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Americans Head Into 2025 With Financial Confidence: Survey

Related to their concerns about inflation, 38% expected their living expenses to be higher in the first half of 2025 than they were in late 2024. Sixty-seven percent of respondents reported having some form of debt: 40% credit card debt, 18% mortgage or home equity debt and 18% medical debt. On average, those with credit card debt owe on average $8,295, $364 more than in 2023: Gen Xers: $10,141 on average Boomers: $9,502 Millennials: $6,859 Gen Zers: $2,990 These debtors said they are paying down what they owe by $491 a month on average, up from $363 the year before. Caregivers in the survey reported unique challenges. Ninety percent said their responsibilities have increased or stayed the same as last year’s. Seventy-five percent reported that they have some type of debt, compared with 62% of non-caregivers. Ruggles noted that family caregiving is a demanding responsibility with significant financial challenges because of the costs or loss of income associated with it. However, 82% of caregivers are planning to take action in 2025 in response to factors affecting their finances, compared with 68% of non-caregivers who are doing the same. “Caregivers report that they are adjusting their strategies by cutting back on...

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Finland’s Elisa Says Baltic Undersea Cables Were Torn Apart by External Force

Article 0 Comments Two undersea telecommunications cables that were damaged in the Baltic Sea on Dec. 25 appeared to have been torn apart by a strong external force, Finland’s Elisa said on Monday, adding that they had now been repaired. Baltic Sea nations are on high alert after a string of power cable, telecom link and gas pipeline outages since Russia invaded Ukraine in 2022. The NATO military alliance has said it will boost its presence in the region. Finnish police seized the Eagle S tanker carrying Russian oil on Dec. 26 and said they suspected that the vessel had damaged the Finnish-Estonian Estlink 2 power line and four telecoms cables on Christmas Day by dragging its anchor across the seabed. Finland Finds Anchor Drag Marks Left by Tanker That Broke Cables Sweden’s navy on Friday sent a vessel equipped for underwater work to aid Finland’s seabed investigation. “The current suspicion is that the external force has been caused by an anchor,” Jaakko Wallenius, Chief Security Officer at Elisa, which owns two of the four fiber optic lines, told Reuters on Monday. The cables, running between Finland and Estonia, are steel-reinforced with a diameter of just over two centimeters, with...

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Citi Wealth Taps J.P. Morgan Wealth Exec for Investment Advisory Role

Turansky, who most recently served as managing director and head of advisory programs at J.P. Morgan Wealth Management, will be responsible for defining and implementing the strategy for expanding fiduciary investment programs and platforms within Citi Wealth. At J.P. Morgan, Turansky was responsible for the strategic direction and development of all advisory programs and the execution of the overall business model, Citi said. Earlier, he served in leadership positions at multiple advisoryfunctions in almost 11 years with Merrill Lynch.

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8 Funds That Are Cutting Expense Ratios: Morningstar

In a recent blog post, Russel Kinnel, Morningstar’s director of ratings and manager research, identified eight good funds that have made themselves more attractive by reducing their expense ratios. Three funds are from Fidelity, four from T. Rowe Price and one from TWC Group.

Roamly Expands Reinsurance Partnerships, Reinforcing Leadership in Innovative Digital Insurance Solutions 0

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Roamly Expands Reinsurance Partnerships, Reinforcing Leadership in Innovative Digital Insurance Solutions

Austin, TX (Jan. 6, 2025) – Roamly, the global leader in digital insurance technology and solutions proudly announces the expansion of its reinsurance partnerships to include SiriusPoint, Spinnaker, Apollo, ICW, Vantage and Ladder Re. This robust panel of esteemed reinsurance partners underscores the strength and reliability of the Roamly Enterprise Platform and its comprehensive in-house capabilities. The expanded reinsurance panel enables Roamly to continue driving record growth delivering cutting-edge specialized insurance products for consumers and partners. This achievement highlights the core strengths of the company, including: Roamly Enterprise Platform: A digital insurance platform with proprietary actuarial and underwriting modules that accelerate the development and deployment of innovative insurance products tailored to evolving market needs. Actuarial and Underwriting Expertise: A skilled in-house team ensuring precise risk assessment and market-responsive pricing strategies. Risk, Legal and Claims Management: A dynamic organization providing effective risk oversight and a seamless claims experience for customers. “Expanding our reinsurance partnerships with improved economics is a testament to Roamly’s operational resilience and the trust our partners place in our capabilities,” said Aaron Ammar, Chief Insurance Officer at Roamly. “The support of ICW, SiriusPoint, Vantage, Ladder Re, Apollo, and Spinnaker enhances our ability to innovate and scale quickly, empowering Roamly...

Arthur J. Gallagher & Co. Acquires Encore Group 0

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Arthur J. Gallagher & Co. Acquires Encore Group

Rolling Meadows, IL (Jan. 6, 2024) – Arthur J. Gallagher & Co. has announced the acquisition of Waterloo, Ontario-based Encore Insurance Services Inc., d/b/a Encore Group. Terms of the transaction were not disclosed. Encore Group is a retail insurance brokerage firm serving commercial clients primarily in Ontario with industry focuses of manufacturing, construction and financial institutions. Joe Dalton, Scott Heaman and their team will remain in their current location under the direction of Dave Partington, head of Gallagher’s Canadian retail property/casualty brokerage operations. “Encore Group is a highly regarded firm whose expertise complements our existing retail brokerage capabilities in Canada,” said J. Patrick Gallagher, Jr., Chairman and CEO. “I am excited to welcome Joe, Scott and their associates to our growing, global team.” Arthur J. Gallagher & Co. (NYSE:AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. Gallagher provides these services in approximately 130 countries around the world through its owned operations and a network of correspondent brokers and consultants. About Arthur J. Gallagher & Co. Arthur J. Gallagher & Co. (NYSE: AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. Gallagher provides these...

Loonio Expands into Insurance Sector, Reinforcing Position as Canada’s Leading Interac® Payment Solution 0

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Loonio Expands into Insurance Sector, Reinforcing Position as Canada’s Leading Interac® Payment Solution

Toronto, ON (Jan. 3, 2025) – Loonio™, Canada’s premier Interac® payment platform, is proud to announce its strategic expansion into the insurance industry. With a user base exceeding 10 million Canadians, Loonio is set to revolutionize payment processing within the insurance sector, offering unparalleled security, efficiency, and convenience. Traditionally recognized for facilitating seamless online transactions, Loonio is broadening its horizons to become a comprehensive payment solution across various industries. This move underscores Loonio’s commitment to providing versatile and secure payment options tailored to the evolving needs of Canadian consumers and businesses. In line with this expansion, Loonio has partnered with SimplePin, a leading payment solutions provider, to enhance its services within the insurance domain. This collaboration aims to streamline payment processes for insurance providers and policyholders alike, ensuring transactions are processed swiftly and securely. Key Highlights: Expansion into Insurance: Loonio is now offering trusted Interac® payment services to the insurance industry, providing a reliable and efficient payment solution for both providers and clients. Trusted by Millions: With over 10 million Canadians currently utilizing Loonio for their online transactions, the platform has established itself as a dependable and secure payment method nationwide. Partnership with SimplePin: Collaborating with SimplePin enables Loonio to...

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The Wartime Risk Insurers Making Fortunes Keeping Trade Moving

Article 0 Comments Inside faceless office buildings scattered around London, a niche corner of the insurance market is keeping hundreds of billions of dollars in commodity trade moving through some of the world’s most dangerous waters. As conflicts rage in the Middle East and Ukraine, shipping goods is becoming increasingly perilous, with the oceans pocked by the highest number of risky areas in at least two decades. The Red Sea and Black Sea are vital passageways for oil, coal and grains, and some of those essentials would be stuck in port without insurance against acts of war. A bigger-than-ever chunk of that protection is being written by specialist providers, who pay out if ships or their cargoes are damaged by drones, missiles or drifting mines. Shipping insurance has been offered in London since the 1680s, yet the business of selling war cover is reaching new heights as the post-pandemic rebound in trade sails into a gauntlet of flaring geopolitical tensions and persistent piracy. Industry officials estimate that premiums may generate as much as $1 billion a year. “Without the specialist war risk insurance market, the impact upon vital marine trade routes would have been far greater than we’ve seen,” said...

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Biden Signs Social Security Fairness Act

Social Security advocates were quick to weigh in. “This is the bipartisan solution that most Americans want, even though some on Capitol Hill have proposed to slash benefits by raising the retirement age, means testing, cutting COLAs, or privatizing Social Security,” Max Richtman, president and CEO of the National Committee to Preserve Social Security and Medicare, said in a statement after the signing. “Congratulations to the sponsors and cosponsors of the Social Security Fairness Act for their perseverance in enacting the bill before the end of the 118th Congress,” Richtman added. “Thanks also to President Biden for signing it into law — and for consistently fulfilling his promise to protect Americans’ earned benefits all the way through the end of his presidency. We can only hope that President-elect Trump will keep his promises to do the same.” Biden’s signing of the Social Security Fairness Act “truly is historic,” Richtman continued. “The new law rights a wrong that for the last 50 years has either reduced or eliminated the Social Security benefits of certain government retirees. Nearly 3 million public sector employees and families will now be eligible to collect their full Social Security benefits. These include hard-working public servants like...

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State High Court Nixes Policy Cancellation Over ‘Ambiguous’ Communications

Article 0 Comments An insurer failed to properly cancel a workers’ compensation policy because its multiple notices and other conduct were not “definite, certain, and unambiguous” as to the status of the coverage. As a result, Ace America Insurance Co. is obligated to defend and indemnify an employer in connection with an injury claim filed by an employee, the Connecticut Supreme Court ruled, overturning an appellate decision that favored the insurer over its insured, Napolitano Roofing. The Supreme Court ruled that insurers must comply not only with the statutory requirements of the state’s workers’ compensation law (Section 31-348) when it comes to cancellation but also with traditional principles of contract law that require them to provide “definite, certain, and unambiguous cancellation notices.” The workers’ compensation law obligates an insurer to provide written notice of cancellation of policies to the chairperson of the Workers’ Compensation Commission via the National Council on Compensation Insurance (NCCI). The statute, however, does not dictate or otherwise regulate the content of the cancellation notice that must be sent to insureds and contains no suggestion that the required notice to the chairperson satisfies the insurer’s obligation to properly and unambiguously notify its insured of the cancellation, the...