Former Allied World Insurance executive sentenced to 20 months for $1.4 mn fraud scheme
A federal judge sentenced James Keating to 20 months in prison and three years of supervised release for stealing more than $1.4 mn from Allied World Insurance
Insurance News
U.S. House of Representatives seeks to overturn Biden rule on short-term health insurance
A bill introduced in the U.S. House of Representatives seeks to repeal a Biden administration rule that restricts short-term health insurance and separates fixed indemnity insurance
U.S. senators is urging the Federal Crop Insurance Corp. to create a parametric insurance policy
A group of U.S. senators is urging the Federal Crop Insurance Corp. to create an index-based, or parametric, insurance policy
Pen Underwriting expands partnership with QBE through a new £420 mn capacity
Pen Underwriting is expanding its multi-line strategic partnership with QBE through a new £420 mn capacity agreement
New York’s 2026 budget proposes Insurance Reforms for for-hire vehicles
New York’s 2026 fiscal year budget includes proposed legislative changes aimed at improving insurance coverage for for-hire vehicles
Symetra Life Insurance agreed to a proposed $32.5 mn settlement in a class-action lawsuit
Symetra Life Insurance Co. agreed to a proposed $32.5 mn settlement in a class-action lawsuit alleging it withdrew excessive amounts from policyholders’ cash value trusts
Geniere Aplin will be the new CEO of New South Wales insurer icare
New South Wales insurer icare has hired Geniere Aplin to succeed Stuart Farquharson, interim chief executive officer, as permanent CEO
Generali and BPCE form $1.97 tn asset management joint venture
Generali and French banking and insurance group BPCE have agreed to form a 50-50 joint venture, creating a global asset management operation with €1.9 tn
Canadian insurers Beneva and Gore Mutual plan to merge to drive growth
Canadian mutual insurers Beneva and Gore Mutual plan to merge to drive growth, reinforcing the role of mutuals in the country’s insurance industry
FCA eliminates unnecessary regulations in the UK and introduce digital service standards
FCA plans to eliminate unnecessary regulations, reduce reporting requirements, introduce digital service standards in the UK
North Carolina home insurance rates will rise by an average of 7.5% in both 2025 and 2026
North Carolina home insurance rates will rise by an average of 7.5% in both 2025 and 2026. This increase is significantly lower than the 42.2% average
CatIQ raised insurance industry loss estimate for the Jasper, Alberta, wildfire to C$1.23 bn
Catastrophe Indices and Quantification Inc. (CatIQ) has raised its industry loss estimate for the Jasper, Alberta, wildfire to C$1.23 bn
WTW stresses importance of data & risk models as 2024 insured losses reach $140bn
WTW’s Natural Catastrophe Review estimates the global insurance protection gap for natural catastrophes at 60%. Insured losses exceeded $140bn in 2024
Re/insurance broker Miller expands in Asia with Miller Korea
Re/insurance broker Miller has strengthened its presence in Asia by launching Miller Korea, focusing on delivering global specialty expertise to the Korean market
GRAM ABF acquires majority stake in UniVista Insurance at $700 mn valuation
Entities tied to GRAM’s Americas Buyout Fund, have made a majority investment in Miami-based UniVista Insurance
78% of life insurers identified data readiness as biggest challenge in leveraging AI
A lack of data readiness is the main obstacle preventing global life insurers from realizing AI’s full potential, according to research by Equisoft, LIMRA
Winter storms affected the U.S., potentially causing insured losses in the tens of mn
Winter storms from Jan. 9-11 affected the southern U.S., potentially causing insured losses in the tens of mn, Aon reported
Australian Competition & Consumer Commission moves to block hospital boycott of major insurers
The Australian Competition Commission intends to deny Catholic Health Australia’s request to allow its hospital members to boycott large private health insurers
Passenger plane Bombardier CRJ700 and Black Hawk helicopter crash into Potomac
A regional passenger plane, a Bombardier CRJ700 operated by PSA Airlines, collided mid-air with a U.S. Army Sikorsky H-60 Black Hawk helicopter
AI Financial Technology expands into Japan’s crypto insurance market
AI Financial Technology (AIFT), which operates the insurtech platform OneDegree, announced plans to expand into Japan following its rebranding last year
Insured losses from the Palisades & Eaton fires in LA estimated at $35-45 bn
Insured losses from the Palisades and Eaton fires in Los Angeles are estimated at $35 bn to $45 bn, according to CoreLogic’s catastrophe modeling
FERMA called on the EU Council to prioritize strengthening cyber insurance resiliency
The Federation of European Risk Management Associations (FERMA) has called on the Council of the European Union to prioritize strengthening cyber insurance resiliency
California FAIR plan reports surge in policies amid wildfires
Year-over-year, California FAIR Plan policies in Pacific Palisades (ZIP code 90272) increased by 85% to 1,430. This area has suffered significant damage
U.S. Supreme Court to hear challenge to ACA preventive care provisions on religious grounds
The U.S. Supreme Court will hear a challenge to the Affordable Care Act’s (ACA) preventive care provisions brought by individuals and small businesses citing religious objections
IUA’s 2025 Plan: Tackling Technology, Sustainability & Digital Transformation in the London Market
The International Underwriting Association (IUA) has prioritized technology and sustainability risks as part of its 2025 business plan for London insurers
Generali Investments acquires a 77% stake in MGG Investment Group for $320 mn
Assicurazioni Generali’s investment arm is acquiring a 77% stake in U.S.-based middle-market investment firm MGG Investment Group for $320 mn
South Korea debates health insurance rewards as other nations incentivize aging well
South Korea weighs health incentives for older adults while countries like Singapore, Japan, Germany and the Netherlands already reward healthy aging
Massachusetts’ Suffolk Court ordered UnitedHealth affiliates to pay $165 mn in penalties
Massachusetts’ Suffolk Superior Court ordered three UnitedHealth Group Inc. affiliates to pay $165 mn in penalties for deceptive practices
Frontier Risk sequred $3 mn seed+ round to underwrite cannabis risk
Frontier Risk closed of a $3 mn seed+ round, bringing investors from the cannabis and insurance sectors to build the industry’s first tech-enabled insurance ecosystem
Natural catastrophe losses reach $417 bn, with $154 bn insured
Gallagher Re has estimated global economic losses from natural perils in 2024 at $417 bn. The insurance industry covered $154 bn, leaving a $263 bn protection gap
Insurtech ManyPets reports £33 mn loss for FY 2024
Pet insurtech ManyPets announced a net loss of £33 mn for the year ending March 31, 2024. This marks a significant improvement from the £67.5 mn loss reported the previous year
Vichai Srivaddhanaprabha’s family files record £2.2 bn claim over helicopter crash
The family of Vichai Srivaddhanaprabha, former Leicester soccer club owner, filed a historic fatal accident claim in England following his death in a helicopter crash in 2018
54% of insurers expect traditional roles to require advanced technical skills – RDT poll
A recent poll by RDT reveals that 54% of insurers expect traditional roles to require advanced technical skills due to increasing automation and digital transformation
Allianz UK strengthens commercial digital trading team with key appointments
Allianz UK has announced a series of hires and promotions within its commercial digital trading team, underlining its commitment to driving profitable growth
Chesnara acquires £1.5 bn portfolio from Canada Life Insurance in UK
Chesnara, a European life and pensions consolidator, has acquired a closed portfolio of unit-linked bonds and legacy pensions totaling 17,000 policies
Supply chain insurtech Overhaul secures $55 mn for AI and strategic expansion
Overhaul, a supply chain risk management and intelligence provider, has raised $55 mn in equity funding. The round was led by Springcoast Partners
North Carolina Court of Appeals reverses $29 mn judgment against Penn National Insurance
The North Carolina Court of Appeals overturned a $29 mn judgment against Penn National Security Insurance Co., ruling the insurer did not breach
DARAG acquires run-off portfolio from wefox Insurance
DARAG Group, a prominent legacy acquirer, has agreed to purchase a run-off portfolio from wefox Insurance AG. The portfolio includes motor damage, third-party liability
LA Wildfires to trigger record losses without immediate rating impact on (re)insurers
Fitch Ratings states these losses are unlikely to impact the ratings of property and casualty (P&C) (re)insurers due to strong capital buffers, diversified risk exposure
West P&I Club to acquire full ownership of Nordic Marine Insurance
West of England (West) P&I Club has announced plans to acquire full ownership of Nordic Marine Insurance, pending regulatory approvals
US Government plans to spend $9.2 tn on Medicare Advantage payments
The US Government plans to spend $9.2 tn on Medicare Advantage (MA) payments over the next decade
AXA become a founding patron of the Louvre Museum’s new Department
AXA Mutuelles d’Assurance has become a founding patron of the Louvre Museum’s new Department of Byzantine Arts and Eastern Christianities
Knighthead Insurance Group acquired Merit Life Insurance
Knighthead Insurance Group has acquired Merit Life Insurance for an undisclosed amount, rebranding it as Knighthead Life
Insurtech Relm introduced 3 new AI-focused insurance products
Bermuda-based Relm Insurance has introduced three new AI-focused insurance products to manage risks associated with AI use in business operations
Jeju Air crash Boeing 737-800 in South Korea covered by $1 bn insurance policy
Jeju Air’s insurance policy, covering the crash of its commercial jet in South Korea on Dec. 29, provides up to $1 bn in per-event coverage
Insurance Commissioner Ricardo Lara boosts insurance in wildfire-prone regions
California Insurance Commissioner Ricardo Lara finalized a regulation that mandates insurers to expand coverage in wildfire-prone areas while capping costs passed to consumers
Insurtech ICEYE raises $65 mn to advance satellite and ISR technologies
Insurtech ICEYE, the global leader in SAR satellite operations for Earth Observation and persistent monitoring, secured an additional $65 mn in its 2024 growth funding
Fidelis secures $375 mn Cat Bond for named storm & earthquake risks
Fidelis Insurance Holdings’ Bermuda-based affiliate has finalized a $375 mn catastrophe bond to cover named storms and earthquakes in the U.S.
UK Supreme Court rejects Allianz appeal in COVID business interruption case
The UK Supreme Court has denied Allianz Insurance plc’s appeal in a COVID-19 business interruption lawsuit filed by the London International Exhibition Centre, also known as ExCel
Lloyd’s CEO John Neal will step down in 2025 to join Aon
Lloyd’s has confirmed that CEO John Neal will step down in 2025 after more than six years leading the world’s largest insurance and reinsurance marketplace
Parsyl raised $20 mn to advance data-powered marine cargo insurance solutions
Parsyl, a technology-driven insurer specializing in complex supply chains, secured $20 mn in Series C funding to accelerate its expansion
Insurtech Root launches driver-based auto insurance in Minnesota
Root Insurance has expanded its auto insurance services to Minnesota, offering over 4 mn drivers a model based on driving behavior instead of traditional demographic factors
PERILS releases final insured loss report for Australia Christmas Storms
PERILS has released its fourth and final estimate for the industry losses caused by the Australia Christmas Storms that impacted Victoria, New South Wales, and Queensland
British pension insurance deals totaled £45 bn in 2024, with a similar outlook for 2025
British pension insurance deals totaled approximately £45 bn in 2024, with a similar outlook for 2025, according to LCP. The adviser expects buy-in volumes to remain strong
U.S. states will enforce higher mandatory auto liability insurance limits in 2025
California, Virginia, North Carolina, and Utah will enforce higher mandatory automobile liability limits in 2025 due to previously enacted legislation
Fairfax Financial names Brian Young as Insurance Group President
Fairfax Financial Holdings appointed Brian Young as president of Fairfax Insurance Group, effective Jan. 1, 2025. He succeeds Andrew Barnard
ASIC orders compliance overhaul for Sanlam’s Australian unit over licensing breaches
The Australian arm of South African financial services conglomerate Sanlam Group will need to have its compliance processes reviewed by an independent expert
Florida Insurance Regulator approves homeowners policy transfers from Citizens
The Florida Office of Insurance Regulation approved three insurers to assume 160,440 multiperil homeowners policies from Citizens Property Insurance Corp
Independent Health and Subsidiary’s CEO settle $98 mn Medicare fraud case
Independent Health Association and its subsidiary’s CEO have agreed to pay a $98 mn settlement over allegations of submitting invalid diagnosis codes
Flood events accounted for $18.2 bn in international Q4 catastrophe losses
Flood events accounted for $18.2 bn in international fourth-quarter catastrophe losses, led by October floods in Valencia, Spain
Aerospace and defense M&A reached 532 deals in 2025, as business aviation attracts private equity, family offices, and growth investors
U.S. cyber insurance premiums rose nearly 11% in 2025 as policy volume jumped, but weaker pricing, higher losses, and AI-driven threats added fresh pressure
Finding affordable health insurance in California can be overwhelming. You’re faced with dozens of plan options, unfamiliar terms and questions about whether you qualify for subsidies through Covered California
Insurers enter 2026 with longer settlement cycles, rising volumes, and slow AI adoption, increasing costs and operational risk, AutoRek finds