The company posted net income of US$210 million, or US$4.90 per diluted share, a decrease from US$733 million, or US$16.87 per diluted share, in the same quarter last year. Net operating income also dropped to US$276 million, or US$6.45 per diluted share, compared to US$709 million, or US$16.32 per diluted share, in Q1 2024.
The NFIP, once the only option for homeowners and businesses, has long been criticized for its low coverage limits and lack of flexibility. With rising flood risks due to climate change and evolving property needs, consumers have sought alternatives that address losses beyond structural damage – like business interruption and building upgrades. Source link
In his new role, Beresheim will focus on aligning leadership with evolving client needs, streamlining operations, and driving innovation across Lockton’s risk offerings. He has played a pivotal role in developing the firm’s specialty practices, with a focus on cyber & technology, transaction liability, and private equity. Source link
Founded in 1879, Starkweather & Shepley is one of the largest independent insurance agencies in Rhode Island. With 14 offices in Rhode Island, Massachusetts, Connecticut and Florida, the company offers business insurance, personal insurance, employee benefits and risk management services. Source link
Gia Snape of Insurance Business sat down with Kareen Boyadjian (pictured), vice president of personal and healthcare cyber underwriting, to discuss emerging cyber risks for high-net-worth individuals and families, including social engineering, wire transfer, and artificial intelligence-driven threats, and how the cyber insurance market can evolve to address gaps in coverage. Source link
Senate Bill 1643 would mandate regulatory approval for any proposed rate adjustment, whether an increase or decrease, exceeding 10%. If the commissioner does not act within 30 days, the rate would take effect automatically, unless it involves an increase of 10% or more. Source link
Earlier in the legislative session, lawmakers considered creating a formal risk pool for commercial fishermen, modeled after municipal programs. Insurance Commissioner Lori Wing-Heier said such a pool could be established but noted concerns about funding and eligibility. She said the industry’s current financial condition could limit its ability to sustain a risk pool and added…
