Business is war.
Hub International expects combined medical and drug coverage costs to climb between 8 percent and 10 percent next year. Prescription expenses alone may jump 10 percent to 12 percent, while dental rates rise 4 percent to 5 percent, and vision costs increase 2 percent to 3 percent. Aon research shows American employer health spending will…
Brown & Riding hired Wes Benefield to lead its professional liability operations across America. The Fort Worth executive joined the brokerage last year after working more than 10 years in management insurance for retailers, carriers, and wholesale distributors. He became a principal this year and will help agents expand business while maintaining insurer relationships. Starwind…
Robert W. Baird filed a lawsuit against Chubb after the insurer refused to cover half of a 5.1 million dollar loss from email fraud. Hackers broke into a township supervisor’s account and sent fake wire instructions that tricked Baird into sending 29 million dollars to criminals on Nov. 21, 2024. The financial firm recovered most…
Paramount Mechanical Corporation sued Sauer Construction and Federal Insurance Company to collect 1.6 million dollars for plumbing work at Fort Myer in Virginia. The Virginia contractor signed a deal worth nearly 9 million dollars to service Building 416 after the general contractor won the Army Corps of Engineers project. Federal Insurance posted a 9.7 million…
Chubb earned 2.80 billion dollars in the three months that ended on September 30 and reported core operating income of 3.00 billion dollars. Book value climbed 4.7 percent to 182.22 dollars per share while tangible book value jumped 6.6 percent to 120.13 dollars. Property and casualty premiums reached 12.93 billion dollars, with North American personal…
Freeway Insurance became America’s fastest-growing auto coverage franchise after adding five locations and four operators in the past three months. The Confie division works in 25 states and expanded its network by 270 percent over two years to more than 57 branches. Alex Trachtman oversees franchise sales and said the business model helps entrepreneurs build…
NYCM Insurance opened its new Sherburne branch at 14 Classic Street after 35 years at 16 Chapel Street. President Cheryl Robinson joined Mayor William Acee and state representative Jordan Fleming for the ceremony on Oct. 14. The facility gives employees a modern workspace that supports teamwork across the company. The insurer brought its assigned risk…
The program insurance conference in Scottsdale drew 1,800 participants this week, up from just 150 at its first meeting 25 years ago. Managing general agents and carriers discussed how data tools help them write policies for cyber risks, renewable energy projects and construction businesses that standard insurers avoid. Major companies like AIG, Munich Re and…
Smaller data breaches now trigger multiple lawsuits even when they affect fewer people than past incidents. Josh Mooney works as the American cyber practice leader at Kennedys law firm and said attacks involving tens of thousands of victims routinely face legal action across several states. Breaches touching 20,000 people once passed without court filings, but…
Casualty reinsurance companies remain profitable despite pressure from lawsuits and competition from alternative investment funds. Bob Forness leads MultiStrat in Bermuda and said insurers must combine careful risk selection with strong legal teams to counter rising claim costs. Premium rates climbed as much as 50 percent in some business lines over recent years and carriers…
