GS Foods Group Inc. in Ontario, California, agreed to pay more than $949,000 to settle allegations of False Claims Act violations related to small business contract bidding. The company was accused of improperly securing contracts designed for small businesses …

VIDEO: New York Ad Campaign Targets ‘Hidden Tax’ Driving Up Insurance Costs
Posted on Wednesday February 05, 2025

A group calling for reforms to lower insurance costs across New York has launched its first ad. The newly-formed Citizens for Affordable Rates (CAR) blames “special interests in Albany” along with “fraud and bogus lawsuits” for driving up the costs …