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Hiscox Confirms Chairman Bloomer Died During Yacht Accident Off Coast of Sicily

Article 0 Comments Hiscox Ltd. issued a statement confirming that the insurer’s chair, Jonathan Bloomer, and Bloomer’s wife, Judy, died in the tragic sinking of the Bayesian off the coast of Sicily on Monday, Aug. 19. “We are deeply shocked and saddened by Jonathan and Judy’s tragic deaths. Our deepest sympathies go out to their family and friends at this devastating time,” according to Aki Hussain, Hiscox Group CEO, in a statement. “It was a privilege to have known Jonathan and to have benefited from his generosity and wisdom over the last year in his role as chair of Hiscox,” Hussain continued. Jonathan Bloomer “His deep experience across our industry and in the broader business arena, combined with his personal values, made him both an excellent chair and a person I was proud to know and work with. His advice and support were immensely valuable to me, and he will be dearly missed,” he said. Bloomer was also a non-executive chair at Morgan Stanley International. In addition to Bloomer and his wife, the other fatalities were British tech magnate Mike Lynch; a Clifford Chance solicitor, Chris Morvillo and his wife, Neda Morvillo; and the vessel’s onboard chef, Recaldo Thomas. Lynch’s...

What You Need to Be ‘Wealthy’ in 12 Cities 0

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What You Need to Be ‘Wealthy’ in 12 Cities

Start Slideshow In a new survey, Americans say it takes an average of $2.5 million to be considered wealthy, up from $2.2 million in 2022 and 2023, Charles Schwab reported Wednesday. The threshold for how much they believe is needed to be considered wealthy ranged from $1.2 million for Generation Z respondents to $2.8 million for baby boomers. It also varies based on where survey respondents live. Poll participants think that the average net worth required to be financially comfortable is $778,000. This is down from a peak of $1 million recorded last year but in line with the 2022 finding of $775,000. Logica Research conducted the online survey from March 4-18 among a national sample of 1,000 Americans aged 21 to 75. An additional 200 Gen Z Americans completed the study. Asked whether they expect to be wealthy within their lifetimes, 21% of respondents say they are on track to be wealthy, including 29% of millennials and Gen Zers.  Although they are optimistic about their future wealth, respondents acknowledge that they can do more. A third say they are on track to gaining control of their finances, and another third state that they need to make changes in order to...

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Compounding Disasters in Lake Charles Highlight Need for Disaster Preparedness

Article 0 Comments Most Americans will remember 2020 as the year when the pandemic changed everything. But for Lake Charles, Louisiana, and its neighbors along the Gulf Coast, it was also the year of record-setting disasters, when “once-in-a-lifetime” storms hit in such rapid succession that their impacts blurred together. A recent National Academies consensus study I worked on looked into the compounding disasters that the region faced – both physical and socioeconomic – as storm after storm arrived during the pandemic with little time for recovery. It concludes that Lake Charles’ experiences could be a harbinger of what’s to come in a warming world unless the nation fundamentally rethinks its disaster preparedness, response and recovery strategies. Lake Charles’ compounding disasters Hurricane Laura made landfall near Lake Charles on Aug. 27, 2020, as a powerful Category 4 storm, with wind speeds exceeding those that local building codes were designed to protect against. The ongoing pandemic made filing FEMA assistance requests and insurance claims more difficult. Assessors could view properties only from afar, and on-site application assistance was suspended, forcing residents into untested online systems. As the community struggled to self-document its losses, Lake Charles was struck again five weeks later by...

Shore Underwriting Joins Quotey Marketplace with Management Liability Product 0

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Shore Underwriting Joins Quotey Marketplace with Management Liability Product

Whitby, ON (Aug. 20, 2024) – Quotey is delighted to announce that it has expanded its commercial and specialty insurer marketplace to include Shore Underwriting’s Management Liability product. Effective today, brokers using the Quotey platform can receive instant quotes for Directors and Officers (D&O) and Employment Practices Liability (EPL) for Canadian private companies and non-profits with up to $250M in revenues or 250 employees. Shore’s product covers over 1,000 industry classes and offers up to $5M limits for D&O and EPL and $1M for crime. “We’re excited to welcome Shore Underwriting to our marketplace and to offer their innovative Management Liability product to our broker partners,” said Quotey CEO and Co-Founder, Nick Kidd. “Shore has a wealth of experience and expertise in this niche area of insurance and has developed a product that is easy to quote, flexible and competitive.” “Quotey is a trailblazer in the digital space in Canada, and Shore Underwriting is thrilled to collaborate with Quotey to add our products to their platform.” says Shore CEO, Michael Shore. “We believe that digital and online strategies are the way of the future and Quotey is the ideal partner based on our aligned visions for underwriting innovation in the...

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Why There’s a 15% Gap Between Investor and Fund Returns

What You Need to Know Mistimed buying and selling of fund shares drove the lag, a study found. Fund volatility also played a role. The performance gap occurred every year over a decade. Advisors looking to persuade clients to avoid trying to time the market might point them to a new Morningstar report estimating that investors missed about 15% of their funds’ total returns for the decade ended December 2023. Even thoughtful, steady investors can experience a lag between their total returns and fund performance, the research firm noted. Morningstar estimates that the average dollar invested in U.S. mutual funds and exchange-traded funds earned 6.3% a year over that period, underperforming the average fund by 1.1 percentage points per year, assuming an initial lump-sum investment. Fund holdings generated about 7.3% a year, which Morningstar calls the buy-and-hold return. The firm attributed the gap to mistimed buying and selling of mutual fund and ETF shares. “In other words, investors failed to capture around 15% of their funds’ total returns, with that shortfall owing to the timing and magnitude of their purchases and sales,” Morningstar said in its annual “Mind the Gap” report, released last week. “The gap was persistent. We found shortfalls between...

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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...