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Reinsurance Buyers Find ‘Smoother’ January Renewals With Ample Capacity: Carpenter

Article 1 Comment Ceding companies are finding that a responsive reinsurance market has materialized for the Jan. 1, 2024 renewals – a reflection of ample capacity and a commercial approach to trading partnerships, according to Guy Carpenter, the reinsurance business of Marsh McLennan. However, reinsurers have continued with their underwriting rigor during the renewals, said a report issued by Carpenter. Reinsurance capacity increased through year end, driven by rebounding capital in the sector and healthy reinsurer returns, estimated to be near 20% for 2023, said Guy Carpenter. In partnership with AM Best, Carpenter estimates total dedicated reinsurance capital increased by 10%, compared with year-end 2022. Differing from past years following a major market correction, capital growth was driven by existing reinsurers with no start-up class of 2023. “The Jan. 1 market reflected more balanced trading conditions providing cedents improved opportunities to achieve their objectives while maintaining key reinsurer relationships,” said Dean Klisura, president and CEO, Guy Carpenter, in a statement. “Technical discussions were essential to reinsurers’ increasing appetite and capacity allocations.” Under these conditions, capacity generally ranged from adequate to ample for completion of programs across classes (where price and structure thresholds were met), including where additional demand materialized, the...

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Mississippi Health Department Retesting Some Medical THC Products for Toxins

Article 0 Comments JACKSON, Miss. (AP) — The Mississippi Department of Health said Wednesday that “a large number” of medical marijuana products are on hold so they can be retested. The department first issued the hold on Dec. 21. A news release from the department said the products are being retested “to validate results related to the use of pesticides and presence of mycotoxins,” which are produced by fungi. No illnesses from the products have been reported, the department said. The department is overseeing the new testing of the medical cannabis products in licensed testing facilities. “Through the state’s seed-to-sale tracking system, the agency can isolate the batch and lot numbers associated with this administrative hold and expedite the retesting,” said Laura Goodson, director of the Mississippi Medical Cannabis Program. “The tracking system is an invaluable tool to assist with regulatory compliance and overall product safety.” Retesting is prioritized based on the type of medical cannabis products. Cannabis flower or bud was being tested first because it is the base for many of products, followed by concentrates and infused products. The department said as batches of products are cleared, the hold on those will be lifted and the products will...

Florida Countertop Firm Owner Killed in Helicopter Crash 0

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Florida Countertop Firm Owner Killed in Helicopter Crash

Article 0 Comments MIAMI (AP) — Emergency workers in south Florida this week tried to rescue a 71-year-old pilot of a helicopter that crashed into a canal. The man’s daughter swam to safety but the pilot could not be saved, according to news reports. The helicopter was carrying the two passengers from Fort Myers when it crashed into a canal about three miles west of Miami Executive Airport, the Federal Aviation Administration said in a statement. Aerial video footage showed divers from Miami-Dade Fire Rescue searching the canal, CBS News Miami and the Miami Herald reported. The federal aviation agency said it was opening an investigation. The pilot was identified as Clement Zanzuri, president of Stoneworks Inc., a Miami supplier of countertops, according to a news report. His daughter is Jordan Zanzuri, 27, who coaches applicants preparing for law school admission tests. Copyright 2024 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Topics Florida 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...

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Storm Gerrit Batters Northern UK, Damaging Houses, Knocking Out Power

Article 0 Comments A storm that battered the UK with high winds and heavy snow damaged houses, canceled trains and left thousands of people without electricity Thursday across Scotland and parts of northern England. Workers dealt with wind speeds of 80 miles per hour in some coastal areas of Scotland as they tried to restore power to households and businesses that were cut off when falling branches and other debris hit utility lines. More than 31,000 homes were reconnected, but about 14,000 others remained without power on Thursday morning. Storm Gerrit also caused widespread disruption to train service across Scotland, where travel on some lines was suspended until officials could carry out a full inspection of the rail network. A falling tree hit the driver`s cabin on one train, but no one was injured. Snow also blocked some roads in Scotland. In the city of Manchester in northwest England, police said they received numerous reports late Wednesday of homes being damaged by a “mini tornado.” . Local officials said some 100 properties were evacuated overnight. No injuries were reported. Heathrow Airport, the U.K.`s main travel hub, canceled 18 flights on Wednesday because of air traffic control restrictions on domestic routes....

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DOL Denies Second Request for More Time on Fiduciary Rule Comments

In a letter sent Dec. 2 to acting Labor Secretary Julie Su, the senators — including Joe Manchin, D-W.Va., and Ben Cardin, D-Md. — told Su that “given the broad impacts of this potential rulemaking, we are concerned that you are rushing this process.” Senate Finance Committee Chairman Ron Wyden, D-Ore., wrote in a separate letter to Su the same day that “given the many thoughtful comments” Labor received during its public hearings, held Dec. 12 and 13, Labor should extend the comment period by 30 days.

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En Route to Grandma’s House, 6-year-old Put on Wrong Flight to Florida

Article 0 Comments FORT MYERS, Fla. (AP) — A 6-year-old boy who left on a flight to visit his grandmother in southwest Florida instead was put on the wrong plane and ended up 160 miles away in Orlando, Florida. When the grandmother, Maria Ramos, showed up on Thursday at Southwest Florida International Airport in Fort Myers to greet her grandson who was flying for the first time from Philadelphia, she was told he wasn`t on the Spirit Airlines flight. “I ran inside the plane to the flight attendant and I asked her, ‘Where’s my grandson? He was handed over to you at Philadelphia?’ She said, ‘No, I had no kids with me,`” Ramos told WINK News. She then got a call from her grandson from the airport in Orlando, telling her that he had landed. In a statement, Spirit Airlines said the boy was under the care and supervision of an airlines employee the entire time, even though he was incorrectly boarded on a flight to Orlando. Once the mistake was discovered, the airlines let the family know, the statement said. “We take the safety and responsibility of transporting all of our Guests seriously and are conducting an internal investigation,”...

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The 2024 Medicare Landscape

The new year starts Monday, and new Medicare rules and parameters will take effect. Here’s an example of how to answer a client question about what 2024 will mean for Medicare beneficiaries. The Question As we enter 2024, what should Medicare beneficiaries know about program updates? The Answer This year, Medicare beneficiaries will see changes in costs and changes in a major plan comparison tool. Medicare Part A Changes The Medicare Part A program covers inpatient hospitalization expenses. The Medicare Part A deductible will increase to $1,632 in 2024, from $1,600 in 2023. This change, albeit modest, could affect clients who go to the hospital. Coinsurance costs and skilled nursing facility costs are also rising. Coinsurance costs will rise to $408 per day for days 61 through 90 of hospitalization, up from $400 in 2024. The coinsurance cost for skilled nursing facility care will increase to $204 for days 21 through 100, from $200. Medicare Part A Premiums A majority of Medicare beneficiaries do not pay Part A premiums. For clients who have paid payroll taxes for 30 to 39 quarters, the premium will hold steady at $278 per month. For clients who have paid payroll taxes for fewer than...

Aon announces acquisition of NFP, a leading middle-market provider of risk, benefits, wealth and retirement plan advisory solutions 0

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Aon announces acquisition of NFP, a leading middle-market provider of risk, benefits, wealth and retirement plan advisory solutions

Aon expands worldwide property and casualty insurance market presence with the acquisition of NFP, a leading middle-market P&C broker, benefits consultant, wealth manager and retirement plan advisor Acquisition expands Aon’s presence in large and fast-growing middle-market segment, with opportunity to enhance distribution through the firm’s Aon Business Services platform to deliver more value to clients Brings together two cultures with a shared commitment to client excellence, colleague opportunity and a one-firm mindset NFP will operate as an independent but connected platform, going to market as “NFP, an Aon company” Purchase price estimated to be $13.4B at the time of close, representing a ~15x multiple on seller-adjusted estimated EBITDA at closing Drives EPS accretion over the long-term and contributes to strong combined free cash flow profile from ongoing strong revenue growth  Dublin, Ireland (Dec. 20, 2023) – Aon plc, a leading global professional services firm, is pleased to announce the signing of a definitive agreement to acquire NFP, a leading middle-market & and casualty broker, benefits consultant, wealth manager and retirement plan advisor, from funds affiliated with NFP’s main capital sponsor, Madison Dearborn Partners (MDP), and funds affiliated with HPS Investment Partners. Under the terms of the transaction, Aon will acquire...

Billyard Insurance Group named one of Canada’s top insurance employers 0

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Billyard Insurance Group named one of Canada’s top insurance employers

Welland, ON (Oct. 25, 2023) – Billyard Insurance Group (BIG) proudly joins the elite ranks of Canada’s premier insurance employers, securing a coveted spot in this year’s list compiled by Insurance Business Canada (IBC). Out of 36 distinguished companies featured in the report, BIG stands out as one of only four with a workforce exceeding 1,000 employees. Staff from nominated businesses participated in an anonymous survey to provide feedback on a variety of categories, including compensation, benefits, and bonuses; job security; work-life balance and flexible work options; career development and advancement; and diversity and inclusion. To receive consideration for this distinction, a minimum number of responses was required based on the size of each organization. Only the nominees that scored an employee satisfaction rating of 75% or higher were named to IBC’s list. Following an overwhelmingly positive response, BIG proudly emerged with an impressive average rating of 85%. “This achievement reflects our commitment to fostering a positive and inclusive workplace where our employees can thrive,” said Charlotte Steinschifter, Director of People and Culture for BIG. “We believe that investing in our people is not only the right thing to do but also a key factor in our success. This recognition...

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Gas Tanker’s Detour of 8,000 Kilometers Highlights Shipping’s Current Chokepoints

Article 0 Comments A gas tanker’s long, circuitous journey is highlighting the toll that war and climate change are taking on the shipping industry. Pacific Weihai loaded in Houston on Dec. 14 with a cargo of liquefied petroleum gas intended for Ningbo, China, a route that should typically take 30 days. Instead, it faces an additional 15 days at sea, 8,000 kilometers in travel distance and potentially $1.8 million in shipping rates to avoid two key chokepoints that are upending global trade. Normally, ships carrying LPG from US shale fields to plastics-making refineries in China use the Panama Canal, a journey that would take about 30 days and cover nearly 20,000 kilometers. This year, though, droughts have lowered water levels along the conduit, limiting the number of ships that can traverse it and creating long queues. Instead Pacific Weihai set out to use the Suez Canal in Egypt, which typically would add 10 days but lower the risk of delays. Those plans were quickly foiled by escalating attacks on commercial ships in the Red Sea by Iran-backed Houthi rebels. On Dec. 18, the tanker diverted its path from the Suez and is now headed for the Cape of Good Hope...