Featured Articles Blog

0

Uncategorized

People Moves: AXA XL Promotes Flanagan to Lead P&C Bermuda; Intangic Names Cryer as Dir. of Client Solutions; Dale Names Daniel Head of Global Property Reinsurance

Article 0 Comments This edition of International People Moves details appointments at AXA XL Bermuda, the MGA Intangic, and the Lloyd’s insurer Dale Underwriting Partners. A summary of these new hires follows here. AXA XL Promotes Flanagan to Head of P&C Bermuda AXA XL announced that Mark Flanagan has been appointed to the new role of head of Property & Casualty, Bermuda. Flanagan, who reports to Noel Pearman, chief underwriting officer, Bermuda within AXA XL’s Insurance business, has more than 20 years of underwriting experience, including the past 12 years with AXA XL. Mark Flanagan In the new role, his responsibilities include leading the Bermuda P&C underwriting team with a focus on growing the property line of business as well as developing and managing client relationships across both lines of business. In addition, he will lead a client-centric approach in providing consistent, innovative and customized solutions. Flanagan was formerly senior vice president, chief property underwriter/head of Property Bermuda at AXA XL. He holds a Master of Arts in Economics and Accounting from the University of Edinburgh in Scotland, a Master of Science in Energy & Fire Safety Engineering from Heriot Watt University in Edinburgh, and a Master of Business Administration...

0

Uncategorized

Louisiana Fortify Homes Program Doubles Grants as Registrants Surge

Article 0 Comments Louisiana Insurance Commissioner Tim Temple said the number of grants has doubled for the latest round of the Louisiana Fortify Homes Program due to high volume of registrants. Temple increased the number of grants this round from 300 to 600 after nearly 12,000 homeowners signed up for the lottery. Homeowners who were selected to participate in the program will receive grants of up to $10,000 to upgrade their roof to the Fortified standard. The LFHP notified registrants by email this week if they were selected to participate, placed on a waitlist, or not selected to participate during the randomization process. “The high level of engagement shows that Louisianans recognize the need to build more resiliently, but it also underscores how much work lies ahead,” said Temple. “Whether registrants were selected, their decision to participate will demonstrate to the legislature that we need to continue supporting the Louisiana Fortify Homes Program.” This round of grants was limited to residents of Louisiana’s Coastal Zone and of Lake Charles, Sulphur and Westlake. Topics Louisiana Was this article valuable? Thank you! Please tell us what we can do to improve this article. Submit No Thanks Thank you! % of people found...

0

Uncategorized

Researchers Put Americans’ Retirement Literacy to the Test. The Results Weren’t Pretty.

Stakeholders across the financial services industry have put a lot of effort into improving the average American’s financial literacy in recent years, but the truth is that people continue to struggle with retirement income literacy. In fact, just one in five Americans earned a passing grade on a retirement quiz conducted recently by a team of researchers at the American College of Financial Services, and the average score was a paltry 31%. There are some positive signs to be found in the data, according to the researchers, such as the fact that Americans who are older and nearer retirement seem to have at least slightly better knowledge about key financial concepts related to retirement. There’s also good indication that people have a decent sense of their own knowledge levels, and that higher levels of educational and wealth attainment lead to higher levels of “retirement literacy.” So does working with an advisor, if only slightly. Earlier this year, I had the chance to sit down for a podcast interview with two of the academics behind the quiz: Eric Ludwig, director of the Center for Retirement Income and program director for the Retirement Income Certified Professional (RICP) program at the American College, and Kaylee...

Axis Insurance Acquires Baker Insurance 0

Uncategorized

Axis Insurance Acquires Baker Insurance

Axis Insurance Expands Calgary Operations with Acquisition of Baker Insurance Toronto, ON (Sept. 26, 2024) – Axis Insurance Managers Inc. (Axis Insurance) is excited to announce the acquisition of Baker Insurance, a respected property and casualty brokerage based in Calgary. This strategic move strengthens Axis’ presence in the region and enhances its ability to provide expert risk management solutions. Founded in 1976 and rebranded as Baker Insurance Ltd. following its acquisition by Ed Baker in 2006, the company has established a strong reputation for managing complex risks, specializing in both corporate and private asset insurance. The company provides expert risk management and consultancy services, including risk assessments, claims management, and comprehensive operational reviews. Additionally, Baker Insurance offers specialized insurance solutions such as surety bonds, and inland marine coverage. Ed and Colin Baker lead the commercial lines division, while Shelley and Tara focus on personal lines, ensuring comprehensive coverage across all client needs. Their expertise in handling difficult-to-place risks further enhances Axis’ capabilities. Axis Insurance is thrilled to welcome Baker Insurance into the team, expanding Axis’ national presence. Baker’s commitment to exceptional service and risk management aligns perfectly with Axis’ mission and values. Axis Insurance is an award-winning brokerage serving local,...

Quadient Secures Landmark Multi-Million Deal with Leading Global Insurer to Drive Customer Communications Transformation 0

Uncategorized

Quadient Secures Landmark Multi-Million Deal with Leading Global Insurer to Drive Customer Communications Transformation

CAD$9.8 million agreement over an initial period of 5 years includes the adoption of Quadient Inspire as a managed service Milford, CT (Sept. 24, 2023) – Quadient, a global automation platform powering secure and sustainable business connections, is pleased to announce a new €6.5-million deal with one of the world’s largest publicly traded property and casualty insurers. The multi-year agreement will see the US-based insurer adopt Quadient Inspire, Quadient’s award-winning Customer Communications Management (CCM) platform, as a cloud-hosted managed service, streamlining and optimizing customer communications across its global operations from one centralized platform. This global insurance leader operates in over 50 countries spanning all continents and was facing significant challenges in managing its vast array of customer communication templates, spread across a complex mix of legacy and home-grown systems. After an extensive multi-year evaluation process, the insurer selected Quadient among other vendors for its unparalleled expertise in handling large-scale, multi-regional deployments, the excellence of its CCM platform, and for its proven long-term commitment to its customers’ success. The adoption of Quadient Inspire will allow this insurer to consolidate nearly 70,000 communication templates and retire multiple legacy systems, ensuring the customer can rapidly respond to market changes and maintain compliance across...

Sun Life helps Canadian retirees transition their savings into income with new retirement solution 0

Uncategorized

Sun Life helps Canadian retirees transition their savings into income with new retirement solution

A first of its kind in Canada – an ‘all-in-one’ target age solution that simplifies retirement income Toronto, ON (Sept. 26, 2024) – Five million Canadians will turn 65 this decade and be one step closer to retirement. Today, Sun Life introduced Sun Life MyRetirement Income, an innovative first for Canadians that provides retirees with a reliable source of income, while maintaining flexibility and the potential for continued investment growth. This fully automated solution can help ease the transition from saving to drawing income in retirement. “With 40% of Canadians worried about outliving their savings, providing support and sustainable retirement income is essential,” says Eric Monteiro, Senior Vice-President of Group Retirement Services at Sun Life. “Retirement should be a time of relaxation and enjoyment, not financial stress. We knew we had to find a solution to simplify the process to make Canadians’ money last. Sun Life MyRetirement Income ushers in a new era of decumulation for Canadians.” Designed to be simple because retirement is complex This fully automated solution, designed in collaboration with Sun Life Global Investments, is an easy and flexible way to help Clients’ savings last to the age they want (‘maturity age’). Currently, no solution in Canada...

New research reveals AI is the biggest challenge facing digital health and wellness firms: Beazley 0

Uncategorized

New research reveals AI is the biggest challenge facing digital health and wellness firms: Beazley

92% of digital health and wellness companies in Canada are planning to use or increase their use of AI to diagnose or treat patients But 79% worry about trustworthiness; 79% about bias and 79% about theft of intellectual property London, UK (Sept. 25, 2024) – Beazley, the leading specialist insurer, is pleased to announce it  has published its latest Digital Health & Wellness 2024 report. The survey of 600 industry executives in six countries across Europe, North America and Asia revealed that as digital health and wellness businesses around the world ramp up adoption of artificial intelligence (AI), executive concerns over trustworthiness and bias are rising to the top of the agenda. To address this, digital health and wellness businesses and their insurers need to ensure the right protection is in place. However, Beazley’s research found under a third of Canadian businesses (30%) buy the essential tailored insurance covers that protect against bodily injury caused by a variety of technology-based drivers. Supply chain and recruitment issues are also key challenges facing Canadian digital health and wellness businesses as they strive to grow, with 30% and 30% reporting this respectively. By contrast, in 2022, only 17% and 16% globally identified supply...

0

Uncategorized

Columbia Insurance to Transfer Personal Auto, Umbrella Books to Safeco

Article 0 Comments Safeco Insurance, a Boston-based Liberty Mutual Insurance company, said it has entered into a book transfer agreement with Columbia Insurance Group, a Central and Midwest regional carrier. Under the agreement, mutual insurer Columbia will transfer its entire personal auto and umbrella lines business in eight states to Safeco, effective for renewals beginning January 1, 2025. Safeco will expand its agency footprint and customer base in Arkansas, Illinois, Iowa, Kansas, Missouri, Nebraska, Oklahoma and South Dakota. Personal auto made up about 11% of Columbia Insurance Group’s direct premiums written in 2023, according to AM Best, who has given the insurer a financial strength rating of A- (Excellent). Safeco said a majority of Columbia agents currently having Safeco appointments, and those who do not will be given the opportunity to apply. “This agreement is a valuable opportunity to grow business across the region and we welcome Columbia agents and customers to Safeco,” said Luke Bills, president of independent agent distribution, US Retail Markets, Liberty Mutual Insurance. Columbia’s Keith Maciejewski, chief underwriting officer said it was a difficult decision to exit personal lines. He said the Columbia, Missouri-based carrier founded in 1889 will focus exclusively on commercial solutions going forward....

0

Uncategorized

Mystified by the Social Security Administration? Here’s an Inside Look

Given its importance to the retirement security of millions of working Americans, the U.S. Social Security Administration gets a lot of attention in both popular media outlets and in specialist finance industry publications, including ThinkAdvisor. But that doesn’t mean the program is entirely well understood by financial advisors and their clients. Far from it, in fact. From worrying headlines about the Social Security program’s funding gap to painful questions about disability benefit claiming delays, there’s a lot to unpack — not to mention the dazzling nuance involved in optimal Social Security claiming. The program is also common fodder for political debates, even if the candidates’ positions often lack substance. Fortunately, there are some highly knowledgable independent experts who know the SSA, its strengths and its challenges inside out. Among them is Jason Fichtner, the former chief economist for the Social Security Administration who is now vice president and chief economist at the Bipartisan Policy Center and a senior fellow with the Alliance for Lifetime Income. Earlier this year, I had the chance to sit down with the former SSA official to talk all things Social Security, and Fichtner had an abundance of insight to share about the inner workings of the...

0

Uncategorized

Cease and Desist Order Issued Against Iowa Contractor

Article 0 Comments The Iowa Insurance Division has issued a cease-and-desist orderagainst William Campbell and All or Nothing LLC, a Clive, Iowa limited liability company doing business as All or Nothing Roofing and Construction. The order claims that Campbell and his company have acted as an unlicensed public adjuster by soliciting business and offering services that require a public adjuster license in the state of Iowa. All or Nothing LLC and Mr. Campbell have 30 days to request a hearing on the cease and desist order. A public adjuster is any person who, for compensation, acts on behalf of an insured, during the investigation, negotiation, or settlement of a first-party claim for loss or damage to real or personal property of the insured. Iowa law requires public adjusters to be licensed. “Dealing with damage from a storm is stressful for those impacted,” said Deputy Commissioner Jared Kirby. “Unlicensed storm-chasers may attempt to create expectations on settlement values or scope of repairs that do not align with the language of the insurance policy which can cause delays to claim resolution and added expense to consumers.” Source: Iowa Insurance Division Topics Contractors Iowa Was this article valuable? Thank you! Please tell us...