Industry News
RenRe Completes $3.3 Billion Acquisition of Validus Re From AIG
RenaissanceRe Holdings Ltd. announced it has concluded its acquisition of Validus Re, the treaty reinsurance business of American International Group. AIG received total consideration of $3.3 billion ...
Tech Bytes: New Partnerships at ZestyAI, WTW, Driver Technologies
Climate and property analytics provider ZestyAI's Z-FIRE wildfire risk analytics product is going to be used by the California FAIR Plan Association, the state's property insurer of last resort, to ...
A market conduct examination is a formal review by a state insurance department of how an insurer operates in the...
Progressive in a Better Place With Reserve Boosts Done, CEO Says
Shoring up loss reserves and adding "the premium equivalent" of a top 8 personal auto insurer to its books has put Progressive in a better place now than it was at the end of the second quarter. The ...
Allianz X, Allstate Fund NEXT Insurance’s $265M Financing Round
The digital investments arm of global insurer and asset manager Allianz Group, Allianz X, announced an investment in NEXT Insurance, a small business insurer in the United States, to accelerate ...
Threat of Haywire AI Prompts Calls for Development Pause, AXA Says
Governments are ill-prepared for the hazards brought on by artificial intelligence and development should be paused, according to a new survey of risk specialists by insurance company AXA SA. Only 7 ...
P/C Cycle Act 3: Reinsurance-Driven GL Hard Market
Comparing recent conditions in the property/casualty insurance and reinsurance markets to a three-act play, the chief executive of Arch Capital Group predicted hard casualty pricing ahead in the ...
U.S.-Led Alliance of 40 Countries Vow to Deny Ransom Payments to Cybercriminals
Forty countries in a U.S.-led alliance plan to sign a pledge never to pay ransom to cybercriminals and to work toward eliminating the hackers' funding mechanism, a senior White House official said on ...
InsurTech Hippo Lays Off 20% of Employees
InsurTech Hippo Holdings said it has "initiated an organizational realignment" by laying off about 120 employees, or 20 percent of its workforce. The company said in a filing with the U.S. Securities ...