Commercial Lines
Commercial Insurance Reserve Charge, Hurricanes Drive $1.7B Loss for AIG’s Third Quarter
Highlighting the development as a "noteworthy item" in an earnings announcement Thursday night, American International Group reported prior-year loss reserve strengthening of $836 million before ...
Property Insurance Industry ‘Feeling the Pressure’ from Cyber Risk, Advisen Panelists Say
Property underwriters are feeling the pressure as cyber has become an increasing source of risk within the property insurance industry, according to panelists at Advisen's 2017 Cyber Risk Insights ...
Berkshire Hathaway Likely to Report Big Q3 Claims Costs—and Reduced Insurance ‘Float’
The insurance business has been good to Warren Buffett. For decades, his stable of carriers at Berkshire Hathaway Inc. have provided him billions of dollars to invest. They've also turned an ...
Exxon Will Fork Over $300M to Settle U.S. Air Pollution Violations
Mobil Corp. agreed to pay more than $300 million to resolve air pollution violations tied to eight chemical plants in Texas and Louisiana, one of a pair of environmental settlements with oil ...
Possible Brexit Casualty: 75,000 UK Insurance and Banking Jobs
Sam Woods, Britain's top banking regulator, said a consultancy's estimate that Brexit could cause as many as 75,000 job losses in banking and insurance is "plausible" if the U.K. leaves the European ...
Calif. Wildfire Insured Losses at $3.3B and Rising: Regulator
Wildfires in California have caused insured losses of more than $3.3 billion, based on claims reported by 15 insurers, and the figure will rise, the California Department of Insurance said on ...
Aspen Launches $160M Cost-Saving Program After Money-Losing Q3; Job Cuts Likely
Aspen Insurance Holdings Ltd. said it will launch a program to boost operating efficiencies and save $160 million over three years. An unknown number of job cuts are also likely. Aspen spokesperson ...
Warranty Analytics Startup WePredict Raises $4M; Munich Re Is Lead Backer
Analytics startup WePredict raised $4 million in a funding round led by Munich Re's venture capital arm HSB Ventures. Munich Re is also teaming with the company as it launches its first auto ...