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Jonathan Bloomer, Morgan Stanley International Chair, Dies

Jonathan Bloomer, chairman of Morgan Stanley International and onetime chief executive of Prudential Plc, was confirmed as among the fatalities in the Aug. 19 sinking of a luxury yacht off Italy. He was 70. His wife, Judy, was also among those killed. They had been guests on the superyacht Bayesian to mark the acquittal of British tech tycoon Mike Lynch at a trial in which Bloomer had been a defense witness. Lynch also died in the sinking, according to people with direct knowledge of the matter who asked not to be identified. “Our parents were incredible people and an inspiration to many, but first and foremost they were focused on and loved their family and spending time with their new grandchildren,” the Bloomers’ children said in a statement. “Together for five decades, our only comfort is that they are still together now. This is an unimaginable grief to shoulder. Our only ask is that our family’s privacy is respected at this time,” they added. A total of six people likely were trapped and died inside the Bayesian when it was hit by a tornado near Porticello, Sicily, according to authorities. In June, a jury in San Francisco acquitted Lynch of criminal charges...

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Only 8% of Workers Say They’ll Wait Till 70 for Social Security: Survey

What You Need to Know In a Schroders survey, 43% of respondents said they planned to claim benefits before age 67. Non-retiree respondents, on average, forecast that they would need $4,947 a month to live comfortably. Thirty-eight percent of employer plan participants said their plan provides a retirement income solution. Half of non-retired Americans said they are concerned or very concerned about outliving their assets in retirement, Schroders reported in a new survey this week. At the same time, 43% of respondents said they plan to take Social Security before they turn 67, the full retirement age for those born in 1960 or later. Twenty-three percent said they would start their benefits at 65, and 12% said they would do so at 62. Only 8% said they would wait to claim until age 70, when they will reach their maximum monthly benefit. The decision to sacrifice Social Security income is not an oversight for most Americans, Schroders noted, as 74% of non-retired investors are aware that waiting longer earns higher payments. Rather, they are doing so for these reasons: Will need the money: 39% Concerned that Social Security may run out of money or stop making payments: 38% Want access to the money...

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Fires Spotted on Red Sea Tanker Drifting With Oil on Board

Article 0 Comments The UK Navy said that three fires have been observed on a ship attacked in the Red Sea earlier this week. The Sounion’s crew were evacuated from the ship in the past few days after the vessel was struck by multiple projectiles. On Friday, the UK Maritime Trade Operations, which is a part of the country’s Navy, said that it received a report that three fires were observed on the vessel, which was attacked on Wednesday, and that the tanker appeared to be drifting. The vessel was carrying 150,000 tons — about a million barrels — of Iraqi oil when it was attacked, and the European Union’s naval force in the region said it poses both a navigational and environmental risk. “Delta Tankers is doing everything it can to move the vessel (and cargo),” the ship’s owner and operator said in a statement, before the UKMTO release on Friday, in response to questions about whether there had been a further incident. “For security reasons, we are not in a position to comment further.” The company added that it was grateful for the assistance it received from the French navy. Photograph: Merchant ships in the Red Sea. Photo...

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Texas and Southwest Face Scorching Heat Wave

Article 0 Comments AUSTIN, Texas (AP) — Summer heat scorched Texas and the Southwest this week, pushing Phoenix to nearly 90 consecutive days of triple-digit temperatures and putting millions of people under excessive heat warnings. Meanwhile, energy demand in Texas hit an unofficial all-time high Tuesday, according to data from the state’s grid operator. A major heat alert is in place for Texas, reflecting what the weather service called “rare and/or long-duration extreme heat with little to no overnight relief.” An extreme heat alert was issued for eastern New Mexico. This area of high pressure, sometimes referred to as a heat dome, is a slow moving, upper-level high pressure system of stable air and a deep layer of high temperatures, meteorologist Bryan Jackson said. “It is usually sunny, the sun is beating down, it is hot and the air is contained there,” Jackson said. “There are dozen or so sites that are setting daily records … mostly over Texas.” Record high temperatures were expected in cities such as Corpus Christi, San Antonio and Amarillo. In Phoenix, monsoon rains have provided brief respites since Sunday, although daytime highs continue to top 100 degrees Fahrenheit (37.8 degrees Celsius). The dome was expected...

Three-quarters of Insured Drivers Prefer to Pay Out-Of-Pocket Rather Than Filing Insurance Claim 0

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Three-quarters of Insured Drivers Prefer to Pay Out-Of-Pocket Rather Than Filing Insurance Claim

Charlotte, NC (Aug. 20, 2024) – While auto insurance is meant to be a financial safeguard for drivers, many are opting not to use it. In its latest analysis, LendingTree®, one of the nation’s leading online marketplaces for loans, credit cards and insurance, found that 39% of insured drivers who’ve been in an auto accident or incident have bypassed their insurance for repairs. Additionally, 24% have filed a claim and later regretted doing so. LendingTree conducted an online survey of 2,000 U.S. consumers ages 18 to 78 to get a clear picture of how drivers handle accidents and insurance. Key Findings Many prefer to pay out of pocket for auto damage. Among insured drivers in an accident or incident, 39% have bypassed their auto insurance for repairs. When asked why, 59% said the damage was minimal, 44% said their deductible was higher than the cost and 42% didn’t want their insurance to increase. Some keep these incidents to themselves. 57% of those who’ve paid out of pocket didn’t disclose the incident to their insurer. A high deductible doesn’t appear to be a barrier for many drivers since 76% had a deductible of less than $1,000 when they paid out of pocket, and...

Small Commercial Insurance Customer Retention Hinges on Trust in Rising Rate Environment: J.D. Power 0

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Small Commercial Insurance Customer Retention Hinges on Trust in Rising Rate Environment: J.D. Power

American Family Ranks Highest among Small Commercial Insurers: J.D. Power 2024 U.S. Small Commercial Insurance Study Troy, MI (Aug. 20, 2024) – Even in an environment of rising rates in which 36% of small business owners have experienced premium increases during the past year, overall customer satisfaction, loyalty and brand advocacy stay strong when customers trust their commercial insurance providers. According to the J.D. Power 2024 U.S. Small Commercial Insurance Study,SM among small businesses with the highest levels of trust in their insurers  81% say they “definitely will” renew with their carrier and 79% say they “definitely will” recommend their carrier. Overall trust levels, however, vary widely by insurer. “Trust is the single most important variable in the customer relationship with commercial insurance providers,” said Stephen Crewdson, senior director of global insurance intelligence at J.D. Power. “Across virtually every business metric that matters to insurers—customer loyalty, advocacy, premium retention, share of wallet—small business owners who trust their insurers represent significantly higher value. While some insurers are doing a great job cultivating that trust, others have a lot of work to do.” Following are some key findings of the 2024 study: Trust is key value driver for commercial insurers: Overall small business...

Insurance Has Five Problems – But A.I. Isn’t Among Them 0

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Insurance Has Five Problems – But A.I. Isn’t Among Them

Industry experts identify top technology predicaments facing insurance leaders and how to address them — By Stu Bradley, Senior Vice President of Risk, Fraud and Compliance Solutions, SAS — While billions trust their lives and livelihoods to insurers every day, the insurance sector itself is facing an existential crisis. Record losses due to more frequent and severe natural disasters have skyrocketed premiums and deductibles. Carriers face significant backlash as policyholders scramble to find coverage in abandoned, high-risk markets. Meanwhile, analysts warn that the rate hikes and non-rate underwriting actions taken to navigate these market conditions will prove unsustainable in the long term. In search of workarounds, some insurance leaders pinned hopes on the generative AI (GenAI) boom for quick fixes. However, allegations of faulty algorithms rendering unfair denials have fueled critics, who claim that AI has become just one more problem in an already fraught landscape. The truth, per SAS’s Stu Bradley, is more nuanced. “While insurance leaders will certainly encounter obstacles as they advance their analytic maturity, AI itself isn’t the problem,” said Bradley, Senior Vice President of Risk, Fraud and Compliance Solutions. “Rather, organizations’ understanding of their data and the potential unintended consequences of AI is the root...

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OneDigital Expands With Acquisition of Elite Insurance in Tennessee

Article 0 Comments OneDigital, an insurance brokerage, financial services and human resources firm based in Atlanta, has acquired Elite Insurance Solutions, a property-casualty insurance agency in Franklin, Tennessee, the company announced this week. Elite was founded in 2008 by Mike Stansbury and Randy Hulett. It has 29 associates and offers commercial and personal lines coverage to more than 3,500 clients, OneDigital’s announcement said. The acquisition expands OneDigital’s presence in Tennessee, which now includes offices in Nashville, Knoxville, Franklin, Gallatin and Murfreesboro. OneDigital said it was founded in 2000 and has offices in major U.S. cities. Photo: Franklin, Tennessee (Adobe stock images) Topics Mergers & Acquisitions Tennessee 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 this article valuable. Please tell us what you liked about it. Submit No Thanks Here are more articles you may enjoy. Interested in Mergers? Get automatic alerts for this topic.

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Traditional Variable Annuities Join the Sales Party

Demand for annuities was so strong in the second quarter that sales of traditional variable annuities climbed to $16.5 billion, up 20% from the total recorded in the second quarter of 2023, according to new issuer survey data from Wink. Registered index-linked annuities were the annuities with the strongest second-quarter performance: Their sales increased 45%, year over year. Sales of all types of annuities that Wink has tracked for at least a year rose 31%, to $110 billion. The United States generated $29 billion in gross domestic product in the second quarter. Individual deferred annuity sales amounted to 0.4% of GDP. What it means: Many retirement savers are willing to pay insurers to absorb some or all of their market risk. Variable Annuities vs. RILAs: An annuity contract is an arrangement that a client can use to accumulate assets and convert the assets into a stream of income.

SSRU Expands Residential Realty Program Through Strategic Initiative with Allied World 0

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SSRU Expands Residential Realty Program Through Strategic Initiative with Allied World

Toronto, ON (Aug. 16, 2024) – SSRU is pleased to announce a strategic initiative with Allied World Specialty Insurance Company (AWSIC), a subsidiary of Allied World Assurance Company Holdings, Ltd., to enhance their Residential Realty program by increasing capacity and carrier depth. AWSIC enters this relationship at a pivotal time for SSRU, bringing capacity that will enable SSRU to deliver larger line shares and enriched services to their clients. This partnership marks a significant advancement for SSRU,” stated Heather Jamieson, SVP Property at SSRU. “AWSIC’s reputation as a top-tier capacity provider, combined with SSRU’s specialized knowledge in the Residential Realty market, positions us to offer advanced solutions and meet growing client demands.” “AWSIC is an ideal fit for SSRU,” added Stephen Stewart, President and CEO. “They have a deep understanding of the complexities and long-term dynamics of this niche market. Their capacity will bolster our growth objectives, enabling us to continue to deliver exceptional value to our clients.” As brokers contend with challenges stemming from limited capacity options in a CAT driven sector, SSRU continually focuses on delivering solutions that meet market demands. The relationship with AWSIC enhances SSRU’s capacity, enabling brokers to more effectively manage diversified panels and address...