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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...

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People Moves: Skyward Specialty Hires Four Regional VPs and Two Underwriters

Article 0 Comments Skyward Specialty Insurance Group, Inc., headquartered in Houston, named four new regional vice presidents and two new underwriters. Skyward Specialty named Gregg Callahan regional vice president in its northeast region in New England. Callahan spent the last 27 years at Liberty Mutual Insurance, specializing in contract surety. The company named Larry Mastalski as regional vice president in the Texas and Midwest territories. With over 33 years of specialized surety expertise, Mastalski joins from Markel, where he served as vice president branch manager and previously held senior positions at Chubb. Sam Allison joined Skyward Specialty as assistant regional vice president in Texas. Allison has 21 years of experience in the Texas surety market, most recently serving as regional bond manager for Main Street America Group. Sean Fallows was hired as regional assistant vice president in the Pacific Northwest region. Fallows has over 18 years of specialized surety expertise, most recently serving as Pacific Northwest branch manager for Intact Insurance Specialty Solutions. Joe Waynauskas, a 22-year surety veteran, joins Skyward Specialty as senior underwriter in the north-central region, and Joe Michalewsky joins the Northeast region as an underwriter. He joins the company following two years of surety experience at...

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People Moves: NI Holdings, Inc. Appoints Launer Interim CEO

Article 0 Comments NI Holdings, Inc., headquartered in Fargo, North Dakota, named Cindy L. Launer as interim CEO. Michael J. Alexander has stepped down from his role as president and CEO and as a board member of the company. Launer has served as an independent non-executive director on NI Holdings’ board since November 2019 and brings 18 years of experience in the insurance industry. Most recently, Launer served as chief operating officer of AIG’s commercial insurance business before retiring in 2018. She will remain on the board of directors while serving as the interim chief executive officer. 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. The most important insurance news,in your inbox every business day. Get the insurance industry’s trusted newsletter

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88-Year-Old Missouri Victim in Boar’s Head Deli Meat Outbreak Underscores Risk

Article 0 Comments A lifelong lover of liverwurst, Sue Fleming relished the smoked sausage her husband brought home every few weeks from the grocery store deli. Patrick Fleming always made sure to buy Boar’s Head braunschweiger, the type she liked best, even though it could be costlier than other brands. “My whole family loves braunschweiger,” Sue Fleming said. “On bread with lettuce, a little mayo, a slice of pickle.” But the 88-year-old from High Ridge, Missouri, is rethinking her favorite snack after she fell ill as part of a deadly listeria food linked to a nationwide recall of 7 million pounds of Boar’s Head deli meats. The retired psychotherapist and author said she spent nine days in a hospital and 11 in a rehabilitation center last month because of what doctors confirmed was a listeria infection. She and her husband are suing Boar’s Head and Schnuck Markets Inc., which sold the deli meat, according to court documents filed July 26 in a Missouri court. As of early August, 43 people had gotten sick and three of them died — one in New Jersey, one in Illinois and one in Virginia. “We wanted no one else to be harmed,” Fleming said...

FastTrack Announces Patent Pending Status for Claim Decision Readiness (CDR) Technology 0

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FastTrack Announces Patent Pending Status for Claim Decision Readiness (CDR) Technology

Bedminster, NJ (Aug. 13, 2024) – FastTrack, a leader in technological innovation for the life and disability insurance vertical since 2012, is excited to announce that its latest Claim Decision Readiness Technology has been granted patent pending status by the United States Patent and Trademark Office (USPTO). This significant milestone underscores the unique capabilities of FastTrack’s latest invention, poised to disrupt the life and disability insurance claims processing workflow landscape. The patent pending technology, Claim Decision Readiness (CDR), represents a culmination of more than a decade of research, development, and ingenuity. This innovative solution promises to revolutionize the life and disability insurance vertical, offering unprecedented benefits and capabilities to insurance carriers processing life and disability claims from a workflow perspective. Key highlights of Claims Decision Readiness technology include: Unmatched Performance: Claim Decision Readiness sets new standards for performance, reducing claims administrative processing times by 40%. Enhanced Efficiency: By streamlining processes and optimizing workflows, Claim Decision Readiness significantly boosts productivity and efficiency, enabling life and disability carriers to achieve more with less. Advanced Features: Claim Decision Readiness incorporates cutting-edge technology such as Robotic Processing Automation and Machine Learning, setting it apart from existing solutions in the market. Scalability and Adaptability: Whether...

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Long-Term Care Costs Emerge as a Top Issue for Older Americans

U.S. residents ages 50 and older may be starting to worry more about the cost of long-term care than about the cost of acute health care or health insurance. Dr. John Ayanian and other University of Michigan researchers raise that possibility in a new research letter, published behind a paywall on the American Medical Association’s JAMA website, which summarizes the results of a recent survey of 3,626 older adults. When the survey team asked participants whether they were very worried about certain health-related concerns, the “cost of home care, assisted living, nursing home care” ranked first: 56.3% of the survey participants said they were very worried about that issue. Here are the “very worried” levels for five other health-related concerns: Cost of acute medical care: 56.2% Cost of prescription medications: 54.3% Financial scams and fraud: 52.8% Cost of health insurance and Medicare: 52.1% Access to quality home care, assisted living, or nursing home care: 38.1% Ayanian and his colleagues said they conducted the survey to understand which health-related concerns might have the most relevance to the 2024 elections. “To engage older voters, candidates for president and Congress should prioritize communicating their plans for controlling health care costs,” the researchers conclude....