Business

Northeastern Insurance filed for Chapter 15 bankruptcy after New York opened a window for old sex abuse claims. The Bermuda captive ceased writing policies in 2017 and planned an orderly shutdown, with sufficient funds set aside. The 2019 Child Victims Act brought 55 lawsuits from events that happened as long as 40 years earlier, when…

The Cayman Islands granted 11 insurance permits between July and September as the Caribbean territory strengthened its appeal to companies managing their own risks. Regulators approved five Class B(i) captive applications and six Class B(iii) requests through the third quarter. The jurisdiction issued 32 licenses by September and processes another 19 applications that could surpass…

Bill Ross will leave his position as leader of the Insurance Industry Charitable Foundation after guiding the group for 21 years. The organization gave more than 53 million dollars to programs helping children and families lacking food or shelter under his direction. A board committee will search for his replacement while Wendy Houser from Markel…

Companies will build more health clinics and hire extra staff next year as medical bills rise across the country. Alliant Insurance Services and the National Association for Workplace Health Care found that 28 percent of firms with existing centers will add locations in 2026, while 54 percent plan to grow their teams. Nearly all businesses…

America recorded 101.4 billion dollars in weather damage through June after 14 separate billion dollar events killed 174 people. Climate Central tracks disasters that cost at least 1 billion dollars and found that 2025 losses exceeded typical patterns from earlier decades. The nation has suffered 417 major weather events since 1980, causing 3.1 trillion dollars…

California Governor Gavin Newsom signed an order last month that creates a government framework for sharing disaster costs among insurers, utilities and residents. The directive tasks state agencies with developing programs that distribute climate-related damage costs through reinsurance markets, catastrophe bonds, or public backstops. Elizabeth Tosaris from Michaelman & Robinson said the insurance sector wanted…

Gary Semmer helped build AssuredPartners Construction Practice from its 2021 start to a team of 225 workers spread across 40 American locations. The Chicago-area broker merged with Gallagher in August and expects to have more than 1,000 construction specialists after combining operations. Umbrella insurers limit capacity to 10 million dollars and force buyers into surplus…

American companies that adopt automation and data tools perform better than competitors using older methods. Insurance carriers cutting claim times through artificial intelligence and cloud computing reduce expenses while improving customer service. Workers handle complex tasks after technology removes routine paperwork. Buyers want instant personalized interactions when shopping for coverage or financial products. Businesses that…

Hartford Accident and Indemnity lost a bankruptcy court fight over frozen bank accounts but won on appeal. Pro-Mark Services filed for Chapter 7 protection in April 2024 after Capital Credit Union froze more than 3.3 million dollars in deposit accounts. The North Dakota credit union sought to seize the money, while Hartford claimed rights under…

W. R. Berkley earned 511 million dollars in the three months that ended September 30 after posting a 39.8 percent gain from one year earlier. The specialty insurer collected 3.2 billion dollars in net premiums and raised rates an average of 7.6 percent across all lines except workers’ compensation. Investment returns added 351.2 million dollars…