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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

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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

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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...

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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...

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Freighter Ship in Lake Superior Collided with Something Underwater: Coast Guard

Article 0 Comments AULT STE. MARIE, Mich. (AP) — A freighter in Lake Superior hit something underwater on Saturday and started taking on water, according to the U.S. Coast Guard. The Coast Guard Great Lakes district received reports about 6:53 a.m. that a 689-foot-long (210-meter-long) ship called the Michipicoten had collided with something about 35 miles (56 kilometers) southwest of Isle Royale, which is part of the state of Michigan. The ship was carrying taconite, which is a low-grade iron ore, and had 22 people aboard. Water pumps onboard began displacing water, authorities said, and there were no signs that anything spilled from the ship. By 9:15 a.m., water pumps had reduced the listing of the freighter from 15 degrees to 5 degrees, the Coast Guard said. Helicopter and boat crews were responding, the Coast Guard said. Around 12:30 p. m. the Coast Guard said half of the people on board had been evacuated from the vessel for safety. The ship was on its way to a port for inspection and repairs. Authorities say the cause of the collision will be investigated. The collision occurred in the northwest part of the lake, which straddles the U.S.-Canadian border and is the...

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Wealthy Families Fuel $20B Private Equity Buyout Wave

More than a third of family office clients recently surveyed by UBS Group AG plan to increase their allocations to direct private equity opportunities, behind only developed-market equities as the most popular asset class. The participation of private wealth underscores the growing sophistication of how the people behind the world’s biggest fortunes are managing their money, as well as how many investment firms are increasingly tapping them as sources of capital. Blackstone Inc., KKR and Carlyle Group Inc. have already started dedicated platforms to serve the well-heeled, and the richest among them are able to become partners for some of those firms’ most high-profile — and possibly most lucrative — deals. “They have the potential to take on long-term opportunities,” Christina Wing, founder of advisory firm Wingspan Legacy Partners, said of the ultra-rich. “They are going to come in at the same terms as institutional investors.” Deal Shift The pace of dealmaking by wealthy families has been steadily increasing in recent years. When Brookfield Asset Management agreed to buy Network International Holdings Plc last year, Saudi Arabia’s billionaire Olayan family contributed nearly a tenth of the £2.2 billion ($2.8 billion) purchase price for the London-listed payments processor. In 2022, private equity firm EQT AB...

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Documentary Promotes Aid-in-Dying Bills

Compassion & Choices, a group that supports state medical aid-in-dying bills, has helped produce “Take Me Out Feet First,” a documentary series about the topic. The Littleton, Colorado-based group backed Serene Meshel-Dillman, a California filmmaker who created the series to show how California’s End of Life Option Act affected her parents. Meshel-Dillman’s parents moved to California from New York in the early 1990s. Both of them were diagnosed with cancer. Her mother used life-ending care in 2017, and her father used life-ending care in 2022. Meshel-Dillman said her parents had control over when their life ended because they moved to California. “They would not have had that option if they still had lived in New York,” she said. What it means: The demographic age shift that’s generating discussions about retirement income planning and estate planning is leading to more conversations about hospice care and end-of-life options. The legislation: Compassion & Choices says 12 states have enacted medical aid-in-dying laws. Two aid-in-dying bills in New York state, A995a and S2445a, have attracted support from 88 co-sponsors, the group says. The opposition: Many religious groups, groups for people with disabilities and medical groups continue to oppose aid-in-dying legislation.

Robust Competition Creating A More Buyer-Friendly Market: Aon 0

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Robust Competition Creating A More Buyer-Friendly Market: Aon

Aon’s Spring 2024 Canadian Insurance Market Update Toronto, ON (May 7, 2024) – Aon plc, a leading global professional services firm, has released its Spring 2024 Canadian Insurance Market Update. Published in support of Aon’s ongoing commitment to help Canadian clients make better decisions about risk management and insurance programs, the report finds that a robust competition within the Canadian insurance market is creating a more buyer-friendly market. Competition is returning as insurers look for growth opportunities with a particular emphasis on well-performing risks. The appetite for growth is expected to expand and evolve with insurers competing to retain and grow their positions in the market. “Overall, there is an expansion in capacity and appetite signaling that the market is transitioning into a more competitive space. However, the focus on risk selection continues to prevail as insurers strive to maintain profitability,” said Russell Quilley, head of commercial risk and chief broking officer for Canada at Aon. “Underwriting remains disciplined and risk differentiation continues to be a top priority as underwriters increasingly rely on data, insights, and analytical tools such as modelling to support decision making.” Other key findings include: As organizations seek to manage volatility in their insurance programs, there...

SIB announces acquisition of Astro Insurance 0

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SIB announces acquisition of Astro Insurance

SIB continues to expand its presence in Alberta with the acquisition of Astro Insurance Ancaster, ON (June 4, 2024) – SIB Corp., operating as StoneRidge Insurance Brokers (“SIB”), is pleased to announce its continued expansion in Alberta with the acquisition of Astro Insurance. Based in Lethbridge, AB, Astro Insurance is a full-service insurance brokerage and registry agent which has been operating since 1972. “We have been providing superior coverage and personalized personal and commercial insurance products to meet the needs of our clients for over 50 years. As part of the SIB network, we can continue to provide our customers with the same high level of service they have come to expect, as well as increase our capabilities in personal and commercial lines to provide comprehensive insurance solutions for all of our customers” said Mark Swartout of Astro Insurance. Following the acquisition, Astro Insurance will continue to be led by Mark and Cindy Swartout. “Astro Insurance is an impressive business and presented a great opportunity for SIB to continue its expansion in Alberta. We are very excited to welcome Astro Insurance and Mark and Cindy to the SIB family. This is SIB’s 3rd transaction of 2024, and we are on...

Ontario’s Top 10 Costliest Cities for Auto Theft Claims Revealed: IBC 0

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Ontario’s Top 10 Costliest Cities for Auto Theft Claims Revealed: IBC

Auto theft claims costs in Ontario surpassed $1 billion for the first time in 2023 Toronto, ON (Jun. 3, 2024) – For the first time, Insurance Bureau of Canada (IBC) is releasing a list of the Top 10 costliest cities in Ontario for auto theft claims. According to newly released data, auto theft claims costs have surged by a record-shattering 524% across Ontario since 2018, with auto theft claims costs surpassing $1 billion for the first time in 2023. “Ontario is seeing an alarming increase in auto theft claims and auto theft claims costs,” said Amanda Dean, Vice-President, Ontario and Atlantic, IBC. “As IBC’s numbers reveal, the Greater Toronto Area has been hit particularly hard by the auto theft crisis. These claims costs speak to the growing severity of the auto theft crisis in Ontario – a crisis that is having a material impact on auto insurance premiums, to say nothing of the concern and trauma it is causing Ontarians.” Across Ontario, between 2018 and 2023, the incidence of people making insurance claims due to the theft of their vehicles increased by 165% and auto theft claims costs have increased by 524%. Between 2022 and 2023, the increase in the...