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Lawmakers in 3 States Want to Roll Back Paid Sick Leave Benefits

Article 1 Comment Voters in Alaska, Missouri and Nebraska were asked last year whether they wanted to require employers to provide paid sick leave to their workers. They overwhelmingly said yes. Now some lawmakers in each of those states are trying to roll back the benefits, citing concerns from businesses about costs. The efforts mark the latest attempt by legislators to alter laws backed by the voters they represent. In February, for example, Michigan enacted revisions to a paid sick leave law initiated by voters seven years ago, delaying the date when small businesses must comply and allowing a longer period before new employees are eligible. Though some voters are outraged, some lawmakers contend that citizen activists who crafted the initiatives overlooked the realities of running a business. Restaurant owner Tim Hart, who employs about two dozen workers at his steakhouse in Hannibal, Missouri, said the paid sick leave requirement imposes a double financial hit because he must pay one person to stay home and another to fill the shift. “When this goes into effect, we very likely won’t survive,” said Hart, who has urged the state Senate to halt the law. The paid sick leave laws are set to...

Coalition Launches Active Cyber Insurance in the Nordic Region 0

Coalition Launches Active Cyber Insurance in the Nordic Region

With Capacity Provided by Allianz, Active Insurance Provider to Offer Innovative Cyber Insurance Solution to Businesses in Denmark, Sweden San Francisco, CA (May 1, 2025) — Coalition, the world’s first Active Insurance provider designed to prevent digital risk before it strikes, is pleased to announce the launch of its innovative Active Cyber Insurance in the Nordic region through its subsidiary, Coalition Insurance Solutions, filial af Coalition Insurance Solutions GmbH, Tyskland. Coalition’s offerings are available in Denmark effective immediately and will become available in Sweden on May 8th. “Businesses within the Nordics will benefit from access to an offering that combines comprehensive insurance with meaningful cybersecurity insights and tools to help them manage and mitigate cyber threats,” said Tine Simonsen, Coalition’s Head of Insurance, Continental Europe. “As cyber threats grow exponentially globally, preventing digital risk before it strikes has never been more important, and with the entrance of Active Insurance in the region, Coalition aims to provide greater protection for all European businesses.” Coalition offers insurance products in Denmark and Sweden with capacity provided by Allianz Commercial in a multi-year agreement. Coalition’s Active Cyber Insurance is available to businesses with up to DKK 7,5bn and SEK 11bn in revenue on a...

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AIG Q1 Underwriting Income More Than Halved on Wildfire Losses

Article 0 Comments First quarter underwriting income in AIG’s General Insurance segment dropped 59% compared to last year to $243 million. The unit—North America commercial, International commercial, and global personal—recorded $525 million in catastrophe-related charges in Q1 2025, compared to $106 million for Q1 2024. About $460 million in losses were from the California wildfires. AIG’s personal lines business recorded a Q1 underwriting loss of $126 million compared to a gain of $30 million a year ago. The combined ratio for global personal lines was 107.9 from 98.3 for Q1 2024 due to this year’s wildfires. However, net premiums written (NPW) grew 3% on a comparable basis (constant-dollar basis), in large part from growth in personal auto. Peter Zaffino Looking beyond the catastrophe losses, AIG CEO Peter Zaffino in a statement said the insurer had an “excellent start” to the year, producing “very strong results.” The accident-year combined ratio for General Insurance was 87.8, the best Q1 result since the financial crisis, he said. Related: AIG: Turning One Human Underwriter Into Five, ‘Turbocharging’ E&S “While the broader macroeconomic and geopolitical environment remains uncertain, AIG is navigating these challenges from a position of strength given our global diversified portfolio, disciplined underwriting,...

Climate change is showing its claws: The world is getting hotter, resulting in severe hurricanes, thunderstorms and floods 0

Climate change is showing its claws: The world is getting hotter, resulting in severe hurricanes, thunderstorms and floods

2024 was a loss-heavy year for the insurance market, with natural disasters causing US$140bn in insured losses; since 1980, only two years have been more expensive Weather catastrophes were dominant, with powerful hurricanes, severe thunderstorms and floods driving the losses 2024 will replace 2023 as the hottest year to date, with temperatures around 1.5°C higher than in the pre-industrial era Morristown, NJ (May 1, 2025) – Worldwide, natural disasters caused losses of US$ 320bn in 2024 (2023, adjusted for inflation: US$ 268bn), of which around US$ 140bn (US$ 106bn) were insured. The overall losses and, even more so, the insured losses were considerably higher than the inflation-adjusted averages of the past ten and 30 years (total losses: US$ 236/181bn; insured losses: US$ 94/61bn). In terms of insured losses, it was the third most expensive year; in terms of total losses, 2024 ranks fifth on the cost scale since 1980. One record-breaking high after another – the consequences are devastating. The destructive forces of climate change are becoming increasingly evident, as backed up by science. Societies need to prepare for more severe weather catastrophes. Accordingly, Munich Re is expanding and adapting its risk models to address these developments. This allows us...

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LA County Approves $4B Payout to Settle Sexual Abuse Claims at Juvenile Facilities

Article 0 Comments Los Angeles County officials this week approved a $4 billion payout to settle nearly 7,000 claims of sexual abuse in juvenile facilities since 1959. The agreement reached on April 4 far surpasses a $2.6 billion settlement reached in 2022 with the Boy Scouts of America that was the largest aggregate sexual abuse settlement in U.S. history at the time. The county Board of Supervisors voted unanimously to approve the deal that settles lawsuits filed by thousands of people who alleged they were mistreated and sexually abused in foster care and juvenile detention facilities. The plaintiffs were able to sue because of a California law that took effect in 2020 and suspended the statute of limitations for childhood sex abuse victims to bring cases for three years. “While no amount of money can erase the horrors that they endured, this agreement acknowledges the profound harm inflicted on thousands of children over the course of decades,” Adam Slater, one of the plaintiffs’ attorneys, said in a statement Tuesday. Many of the claims involved the MacLaren Children’s Center, which was closed in 2003. The facility, which was intended to be a safe space for children awaiting placement in foster homes,...

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12 Counties Where Americans Reaped Biggest Investment Gains

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Northbridge Insurance Achieves CSIO’s JSON API Standards Certification for First Notice of Loss 0

Northbridge Insurance Achieves CSIO’s JSON API Standards Certification for First Notice of Loss

Toronto, ON (Apr. 29, 2025) – CSIO is pleased to announce that Northbridge Insurance has attained Certification for CSIO’s JavaScript Object Notation (JSON) Application Programming Interface (API) Standards. Northbridge was awarded this Certification for implementing JSON API Data Standards for First Notice of Loss (FNOL) use cases. These Standards are published by CSIO’s INNOTECH API Implementation Working Groups to facilitate seamless integration for insurers and vendors. JSON enables real-time data exchange between insurer systems and broker management systems (BMS). As a result, brokers receive data directly in their BMS, rather than logging into portals or contacting insurers for client information. BMS vendors that deploy JSON API Data Standards for FNOL APIs into production enable brokers to instantly set up FNOL claims with Northbridge. “We are proud to provide proactive and responsive service that ensures our valued broker partners are able to instantly send claims information to customers through their BMS,” said Chris Harness, Chief Information Officer at Northbridge Insurance. “This Certification validates our use of Data Standards to help brokers respond quickly when policyholders report a claim.” “Northbridge’s latest CSIO Certification reflects their commitment to Standards excellence, enabling brokers to conduct business with speed and efficiency,” said Kathryn Sinclair, Interim...

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Gundlach, Bianco: 8 Predictions for Tariff-Tossed Markets

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11 Ways to Use Small Amounts of Time Efficiently

/ ThinkAdvisor provides financial advisors, registered investment advisors and wealth managers with comprehensive coverage of the products, services and information they need to guide their clients in making critical wealth, health and life decisions.

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Ransomware Hack Said to Be Cause of Marks & Spencer Outages

Article 0 Comments A ransomware attack is the cause of a disruption at Marks & Spencer Group Plc., with hackers using a potent kind of malware to lock down some of the British retailer’s systems and render them inaccessible, according to people familiar with the attack. The company has for more than a week attempted to recover from what it’s called a “cyber incident,” pausing online orders and stopping processing some payments in its stores across the UK. A group of suspected cybercriminals hit the company with a kind of ransomware known as DragonForce, according to two people familiar with the matter, who spoke on condition of anonymity as they were not authorized to share information about the investigation. Attackers use DragonForce ransomware to encrypt files on victims’ computers, then demand payment in cryptocurrency to unlock them, according to cybersecurity experts. The creators of DragonForce, whose identities aren’t known, operate like a criminal cartel, leasing out their malicious software and infrastructure to other hackers while taking a cut of any proceeds earned through extortion, experts say. A spokesperson for M&S declined to comment on the ransomware or the identity of the hackers. It’s not clear whether the hackers have demanded...