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Rival Insurance Technology Appoints Bob Juracka as VP Business Strategy 0

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Rival Insurance Technology Appoints Bob Juracka as VP Business Strategy

Toronto, ON (Sept. 20, 2023) — Rival Insurance Technology, a leader in insurance management systems and connectivity solutions, is pleased to announce Bob Juracka has joined the company’s executive team as Vice President of Business Strategy. Bob is a proven innovator who began his insurance technology career with Applied Systems where, as Executive Vice President, he headed up U.S. sales and implementation services. Then, as co-founder of XDimensional Technologies, he was instrumental in the creation and establishment of Nexsure, the industry’s first cloud-based/software-as-a-service broker management system. “Bob is one of the true thought leaders in our industry,” said Greg Purdy, CEO. “Bob has built organizations from the ground up that deliver solutions that lead technology into new areas. We are very lucky to have Bob bring his expertise and experience to Rival and by extension the Canadian market will benefit from his contributions.” “With an excellent and relevant client base–spanning retail brokers, MGAs, as well as carriers–Rival is in a unique position to leverage the myriad opportunities presented by this next major insurtech inflection point,” said Bob Juracka. “AI and machine learning/prediction engines will have a profound impact on the technologies and practices of insurance distribution. I am happy and...

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Northwestern Mutual Sees Fear of Debt Crowding Out Savings

Americans seem to be getting more serious about eliminating debt, and that could be holding down their retirement savings. Northwestern Mutual found evidence of crowdout when it conducted an online survey of 2,740 U.S. residents ages 18 and older earlier this year. The percentage of participants who said they had non-mortgage debt fell to 67% this year, from 68% in 2019, before the COVID-19 pandemic began. Over that same period, the non-mortgage debt load of the average participant with debt fell to $21,800, from $29,803. What It Means For a typical survey participant, over the past four years, about $8,000 in cash that could have flowed into an IRA, a 401(k) plan or an annuity was used to pay down debt.

Wawanesa Deploys Guidewire Cloud to Drive Service, Innovation, and Growth 0

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Wawanesa Deploys Guidewire Cloud to Drive Service, Innovation, and Growth

The Wawanesa Mutual Insurance Company, a leading Canadian mutual insurer, and Guidewire announced that Wawanesa has successfully deployed Guidewire Cloud Winnipeg, MB (Sept. 18, 2023) – The Wawanesa Mutual Insurance Company, a leading Canadian mutual insurer, and Guidewire are pleased to announce that Wawanesa has successfully deployed Guidewire Cloud to drive service, innovation, and growth. A Guidewire InsuranceSuite and Guidewire Digital customer since 2010, Wawanesa originally implemented Guidewire in a self-managed, on-premise deployment model. Now, Guidewire Cloud is enabling Wawanesa to provide excellent service to its valued brokers and members, power its core business, simplify its IT operations, and adapt more quickly to changing market demands. Wawanesa’s Senior Vice President and Chief Insurance and Technology Officer Tracy Riley said, “Our implementation of Guidewire Cloud strengthens our capabilities as a mutual insurer, investing in industry leading technologies to support the evolving needs of both our members and broker partners.” “We thank Wawanesa for its partnership and congratulate them on their successful migration to Guidewire Cloud,” said Guidewire Chief Customer Officer Christina Colby. “We are excited to be providing the technology foundation to help the company continue its mission of maximizing value for its brokers and members who rely on them to...

Houston Contractor Exposed Workers to Falls, Electrical Hazards, and Amputations, U.S. Department of Labor Investigation Finds 0

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Houston Contractor Exposed Workers to Falls, Electrical Hazards, and Amputations, U.S. Department of Labor Investigation Finds

Article 0 Comments A U.S. Department of Labor workplace safety investigation has found that a Houston-based contractor willfully and repeatedly exposed its workers to falls, electrical hazards and amputations. Following a March 9, 2023, complaint, investigators with the department’s Occupational Safety and Health Administration found nine serious violations, one willful violation and three repeat violations related to the following safety failures: Not having required lockout/tagout procedures in place. Exposing employees to fall hazards. Not enclosing sprocket wheels and chains. Allowing unguarded projecting shaft ends. OSHA previously inspected the employer in January 2021, March 2021 and May 2021. The agency has proposed $370,995 in penalties. “Strategic Materials Inc. continues to expose workers to some of general industry’s leading causes of workplace injuries and death,” said OSHA Area Director Timothy Minor in Fort Worth, Texas. “Employers who willfully disregard their responsibility to keep workers safe will be held accountable.” Based in Houston, Strategic Materials Inc. employs more than 750 workers who supply recycled glass to manufacturers. The company has 15 business days from receipt of citation and penalties to comply, request an informal conference with OSHA’s area director, or contest the findings before the independent Occupational Safety and Health Review Commission. Source:...

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LPL Nabs $1.2B Father-Son Team From Morgan Stanley

LPL Financial said Monday it added a father-son advisor team in California who handled about $1.2 billion in advisory, brokerage and retirement assets while with Morgan Stanley. The wirehouse didn’t immediately respond to a request for comment about losing the advisor team to LPL. The family-focused office and independent practice that Burke and Christopher Francis launched, called Francis Group at LPL, chose to affiliate with LPL’s supported independence model, LPL Strategic Wealth Services. Since 1966, Burke Francis built his Los Angeles area practice by specializing in asset management for high-net-worth clients. Chris joined the business in 1998, after working in real estate development and various venture-backed companies. Burke and Chris are now managing partners of The Francis Group, which says it works on behalf of affluent families, corporate executives, businesses and private investors throughout the U.S. who require comprehensive and sophisticated investment advice. Feedback from their clients inspired them to make a change to offer more white-glove, family-focused office service experiences, and their due diligence led them to LPL Strategic Wealth Services, the companies said.

Frank Winston Crum Insurance Selects Majesco Policy and Billing for P&C, and Distribution Management on Majesco Cloud Platform 0

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Frank Winston Crum Insurance Selects Majesco Policy and Billing for P&C, and Distribution Management on Majesco Cloud Platform

Morristown, NJ (Sept. 7, 2023) – Majesco, a global leader of cloud insurance platform software for insurance business transformation, is pleased to announce Frank Winston Crum Insurance (FWCI), a commercial insurance carrier, has selected Majesco Policy and Billing for P&C, Distribution Management on Majesco’s cloud platform. This investment will help FWCI support their growth plans for their current product offerings and accelerate their ability to bring new products to market quickly to meet new risk and market demands. FWCI was founded in 2003 as a commercial insurance carrier and has grown from a single-state carrier to one licensed in 42 states. Its extensive product portfolio, value-added services and carefully selected agent network has helped them expand into markets across the U.S. Today, FWCI partners with agents to offer reliable and affordable workers’ compensation and general liability insurance to small and mid-sized businesses with planned expansion into new markets and product lines. “We are passionate about providing the best insurance experience for those we serve. Investing in next gen technology aligns with our strategy to constantly innovate and challenge the status quo,” said Matt Crum, President of FWCI. “Our strategic partnership with Majesco will modernize our insurance platforms, transform our business...

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Hong Kong’s Floods to Hit Insurers’ Earnings, Could Pressure Reinsurance Renewals

Article 0 Comments The recent devastating floods following Super Typhoon Saola in Hong Kong and other parts of China may add further pressure to the upcoming reinsurance renewals in January, according to an AM Best commentary. The overall impact of the rainstorm is likely to be more of an earnings event for insurance companies than a material hit to capital adequacy, said the report titled “Hong Kong 1-in-500 Year Flood Likely to Have an Earnings Impact.” Describing the event on Sept. 7-8, 2023, AM Best said the major rainstorm hit Hong Hong and the Pearl River Delta area (including China’s Guangdong Province and Macau), which dropped a quarter of Hong Kong’s annual rainfall total in 24 hours – more than 600 millimetres – or 23.6 inches. The storm was referenced as a 1-in-500-year event. Hong Kong Sees Heaviest Rainfall on Record; Insurance Claims Could Exceed $100M The gross losses on property and auto lines will not be quite as severe but could come close to rivaling the HK$3.1 billion (US$400 million) in losses brought by Typhoon Mangkhut in 2018, the report confirmed. Fifteen insurance companies account for roughly 51% of the HK$18.9 billion (US$2.4 billion) in gross premiums in the...

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The Big Incoming Estate Tax Exemption Cut Is Just One Legacy Planning Trend to Follow

What You Need to Know The estate tax exemption has effectively never been lowered — let alone slashed — but that outcome seems increasingly likely. FTI’s Scott Small says there are other key developments to be aware of. These include innovative uses of trusts to help families address problems with addiction and a growing ability to modify irrevocable trusts. Advisors serving high-net-worth clients likely know that the historically generous estate tax exemption established by the 2017 tax overhaul is on track to sunset at the end of 2025. Under the law, the exclusion amount for estate, gift and generation-skipping transfer tax purposes was increased from $5 million to $10 million, and it was indexed for cost-of-living adjustments starting from 2010. For people who die in 2023, the exemption amount will be nearly $13 million. For a married couple, that comes to a combined exemption of a little less than $26 million. This state of affairs is now more or less common knowledge among the advisor population serving high- and ultra-high-net-worth clients, explains Fiduciary Trust International’s Scott Small. What many advisors may not appreciate, Small says, is the hugely disruptive effect this sunset provision could have on wealthy Americans’ legacy giving plans — and how...

10 Cheap Stocks With Reliable Dividends: Morningstar 0

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10 Cheap Stocks With Reliable Dividends: Morningstar

Start Slideshow Investors looking for the best dividend stocks during this period of economic uncertainty and market volatility might consider adding undervalued, quality dividend stocks to their portfolios, suggests Susan Dziubinski, a Morningstar investment specialist. “Quality companies have the financial stability to maintain their dividends during questionable economic periods, and price risk is reduced when investors can buy the stocks of these companies on the cheap,” Dziubinski writes in a new blog post. Dziubinski’s colleague David Harrell, editor of Morningstar DividendInvestor, suggests that investors focus on companies with management teams that are supportive of their dividend strategies and favor those with competitive advantages, or economic moats. “A moat rating does not guarantee dividends, of course, but we have seen some very strong correlations between economic moats and dividend durability,” Harrell says. To find the best dividend stocks, Morningstar analysts turned to the firm’s Dividend Yield Focus Index. The dividend stocks on this list are among the index’s top constituents, and they were also undervalued, with Morningstar Ratings of 4 and 5 stars as of Sept. 13. See the gallery for the 10 best dividend stocks, according to Morningstar. Year-to-date performance is as of Sept. 15. Start Slideshow

Gas Leak Forced Evacuation of Southern California Homes 0

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Gas Leak Forced Evacuation of Southern California Homes

Article 0 Comments A Southern California neighborhood was evacuated for more than six hours early Thursday due to a large leak of natural gas from an underground pipe, authorities said. The leak was detected around 1:30 a.m. in unincorporated West Whittier, about 10 miles southeast of downtown Los Angeles. An investigation determined the gas was leaking from a 3-inch line and crews were sent to make repairs, Southern California Gas Co. said in a statement. About 75 people were sent to an evacuation center set up at a school. The residents were allowed to begin returning home around 8 a.m., said Craig Little, a spokesperson for the Los Angeles County Fire Department. No injuries were reported. The cause of the leak remained under investigation, Little said. Copyright 2023 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Topics California 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 Thanks Here are more articles you may enjoy. The most important insurance news,in your inbox every...