Sparks most recently held the role of executive vice president and chief underwriting officer at MS Transverse Insurance Group. His career in property and casualty insurance spans more than three decades, with previous roles including chief underwriting officer, chief actuary, chief financial officer and head of ceded reinsurance. He has worked at organizations such as Catlin, PMA and USI Insurance Holdings.
“Rather, it is the total economic value of the property that declines as the property’s physical condition deteriorates over time through wear, tear and obsolescence. Therefore, applying depreciation to the total economic value (i.e., the materials and the embedded labor) accurately restores the insured to the position they were in prior to the loss,” Egan…
The request, submitted in February by the North Carolina Rate Bureau, was initially denied by Causey, continuing his long-standing practice of rejecting initial rate hike proposals. The North Carolina Department of Insurance confirmed the hearing timeline in a recent statement. Source link
Workforce reductions and expansion efforts In 2023, GEICO announced significant workforce reductions, laying off approximately 6% of its employees, or about 2,000 staff members, as part of a broader industry trend. This move followed similar actions by other major insurers, including Farmers Insurance, State Farm, and Allstate, which curtailed operations in Florida, California, and other…
“Being green is often seen more as a cost and a burden than a profitable business proposition, but our survey suggests that perception is changing,” he said. “As manufacturers adopt smart technologies to drive greener, safer and more efficient production, they are not only reducing their environmental footprint but also strengthening their competitive edge.” Source…
