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Institutional Investor GIC Finalizes Acquisition of Insurance Broker Miller

Article 0 Comments Miller, the London-based independent specialist re/insurance broker, announced that GIC, Singapore’s sovereign wealth fund, has completed the acquisition of Cinven’s shares in Miller. GIC and private equity firm Cinven acquired Miller in 2021 from Willis Towers Watson. Since then, Miller said, it has undergone a period of significant expansion driven by both strong organic growth and strategic international M&A. Miller recently announced its 2023 results, which saw the business increase its total revenues by 26% year on year to £240 million, while placing gross written premium of approximately $4 billion. Financial details of the deal, which was first announced in December 2023, were not disclosed. Completion of transaction, which sees GIC become Miller’s majority shareholder, secures the broker’s independent future by providing a long-term investor in the business, the broker asserted. Miller now has over 900 colleagues across offices in the UK, Europe, Bermuda and Asia. “We’re hugely excited to have GIC as our majority investor. The completion of this transaction is the culmination of three years of outstanding growth since Miller returned to independence,” commented James Hands, CEO, Miller. “We have added exceptional talent, built out our international footprint and moved into new classes where we...

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J&J to Pay $75 Million to Settle Mississippi’s Baby Powder Suit

Article 0 Comments Johnson & Johnson will pay $75 million to settle a consumer protection lawsuit filed by Mississippi over the company’s talc-based baby powder, according to people familiar with the matter, resolving litigation in which the state had sought as much as $6 billion. The pact comes as lawyers for the state and J&J were gearing up for a non-jury trial next month in Jackson, Mississippi, said the people, who asked not to be named because the accord isn’t yet public. Mississippi was one of only two states to file suit over J&J’s marketing of its baby powder. The state sued over J&J’s failure to warn consumers about the powder’s alleged cancer risks over nearly a 50-year period. The settlement comes as the world’s largest maker of health care products seeks to manage a growing number of suits by consumers accusing it of concealing the product’s risks, after two unsuccessful attempts to use the bankruptcy courts to impose a settlement on former users. The decade-long litigation, along with the prospect of future cancer suits, has put a damper on J&J’s stock price, analysts such as JPMorgan Chase & Co.’s Chris Schott have noted in the past. The shares were...

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New SEC Risk Alert Warns of T+1 Transition

Shortening the standard settlement cycle will affect market participants, such as broker-dealers, clearing agencies, including those that are central matching services providers, and RIAs, by requiring changes to their business practices, computer systems, and technology solutions, the alert explains. T+1 could also affect how registrants and other market participants comply with other existing regulatory obligations. The agency’s Division of Examinations said it will continue to review whether and how registrants have evaluated the potential impact of the final rules on their: business activities; operations and risk assessments; services; and customers, clients, and/or other relevant parties.

HSB Introduces Cyber Insurance for Autos 0

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HSB Introduces Cyber Insurance for Autos

Cyber for Auto covers the owners of personal vehicles Designed for cyber threats on the road Covers cyber-attacks, ransomware, and identity theft Safeguards data stored in cars and connected apps Hartford, CT (Mar. 26, 2024) – With millions of connected vehicles on U.S. roads, personal cars and trucks will likely be the next big target for hackers and cyber thieves. Specialty insurer HSB is helping consumers respond with Cyber for Auto, a new coverage that will be available for cyber-attacks, the company has announced. HSB’s unique proposed coverage helps safeguard private information that is stored in personal vehicles and connected to cloud-based and wireless communication networks. “Automakers continue to integrate new technologies into today’s vehicles,” said James Hajjar, chief product and risk officer for the Treaty Division of HSB, part of Munich Re. “With each added system or connection, there are new vulnerabilities that hackers and other cyber criminals can exploit. Cyber for Auto helps insurers and their customers stay ahead of these new cyber exposures.” Cyber Hacks and Malware Attacks Passenger vehicles built after 2020, and many older models, have sensors, computers, and other connected technology, which means there is the risk of a cyber-attack. When drivers connect their...

CSIO Working Group Publishes Quote & Bind Requirements for Farming Services 0

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CSIO Working Group Publishes Quote & Bind Requirements for Farming Services

CSIO’s Commercial Lines (CL) Working Group Continues to Advance CL Data Standards by Publishing Quote and Bind Requirements for Farming Services Toronto, ON (Mar. 26, 2024) – CSIO is pleased to announce that the CL Working Group continues to advance CL Data Standards by publishing business requirements to quote and bind another industry segment, farming services. Greenhouses, along with field crops, fruit, and vegetable farms, are some of the businesses included in the farming segment. With the addition of farming services, there are now a total of eight small business industry segments, covering over 300 IBC codes, with published CL Data Standards. The other small business segments are professional services, contractors, real estate, retail industries, hospitality, health services and warehousing. The CL Data Standards created by the Working Group allow brokers to exchange data with insurers in a simple, structured format and streamline the quote and bind process by enabling real-time quoting. Brokers report that their average quote response time – from insurers – has decreased from days to an average of just 14 seconds. When insurers and broker management system vendors program the CL Data Standards, they improve the customer experience while saving brokers valuable time and money. “As...

YASSI Named to Guidewire Insurtech Vanguards Program 0

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YASSI Named to Guidewire Insurtech Vanguards Program

Santa Rosa, CA (Mar. 25, 2024) – Yotta Automated Software Solutions Inc. (YASSI), the platform of record for real-time vehicle lienholder, registration, and title data, announced that the company has joined Guidewire’s Insurtech Vanguards program, a new initiative led by property and casualty (P&C) cloud platform provider, Guidewire (NYSE: GWRE), to help insurers learn about the newest insurtechs and how to best leverage them. “Joining Guidewire’s Insurtech Vanguards program marks a big moment for YASSI, and we are thrilled to be a part of this innovative ecosystem,” said Bob Rieger, CEO and Chairman of YASSI. “As pioneers in providing comprehensive, real-time vehicle data through a single API and web app, our mission aligns with the program’s goal of transforming the insurance industry. This collaboration signifies a leap forward in our journey, enabling us to connect more closely with industry leaders and stakeholders who are just as passionate about leveraging technology to enhance insurance processes.” The challenges insurers face today are numerous and complex, ranging from improving claims processing speeds to enhancing fraud detection and streamlining underwriting. YASSI is at the forefront of addressing these issues by delivering instant, accurate, and reliable vehicle information, such as real time lienholder, registered owner,...

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Accuweather Predicts Above-Average 2024 Atlantic Hurricane Season

Article 1 Comment Accuweather meteorologists are predicting an above-average Atlantic hurricane season with as many as 20-25 named storms. The 2024 hurricane season is forecast to feature 8-12 hurricanes including 4-7 major hurricanes. This year has the potential to break the all-time record of 30 named storms in one season, Accuweather experts say. Texas, Florida Panhandle, South Florida & Carolinas face heightened risk of named storms. “All indications are pointing toward a very active and potentially explosive Atlantic hurricane season in 2024,” said Accuweather lead hurricane forecaster Alex DeSilva. “There is a 10 to 15 percent chance of 30 or more named storms this year. Surpassing 30 would break the record set in 2020.” Forecasters at Accuweather call for a dramatic shift from the 2023 hurricane season in which there were 19 named storms but only four storms that directly impacted the United States. Accuweather experts say the potential for destructive hurricanes is driven by above-average sea-surface temperatures across much of the Atlantic basin, especially across the Gulf of Mexico, Caribbean, and the Main Development Region. Atlantic water temperatures in March were just as warm or warmer as March 2005 and March 2020, years that saw catastrophic hurricane impacts in...

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Houston to Sell $1.1 Billion Bonds for Firefighter Settlement

Article 0 Comments Houston plans to sell more than $1 billion in bonds to settle a firefighters’ pay dispute and the city’s chief financial officer is warning it will swell the annual budget shortfall by as much as 75%. The fourth-largest US city will need to sell so-called judgment bonds to cover a settlement that Mayor John Whitmire struck with the firefighters’ union earlier this month, City Controller Chris Hollins told reporters Tuesday. Over the 25- or 30-year life of that obligation, annual interest payments probably will amount to roughly $40 million, he said. City officials have estimated the interest rate will be around 5.5%, according to documents provided by the mayor’s office. Meanwhile, the new debt will expand the city’s “structural budget shortfall” to as much as $280 million a year from an estimated $160 million to $200 million in the current cycle, Hollins added. Read More: Houston’s $100 Million Ballot-Box Fight Over Firefighter Raises Houston operates on an annual budget of just over $6 billion. The firefighters’ union and city leaders had been locked in a bitter legal dispute over pay equity for eight years before Whitmire took office in January on a pledge to come to terms....

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Deducting Medicare Premiums

What You Need to Know Most clients can deduct the premiums only if they can itemize their medical expenses. The threshold is 7.5% of adjusted gross income. Self-employed clients can do more. As tax season approaches, Medicare beneficiaries often think about how their health care costs will affect their tax returns. Sarah and Tony are examples of Medicare beneficiaries who have two fairly common situations. Sarah is a beneficiary over 65 who has stopped working for pay and has diabetes. Tony, Sarah’s neighbor, is a beneficiary over 65 who’s self-employed as a graphic designer. The Question Can older, self-employed Medicare beneficiaries like Sarah and Tony deduct the Medicare premiums from their taxable income, and, if so, how does that work?” The Answer Yes, Medicare premiums can be tax-deductible under certain conditions. To do that, most clients must itemize their deductions. Only medical expenses exceeding 7.5% of a client’s adjusted gross income, or AGI, will be deductible. For example, if Sarah’s AGI is $50,000, she can deduct the total amount of Medicare premiums and other medical expenses over the $3,750 threshold. Of course, consult with your compliance advisors before discussing topics related to taxes with clients. Encourage your clients to talk...

Three Important Macro Trends Shaping Risk 0

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Three Important Macro Trends Shaping Risk

Iryna Lozynska, Product Innovation Strategist, HSB Canada — Iryna Lozynska, Product Innovation Strategist New Solutions, helps us understand three emerging risks facing businesses and consumers, walking us through the most important macro trends she feels have implications for the risk landscape and insurance industry. 1.    Hiring and employment regulation is becoming more complex Businesses and organizations need to constantly keep pace with labour laws. At the provincial level, proposed regulations will directly impact employment practices. For example, Ontario’s Bill 149 will prohibit employers from including any requirements of Canadian work experience in public job postings. It will also require expected compensation to be advertised. Employers who use A.I. to screen applicants will now need to disclose this practice on job postings. In short, there is a strong push toward equity, transparency, diversity and inclusion. This will require a revision of current employment practices and consideration of legal liability exposures. 2.    Motor vehicles face cyber risks I was watching a recent popular movie where a cyber attack caused a fleet of electric vehicles to run on autopilot and crash into each other (and everything else in their way). It’s scary to imagine cars being turned into weapons of mass...