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People Moves: Hamilton Insurance DAC Promotes Reynolds as CEO; Dale Underwriting Partners Names Bridge as Active Underwriter, Succeeding Peters

Article 0 Comments This edition of International People Moves details appointments at Hamilton Insurance DAC, the Irish subsidiary of Hamilton Insurance Group, and Dale Underwriting Partners in London. A summary of these new hires follows here. Hamilton Insurance DAC Promotes Reynolds as CEO Hamilton Insurance DAC, the Irish designated activity company of Hamilton Insurance Group Ltd., announced that Ross Reynolds has been appointed as chief executive officer, subject to regulatory approval. Reynolds replaces Fiona Marry who will be departing from the company. Ross Reynolds Reynolds is based in Dublin and will report to Adrian Daws, chief executive officer of Hamilton Global Specialty. Reynolds will also join the board of Hamilton Insurance DAC, which is registered in Ireland and regulated by the Central Bank of Ireland. Reynolds has been with Hamilton since 2014, having joined during the company’s 2019 acquisition of Ironshore Europe DAC. At Hamilton, he most recently served as global head of Operations from 2021 and, before that, global head of Financial Planning & Analysis (FP&A) from 2019. Before Ironshore, Reynolds started his career with Irish Progressive Services International, followed by Zurich Insurance Co. Reynolds is a Fellow of the Association of Chartered Accountants. At the same time and...


How This Bank Rep Took the Leap to Independence

That was instrumental in helping me with issues like: Who do you use for 401(k) work? Who do you use for payroll? How does this work and that work? She was a huge help. My partner Collin and I … are happy to pay that forward. If any other advisor is looking to transition and wants to pick my brain, we’re happy to do so and to help Commonwealth in any way that we can. Jess was a huge help to us. I remember asking her, “Everything about running a business seems daunting, right?” And she said, ‘It’s like before you have a baby. You don’t know how people do it. Then when you have the baby, it just all happens.” Shortly after we signed our agreement with Commonwealth, we went up to visit the home office [in Waltham, Massachusetts]. We went through transition training, met with CEO Wayne Bloom, and we all had dinner together, along with his wife. This was over the weekend before Thanksgiving — the home-office staff members were having to come in to see us, and I felt bad. Can you tell us a bit more about your official move?  The day we resigned from...

Geopolitical uncertainty, trade restrictions and divergence on AI top risks to growth for global companies 0

Geopolitical uncertainty, trade restrictions and divergence on AI top risks to growth for global companies

New KPMG International report reveals the three key risks to growth in 2024 and beyond Divergence on AI governance, geopolitical vulnerability and trade policy restrictions threatening long-term sustainable growth for many organizations Energy and natural resources sector ‘most exposed’ industry group in 2024 Toronto, ON (June 1, 2024) – Businesses operating across borders are facing slowing growth and an increasing battle for long-term sustainability, according to a new report from KPMG International. The findings in KPMG’s Top risks forecast: Bottom lines for business in 2024 and beyond shine a light on the multifaceted, complex challenges facing companies looking to grow internationally at a time of increasing divergence on regulation, conflict, technological advancement and political uncertainty. The report’s analysis identifies the three most critical risks for businesses right now, known as ‘bottom lines’, likely to impact operations this year and beyond: Trade policy restrictions: Global trade restrictions have been on the rise, with approximately 3,000 restrictions imposed, nearly tripling since 2019. This trend of protectionist trade policies poses challenges for organizations operating in international markets. Such restrictions can create barriers and hinder economic growth, affecting supply chains and market access. Organizations should be prepared to navigate these trade policy restrictions and...


HHS Says UnitedHealth Can Notify Patients of Data Breach

Article 0 Comments U.S. healthcare providers can ask UnitedHealth Group to notify people whose data was exposed during a hack on the company’s Change Healthcare unit in February, according to an update on the health department’s website. The news comes as a relief for U.S. hospitals and healthcare providers that had urged the Department of Health and Human Services (HHS) to shift the notification responsibility to UnitedHealth and its unit. “Affected covered entities that want Change Healthcare to provide breach notifications on their behalf should contact Change Healthcare,” the HHS’ Office for Civil Rights (OCR) said in an update dated May 31. U.S. law states data breaches must be reported to individual patients within 60 days of discovery. A UnitedHealth spokesperson said the company appreciates the clarification from OCR, which “reiterates our stated preference to ease the reporting obligations of our customers.” Earlier in May, the healthcare conglomerate’s CEO Andrew Witty told a Congressional committee that hackers potentially stole a third of Americans’ data in the Feb. 21 cyber attack that led to disruptions in processing medical claims. The company is still trying to fix the processing snags. Witty had also said the company continued to investigate the amount of...


Social Security COLA Estimate for 2025 Drops to 3%

Over the last 12 months, the all items index increased 3.3% before seasonal adjustment. More than offsetting a decline in gasoline, the index for shelter rose in May, up 0.4% for the fourth consecutive month. The index for food increased 0.1% in May. The food away from home index rose 0.4% over the month, while the food at home index was unchanged. The energy index fell 2% over the month, led by a 3.6% decrease in the gasoline index. The index for all items less food and energy rose 0.2% in May, after rising 0.3% the preceding month. Indexes that increased in May include shelter, medical care, used cars and trucks, and education. The indexes for airline fares, new vehicles, communication, recreation and apparel were among those that decreased over the month. Credit: David Palmer/ALM


Missouri Appeals Court Sides With Transgender Student in Discrimination Case

Article 0 Comments BLUE SPRINGS, Mo. (AP) — A $4.2 million verdict that jurors ordered a Missouri school district to pay a transgender student is under consideration again. The Western District Missouri Court of Appeals found last Tuesday that a judge erred in ordering a new trial in a lawsuit over bathroom and locker room access. The decision sends the case against the Blue Springs School District back to the trial court to determine the reasonableness of the sum jurors awarded in 2021. Judge Anthony Rex Gabbert, who authored the appeals court’s unanimous decision, wrote that the district discriminated because the student did not fit their stereotype of what a male should be. “This is no different than discriminating against a male because he is not tall enough or not muscular enough,” Gabbert wrote. The school district said in a statement that it was disappointed by the reversal and is weighing its legal options. It said it couldn’t comment further because the case is pending. The student, identified in court documents as R.M.A., legally changed his name in 2010 and amended his birth certificate to reflect his gender and new name in 2014, according to the lawsuit, which was filed...


Schwab Customers Face Login Problems

Charles Schwab customers swamped social media Tuesday morning with reports of login problems. Shortly after 11 a.m., Schwab announced the glitches had been resolved. Outage monitoring site Downdetector had received more than 5,800 problem reports for Schwab at 9:45 a.m. Eastern Daylight Time, with 93% citing login trouble. Downdetector also showed 1,550 problem reports for Schwab-owned TD Ameritrade around the same time — apparently stemming from login troubles with the thinkorswim trading app. “We are aware that some clients may be experiencing issues logging in to some of our platforms. Schwab Advisor Center (SAC) is not impacted. Our teams are actively working to resolve the issue. We apologize for the inconvenience,” a Schwab spokesman told ThinkAdvisor by email at 9:40 a.m. At 10:16 a.m., Schwab posted a message on X, formerly Twitter, apologizing for the login problems and noting that brokers were available to review specific trades. Almost an hour later, the company told ThinkAdvisor through the spokesman, “An earlier issue where some clients may have had issues logging in to some Schwab platforms has been resolved. Clients can try logging in again. We apologize for any inconvenience this may have caused.”

MindBridge Launches Global Partner Program to Bring AI-based Financial Risk Intelligence and Orchestration Solutions to the Enterprise 0

MindBridge Launches Global Partner Program to Bring AI-based Financial Risk Intelligence and Orchestration Solutions to the Enterprise

New program enables partners to rapidly integrate AI-powered risk intelligence into their platforms and services Ottawa, ON (June. 1, 2024) – MindBridge, a pioneering leader in AI-powered financial risk intelligence, is pleased to announce the launch of the MindBridge Global Partner Program. Coming in conjunction with the latest release of the MindBridge Platform, this program welcomes other enterprise software and solution providers, automation vendors, professional services and advisory firms, and data infrastructure providers to collaborate on the delivery of continuous risk intelligence across all financial flows in the enterprise. The Global Partner Program provides product integrations, development support and collaboration, go-to-market resources, and numerous other benefits enabling partners to integrate MindBridge’s leading risk intelligence engine into their new or existing solutions and services. Through this program, MindBridge is equipping its partners with an AI-powered risk analytics platform that they can integrate with and extend bringing innovative financial risk, GRC, audit, and workflow solutions to customers worldwide. “The future of the autonomous enterprise requires real-time intelligence plugged into the flow of all financial transactions,” said Stephen DeWitt, MindBridge Analytics CEO. “With over eight years of innovation and having operated at scale, MindBridge AI is an extremely powerful risk analytics platform that...

Insurance pricing continues to moderate as rates decline in most regions 0

Insurance pricing continues to moderate as rates decline in most regions

New York, NY (June 1, 2024) – Global commercial insurance rates increased by 1% in the first quarter of 2024 (down from a 2% increase in Q4 2023), according to the Global Insurance Market Index from Marsh, the world’s leading insurance broker and risk advisor and a business of Marsh McLennan. Rates continued to be relatively consistent, with most regions experiencing small decreases in Q1. This was largely driven by a strengthening of the trend for decreases in financial and professional and cyber lines and increasing competition among insurers in the global property market. On average, rates declined in the UK, Asia, Pacific, Canada and in India, Middle East & Africa regions by 2%. Rates increased in the US and Europe by 3%, and in Latin America and the Caribbean by 5%. Other findings included: Global property insurance rates were up 3%, on average, in the first quarter of 2024, compared to a 6% increase in the previous quarter. In the US, companies with concentrations of assets in catastrophe zones such as the Gulf of Mexico, Atlantic coast, and California have begun to see lower increases or even decreases in rates, compared to higher increases in recent years. Casualty insurance...


Is Diversification Dead to Investors?

‘Missing Out’ Against this backdrop, nearly everyone straying from U.S. equities is subject to a sense of missing out. Over the last 15 years, the PIMCO StocksPLUS Long Duration Fund (PSLDX) is the one and only among the 372 asset allocation portfolios tracked by Morningstar that’s ahead of the S&P 500. The data has emboldened those who say diversification — however sound in theory — is costing investors over the long run, by holding underperforming investments. The revolt got an airing last year when academics published a study saying retirees would be better off eschewing bonds completely. Proponents of modern-day allocations pushed back, saying assets like fixed income allow individual investors to better match financial gains with future obligations. Moreover, diversified portfolios won out from 2000 to 2008, a period when stocks saw their values cut in half on two separate occasions. “Diversification is your best friend on your worst day,” said David Kelly, chief global strategist at J.P. Morgan Asset Management. “The right asset allocation is a little bit like home insurance. You never know when you’re going to need it, but you should never feel comfortable not having it.” That logic is partly what’s behind the decision by many big-money...