Monthly Archives: <span>October 2024</span>

Report: Climate Risks Increasing Insurance Rates and Hurting CRE Returns

Costly reinsurance, inflation, tough regulations, and increasing weather-related claims are driving up property insurance prices—and in turn, that is impacting commercial real estate returns, valuations, and transactions, a new report shows. The Urban Land Institute and real estate investment management …

Washington Commissioner: Most Homes in 2023 Wildfire Were Underinsured

An analysis of the claims paid out after the Gray and Oregon Road fires in Washington last year found that most of the homes destroyed were underinsured. The fires destroyed 366 homes, burning more than 20,000 acres outside of Spokane …

People Moves: Burns & Wilcox Names Carvalho to Lead San Francisco, Seattle and Portland

Burns & Wilcox named Tom Carvalho as the new managing director of the company’s San Francisco, Seattle and Portland offices. Carvalho, who is based in San Francisco, joined Burns & Wilcox in 2011 as an associate underwriter, establishing expertise within …

Crews Fight Large Brush Fire in Massachusetts; Separate Fire Kills 1

A woman died in an outdoor fire in Massachusetts at an encampment in Millbury on Saturday night and crews on Sunday were still fighting a large overnight brush fire in Salem as dry and windy conditions have raised the risk …

Texas Department of Insurance OKs Porch Group’s Reciprocal Exchange

The Texas Department of Insurance approved an application from Porch Group Inc. to form and license Porch Insurance Reciprocal Exchange, a homeowners insurance reciprocal exchange. Porch said that forming PIRE is a key step in its strategy to increase profitability …

People Moves: McCarty Joins Alliant as SVP, Employee Benefits Group

Tammy McCarty joined Alliant Insurance Services, headquartered in Irvine, California, as senior vice president within its employee benefits group. Based in Austin, Texas, McCarty has over 25 years of experience leading human resources initiatives. She most recently served as managing …

People Moves: Novatae Risk Group Hires Catrabone as Carrier Relations VP

Novatae Risk Group, headquartered in Dallas, named John Catrabone as vice president of carrier relations. Based in Ohio, Catrabone comes to Novatae with more than 30 years of experience in various insurance industry sectors. Before joining Novatae, was chief distribution …

Liberty Mutual Estimates Up to $900M in Losses From Helene and Milton

Liberty Mutual Insurance today said it expects up to $900 million in losses from hurricanes Helene and Milton. Parent Liberty Mutual Holding Company (LMHC) in a statement released some preliminary third quarter information “in support of a potential capital markets …

China Is Scanning Canada’s Cyber Defenses, State Watchdog Warns

The Canadian government warned Friday that “a sophisticated state-sponsored threat actor from the People’s Republic of China” has been scanning the cyber defenses of important public entities. “Reconnaissance scanning is not an indication of compromise” but may precede malicious actions, …

IGI Expands in London Underwriting Hub Into Larger Offices

International General Insurance Holdings Ltd. announced it will move its London operations to new offices on the 15th floor of the so-called “Walkie-Talkie” building at 20 Fenchurch Street, London, EC3M 3BY on Monday, Oct. 28, 2024. IGI said the move …