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Texas Governor Names Ladner Chair, Appoints Houston To Risk Management Board

Article 0 Comments Texas Governor Greg Abbott has appointed Jeffrey Houston to the Risk Management Board for a term set to expire on February 1, 2025. Additionally, the Governor named Gerald Ladner, Sr. chair of the board. The Board coordinates, monitors, and directs information resources management within state government. Houston of Dripping Springs is senior vice president at Mondee Holdings, Inc. in Austin. He is a member of the Chartered Financial Analyst (CFA) Society of Austin and former member of the CFA Society of Chicago. He is president of the Terrascena Property Owners Association. Gerald Ladner, Sr. of Austin is a semi-retired property & casualty insurance company senior executive. His 42-year career included serving as vice president of Strategic Agent Partnerships and External Affairs, vice president of Sales, and Regional President for State Auto, a new division of Liberty Mutual. He also served as regional vice president for Zenith Insurance Company and Zurich North America. He is an Independent Board Director for Educational and Institutional Insurance Administrators, Inc. and member of the Independent Insurance Agents of Texas, Insurance Council of Texas, and the InfraGard National Members Alliance, an FBI-affiliated organization dedicated to the strengthening of national security and community resilience....

Canada’s Auto Theft Crisis Continues: Équité Association Auto Theft Trend Report 0

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Canada’s Auto Theft Crisis Continues: Équité Association Auto Theft Trend Report

A recent study finds more than 80% of Canadians say the rise in auto theft makes them concerned about the increase in crime in their community Toronto, ON (Feb. 6, 2024) – Équité Association has released its 2023 Auto Theft Trend Report, which illustrates the continuation of the national auto theft crisis, following a historically high year in 2022. In Canada, a vehicle is now stolen every 5 minutes. Between 2021 and 2023, auto theft trends increased sharply in Ontario (up 48.2%), Quebec (up 57.9%), Atlantic Canada (up 34%), and in Western Canada (up 5.5%). “These trends show that the national auto theft crisis is continuing,” says Terri O’Brien, President and CEO of Équité Association. “Canadians are feeling vulnerable and the majority of us are especially concerned about personal safety and the safety of our communities. Criminals are becoming more brazen and are increasingly resorting to violence as witnessed by the significant increase in car-jackings and owner-interrupted thefts.” Auto theft in Canada continues to be viewed as a low-risk/high-reward opportunity for criminals, regardless if the vehicles are for export or domestic resale. Illegal profit margins are very high and the risk of prosecution is considerably low. However, there has been...

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NAPA Debuts Workplace Retirement Income Certificate Program

The National Association of Plan Advisors has launched a certificate program designed to help financial advisors evaluate, explain and implement retirement income solutions for clients running 401(k) plans. The certificate program is a self-paced course broken into five interactive modules, according to NAPA’s announcement. Participating advisors will become familiar with retirement income solutions available in the workplace setting, the risks they seek to solve and how to implement them using a prudent process. The Retirement Income for 401(k) Plans Certificate, or RI(k), is designed to meet the needs of advisors who focus on serving workplace retirement plan sponsors and participants. “401(k) plans are tremendously successful workplace savings programs, but they are not yet truly retirement plans,” Brian Graff, CEO of the American Retirement Association and executive director of NAPA, said in the announcement. “Retirement income solutions have the promise of addressing this gap, enabling participants to receive income in retirement from plan investments.”

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Insurers’ LNG Support at Odds With Their Climate Ambition, Report Says

Article 0 Comments The underwriting of liquefied natural gas (LNG) capacity in the US by major global insurers is at odds with their climate ambition, according to a report from activist groups including Public Citizen and Rainforest Action Network. Chubb, American International Group and The Hartford Financial Services Group are among underwriters listed on certificates of insurance for seven US LNG export facilities that include terminals in operation and under construction, according to the researchers, who obtained the information through 50 Freedom of Information Act requests. In at least one case, the policy had expired. The report highlights an irony in the insurance industry: While some underwriters are pulling back from traditional coverage areas as climate change exacerbates wildfires, storms and flooding, they are also continuing to support new fossil-fuel projects expected to operate for decades. Although LNG generates about half the carbon dioxide as coal when combusted, the climate benefits of coal-to-gas switching often hinges on the amount of methane that leaks across natural gas and LNG supply chains. The short-term climate impact from the world’s existing LNG supply chains, including final combustion of the fuel, is about 1.5 billion metric tons a year of carbon dioxide equivalent, according...

Best & Worst Broker-Dealers: Q4 Earnings, 2023 0

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Best & Worst Broker-Dealers: Q4 Earnings, 2023

Start Slideshow Six large broker-dealers reported a drop in earnings in the final quarter of 2023, with five posting positive results after adjustments. Some firms’ fourth-quarter and annual results were affected by fees imposed on institutions by the Federal Deposit Insurance Corp. following the regional banking crisis last year. These special assessments and other one-time payments, or gains in one case, led many broker-dealers to report adjusted earnings for Q4 2023. Some firms reported both adjusted net income (or earnings) and earnings per share, but several BDs just announced one adjusted figure.  Two firms had significant losses: Citigroup, now in cost-cutting mode and laying off 20,000 staff members; and UBS, digesting Credit Suisse — which it bought for $3.2 billion a year ago. Related: Best & Worst Broker-Dealers: Q3 Earnings, 2023 “Wealth revenues were down in 2023 and we fully recognize that this business isn’t where it needs to be,” CEO Jane Fraser said in a statement last month.  As for UBS, it expects to wrap up its integration of Credit Suisse by the end of 2026 and aims for its Global Wealth Management unit to top $5 trillion of invested assets over the next five years — or about $100...

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New Concerns About NC State University Building Found to Have PCBs

Article 0 Comments Concerns and controversy have continued to mount over the presence of toxic chemicals, including cancer-linked polychlorinated biphenyls, or PCBs, found in a building at North Carolina State University. The Raleigh News & Observer, Forbes magazine and other news outlets have reported that faculty and staff have raised questions about information provided by the university after Poe Hall was temporarily closed in November. And at least one law firm has said it is investigating the matter ahead of possible lawsuits. A Raleigh television news station also has reported that dozens of people who had spent time in the 53-year-old Education Department building have been diagnosed with cancers, including breast cancer. Last week, questions flared again after reports that NC State had asked the U.S. Centers for Disease Control and Prevention to halt a health hazard evaluation for the building. University officials have since said they only asked the CDC to pause the review while the school conducted its own investigations, news outlets noted. Alarm bells sounded last fall while the building was under renovation. Testing found PCBs, a chemical compound once widely used in transformers but has been linked to cancer and was banned in the 1970s. Other...

Applied Releases Commercial Lines Premium Rate Index Findings for Year-End and Q4 2023 0

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Applied Releases Commercial Lines Premium Rate Index Findings for Year-End and Q4 2023

Year-over-year and quarter-over-quarter average premium rates experienced variability across the most commonly placed commercial lines of business Toronto, ON (Feb. 7, 2024) – Applied Systems is pleased to announce the final quarter 2023 results of the Applied Commercial Index™, the Canadian insurance industry’s premium rate index. Overall, the magnitude of rate increases was down across all lines relative to average premium renewals in the same quarter last year (8.58% in Q4 2022) to 7.55% in Q4 2023. Quarter over quarter, Q4 2023 results showed average renewal rate change increased across Business and Professional Services, Real Estate and Retail Services. Average renewal rate change for Construction and Hospitality decreased in Q4 2023 compared to Q3 2023. Significant findings include: Business and Professional Services: Q4 2023 premium renewal rate change average was 6.86%, up from the Q3 2023 average of 6.27%. Construction, Erection, and Installation Services: Premium renewal rate change average was 7.48% for the quarter, down from the Q3 2023 average of 7.80%. Hospitality Services: Q4 2023 premium renewal rate change average was 7.73%, down from the Q3 2023 average of 8.11%. Real Estate Property: Premium renewal rate change average was 7.86% for the quarter, up from the Q3 2023 average...

Sure launches Anywhere Insurance to liberate insurance industry from incumbent rate service organizations and legacy vendors 0

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Sure launches Anywhere Insurance to liberate insurance industry from incumbent rate service organizations and legacy vendors

Introducing first-of-its-kind insurance program pairing modern insurance product filings with industry-leading SaaS technology Los Angeles, CA (Feb. 14, 2024) – Sure, the insurance technology leader that unlocks the potential of digital insurance, is pleased to announce the launch of Anywhere Insurance to liberate the insurance industry from the control of incumbent rate service organizations (RSOs) and legacy insurance product filings. Anywhere is a simple solution for complex insurance products. Anywhere provides first of its kind insurance programs designed for carriers, MGAs, and global brands that want unique, customizable, go-to-market ready insurance products paired with end-to-end SaaS technology and APIs that can scale to hundreds of millions of customers. “For too long, legacy rate service organizations have had a stranglehold on the insurance industry. They have controlled the plumbing and pricing, creating challenging and unnecessary barriers to launch modern insurance programs,” said Wayne Slavin, co-founder and CEO of Sure. “Anywhere is reinventing how insurance programs are built and launched in the digital age. We are solving the fundamental challenges in the insurance industry with a new turnkey, technology-driven approach that dramatically reduces time to market, minimizes launch and operating costs, and revolutionizes the customer experience. Anywhere is something no other insurtech...

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New Storms Hit California as Wet Winter Brings More Flooding, Winds and Heavy Snowfall

Article 0 Comments AccuWeather meteorologists on Sunday forecasted the “relentless wet pattern” will continue for residents along the West Coast at least the middle of the week, as stormy conditions will moved onshore withrounds of locally heavy rainfall and a renewed risk for flooding. “While this storm is not expected to be as fierce as the ones earlier in the month, the latest in the train of storms will be dangerous, posing several risks to people and property- including a renewed flood risk and gusty winds for some along the West Coast, and for central and northern California, it can bring severe thunderstorms and even an isolated tornado across parts of Northern and Central California on Monday and even across parts of Southern California on Tuesday,” said AccuWeather Chief Meteorologist Jonathan Porter. “The storm has the potential to once again slow travel and activities, including business activities, in the state.” Porter warned that in areas with a risk for flash flooding risk, people should watch for and avoid rapidly rising water, while near hilly terrain, there will once again be a mudslide risk. The storm will continue to push rain across inland portions of the state early this week as...

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Goldman Lifts S&P 500 Target With Profit Optimism to Drive Rally

Just months after setting a 2024 target for the S&P 500 Index, Goldman Sachs Group Inc. strategists have boosted their forecast for a second time, reflecting Wall Street’s optimistic outlook for earnings. “Increased profit estimates are the driver of the revision,” a team led by David Kostin wrote in a note to clients dated Friday. The 12-month forward earnings expectations are at a record high for the U.S. stock index after forecasts bottomed out a year ago. Kostin now sees the S&P 500 gaining to 5,200 by the end of this year, implying a 3.9% rise from Friday’s close, raising his forecast from the 5,100 level he predicted in mid-December. He initially projected in November that the S&P 500 would hit 4,700 by the end of this year, but the gauge has already eclipsed the significant 5,000 milestone this month. Goldman’s 5,200 price target for the S&P 500 in 2024 is now among the highest on Wall Street, joining the ranks of bulls including Tom Lee of Fundstrat Global Advisors and Oppenheimer Asset Management chief strategist John Stoltzfus, who both hold a similar year-end outlook. The firm’s strategists upgraded their earnings-per-share forecast for the year to $241 and $256 in...