Virginia tightens surplus lines insurance broker rules, offers relief for public transit insurers

State aims to enhance industry appeal through regulatory modernization Source link

The lawsuit claims Penn Mutual agents promoted “tax-advantage strategies” tied to life insurance and related products, which were ultimately “shams” with benefits described as “illusory and/or illegal.” Policyholders allegedly suffered financial losses through premium payments, loan interest, and other costs, while agents profited from commissions, bonuses, and fees. Source link

The 2025 Atlantic hurricane season is expected to be more active than usual, with 17 named storms, nine hurricanes, and four major hurricanes, according to a new forecast from Colorado State University (CSU) in partnership with the Insurance Information Institute (Triple-I). Source link

“Companies are not standing still. Having navigated successive shocks since 2020, they are once again adapting, diversifying partners, reconfiguring logistics, and embedding risk-sharing across the value chain. In today’s trade environment, success depends increasingly on adaptability,” she said. Source link

Tiernan currently serves as Lloyd’s chief of markets, a role he has held since joining the organisation in May 2021. In this position, he has overseen underwriting, claims, exposure management, international regulation, market oversight, distribution, and the Lloyd’s Global Network. His remit has also included the Lloyd’s Lab, Lloyd’s Academy, and the organisation’s global agents….

“That’s not something we can accept, forcing developers to find coverage elsewhere, often in a different market. We are seeing more engagement between lenders, insurance advisors, brokers, and developers to ensure that policies are bankable from the start. This needs to happen early in the process, ideally before construction insurance is finalised,” Luciano added. Source…