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Air Lease Gets Insurance Settlement for 4 Jets Stranded in Russia

Article 0 Comments Air Lease said on Friday it had received about $64.9 million in cash as part of an insurance claim settlement for four Airbus jets it had leased to a Russian carrier, which were blocked from leaving the country after Moscow’s invasion of Ukraine. The settlement amount, received from the Russian insurance firm NSK, covers three A320-200 and one A321-200 aircraft that were leased to S7 Airlines. It does not include the five A321-200neo aircraft previously leased to S7. Before the invasion of Ukraine last year, Russia was a major market for aircraft lessors, which bought jets from Boeing and Airbus and leased them to airlines in the country. These aircraft are now grounded in Russia, as Moscow has refused to release the jets after lessors canceled lease agreements in compliance with Western sanctions. Earlier this year, Ireland-based lessor SMBC Aviation Capital received a cash insurance settlement of $710 million for 16 jets and their engines stranded in Russia. Air Lease is in ongoing settlement discussions for other aircraft it had previously leased to Russian airlines. (Reporting by Shivansh Tiwary in Bengaluru; Editing by Pooja Desai) Topics Russia Was this article valuable? Thank you! Please tell us what...

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People Moves: Everest Promotes Browne to Global Head of Accident & Health; Miller Appoints Board From Conduit Re for Reinsurance Team

Article 0 Comments Everest Group Ltd., the Bermuda-based property, casualty, and specialty re/insurer, announced that Glen Browne has been appointed to global head of Accident & Health (A&H), effective immediately. Browne will continue to report to Adam Clifford, co-lead of Everest Insurance International. Glen Browne Browne’s extensive track record of building global A&H businesses and solutions across Europe and Asia Pacific spans more than three decades. He was most recently head of International Corporate Strategy at Everest Insurance. Prior to that, he served as deputy regional president and consumer lines division president at Chubb Asia Pacific, where he led the region’s A&H and personal lines divisions, leveraging long established relationships with third party A&H claims networks and assistance services globally. Browne also served as country president for ACE Insurance Thailand and as CEO of European Operations for CIGNA where he led the organization’s A&H businesses across the continent. He previously was head of Accident & Health at AIG Far East. Browne holds a Master of Business Administration from Singapore Management University. *** Miller Appoints Board From Conduit Re for Reinsurance Team Miller, the London-based specialist re/insurance broker, announced the appointment of Chris Board to its reinsurance team. Board brings over...

People Moves: Triple-I Adds 4 Non-Resident Scholars; Tate Appointed Aspen’s Head of Product for Inland Marine; Schuermann Named President of Berkley Entertainment 0

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People Moves: Triple-I Adds 4 Non-Resident Scholars; Tate Appointed Aspen’s Head of Product for Inland Marine; Schuermann Named President of Berkley Entertainment

Article 0 Comments The Insurance Information Institute (Triple-I) announced the appointment of four new Non-Resident Scholars (NRS). Teresa Chan, Director – Insurance Management Program School of Professional Studies, Columbia University Seth Rachlin, Assistant Teaching Professor, Social Data Science, Arizona State University Joan T. Schmit, American Family Insurance Distinguished Chair of Risk Management in the Wisconsin School of Business, University of Wisconsin-Madison. Scott J. Shackelford, Provost Professor of Business Law and Ethics, Indiana University; Executive Director, Ostrom Workshop, Executive Director, Center for Applied Cybersecurity Research. “For nearly five years, the Triple-I has worked to create a collaborative, unified partnership between academia and the insurance industry, providing opportunities and benefits for both through our non-resident scholars program,” said Sean Kevelighan, CEO, Triple-I. “We welcome the subject matter expertise and industry knowledge these four individuals bring to our organization. Their skills and experience will bring added value to the Triple-I’s member companies as we strengthen the Insurance Information Institute’s ability to focus on the core issues affecting insurers and policyholders.” Tate Appointed to New Role With Aspen Inland Marine Aspen Insurance Holdings Limited, headquartered in Hamilton, Bermuda, appointed Michael Tate to the newly created role of inland marine – head of product &...

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These Stock Forecasters Nailed This Year’s Rally. Here’s What They See for 2024

“Stocks lead earnings, which lead the economy, and it’s absolutely ridiculous when I hear people saying ‘I’m going to wait, the recession will tell us when to buy stocks.’ No, it won’t. Stocks tell you when we’re going to have a recession,” he said. “People have become too formulaic and stuck in their ways.” For 2024, Belski expects a resilient labor market, easing consumer-price pressures and rate cuts in the second half of the year to drive the S&P 500 to 5,100. John Stoltzfus, Oppenheimer Heading into 2023, Stoltzfus, the firm’s chief investment strategist, saw the S&P 500 closing the year at 4,400. At the time, his call was one of the rosiest on the street. The forecaster said inflation trending lower supported sentiment, and while bears deemed earnings estimates too optimistic, he called them “right-sized.” “The markets became grossly oversold in the process of the selloffs that occurred in 2022,” he said. “Bear markets are always oversold, and then it’s recognized that they’re oversold, and you get some kind of a rally.” He’s staying optimistic, predicting the S&P 500 will hit 5,200 before 2024 is out. Savita Subramanian, Bank of America Subramanian, head of U.S. equity and quantitative strategy,...

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‘Twas the Day Before Christmas

’Twas the day before Christmas, yes, winter is here. The days have grown shorter and year-end is near. My staff is now gone, they deserve time away I’m here all alone, till the end of the day. Why am I here, working late, you might ask, Instead of a bar, as they tap a fresh cask?  Most clients are planners, for I’ve trained them well, But there’s always one, with stocks they must sell. From out on the walkway, a ring of my bell, I feared in my bones, this would not end up well. This client was grinchy. Of fees he would rant, “You hereby are fired!” he said with a pant. “I had a good year, my problems were few, “Investing is easy, and I don’t need you.” Advisors’ dilemma: When things go too well, Some think we add nothing, no product to sell. This guy is a grinch, making Christmas Eve tough, Our bond can be saved, but today will be rough. It’s been a good year, but you haven’t a clue, Of so many things I am doing for you. Come sit for a moment, and I’ll have my say, Then you can decide, if you’ll walk...

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4 Big Retirement Savings Problems, and How to Fix Them

What You Need to Know A new research report highlights demographic and racial disparities in retirement readiness. While those with higher incomes are relatively well-prepared, most Americans are not. There is reason to believe that recent government actions could help to level the playing field. Only about a quarter of Americans strongly agree that they are building or have built a large enough retirement nest egg to meet their anticipated spending needs, according to a recent industry poll. In addition, there are various other reasons to worry about the retirement readiness of the U.S. workforce. Simply put, although Americans at the top of the income distribution are preparing more or less effectively for life after work, a significant majority of those in the middle and lower parts of the income distribution face some grim prospects in retirement. There are also worrying demographic and racial disparities that cut across the income spectrum. This is according to an in-depth new report published by the Transamerica Center for Retirement Studies in collaboration with the Transamerica Institute. The analysis, now published in its 23rd edition, stretches to nearly 200 pages and includes a wealth of information about the current state of retirement savings in...

Peace Hills Insurance and Applied Systems Partner to Further Brokerage-Insurer Connectivity in Commercial Lines Quoting 0

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Peace Hills Insurance and Applied Systems Partner to Further Brokerage-Insurer Connectivity in Commercial Lines Quoting

Partnership to automate the quote process by ensuring the Western Canadian insurer’s coverage offerings are available at the point of quote Mississauga, ON (Dec. 14, 2023) – Applied Systems is pleased to announce a partnership with Peace Hills General Insurance Company to enable real-time quoting for commercial lines. The partnership will provide Peace Hills Insurance’s coverage options at the point of quote in Policy Works®, creating a digital commercial lines lifecycle that accelerates quote-to-bind time for Peace Hills and Applied’s combined independent brokerage partners across Western Canada. “The manual commercial quoting process can often be clunky and time-consuming for brokerages, causing friction with policyholders and insurers,” said Chad Shurnaik, Vice President of Underwriting at Peace Hills Insurance. “Collaborating with Applied Systems allows us to seamlessly connect our broker partners with our policy offerings through simpler, more efficient workflows, improving their productivity and customer satisfaction.” In collaboration with CSIO and insurer partners, Applied has created an end-to-end commercial lines distribution solution. Applied’s standardized commercial workflows allow brokerages to digitally submit a quote request directly from the application to multiple insurers and eliminate the need to re-key data into insurers’ portals. Insurers can then identify and streamline packages that are most suitable...

Brampton residents believe their community is facing an auto theft crisis 0

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Brampton residents believe their community is facing an auto theft crisis

73% fear their vehicle will be stolen Toronto, ON (Dec. 14, 2023) – Auto theft is a crisis right across Ontario, but Brampton residents are feeling it most acutely, according to a poll commissioned by Insurance Bureau of Canada (IBC). “The auto theft crisis is creating unsafe communities – 73% of Brampton residents are concerned that their car will be stolen. And with good reason. The number of theft claims in Brampton increased 133% between 2018 and 2022, and the cost of those claims skyrocketed nearly 400%,” said Amanda Dean, Interim Vice-President, Ontario, IBC. “Vehicle thefts in Brampton outpace the auto theft rate in other parts of Ontario by about 20%. That’s saying something considering Ontario has the highest rate of auto thefts in the country. While we need a whole-of-society approach that includes all levels of government, insurers and auto manufacturers to solve this crisis, there are steps you can take to prevent your vehicle from being stolen.” IBC encourages drivers to follow Équité Association’s layered approach to protection, which consists of four categories: simple steps, anti-theft devices, vehicle immobilizers and tracking devices. In general, the harder a car is to steal and the less expensive it is to...

Organizations say they need climate tech to achieve net-zero goals, but lower costs are essential for widespread adoption 0

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Organizations say they need climate tech to achieve net-zero goals, but lower costs are essential for widespread adoption

High green premiums mean that further investment and regulation are required to ensure cleaner products and services are commercially viable Paris, France (Dec. 13, 2023) – Many of the technologies able to address climate change are already available and will play a critical role in helping businesses reduce greenhouse gas emissions. That is according to the Capgemini Research Institute’s latest report, Climate Tech: Harnessing the power of technology for a sustainable future, which found that three quarters of organizations say they will not achieve their sustainability goals without climate tech. However, close to eight in ten (77%) executives suggest that product costs are likely to increase due to the green premium attached to these technologies and they are unwilling to pay this markup. Expectations are high for climate technology to contribute to decarbonization Growth in key climate technologies, including renewable power and electric vehicles (EVs), has helped accelerate decarbonization efforts around the world. Other climate technologies such as low-carbon hydrogen, carbon capture and alternative fuels are becoming available and, if scaled, could help businesses achieve their sustainability goals. According to the report, executives expect climate tech to contribute to 37% (on average) of their organization’s decarbonization or net zero goals,...

Accenture and Google Cloud Launch Joint Generative AI Center of Excellence to Help Enterprises Harness the Value of Generative AI 0

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Accenture and Google Cloud Launch Joint Generative AI Center of Excellence to Help Enterprises Harness the Value of Generative AI

Accenture and Google Cloud will provide AI managed services to scale generative AI, including deployment of Gemini, Google’s newest and most capable model New York, NY (Dec. 13, 2023) – Accenture and Google Cloud are pleased to announce a new initiative to help businesses adopt generative AI to improve operations, create new lines of businesses, and build unique customer experiences. Accenture and Google Cloud will create a global, joint generative AI Center of Excellence (CoE) that will provide businesses with the industry expertise, technical knowledge, and product resources to build and scale applications using Google Cloud’s generative AI portfolio and accelerate time-to-value. This is the latest step in Accenture and Google Cloud’s work to help organizations reinvent their businesses with generativeAI and unlock new growth opportunities. The new CoE will help enterprises determine the optimal large language model—including Google’s latest model, Gemini—to use based on their business objectives. With improved performance, efficiency, and state-of-the-art capabilities, Gemini can significantly enhance how large enterprises build and scale with AI to complete highly complex and common tasks. The Gemini Pro API is available in public preview now, with Gemini Ultra coming early next year. The new CoE will combine Accenture’s deep model customization...