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Flood-Stricken Connecticut Seeks Emergency Assistance from Federal Agencies

Article 0 Comments Connecticut Governor Ned Lamont has submitted a request to President Joe Biden and the Federal Emergency Management Agency (FEMA) for a federal emergency declaration for Fairfield , New Haven, and Litchfield counties in response to the extreme flooding that damaged portions of the state last weekend and early this week. The governor’s submission includes a request for the U.S. Army Corps of Engineers to provide support for the repairing of dozens of bridges, dams, and other infrastructure, as well as help from the Environmental Protection Agency (EPA) in response to oil tanks, propane cylinders, vehicles, vessels, and drums that are floating in multiple waterways. Additionally, the governor is seeking assistance from the Federal Highway Administration for numerous destroyed and compromised state roads. Lamont’s request for a federal emergency declaration is not a request to FEMA for a major disaster declaration to qualify for federal funding to help cover the costs of repairing and rebuilding after the storm. That type of declaration requires the state to provide a detailed accounting of all damage and a cost estimate, a process that takes several weeks to complete. Lamont said his administration is already working with municipalities on that. Lamont told...

Investors Pour $3.5M into YouSet to Help More Canadians Save on Home & Auto Insurance 0

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Investors Pour $3.5M into YouSet to Help More Canadians Save on Home & Auto Insurance

Montreal, QC (Aug. 20, 2024) – YouSet, a Canadian startup taking the pain out of shopping for insurance, is pleased to announce it has raised an oversubscribed seed-stage investment round of $3.5 million. The company is also announcing the release of its highly anticipated new product, a feature that allows users to bundle home and auto policies from different insurers, now making it possible to unlock even lower prices. The funding comes from investors who had participated in YouSet’s $2.1M pre-seed round announced in 2022, and new strategic angel investors. Investors doubling down on YouSet include Don Fox (former Executive VP at Intact), Neil Mitchell (former Managing Director at Marsh), Joe Canavan (Principal of Canavan Capital), and Nicolas Bouchard (Founder of DuProprio). New investors include Jim Texier (former Head of Big Data at AXA), Phil Gibson (former Senior VP at Aviva), and Dan Robichaud (serial entrepreneur & investor). Xavier Freeman, Co-Founder and CEO of YouSet, marked this milestone, saying, “If YouSet’s growth to date has taught us anything, it’s that Canadians are very eager to find better home and auto insurance at a lower cost, just as we’re dedicated to making it a reality. In today’s environment, most people are...

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Wall Street Builds on $3T Stock Rally

Stocks climbed for an eighth straight day — the longest winning streak in 2024 — with traders hoping the Federal Reserve will signal it’s ready to start cutting interest rates. With the central bank approaching a crucial pivot point, it’s difficult to overstate how much attention financial markets will be paying. For starters, they’re looking for confirmation from Jerome Powell Friday that the Fed will lower rates in September. But more drama surrounds what happens after that and the pace of additional cuts over the next several months as the Fed confronts the dual risks to both inflation and employment. At Bank of America Corp., Ohsung Kwon says the Fed is unlikely to “out-dove” the market, but as long as growth is OK, equities can withstand a less-dovish Fed. “Stocks just need a nod that growth is going to be supported,” Kwon said. “While our view is that risk is to the upside, we do not believe that Jackson Hole will spur the large equity moves that it has in the past when the Fed used it as forum to telegraph upcoming policy decisions.” The S&P 500 extended a rally that’s already added over $3 trillion since the Aug. 5 low. Advanced Micro...

John Hancock and Ethos Collaborate to Offer Simple Term with Vitality and a Return of Premium Rider 0

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John Hancock and Ethos Collaborate to Offer Simple Term with Vitality and a Return of Premium Rider

Boston, MA (Aug. 13, 2024) – John Hancock and Ethos have joined forces to offer John Hancock Simple Term with Vitality through Ethos. This simplified term life insurance product provides customers with generous Return of Premium (ROP) benefits and the ability to earn John Hancock Vitality rewards and discounts, all with a 100 percent instant underwriting decision. Ethos has built one of the most advanced technology platforms with one of the strongest product portfolios in the industry. It offers customers and agents a seamless experience and streamlines the life insurance purchasing process. “We are excited about this new distribution relationship with Ethos, enabling us to reach a broader customer base with our Simple Term product and providing access to the unique John Hancock Vitality PLUS Program,” says Michelle Dauphinais, Vice President and Head of Distribution at John Hancock. John Hancock Simple Term with Vitality and ROP offers agents an instant, hassle-free way to protect a wider range of families and help meet their life insurance needs. “This product offers premier ROP coverage, offering up to a 100% return of premiums paid by the end of the 25- and 30-year level-term periods.1 With Simple Term with Vitality, customers automatically receive John...

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SME Broker Ardonagh Advisory to Acquire UK-Based R.K. Henshall

Article 0 Comments Ardonagh Advisory, Ardonagh Group’s SME broking platform, has agreed to acquire UK chartered insurance broker R.K. Henshall & Co. Ltd. Financial details of the transaction, which is subject to regulatory approval, were not disclosed. Established in 1976, R.K. Henshall & Co. specializes in commercial insurance and has a number of high-quality schemes through its Air Underwriting division. With 35 employees, R.K. Henshall is based in Sandbach, Cheshire. Upon completion of the deal, directors John Henshall and Allen Simpson will remain in the business, with Henshall continuing to lead the business, reporting to Stephen Boyd, the managing director of Advisory Insurance Brokers in the North. As part of Ardonagh Advisory, R.K. Henshall & Co. Ltd. will be joining a £1 billion-plus GWP UK broker with more than 2,600 people across the UK. “As a second-generation family business, selling to a bigger firm was a massive decision. It was really important to find a business that understood and supported our culture, and that would ultimately mean a stronger proposition for our clients,” commented Henshall. “In Ardonagh we’re joining forces with a dynamic and growing business, bringing even greater opportunities for our people and clients.” “We look forward to welcoming...

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The Rich Can’t Sell Their Art, So They’re Borrowing Against It

The team, which the bank is continuing to invest in, has 12 specialists in the art market across credit, wealth planning and philanthropy. The bank’s clients that already have loans keep them, while utilization has remained around 70% this year, according to Watson. “The retention and strong utilization is reflected in the balances outstanding, which have remained strong,” he said. Bank of America structures these loans on a variable rate, so over time the cost of capital could decrease if rates fall. The interest rate is based on the secured overnight financing rate, plus a spread, Watson said. So as rates get cut, loans like this are even more likely to increase. Citigroup, which estimates its share of the market at 10% to 15%, has a steady base of art-lending clients because rates on art loans are still favorable compared to other loans, according to Fotini Xydas, head of art finance at Citi Private Bank. “Even though rates are higher, art is a very stable asset over the long term, compared to other assets in terms of volatility,” she said. How Art Loans Work Art loans function as lines of credit, so clients draw on them and pay them back...

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What Panic? Stocks Are Quickly on Way Back to Record Highs

In 2022, the index sank 25% before a sustained rebound. And during the global financial crisis, it plunged as much as 57% — and then took four years to fully recover. Above Key Levels The S&P 500’s 200-week moving average has been a strong indicator of the index’s floor since the turn of the century. More recently, the benchmark bounced back after hitting it during the economic growth scare in 2016, the U.S.-China trade war in 2018 and again in 2022. This time around, it came nowhere near that threshold even at its lowest point. While that also indicates how much further the index could slump in a renewed selloff, it shows that investors were confident enough to swoop in well before the market tested a new bottom. Japan Rebounding Japan was at the heart of the global turmoil after its monetary policy tightening sent the yen to one of its strongest levels this year, driving hedge funds to sell off assets to unwind carry trades financed by low-cost loans in Japan. The currency is now easing again because policymakers there were quick to reassure markets that further rate hikes were likely off the table. That’s flowed through to stocks in Japan, too....

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Complaint Accusing Advisor of Churning Retirees’ Accounts Dropped

A lawsuit accusing a Connecticut investment advisor of making excessive and inappropriate trades for a retired couple has been withdrawn. In a complaint filed in November, Terry and Nancy Chabot alleged that Samir Shehu, managing principal at Shehu Asset Management, an RIA in Southbury, Connecticut, cost the couple more than $800,000 over 18 months by churning their holdings and investing in penny stocks. Terry Chabot died nine days after the suit was filed, Connecticut Superior Court records indicate. The couple’s attorney withdrew the complaint July 26, according to a court filing that didn’t offer an explanation.

Climate change raised the odds of unprecedented wildfires in 2023-24 0

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Climate change raised the odds of unprecedented wildfires in 2023-24

The Inaugural ‘State of Wildfires’ Report report, published in the journal Earth System Science Data (ESSD), offers a comprehensive analysis of global wildfires, supported by data from the Copernicus Atmosphere Monitoring Service (CAMS). The report provides crucial insights into extreme fire events, their causes, predictability, and the role of anthropogenic factors, and the findings highlight the essential role of scientific data in informing policy and improving resilience. The report shows that if there is no action to tackle greenhouse gases now, wildfires similar in scale to the 2023-24 season will become over six times more common in Canada by 2100, and twice as common under a low emissions scenario. Highlights: Fueled by climate change and human activity, a series of wildfires shattered records for burned areas and carbon emissions across the globe in 2023-2024, leaving a lasting impact on ecosystems, air quality, and communities. The 2023-2024 global fire season saw unprecedented wildfire activity in several regions, particularly in Canada. Approximately 3.9 million square kilometers burned globally during the 2023-2024 fire season; this ranks 12th among the 22 fire seasons since 2002. However, despite the lower-than-average burned area, fire carbon emissions were 16 percent above average and ranked seventh-highest since 2003....

Threat actors exploit cybersecurity gaps from M&A, software consolidation to maximize damage & profit, Resilience finds 0

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Threat actors exploit cybersecurity gaps from M&A, software consolidation to maximize damage & profit, Resilience finds

Ransomware attacks surge in frequency and severity since 2023, buoyed by major attacks on Change Healthcare, CDK Global, and others San Francisco, CA (July 1, 2024) – Threat actors evolved their tactics in 2024 to take advantage of business and technology consolidation, the leading cyber risk solution company Resilience found in its Midyear 2024 Cyber Risk Report. Increasing M&A and reliance on ubiquitous software vendors created new opportunities for threat actors to unleash widespread ransomware campaigns by exploiting a single point of failure. Some of the most disruptive cyberattacks over the past year involved heavily interconnected systems or recently acquired companies, to devastating effect—even putting entire economic sectors on hold. The Midyear 2024 Cyber Risk Report, published today, leverages data from Resilience’s Threat Intelligence team and insurance claims portfolio to analyze trends in hacking activity and industry responses. Key findings include: Ransomware remained the leading cause of loss since January 2023, with 64% of ransomware-related claims resulting in a loss. The financial severity of claims related to ransomware attacks increased 411% from 2022 to 2023. Ransomware attacks on Change Healthcare and CDK Global, as well as the PanOS zero-day vulnerability, represented 2024’s top claim-driving events thus far. Of all claims...