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April 19, 2024

From Best's Review: California Governor Signs Legislation Requiring ‘Best Interest’ Standard To Reveal Charges on Annuity Sales

Under terms of the new law, producers will be required to act in the best interests of clients by disclosing how the transaction would benefit them and revealing any hidden fees or charges.

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Allstate Estimates $731 Million in First-Quarter Pretax Cat Losses

Allstate Corp. said it incurred an estimated $343 million in pretax catastrophe losses from activity in March, raising the total for the first quarter to $731 million from $1.69 billion in the prior-year period.

Best’s Commentary: UAE Insurers Adapt to Changing Weather Trends as Latest Flooding Costs Mount

AM Best expects the recent extreme weather that caused severe flash flooding in the United Arab Emirates (UAE) to prompt swathes of claims for motor, property and business interruption insurers in the region.

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Marsh McLennan CEO: Economics, Geopolitics Drive Up Price of Risk

Marsh McLennan sees strong growth opportunities amid a year of economic and geopolitical uncertainty that is raising the price of risk, according to its chief executive officer.

John Doyle

Commercial Coverage

Resolve Marine Picks McGill as Baltimore Container Ship Salvage Broker

Broker McGill and Partners has been appointed as insurance broker for lead salvor Resolve Marine in the wake of the container ship MV Dali's collision with a bridge in Baltimore.

Photo by Tasos Katopodis/Getty Images

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Companies

Generali Approves New Organizational Structure

The board of directors of Generali said it has approved a new organizational structure to reflect the group’s main activities, as proposed by Philippe Donnet, group chief executive officer.

Woody Bradford

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Earnings

Convex Swings to 2023 Profit Amid Industry 'Complexities'

Convex Group Ltd. swung to a profit in 2023 as it improved its underwriting performance amid "complexities" in loss experience for the industry as a whole.

Stephen Catlin

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Legislation

California Bill Would Require Insurers to Consider Fire Mitigation When Setting Coverage, Rates

The American Property Casualty Insurance Association is urging California lawmakers to slow down on legislation that would would require insurers to factor state and private fire mitigation efforts into decisions on coverage and rates.

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Lloyd's

MGA Macquarie Insurance Facility Gets Approval as Lloyd's Coverholder in Expansion

Managing general agent Macquarie Insurance Facility has been approved as a Lloyd's coverholder and will partner with Mosaic Insurance to write transactional liability coverage, it said in a statement.

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Mergers & Acquisitions

Allianz Finalizes Sale of Majority Stake in Saudi Fransi Insurer to UAE-Based Carrier

Allianz SE said it has completed its sale of a 51% stake in Allianz Saudi Fransi to Abu Dhabi National Insurance Co. as part of a Middle East revamp.

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People in Insurance

Markel Promotes Exec to Head of Terrorism in London

Markel, the insurance operations within Markel Group Inc., promoted Chloe Gordge to head of terrorism in London, effectively immediately.

Chloe Gordge

Munich Re Names Execs to Strengthen Local P/C Underwriting in Asia-Pacific & Africa

Munich Re made changes to its in-market underwriting leadership capability in Asia-Pacific, Middle East and Africa and named Hitesh Kotak as chief executive for Japan, India, Korea and South-East Asia.

Property/Casualty

Gallagher Re: Severe Storms Behind More Than Half of $20 Billion in Global 1Q Natural Cat Losses

Severe convective storms caused an estimated $11 billion in global insured losses in the first quarter, which was more than half the estimated $20 billion in natural catastrophe losses from all natural perils, according to Gallagher Re.

Photo by Andrew Spear/Getty Images

Ratings

AM Best Downgrades Credit Ratings of Members of Columbian Financial Group; Maintains Under Review With Negative Implications Status

AM Best has downgraded the Financial Strength Rating to C+ (Marginal) from C++ (Marginal) and the Long-Term Issuer Credit Ratings to “b-” (Marginal) from “b” (Marginal) of Columbian Mutual Life Insurance Company (Columbian) (Binghamton, NY) and Columbian Life Insurance Company (CLIC) (Chicago, IL), collectively referred to as Columbian Financial Group (CFG). Concurrently, AM Best has maintained the under review with negative implications status for these Credit Ratings (ratings).

AM Best Revises Outlooks to Stable for Trisura Group Ltd. Members; Comments on First Founders Assurance Company

AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of the operating entities of Trisura Group Ltd. (Trisura) [TSX:TSU] (Toronto, Ontario, Canada), which include Trisura Specialty Insurance Company (TSIC), Trisura Insurance Company (TIC), Bricktown Specialty Insurance Company (BSIC) and Trisura Guarantee Insurance Company (TGIC). TSIC, TIC, and BSIC are domiciled in Oklahoma City, OK, while TGIC is domiciled in Toronto, Ontario, Canada.

Washington

PIA Backs Backs Measure in Congress Bringing Back Inflation Adjustment for Crop Insurance

The National Association of Professional Insurance Agents is backing a bipartisan measure in Congress that would reinstate an inflation adjustment for crop insurance agents, the group said in a statement.

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