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People Moves: Everest Names US Regional Executives to North America Insurance Leadership

Article 0 Comments Everest Insurance, the insurance division of Everest Group, Ltd. headquartered in Hamilton, Bermuda, appointed four United States regional executives as part of realigning its retail business into four regions. Craig Hanrahan Craig Hanrahan, regional executive, U.S. northeastern region, joins Everest from Chubb, where he was executive vice president, major accounts. Hanrahan has over three decades of industry experience, including tenures with Marsh and AIG. Marissa Jennings Marissa Jennings, regional executive, U.S. Southern Region, joins the company from Zurich Insurance Group, where she most recently led the strategic growth strategy for the Southeast region. She previously held roles with The Hartford Insurance Group and Progressive. Marcus Cooper Marcus Cooper, regional executive, U.S. central region, was previously head of distribution for Everest Insurance North America. Before joining Everest in 2021, Cooper’s 20-year career included leadership roles at Liberty Mutual, AIG and Zurich North America. Michael Cellura Michael Cellura, regional executive, U.S. western region, was previously head of international facultative reinsurance for Everest. Before joining Everest in 2022, Cellura spent over 15 years with Chubb, holding various executive positions, including Northern California executive. Topics USA Leadership Was this article valuable? Thank you! Please tell us what we can do to...

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Social Security Retirement Fund Will Run Dry in 2033: Trustees Report

Fichtner said the political impasse is leading Americans towards an automatic across-the-board benefit cuts of over 20% when the Old-Age and Survivors Insurance trust fund runs dry. “Only pragmatic, bipartisan policymaking can prevent these cuts,” Fichtner said. Nancy Altman, president of Social Security Works, echoed that warning in her own written statement, though she highlighted some bright points in the new projection. “Due to robust job growth, low unemployment and rising wages, more people than ever are contributing to Social Security and earning its needed protections,” Altman said. “As a result, Social Security can pay all promised benefits until 2035, one year longer than projected in last year’s report, and 83% of benefits thereafter, also an improvement over last year — even if Congress takes no action whatsoever.” Other data in the new report shows the asset reserves of the combined trust funds declined by $41 billion in 2023 to a total of $2.788 trillion. The total annual cost of the program is projected to exceed total annual income in 2024 and remain higher throughout the 75-year projection period. Total costs began to be higher than total income in 2021, while Social Security’s cost has exceeded its non-interest income since 2010. Image: Adobe Stock

FIRST ONSITE expands in Ontario, opening its first branch in Peterborough 0

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FIRST ONSITE expands in Ontario, opening its first branch in Peterborough

Team is committed to bringing top-notch restoration and customer service Mississauga, ON (May 6, 2024) – First Onsite Property Restoration, Canada’s leading property restoration company, is pleased to announce as of May 1 it has expanded operations and has opened a new branch in Peterborough, Ontario to serve the city of Peterborough, the Kawarthas and the surrounding area. “We were hearing from our clients that there was a real need in Peterborough for the professional processes and customer support that First Onsite provides with its restoration services,” said Jason Prescott, Senior Vice President, Ontario Region, First Onsite Property Restoration. “Our investment into operations in Peterborough represents our ongoing commitment and partnership with insurance companies, and our commitment to serving residential and commercial customers in the area. We are excited to bring our exceptional customer service to support them wherever and whenever emergency and disaster support is required.” Industry veteran, Jeffrey Payne, has been appointed as the branch manager for the Peterborough location. Jeffrey has 17 years of successful project management experience in the property restoration industry working with customers across the region. “Peterborough sees all kinds of extreme weather. Winter storms, extreme cold, flooding and hail all create an impact...

Sentiance Introduces First Mobile Crash Detection for Motorcycles 0

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Sentiance Introduces First Mobile Crash Detection for Motorcycles

Breaking New Ground Antwerp, Be;gium (May 5, 2024) – Sentiance, a leader in road safety solutions, is pleased to announce a significant advancement in motorcycle safety with the expansion of its mobile Crash Detection technology. Originally developed for cars, this first-of-its-kind solution is now tailored specifically for motorcycles. Built on state-of-the-art interpretive AI and machine learning models, Sentiance’s Crash Detection technology utilizes smartphone sensors and GPS data to analyze motion data in real-time. This enables the system to detect potential impacts with exceptional accuracy and reliability, addressing the unique dynamics of motorcycles. Unlike other systems, Sentiance’s technology operates directly on-device, ensuring a high level of privacy and data security. “Today we see around 30% of all road crash deaths globally involving motorcycles, with countries like Thailand having an average of 5,000 motorcyclist deaths recorded annually. Ahead of the game, we’re not just enhancing safety features for those motorcycle riders, we are fundamentally transforming their safety landscape,” said Toon Vanparys, CEO of Sentiance. “This technology is not only a game-changer for individual safety but also addresses a significant need in markets where motorcycles are essential for daily transport and industries like food, grocery, and document delivery.” This technology is especially crucial...

Highly Innovative Personal Auto Carriers Have Significant Competitive Edge: Best’s Special Report 0

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Highly Innovative Personal Auto Carriers Have Significant Competitive Edge: Best’s Special Report

Oldwick, NJ (May 5, 2024) – U.S. personal auto insurers are the furthest ahead when it comes to innovative processes like automated claims management and the use of data to automate underwriting, according to a new AM Best report. Not all auto writers are at the same level, and carriers that are more innovative have a competitive advantage and are reaping benefits, yet even some innovation leaders still struggle to transform their initiatives into underwriting profitability. These are among the key findings in a new Best’s Special Report titled, “Highly Innovative Personal Auto Carriers Have Significant Competitive Edge.” AM Best has been scoring and assessing insurers’ innovation efforts since 2020, which reflects its important role in helping insurers keep pace with a changing market environment. “Personal auto as a line of business is well suited to innovation,” said Helen Andersen, industry research analyst, AM Best. “Carriers deal with large homogenous risks, allowing initiatives to be scaled and replicated relatively easily.” According to the report, personal auto carriers that are deemed highly innovative capture greater market share, grow their business faster, and have lower combined ratios than insurers that are not. In the U.S. property/casualty industry, net premium growth (NPW) is...

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Brazil Rejects Vale, BHP Settlement Offer for Deadly 2015 Mining Disaster

Article 0 Comments Brazil and the state of Espirito Santo have rejected a proposal by miners Vale and BHP regarding reparations for the deadly 2015 Mariana tailings dam burst, the federal government said on Friday. The statement did not include Minas Gerais state, where the disaster happened, and which said it wants to keep negotiating the current proposal. Vale, BHP and their joint venture Samarco earlier this week presented authorities with an offer to pay a total of 127 billion reais ($25.03 billion) as reparations for the dam collapse, including 37 billion reais already disbursed. Vale, BHP Offer $25B Settlement for Mining Disaster, but Brazil Authorities Want More In rejecting the offer, the office of Brazil’s solicitor general said in a statement that it “does not represent an advance” from the firm’s previous proposal in December and contains “inadmissible conditions.” The November 2015 dam collapse at the Samarco iron ore mine near the town of Mariana, Minas Gerais, caused a vast flow of mud and mining waste that buried a nearby village, killing 19 people, leaving hundreds homeless and polluting the Doce River, a major river that flows through Espirito Santo. Despite increasing the amount that would be directed to...

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How Morgan Stanley Wows Its Ultra-Wealthy Clients

Data published early this year by Cerulli Associates shows “complex” and concierge-style services that cater to specific client needs are becoming increasingly important for advisors seeking to compete for ultra-high-net-worth clients. Access to such services outweighs personal relationship factors when it comes to bringing clients on board, according to Cerulli’s study. At the same time, 35% of high-net-worth individuals polled said they had begun a relationship with their primary advisory provider because of either the services or the client experience on offer, up from 28% who said this in 2017. Valerie Wong Fountain, head of family office resources partner and platform management at Morgan Stanley, told ThinkAdvisor in a recent interview that these findings match closely with her recent experience on the job. In fact, Wong Fountain’s role includes leading the firm’s division dedicated to this need, Signature Access Lifestyle Advisory, and she argued that the strategic importance of her team’s work for Morgan Stanley’s overall success in the UHNW space shouldn’t be underestimated. Wong Fountain described Signature Access as a bridge between Morgan Stanley’s financial planning services and a well-connected network of professionals and third-party service providers who specialize in the distinct needs of this client base. These range from support with...

Canstar Restorations Acquires Lydale Property Restoration 0

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Canstar Restorations Acquires Lydale Property Restoration

Acquisition Establishes a Premier Restoration Provider in Western Canada Vancouver, BC (May 1, 2024) – Canstar Restorations LP proudly announces its latest strategic advancement with the acquisition of Lydale Property Restoration, a highly respected player in the fire and flood business in Alberta and Saskatchewan. This acquisition brings together over 40 years of Lydale’s expertise with Canstar’s robust infrastructure and regional network, creating an unmatched one-stop restoration solution throughout Western Canada. Canstar now encompasses a total of 18 branches across British Columbia, Alberta, and Saskatchewan. The Canstar Group of Companies includes Canstar Restorations, ABK Restoration, NorHaz Solutions, Universal Restoration, and Lydale Property Restoration, collectively offering a full suite of services, from emergency response to complete restoration. “Our commitment is to provide comprehensive restoration coverage across Western Canada, meeting the needs of our customers,” said Ji Yoon, President and CEO of Canstar. “Lydale, renowned for its experience and customer service, is the ideal partner for us to enhance our footprint and service offerings. A special welcome to Blaine Jackson, as he joins the Canstar executive team.” “Joining forces with Canstar marks a significant evolution for Lydale. Together, we are better positioned to meet all restoration needs across the Western Region, moving...

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‘Your Fund Is Under Attack’: BlackRock Fights Saba Raid

What You Need to Know he $250 billion closed-end fund industry is now the scene of one of the most dramatic power struggles in finance. Last month, Saba Capital Management launched a frenetic bid to have investors remove BlackRock as manager of six funds overseeing about $10 billion in assets. BlackRock is warning investors that Saba could radically alter the composition of the funds should it win control, exposing shareholders to greater risk. A few days ago, BlackRock Inc. sent an unusual message to thousands of clients. It contained none of the formulaic language or inscrutable fine print typically packed into these sorts of statements. No, this was a call to arms. “Your fund is under attack,” the headline screamed in bold print. The attacker: Boaz Weinstein, the sharp-elbowed Wall Street money manager who says price distortions in funds run by BlackRock and others are cheating investors out of billions of dollars, and they need to be eliminated. This has turned into something of a crusade for Weinstein. Last month, his hedge fund, Saba Capital Management, launched a frenetic bid to have investors remove BlackRock as manager of six funds overseeing about $10 billion in assets. Boaz Weinstein, founder and...

Sedgwick Develops New Solutions In Global Aviation Claims Management 0

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Sedgwick Develops New Solutions In Global Aviation Claims Management

Sedgwick launches ‘Connect 2024’ list of major trends and issues Memphis, TN (May 1, 2024) – Sedgwick, a leading global provider of claims management, loss adjusting and technology-enabled business solutions, is offering new global aviation adjusting and surveying solutions from hubs across the Americas, Asia Pacific, Europe, Middle East and UK. The new solutions and additional market reach complement Sedgwick’s longstanding capabilities in workers’ compensation, disability and absence, job accommodations, liability, and property claims for the aviation sector. With its unparalleled technical expertise and experience assisting clients with aircraft damage and related liability claims, Sedgwick has established a global footprint and dynamic range of resources to meet the evolving needs of the aviation market through enhanced claims processes. The global aviation team is led by industry leaders Robert McParlin, Managing Director, and Ryan Smith, Deputy Managing Director. Sedgwick’s experts thoroughly understand the complexity of challenges affecting aviation claims, such as ecological transitions, aircraft construction and maintenance, fleet overhauls, emerging risks, and supply chain disruptions. The company’s specialized claims and adjusting services will now encompass global support for handling aircraft hull, machinery, and engine surveying along with managing the liability losses for aircrafts, fleets, manufacturers, airports, pilots, ground staffing and operations....