Featured Articles Blog

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...

KatRisk Unveils a Severe Convective Storm (SCS) Model to Revolutionize Weather Risk Management 0

Uncategorized

KatRisk Unveils a Severe Convective Storm (SCS) Model to Revolutionize Weather Risk Management

Berkeley, CA (Sept. 24, 2024) – KatRisk, a premier provider of dynamic catastrophe risk software, is pleased to announce the launch of its groundbreaking Severe Convective Storm (SCS) model. This unique-to-the-industry tool is designed to transform how the insurance industry manages volatile weather risks, such as hail, tornadoes, and straight-line wind. With severe convective storms causing approximately $70 billion in insured losses globally in 2023, the need for advanced risk management tools has never been more critical. KatRisk’s SCS model rises to this challenge by offering unparalleled precision and efficiency developed to meet the diverse needs of insurers, government agencies, and financial institutions. What Sets KatRisk’s SCS Model Apart KatRisk’s SCS model boasts an array of features and benefits designed to keep clients ahead of severe weather risks, some of which include: Transparency and Customization: Well-documented, climate science-backed methodologies that provide a strong view on risk, and the ability to customize High-Resolution Data: Best-in-class resolution offers realistic representations of severe weather events. With a 1-km resolution for hail and straight-line wind and 100-m resolution for tornado, the model captures nuanced intensity gradients critical for accurate risk assessment. Speed and Efficiency: KatRisk’s SCS model stands out for its speed, facilitating rapid...

0

Uncategorized

EF Hutton’s Ousted CEO Fires Back, Alleging Unlawful ‘Coup’

What You Need to Know EF Hutton recently sued Joseph T. Rallo, saying the fired CEO had stolen millions by faking expense reports. In a new suit, Rallo says the company’s claims are false and that his former partner deposed him out of jealousy. Rallo alleges EF Hutton’s current CEO and general counsel are running the firm into the ground and that they recently planned to join a competitor. An emotionally charged dispute between investment bank EF Hutton’s co-founders, marked by charges of substance abuse and corporate wrongdoing, has spilled into a second lawsuit. Fired EF Hutton CEO Joseph T. Rallo, accused in a recent lawsuit of stealing millions from the firm by faking expense reports, has now filed a complaint himself, contending the investment bank’s current CEO and general counsel unlawfully ousted him in a “coup d’etat.” Accused of Stealing Millions EF Hutton, in a lawsuit filed last week in the commercial division of the New York Supreme Court in New York County, alleges Rallo stole millions from the firm by falsifying his expense reports and caroused at a “gambling den” during the workday. Rallo, firing back in a lawsuit filed Monday in Delaware’s Court of Chancery, describes EF Hutton’s complaint...

Cost of record-breaking hailstorm adds to crisis facing Alberta auto insurance system: IBC 0

Uncategorized

Cost of record-breaking hailstorm adds to crisis facing Alberta auto insurance system: IBC

$900 million in unexpected claims, alongside a rate cap, may contribute to insurers leaving Alberta Calgary, AB (Sept. 19, 2024) – Insurance Bureau of Canada (IBC) is warning that the massive volume of auto insurance claims from the recent Calgary hailstorm could create an economic environment that may push even more insurers out of the province due to the rate cap. The August 5 hailstorm is now the second-largest insured loss event in Canadian history. It caused roughly $2.8 billion in insured damage and 130,000 insurance claims. Over half of those claims – about 70,000 of them – were for damage to vehicles; it’s estimated that auto damage claims alone cost $900 million. “The Calgary hailstorm will add $900 million in unexpected claims cost pressures at a time when Alberta’s auto insurance system is in crisis due to the province’s rate cap,” said Aaron Sutherland, Vice-President, Pacific and Western, IBC. “Under the rate cap, auto insurers are unable to recover from the growing cost of claims over the past two years. This has created a dire economic environment that has forced several companies to leave Alberta’s auto insurance market, limiting competition and choice for consumers. Unless the rate cap is...

0

Uncategorized

Report: Experts Worry California’s Wildfire Season Could Get Worse

Article 0 Comments Despite several early blazes and one of the state’s largest so far, experts worry California’s wildfire season could get worse when the seasonal winds responsible for fanning some of the biggest fires arrive. A CNN report out this week queries wildfire experts about the season so far and their worries for what could be next. Related: California Commissioner, Cal Poly Humboldt Working on Public Wildfire Model The report notes that the fires so far in the season have occurred without the aid of “the hot, dry air of the Santa Ana and Diablo winds” that blow from the desert, over the mountains to coast. “These winds create easily ignitable, bone-dry fuels and blow so intensely they can morph a small flame into a massive blaze,” the news report states. Related: California Commissioner Invites Input on Final Phase of Wildfire Modeling Regulation So far, CalFire reports 6,332 wildfires burning nearly 1 million acres, not far from the average of 950,000 burned per season acres. Fires this year have damaged or destroyed 1,687 structures. However, among those numbers have been some large and dangerous blazes. Related: 2.6M Homes with a Cost of $1.3 Trillion at Moderate to Very High...

0

Uncategorized

The 60/40 Portfolio Isn’t Dead. But Is It Enough?

Some alternatives offer solid returns that may outperform equities over time. But these high potential returns may come with a high correlation to equities so they don’t offer a high level of diversification. A better option might be to look for alternatives that offer decent returns with a lower correlation to equities, bonds or both. Durable and consistent returns: Like any investment strategy, an alternative investment should have a consistent and durable record of returns. It’s important to have a good understanding of how this investment is going to perform in different market and economic environments. The fewer surprises the better. Defensive: Many alternatives act as a defensive component of a client’s portfolio. This is often through relatively low correlation to stocks, bonds or both. The timing of returns from the alternative will often differ from that of stocks or bonds, thus providing a more consistent level of overall portfolio returns. Alternative ETFs and Mutual Funds Investing in alternatives has become easier for advisors whose clients are not accredited investors or qualified purchasers. The rise of mutual funds and exchange-traded funds that invest in alternative assets and strategies has made investing in alternatives accessible for more average investors. An example...

Empower acquires OptionTrax to deliver integrated equity compensation solutions 0

Uncategorized

Empower acquires OptionTrax to deliver integrated equity compensation solutions

Combination advances a scalable, real-time, technology-driven equity compensation platform that delivers leading digital experience to public and private clients of all sizes Clients to benefit from full suite of capabilities and services to drive integrated workplace and wealth management solutions Greenwood Village, CO (Sept. 23, 2024) – Empower, a leading provider of retirement and wealth management services, is pleased to announce that it has acquired Plan Management Corporation (PMC), the creator of OptionTrax®, a leading digital equity plan administration platform and service provider. Under the agreement, Empower has wholly acquired PMC, headquartered in West Conshohocken, Pennsylvania, including its technology, proprietary product and service offerings, intellectual property, licenses, and contracts. Financial terms of the transaction are not being disclosed. The combination will bring together Empower’s leading retirement and wealth management services and integrated financial tools with OptionTrax’s growing, digitally oriented equity compensation platform and administration services. Empower will be available to both publicly traded and privately held companies. The OptionTrax equity plan platform will be integrated with Empower’s digital experience, which provides individuals a complete view of their financial picture — including their personal assets and liabilities — and the ability to manage their progress toward financial goals. The OptionTrax platform...

0

Uncategorized

FBI Disrupts Vast Chinese Hacking Operation That Infected Consumer Devices

Article 0 Comments The FBI has disrupted a group of hackers working at the direction of the Chinese government who targeted universities, government agencies and other organizations, Director Chris Wray said last week. The hacking campaign known as Flax Typhoon installed malicious software on more than 200,000 consumer devices, including cameras, video recorders and home and office routers, to create a massive botnet — a network of infected computers. The botnet was used to facilitate cyber crimes, such as the theft of sensitive information from victims’ networks. “Flax Typhoon’s actions caused real harm to its victims, who had to devote precious time to clean up the mess when they discovered the malware,” Wray said Sept. 18 at the Aspen Cyber Summit. Speaking at the same conference, Deputy Attorney General Lisa Monaco said the average citizen should care because the case involves “criminal activity, disruptive activity going on in potentially their devices. And, and it is part of a broader ecosystem that malicious cyber actors are using.” The FBI and Justice Department, which obtained a warrant to seize the botnet’s infrastructure, did not identify any of the targets by name but said they included universities, government agencies, telecommunications providers, media organizations...