Articles by Mark Hollmer

Treasury Troubled by Smaller Firms Not Buying Cyber Insurance

While the overall cyber risk insurance market is growing tremendously, larger corporate clients have driven much of the expansion. Smaller companies, on the other hand, have not followed suit, Deputy U.S. Treasury Secretary Sarah Bloom Raskin said recently. “Cyber insurance …

Rating Agencies Warn OneBeacon After Loss Reserve Charge

OneBeacon Insurance Group has been dealt a ratings outlook warning from Fitch Ratings and an outright downgrade from Moody’s Investors Service, stemming from substantial adverse reserve development in the 20914 fourth quarter and fiscal year. Moody’s downgraded OneBeacon’s U.S. Holdings …

MiddleOak Exiting Personal Lines; Selling Business to Mapfre

Spanish insurance giant MAPFRE SA has said it wants to expand and is eying acquisitions in both Europe and the U.S. Barely two months into 2015, it has pulled the trigger on one such deal in New England, reports CarrierManagement.com. …

ACE to Keep Most Fireman’s Fund Personal Lines Staff: Andrade

ACE Group said it will keep most of the employees with Fireman’s Fund’s personal lines business once its $365 million acquisition of the division from Allianz goes through. “We value Fireman’s Fund talent and culture,” Juan Andrade, an executive vice …

With TRIA Renewal Efforts Killed, Some Predict Market Chaos

Property/casualty insurance industry groups, business associations and observers alike were quick to condemn the death of TRIA renewal for 2014. Without federal terrorism reinsurance in place for 2015, they predicted canceled coverage, market chaos and more unless the measure can …

Insurers’ Winter Storm Losses to Climb Due to Polar Vortex: I.I.I.

Insured losses from winter storms in the U.S. will climb well above $2.5 billion in 2014, double the annual average over the previous two decades. The Insurance Information Institute says the polar vortex will be responsible for much of the …

MyPath Portal: Can It Lure Millennials to Insurance Careers?

With the insurance industry employee base rapidly aging and retiring, a number of companies and organizations in the field have come up with something that they hope will draw more young adults into the sector. Their solution: MyPath, an online …

MyPath Portal Aims to Attract Millennials to Insurance Careers

With the insurance industry employee base rapidly aging and retiring, a number of companies and organizations in the field have come up with something that they hope will draw more young adults into the sector. Their solution: MyPath, an online …

GNY Insurance Cos.’ Heck to Retire; Daughter to Succeed Him As CEO

Warren Heck, the long-time leader of GNY Insurance Companies, plans to retire at the end of 2014. He’ll remain at the insurer as non-executive chairman. His daughter, Elizabeth Heck, currently president and chief operating officer, will replace him as CEO. …

Surplus Lines Rate Hikes to Slow As Competition Grows

Two insurance rating entities see slowing rate increases for the surplus lines segment in the coming months as competition grows. Moody’s Investors Service said that the U.S. excess and surplus lines sector is experiencing growth and strong profitability, thanks to …