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People Moves: Arch Insurance Taps Seip From LSM as Head of Fine Art & Specie, Europe; Berkshire Hathaway Specialty Insurance Promotes Gormley and Reddin in Ireland

Article 0 Comments Arch Insurance Taps Seip From LSM as Head of Fine Art & Specie for Europe Arch Insurance announced the appointment of Paul Seip as head of Fine Art & Specie, European Markets, with immediate effect. Seip joins Arch Insurance (EU) dac (AIEU), which provides specialist property/casualty insurance solutions within the European Union. Paul Seip Based in Rotterdam, Seip is responsible for establishing the European Fine Art & Specie underwriting platform which spans fine art, general specie, jewellers block and cash in transit insurance. He will work closely with Peter Brooks, head of Fine Art & Specie, Global Markets, Arch Insurance International. Seip brings over 12 years of experience in the fine art & specie sector, most recently as fine art & specie underwriting manager, Benelux & Scandinavia at Liberty Specialty Markets. He has also held roles at AXA ART and Allianz. Commenting on the announcement, Matthew Brophy, chief underwriting officer, AIEU said: “Paul’s appointment marks the expansion of Arch’s Fine Art & Specie portfolio into the continental European market. He brings proven underwriting experience in this highly specialised area with a strong track record of developing long-term broking relationships. Paul’s passion for the sector and extensive market...

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NAMIC, Big ‘I’ Join Call to Do Away With Federal Insurance Office

Article 0 Comments The National Association of Mutual Insurance Companies and the Independent Insurance Agents & Brokers of America are the latest from the industry to join a call in support of a measure to abolish the Federal Insurance Office. The trade groups on April 11 submitted a letter to Montana Congressman Troy Downing, who earlier this year introduced H.R. 643, the “Federal Insurance Office Elimination Act.” “Since [the FIO’s] inception in 2010, our associations have echoed concerns from functional regulators over FIO’s potential for duplicative and overreaching workstreams,” NAMIC and Big I wrote to Downing, R-Mont., an insurance commissioner before running for Congress last year. “Unfortunately, these concerns have been validated over the course of the office’s existence, as it has undermined state-based regulation and exerted inappropriate pressure on industry participants, including unwarranted threats of subpoenas. “These actions cross directly into work already being performed by state regulators, creating inconsistent expectations, duplication, and costs that are ultimately borne by consumers.” The support to get rid of the FIO, created in 2010 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, is the latest from the industry. The National Association of Insurance Commissioners (NAIC) this year released...

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Hays County, Texas Sheriff’s Office Recovers $220K of ‘Cloned’ GMC Denalis

Article 0 Comments The Hays County, Texas Sheriff’s Office said it has recovered four stolen trucks with cloned vehicle identification numbers. The Hays County Sheriff’s Auto Theft Unit worked with the Hays County Tax Assessor’s Office and partnering agencies to recover four VIN-cloned GMC Denalis between April 4 and April 9. VIN-cloned vehicles appear to be legitimate due to the VIN returning to a vehicle that is not reported as stolen, the sheriff’s office said in a press released. The estimated recovery value is $220,000. The GMC Denalis were reported stolen through the Dallas Police Department, Houston Police Department and a law enforcement agency in Connecticut. The GMC Denalis were sold by suspects on Facebook Marketplace for a price significantly below market value, the sheriff’s office said. All victims were provided fictitious titles for the cloned vehicles. The Coalition Against Insurance Fraud (CAIF) says that vehicle cloning involves replicating a legitimate vehicle’s VIN, which criminals use to mask stolen or illicitly obtained cars. Insurance carriers risk dealing with false claims if a cloned vehicle gets into an accident. The Hays County Sheriff’s Office encourages car buyers to visit the Texas Department of Motor Vehicle title check before purchasing a vehicle....

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Josh Brown: Feels Like a ‘Classic Bear Market’

What is a high deductible health plan for purposes of an HSA? Get Answer Are remote workers eligible for leave under the Family and Medical Leave Act (FMLA)? Get Answer Is the value of employer-provided coverage under accident or health insurance taxable income to an employee when the coverage is provided for the employee’s spouse, children or dependents? Get Answer What auto-enrollment rules apply to 401(k) plans starting in 2025? Get Answer What are the penalties for failing to comply with the FBAR filing requirements? Get Answer What are the payment options that must be made available to employees on FMLA leave? Get Answer Can a 401(k) plan sponsor distribute a former participant’s account balance without consent after the participant separates from service? Get Answer Can participation in a health FSA impact an individual’s ability to contribute to an HSA? Get Answer

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People Moves: Markel Promotes Brooke to Senior Underwriter of War and Terrorism; BHSI Promotes Kidd to Newly Created Role of Head of Underwriting in Europe

Article 0 Comments Markel Promotes Brooke to Senior Underwriter of War and Terrorism Markel, the insurance operations within Markel Group Inc., announced that Matthew Brooke has been promoted to senior underwriter, War and Terrorism, effective immediately. Reporting to Chloe Gordge, head of War and Terrorism at Markel, Brooke’s new duties will involve driving the profitable expansion of the international war and terrorism portfolio, by identifying gaps in political violence coverage and providing bespoke solutions to insureds, globally. Matthew Brooke He will continue underwriting new and renewal business, ensuring closer coverholder interaction and working closely with the war and terrorism wholesale claims team by feeding in on wordings and claims trends, while supporting younger members in the team with their professional development. Since Brooke started at Markel more than three years ago, he’s demonstrated exceptional leadership and portfolio management skills and been instrumental in delivering a best-in-class underwriting service for clients. Prior to his arrival at Markel, Brooke spent more than eight years at W/R/B Underwriting (a Berkley Company), where he started as an operations assistant before progressing to an underwriter – specializing in political risk and political violence insurance solutions. “The war and terrorism market – by its very nature...

ACORD Launches “GRLC Generation 2.0” Data Standards to Support Digitalization Throughout Global (Re)Insurance Industry 0

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ACORD Launches “GRLC Generation 2.0” Data Standards to Support Digitalization Throughout Global (Re)Insurance Industry

New York, NY (Apr. 10, 2025) – ACORD, the standards-setting body for the global insurance industry, is pleased to announce the launch of the next generation of the ACORD Global Reinsurance & Large Commercial (GRLC) Standards. “GRLC Generation 2.0” represents an updated, global, digital-first approach to data messaging, enabling straight-through, end-to-end processing across the policy lifecycle and the (re)insurance ecosystem. ACORD GRLC Gen 2 Standards will allow insurers, brokers, and service providers to leverage a unified set of digital data standards from placing to binding to claims to settlement. This will not only increase efficiency, interoperability, and data quality, but also support the adoption and implementation of emerging digital-first systems both internally, and across trading partners. “As the global industry faces an unprecedented rate of change, our members have expressed an even greater demand for digitalization and interoperability. We are witnessing some incredible success stories of members digitizing their enterprises and trading partnerships, and enjoying material efficiency gains over their non-digital peers,” said Chris Newman, President International, ACORD. “There is a golden opportunity to extend the benefits of standardized data exchange across all stakeholders and throughout the insurance lifecycle.” ACORD GRLC Standards have been widely used by the global (re)insurance...

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Encrypted Messaging, Unseen Risks: Navigating Compliance with WhatsApp, Telegram and Signal

Time: 1 p.m. ET | 10a.m. PT Webcast Sponsored by: Modern businesses move fast – and your clients expect seamless, real-time communication. But with a growing selection of messaging platforms to choose from and ongoing updates to existing tools, how can financial firms enable innovation while staying compliant? Applications like WhatsApp, Telegram, and Signal provide end-to-end encryption, offering privacy and security benefits. However, these same features create compliance challenges for firms required to capture and supervise business-related conversations. Regulators continue to scrutinize off-channel communications and encrypted messaging. Before enabling encrypted messaging, firms must take proactive compliance measures to balance innovation with regulatory obligations. In this session, we’ll discuss: Key risk factors when adopting encrypted messaging platformsBest practices for updating policies, employee training, and supervisory oversight How to leverage technology and automation to mitigate compliance risks Join us to learn how your firm can confidently embrace encrypted messaging while ensuring regulatory compliance. Gain actionable insights on strengthening policies, improving supervision and implementing technology-driven compliance solutions to protect your firm. Featured Speakers: Tiffany Magri | Senior Regulatory Advisor | Smarsh Kasey Schaefer | Senior Manager of Regulatory Compliance | IQEQ Philip Henry| Associate Director, Regulatory Compliance | IQEQ Register Now Can’t attend?...

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T. Rowe Price Rolls Out Social Security Analyzer for Advisors

What is a high deductible health plan for purposes of an HSA? Get Answer Are remote workers eligible for leave under the Family and Medical Leave Act (FMLA)? Get Answer Is the value of employer-provided coverage under accident or health insurance taxable income to an employee when the coverage is provided for the employee’s spouse, children or dependents? Get Answer What auto-enrollment rules apply to 401(k) plans starting in 2025? Get Answer What are the penalties for failing to comply with the FBAR filing requirements? Get Answer What are the payment options that must be made available to employees on FMLA leave? Get Answer Can a 401(k) plan sponsor distribute a former participant’s account balance without consent after the participant separates from service? Get Answer Can participation in a health FSA impact an individual’s ability to contribute to an HSA? Get Answer

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Trump Temporarily Lowers Tariffs for Most Countries, Raises Them for China

Article 0 Comments U.S. President Donald Trump said on Wednesday he would temporarily lower new tariffs on many countries, even as he raised them further on imports from China, in a sudden reversal that sent U.S. stocks sharply higher. Trump’s announcement came less than 24 hours after steep new tariffs kicked in on imports from dozens of trading partners. The new trade barriers have hammered markets, raised the odds of recession and prompted retaliatory responses from China and the European Union. Trump said he would raise the tariff on Chinese imports to 125% from the 104% level that took effect at midnight, further escalating a high-stakes confrontation between the world’s two largest economies. Trump said he would at the same time suspend targeted tariffs on other countries for 90 days to allow time for U.S. officials to negotiate with countries that have sought to reduce them. A 10% blanket duty on almost all U.S. imports will remain in place, the White House said. The announcement also does not appear to affect duties on autos, steel and aluminum that are already in place. U.S. stock indexes shot higher on the news, with the benchmark S&P 500 up more than 6%. Bond...