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More Firms Turning to Insurance Captives in Tightening Market: Marsh

More organizations are using captives for insurance protection and financial flexibility in response to today’s risk and insurance landscape. In its 2020 captive report, insurance broker Marsh says that that tightening global insurance market conditions throughout 2019 led to higher … Source: Insurance News

Next Insurance Attracts $250M in New Financing; Its $631M to Date Beats Lemonade

24Septemberadmin

Next Insurance secured another $250 million in financing designed to fuel continued national expansion of its digital small business insurance offerings. CapitalG, Alphabet/Google’s independent growth fund, led the Series D round. But existing investor Munich Re Group also participated in … Source: Insurance News

House Votes to Extend Flood Insurance Program 1 Year; Senate Yet to Vote

23Septemberadmin

The House of Representatives yesterday extended the National Flood Insurance Program until Sept. 30, 2021 as part of a measure to fund the federal government through December 11. The flood insurance program is currently set to expire in a week … Source: Insurance News

MMG Insurance Company Hires McPherson as Senior Vice President of Operations

23Septemberadmin

MMG Insurance Company has hired David McPherson as senior vice president of operations, effective September 1, 2020. McPherson will work closely with Matt McHatten, current executive vice president and chief operating officer, to transition into his role. This new position … Source: Insurance News

The Hilb Group Acquires Connecticut’s Ganim Group

23Septemberadmin

The Hilb Group LLC (THG) has acquired Connecticut-based Ganim Group Inc. (Ganim Benefits) from Ganim Financial Inc. The transaction became effective on September 1, 2020. The Ganim Benefits team, including Valerie Koch, will join THG of New England and continue … Source: Insurance News

UK Seeks to Reform How Motor, Home Insurers Treat Loyal Customers

22Septemberadmin

The Financial Conduct Authority has set its sights on revamping the UK motor and home insurance marketplace to help customers, especially loyal policyholders, save money. The FCA is proposing reforms of these markets that it says will “enhance competition, ensure … Source: Insurance News

2 Cruise Lines Submit 74 Safety Steps to Convince CDC to Lift No-Sail Order

22Septemberadmin

A panel set up by Royal Caribbean Group and Norwegian Cruise Line Holdings Ltd. said on Monday it had submitted a report to the U.S. Centers for Disease Control and Prevention (CDC) detailing health and safety protocols, hoping to set … Source: Insurance News

COVID-19 Vaccine Makers Expect EU Liability Shield for Unexpected Side-Effects

22Septemberadmin

Vaccine makers will be indemnified in Europe if their COVID-19 shots cause unexpected side-effects, an industry official said on Tuesday, as nearly 40 firms pursue talks on possible authorisation for shots in development. The European Commission has confidential liability clauses … Source: Insurance News

Fed Leader Says ‘Pernicious’ Effects of Redlining Against Blacks Still Persist

21Septemberadmin

The “pernicious and persistent” impact of long-outlawed policies like “redlining” Blacks out of white neighborhoods continues to influence the ability of minority families to amass wealth, and requires a deeper look at how those longstanding problems might be addressed, Atlanta … Source: Insurance News

FCA to Insurer CEOs: Don’t Delay in Paying Valid COVID Business Interruption Claims

21Septemberadmin

In a follow-up to the High Court’s ruling on coronavirus-related business interruption claims by businesses, the UK’s Financial Conduct Authority (FCA) is advising insurers that they must pay all valid claims “in full at the earliest possible date to support … Source: Insurance News