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Kevin O’Leary launches watch insurance platform 0

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Kevin O’Leary launches watch insurance platform

Geneva, Switzerland (Apr. 7, 2024) – Canadian TV personality Kevin O’Leary – a familiar face from both Dragons’ Den and subsequently its American counterpart Shark Tank – has launched a watch insurance platform called WonderCare, in reference to his nickname, ‘Mr. Wonderful.’ “I have been looking at the watch insurance industry worldwide now for five years – [and] how broken it is – because I look at my own situation,” he wrotpostede on X (formerly Twitter). “I’m launching WonderCare … a new platform for watch insurance. I’m going to start in the United States, then we’re going to go to the [United Arab Emirates], and then we’re going to do Europe.” Touting the three years of work leading up to the launch – “It’s really complex to do this” – he explained that an ordinary property insurance package may not be adequate for certain assets, based on his own situation as a collector of expensive timepieces. “Most home insurance packages, or many, depreciate the value of the underlying insured piece. But if you buy a Rolex … it does not depreciate over time, it appreciates in value; and so, you can’t replace it if you lose it five years later...

Victor Insurance launches Victor Cyber solution 0

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Victor Insurance launches Victor Cyber solution

A new age in cyberattacks calls for a new kind of protection Toronto, ON (Apr. 9, 2024) – Victor Insurance Managers LLC, the leading global managing general underwriter, is pleased to introduce Victor Cyber. Cyberthreats are everywhere, and they’re occurring more frequently, with greater levels of sophistication than ever before. This new age in cyberattacks calls for a new type of insurance solution that helps both prevent and protect against cyberthreats. Now there’s Victor Cyber, a product that’s unique in the marketplace. Victor Cyber provides a full package insurance solution, competitively priced coverage and exclusive access to risk management services—such as phishing simulations and dark web monitoring—through a cyber incident mobile app, Victor Response. The Victor Response app helps your clients detect vulnerabilities, act quickly with expert advice and stop cyberattacks in their tracks. If a cyberattack does occur, Victor Cyber will be there with a comprehensive range of coverages. Highlights of what’s available via Victor Cyber: Proactive cyberattack prevention and alerts using insights from threat intelligence feeds, the dark web, vulnerability scanning and real-life claims data. 24/7 access to cybersecurity experts for prompt assistance and guidance in the event of a cyber incident. Full coverage for data recovery including...

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People Moves: AEGIS London Hires AIG’s Johnson and Lambert for New Cyber Underwriting Team; Markel Promotes Gordge to Head of Terrorism in London

Article 0 Comments This edition of International People Moves details appointments at Lloyd’s syndicate AEGIS London and Markel, the insurance operations within Markel Group. A summary of these new hires follows here. AEGIS London Hires AIG’s Johnson and Lambert for New Cyber Underwriting Team AEGIS London, the top quartile Lloyd’s syndicate, has hired a new cyber underwriting team. Daniel Johnson has been appointed to the role of class underwriter for cyber. He is joined by Lydia Lambert, as cyber underwriter. Both formerly worked at AIG. Lydia Lambert and Daniel Johnson Having begun his career with AIG in 2012, Johnson took on a number of cyber underwriting roles before moving to broker Aon in 2020. He subsequently rejoined AIG, rising to lead AIG’s UK cyber and technology team. Johnson will report to Ben Lockwood, AEGIS London’s head of specialty underwriting. Lydia Lambert worked alongside Johnson at AIG, holding a range of cyber underwriting roles before becoming major accounts cyber team leader. “Although we’ve not had a dedicated cyber team since 2015, we’ve been watching the market with great interest, in part because we’ve been involved in a number of cyber binders and consortia,” commented Lockwood. “We feel now that the market’s...

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Fleming Acquires James River’s Casualty Reinsurance Business, Ending Legal Dispute

Article 0 Comments James River Group Holdings Ltd. announced that Fleming Intermediate Holdings has completed the $277 million acquisition of James River’s casualty reinsurance business – after a period of legal wrangling that had threatened to derail the deal. The transaction, which was first announced in November 2023, hit a roadblock when Fleming resisted completion, indicating that James River had misrepresented the level of its casualty reserving for JRG Reinsurance Co. On March 11, James River filed a lawsuit to force Fleming to honor its contractual obligation to complete the acquisition in accordance with the terms of original stock purchase agreement (SPA). Fleming responded on March 26 with its own legal action, asking the court to deny James River’s preliminary injunction. The legal filing said that James River had “sandbagged Fleming with disclosures about unusually low reserving.” “This is not a case of buyer’s remorse. It is a bait and switch,” the Fleming court filing said. In a press statement issued on March 28, Fleming’s CEO Eric Haller described James River’s lawsuit as “meritless.” However, the court did not agree with Fleming. On April 8, the Supreme Court, New York County, Commercial Division, ordered Fleming to complete its acquisition of...

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Time-Tested Loss Reserving Methods Challenged: AM Best

Article 0 Comments Reflecting on one of the trends that surfaced as property/casualty insurers announced 2023 financial results recently, AM Best expects reserve strengthening for accident years 2015-2019 to continue, the rating agency said in a new report. As companies “finished reporting their results for fourth-quarter and full-year 2023, the numbers and the stories behind them indicate worsening reserve risk,” according to the special report published yesterday, “Heightened Risk Landscape Create New Challenges for Reserve Management.” The trend of boosting reserves for the 2015-2019 accident years is expected to “hold over the short to medium terms, depending on an individual insurer’s reserving philosophy,” analysts wrote in the report listing the following challenges to time-tested actuarial reserving methods: Distorted loss payment patterns created by a COVID-driven “hiatus in the economic and insurance ecosystem.” Spiking economic inflation. Worsening public attitudes toward large corporations. More litigation financing firms. Ubiquitous chemicals like PFAS and microplastics fueling lawsuits. Describing the impact of COVID-19 on loss development histories, the report notes that construction, travel, education, commerce and the work environment went through radical changes. “The historical payment patterns that actuaries depend on to make decisions about the future were distorted by the main COVID years (2020-2022),...

Best Buy, Google Cloud and Accenture Partner to Create a Better Customer Support Experience with Generative AI 0

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Best Buy, Google Cloud and Accenture Partner to Create a Better Customer Support Experience with Generative AI

Best Buy selects Google Cloud as its AI innovation and strategic partner for several of its key customer care initiatives Minneapolis, MN (Apr. 9, 2024) – Best Buy, Google Cloud and Accenture are pleased to announce a new collaboration that will involve deploying generative AI to greatly improve the experience for Best Buy customers looking for support services. By leveraging Google Cloud’s generative AI technology, Best Buy is creating new and more convenient ways for customers to get the solutions they need. This work will provide customers a self-service option, allowing them to find solutions more independently and will also allow Best Buy customer service agents to better serve customers by providing them with new tools that make interactions more efficient and personalized. It is anticipated that Best Buy’s U.S. customers will be able to connect with a gen AI-powered virtual assistant for self-service support starting in late summer 2024. The assistant can help with things like troubleshooting product issues, rescheduling or combining order deliveries, or managing software, Geek Squad subscriptions and My Best Buy Memberships. Customers will be able to access all of these services while shopping on BestBuy.com, using the Best Buy mobile app, or calling the customer...

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Can This Annuity Ease Social Security Claiming Pressure?

The thinking: Tyler said the two-income-level annuity strategy has been a great niche product and works well for many middle-income clients as well as more affluent clients. “We found a lot of adoption of the Personal Income Annuity in the federal worker space,” he said. At the U.S. Postal Service, for example, many workers can retire at 58, and, especially on the East Coast, they might be in couples with a total household income of about $200,000, he noted. For many of those workers, he said, the dominant view of income and investment risk is, “I need income now; I’d like to give the risk to somebody else.” The median premium paid is about $100,000, and the average is about $155,000. The amount of premium paid tends to correlate with what a worker has saved in a 401(k) plan account, Tyler said. The advice: Tyler said one challenge for Nassau has been persuading financial professionals to consider offering a new type of annuity. When confronted with change, “agents pause, even when it’s something good,” Tyler said. “Agents are used to the concept of selecting one check forever. Now they have to explain two checks.” He said the major challenge for...

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Britain’s Insurers Under Pressure Over Spike in Car Insurance Premiums

Article 0 Comments The rising cost of car insurance has triggered a barrage of complaints in the cost of living crisis, Britain’s financial watchdog told lawmakers on Wednesday, as the sector insisted that prices remain at 2018 levels in real terms. Matt Brewis, director of insurance at the Financial Conduct Authority (FCA), said he has heard “heartrending stories” from people trying to make ends meet as costs such as insurance rise. “It is clear there is a significant increase in pricing of motor and home insurance over the last two to three years,” Brewis told parliament’s Treasury Committee hearing on the insurance market. “Motor insurance is the one where we are seeing the greatest level of complaints,” Brewis said, adding that price increases were due to supply chain issues, complexity of vehicles, and the number of claims. The sector had also not done a good job in forecasting inflation and its impact, prompting it to recoup significant underwriting losses and price in future inflation, Brewis said. “It is a very competitive sector,” Brewis said, adding there are over 48 active insurers. The committee said inflation in car insurance, which all motorists have to buy, hit a high of 50% in...

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Trump Pushed to Embrace 17% Income Tax for All

They say they meet with the former president approximately every six weeks to brief him on policy ideas, share economic data and suggest names for key political appointee posts. Laffer last month floated himself in a list of names to serve as Federal Reserve chair. In an interview Wednesday, he said he would rather serve as a White House adviser than Fed chair. On the campaign trail, Trump has often said he would pass the “biggest” tax cuts and claims that if he is not elected, taxpayers will see their IRS bills increase under Biden. Trump has not detailed what his tax plan would look like. “President Trump proudly passed the largest tax CUTS in history,” Trump campaign spokeswoman Karoline Leavitt said in a statement. “When President Trump is back in the White House, he will advocate for more tax cuts for all Americans and reinvigorate America’s energy industry to bring down inflation, lower the cost of living, and pay down our debt.” Forbes advocated for no taxes on savings and eliminating the estate tax, both changes that would disproportionately benefit the wealthiest Americans. State and Local Taxes The advisers are also advocating to maintain or reduce the $10,000 cap on state...

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The Problem Is Not the Life Insurance Products, or the Illustrations

No court would ever expect that Emma should have remembered it all. Chances are there are lots of these situations out there waiting to emerge, and it’s going to cost carriers a lot of money. The Real Solution So, what is the solution? The main problem is that these products with complicated, nonguaranteed elements are just not “set it and forget it” types of products. They need maintenance. Here’s an outline of what I think is needed: 1. Emphasize simple, short disclosures, both at issue and on an ongoing basis. Pages and pages aren’t going to cut it. The disclosures really need to be read and understood. 2. Make disclosures verifiable and ongoing. We need a method that, as much as possible, can be verified as having occurred. Require a sign-off by the customer, and, if that’s not possible, solid documentation that disclosures and options are delivered regularly. 3. Provide adequate disclosure at issue. This should be a short, simple paragraph that explains, at a high level, that the product the customer bought has nonguaranteed elements that are, to some degree, subject to the discretion of the carrier. Note that even the “index formula” in indexed universal life products usually...