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Goldman’s CEO Says He’s Optimistic About 2024 as Markets Rebound

“We took swift, decisive action to refocus the firm’s strategy while at the same time strengthening our core businesses, and I’m proud of the progress we made,” Solomon said. “We put the firm in a stronger position for 2024 and beyond.” He reiterated comments about the U.S. economy proving more resilient than expected, though he said inflation is likely to be stickier than markets anticipate. Solomon said that CEOs tell him that economic conditions for the consumers at lower-income levels are getting tougher, leading to changes in spending patterns. “But the Fed now has room to ease if economic conditions start to decline,” he said. Goldman has raised more than $250 billion in alternatives since 2019, surpassing a $225 billion target a year early, he said. (Credit: Bloomberg) Copyright 2024 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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Landslide Destroys Los Angeles Home, Threatening at Least 2 Others

Article 0 Comments A landslide reduced a Los Angeles house under renovation to a jumble of lumber, pulled the pool and deck away from a second home, and left the pool at a third residence on the edge of a huge fissure. The slide occurred just before 3 a.m. in Sherman Oaks, a neighborhood of expensive homes about 12 miles northwest of downtown. An initial search found no victims, but several people were evacuated from one house, the Los Angeles Fire Department said in a statement. There was no immediate word on the cause of the landslide, but numerous slides have happened in Southern California due to drenching winter storms that saturated the ground. Since Jan. 1, downtown LA has had almost 16 inches of rain, which is nearly twice what it normally gets by this time of year. By early February, the city had reported nearly 600 mudslides, had re-tagged 16 buildings as unsafe to enter and had yellow-tagged more than 30 others, limiting access to them. News helicopter video revealed the extent of the slide. The destroyed house, which appeared to be in the midst of a renovation, was crushed with most of its roof lying on the...

VIU By HUB Partners With Mile Auto To Fuel Growth Of Innovative Insurance Solution For Low-Mileage Drivers 0

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VIU By HUB Partners With Mile Auto To Fuel Growth Of Innovative Insurance Solution For Low-Mileage Drivers

Partnership brings pay-per-mile auto insurance options to the VIU platform, scaling the growth of insurtech Mile Auto Chicago, IL (Mar. 12, 2024) – VIU by HUB (VIU), an omnichannel insurance brokerage platform, is pleased to announce a partnership with Mile Auto, a pay-per-mile auto insurance company. The partnership brings an innovative solution to VIU enabling customers to access affordable car insurance based on how much they drive. The partnership also enables Mile Auto to leverage VIU as a digital omnichannel platform to improve customer acquisition costs and grow its customer base. “VIU continues to deliver on its promise to provide differentiated, personalized and innovative solutions to our customers and partners while Mile Auto gains the opportunity to improve its customer experience and scale its business,” said Bryan Davis, EVP and Head of VIU. “This partnership is a win-win for all parties involved.” Mile Auto uses computer vision and decision analytics to support pay-per-mile auto insurance options. With this coverage, drivers only pay for the miles they drive plus a low monthly base rate. Precision-driven premiums can lead to financial savings for those who drive less than 10,000 miles a year, such as college students, retirees or remote workers. “As insurance...

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People Moves: Moscowitz New COO at RT Specialty; Williams to Lead Nationwide’s Small Market Commercial Lines

Article 0 Comments Moscowitz New COO at RT Specialty RT Specialty promoted Marissa Moscowitz to chief operating officer. Moscowitz has over 15 years of information technology, business intelligence and business operations experience and has been with RT Specialty since 2019. With Chicago’s RT Specialty, Moscowitz has been instrumental in acquisition integration as well as strategic planning and execution. In her new role, she will drive RT Specialty’s commitment to automation, process improvement and operational excellence. Additionally, she is absorbing the business training teams and RT Connector (RT’s proprietary digital E&S marketplace) support teams. Williams to Lead Nationwide’s Small Market Commercial Nationwide, headquartered in Columbus, Ohio, has appointed George Williams to lead its small market commercial lines business. Williams previously served as the company’s chief operating officer for commercial lines, excess & surplus and specialty, bringing more than two decades of industry experience to the role. Williams joined Nationwide in December 2021 after serving as head of global client support services for Guy Carpenter. His background includes serving as COO of AIG’s North American general insurance division, global small and middle market enterprises product leader for the U.S., U.K., Southeast Asia and Germany, and general manager of AIG’s Germany, Austria and...

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Lockton Partners With Food Science Specialist to Mitigate Risk in Food & Drink Sector

Article 0 Comments Insurance broker Lockton announced a collaboration initiative with the food science company Campden BRI, a leading food science company, to support the food and drink industry and provide key risk mitigation and management support in the face of an evolving risk landscape. In recent years, the food and drink industry has faced a myriad of threats from supply chain disruption and spiraling costs to the impact of inflation, scarcity of crucial resources, labor shortages, and changes in both regulations and consumer demands, said Lockton. Expert insight and risk management solutions are imperative in helping food and drink businesses meet these challenges, build resilience, and continue to trade successfully. Lockton said it will become a member of Campden BRI and will also collaborate on various key topics and research initiatives. The first of those initiatives is a new position paper that seeks to address the growing global problem of food fraud, which is exacerbated by the recent supply chain frictions and raw ingredient shortages. The alignment of Campden BRI’s world-renowned expertise in food science and safety, with Lockton’s in-depth understanding of the current and emerging risks that businesses face, will see the pair share insights and build solutions...

Ives Insurance Brokers Ltd. Acquires All-Risks Insurance Brokers Ltd. Essex Branch 0

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Ives Insurance Brokers Ltd. Acquires All-Risks Insurance Brokers Ltd. Essex Branch

Acquisition by Ives Insurance, a Navacord-owned brokerage, marks Navacord’s third deal of 2024 Essex, ON (Mar. 4, 2024) – Ives Insurance Brokers Ltd., a leading insurance provider, is pleased to announce the acquisition of the Essex branch of All-Risks Insurance Brokers Ltd., effective March 1st, 2024. This strategic move underscores Ives Insurance’s commitment to expanding its footprint and reinforcing its presence in southwestern Ontario. For clients previously serviced out of the Essex All-Risks office, located at 38 Talbot St N, uninterrupted coverage will continue through Ives Insurance offices in Essex, Amherstburg, Lakeshore, LaSalle, Leamington, Tilbury and Waterloo. “After careful consideration, we are excited to welcome former All-Risks clients into the Ives Insurance family,” said Jeff Ives, President of Ives Insurance Brokers Ltd. “This acquisition allows us to solidify our position in southwestern Ontario and provide our renowned services to a broader client base.” Josh Lazarus, former Managing Partner of the AllRisks Essex office, expressed that his team was looking forward to joining forces with Ives Insurance. “I’m thrilled to see my team join forces with Ives Insurance! As managing partner of Essex All-Risks, I’m excited to bring our expertise and client-centric approach to the exceptional team at Ives. Together, we’ll...

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It’s Not Too Early to Start 2024 Tax Planning

What You Need to Know A good first step is to assess clients’ likely tax situations and what, if anything, will be different from 2023. In many cases, tax and financial planning for the current year can affect future years. Consider taking steps now to reduce future RMDs, such as making a Roth conversion, buying a QLAC or taking a QCD. While we are in the heart of tax season for the 2023 tax year, it’s a good time to think about tax planning for 2024. It’s early enough in the year for any changes to have an effect, and taxes are likely top of mind with clients.  Here are some things to consider for clients’ tax and financial planning for 2024 and beyond. Projected 2024 Income A first step is to look at clients’ projected income for 2024. This will guide a wide range of tax planning tasks within the realm of their overall financial planning for the year. A good place to start is to review their 2023 tax return. Will their 2024 income situation be relatively the same, or will it be significantly higher or lower? Changes in the amount of investment income, compensation from their job and a...

Climate-Resilient Real Estate: Innovative Alliance by Two Climate-Tech Startups 0

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Climate-Resilient Real Estate: Innovative Alliance by Two Climate-Tech Startups

San Francisco, CA (Mar. 12, 2023) – ClimateCheck and ClimateFirst are pleased to announce a first-of-its-kind partnership to enable commercial real estate (CRE) stakeholders to assess financial risk due to climate change. The new comprehensive approach includes Climate Value at Risk (CVaR) analysis to determine the value of assets that could be damaged or destroyed as a result of climate-driven disaster and recommends property resilience measures. Together, the leading climate-tech startups are offering a unified and actionable solution to empower real estate stakeholders — including owners, investors, and asset managers — to manage climate risks effectively and promptly. Leveraging the combined expertise of both platforms, clients gain access to comprehensive climate-risk assessments and transform challenges into opportunities for building asset resilience. The new dual solution benefits from a blend of climate and building science: ClimateCheck identifies property-specific climate hazard risk and ClimateFirst assigns a value to each risk and delivers a comprehensive mitigation plan. “We provide our clients with granular information about the risk of climate hazards to their property. Through our partnership with ClimateFirst, our clients can now also gain insight into the material financial impact of climate-driven disasters such as wildfire or flood. This enables them to prioritize...

New findings by LIMRA and Vymo Show How Insurance Companies Can Support the New Generation of Workforce 0

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New findings by LIMRA and Vymo Show How Insurance Companies Can Support the New Generation of Workforce

The report features interviews with industry experts and young agents, explaining what Millennials and Gen Z seek from their insurance careers, their technology preferences, and how carriers can help them grow in their roles San Francisco, CA (Mar. 7, 2023) – This new generation is navigating an era of unprecedented changes, from the aftershocks of the COVID-19 pandemic to the silent resignations, layoffs, and a heightened awareness around mental health. But even amidst global economic uncertainties, the allure of traditional perks like job security and financial opportunities, though still important, has been overshadowed by a significant shift in aspirations. Vymo, the leading Sales Engagement Platform for financial institutions, in collaboration with LIMRA, the largest trade association supporting the insurance and related financial services industry, recently released a report to understand how Millennials and Gen-Zs want to live and work. Titled ‘The Bridge’, it provides perspectives and frameworks to help insurance companies support the younger demography joining the workforce. In-depth conversations with insurance organizations, agents, and experts reveal that today’s candidates are gravitating towards roles with the potential to create substantial societal impact and the promise of making a meaningful difference. There is a strong emphasis on the ability to help...

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Waymo’s Robotaxi Expands into Los Angeles, Starting Free Rides in Parts of City

Article 0 Comments Robotaxis will begin cruising the streets of Los Angeles this week when Google spinoff Waymo starts offering free rides to some of the roughly 50,000 people who have signed up for its driverless ride-hailing service. Waymo is expanding into Los Angeles, the second largest U.S. city, seven months after California regulators authorized its robotaxis to begin charging for around-the-clock rides throughout San Francisco. That came despite objections from local officials who asserted the driverless vehicles posed unacceptable risks to public safety. Although Waymo isn’t charging for rides in its robotaxis in Los Angeles to start, the company said in a blog post announcing the expansion that it will eventually collect fares from passengers there too. Waymo also hopes to begin commercial operations in Austin, Texas, later this year, a goal that makes its robotaxi service available in four major U.S. cities 15 years after it began as a secret project within Google. Waymo’s robotaxis have been charging for rides in Phoenix since 2020 For now, Waymo’s free rides in Los Angeles will cover a 63-square-mile (101-square-kilometer) area spanning from Santa Monica to downtown. Waymo is launching operations in Los Angeles two weeks after the California Public Utilities...