Viewpoint: Silicon Valley Bank’s Failure in Risk Management
As someone who had a front row seat at the largest bank failure in U.S. history, Washington Mutual, the demise of Silicon Valley Bank (SVB) brings back memories of how ...
Industry News
China Is ‘Big Threat’ to Energy Industry, Cybersecurity Official Says
The U.S. energy industry must shore up protection against cyber attacks from China, a more pressing concern than attacks from Russia amid its war on Ukraine, according to ...
Silicon Valley Bank Parent SVB Financial Group Faces First Securities Class Action
Silicon Valley Bank (SVB) on Monday was hit with what appears to be the first federal securities class-action lawsuit against it, carrying allegations that the bank made ...
Aon Updates Europe Windstorm, Severe Convective Storm Models
Aon plc, a leading global professional services firm, updated its Impact Forecasting Europe Windstorm and Severe Convective Storm (SCS) catastrophe models to incorporate ...
Allianz Restructures Global Commercial Insurance Unit as One Go-to-Market Business
Allianz Group announced it is restructuring its global commercial insurance segment as one go-to-market business under the trading name Allianz Commercial, which will ...
La Nina, Which Worsens Hurricanes and Drought, Is Gone
After three nasty years, the La Nina weather phenomenon that increases Atlantic hurricane activity and worsens western drought is gone, the National Oceanic and ...
2022 In Review: It Was Bad
The year 2022 is in the books for most U.S. property/casualty insurers as the days tick down to statutory filing deadlines. Putting the numbers together, AM Best revealed just how bad the aggregate ...
Lloyd’s 2022 Underwriting Results ‘Strong’ Despite Bottom-Line Red Ink
Lloyd's reported an interim full-year 2022 loss before tax of $947.6 million (£800 million ) as a result of investment losses of approximately $3.6 billion (£3 billion). This compares to a profit ...
American Family Insurance Group Underwriting Loss Triples to $1.5B in 2022
Earlier this week, American Family Insurance report a 2022 net underwriting loss of $1.5 billion in its property/casualty lines, up from an underwriting loss of $460 million in 2021. The company ...
Florida Senate Committee Approves Tort-Reform Bill, but Changes Are Possible
A Florida bill that aims to further limit injury and insurance litigation and attorney fees passed a state Senate committee Tuesday after heavy debate – but with few ...