Commercial Lines
Dislodged Ship Kept in Suez Canal as Compensation Claims Talks Continue
A ship that blocked the Suez Canal for almost a week in March has not been given clearance to leave the waterway as discussions continue over a compensation claim made to the vessel's owner Shoei ...
Watford Holdings Closes Purchase of French P/C Insurer
Bermuda-headquartered Watford Holdings Ltd. closed its purchase of Axeria IARD, a French property/casualty insurance company. Watford has acquired 100 percent of the capital stock of Axeria IARD from ...
As La Nina Fades, U.S. Gulf Coast Still Faces Robust Hurricane Risks
La Nina, the cooling of the equatorial Pacific that shifts weather patterns the world over, is fading away. But California may still be prone to dryness, and the U.S. Gulf Coast faces the risk of ...
U.S. P/C Insurers Produced 2020 Underwriting Profit Despite COVID-19 Challenges
Despite considerable operating challenges in 2020 from the global COVID-19 pandemic, U.S. property/casualty insurers saw a statutory underwriting profit for the third consecutive year, with an ...
Aon Offers Concessions to Win EU Antitrust Approval for $30B WTW Bid
Insurance broker Aon has offered concessions to gain EU antitrust approval for its $30 billion bid for rival Willis Towers Watson, a European Commission filing showed on Monday. The sector's biggest ...
March U.S. Storms Caused More than $1B in Insured Losses: Aon
An onslaught of U.S. storms and flooding in March caused as much as $2 billion in economic damage. Public and private insurers were likely to see losses surpass $1 billion, Aon plc said in its ...
Businesses Pursue More COVID-19 Lawsuits, Seeking Higher Damages
The anniversary of COVID-19 shutdown orders brought an upturn in both the number of business-interruption lawsuits against insurers and the amount of damages they are claiming. In the past month: A ...
Insurance Industry Promotes Philanthropic and COVID Relief Initiatives
The insurance industry nonprofit Insurance Industry Charitable Foundation (IICF) gave insurance industry leaders an opportunity to talk about their philanthropic initiatives at a recent media event. ...