AM Best has revised the outlook to stable from negative for the Long-Term Issuer Credit Ratings (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) of Westfield Insurance Company and …
National Allianz Commercial, headquartered in New York City, appointed Jenna Contreras to the North American distribution team in the newly created role of portfolio solutions leader for wholesale and managing general agents (MGA) programs. Based in Chicago, Contreras leads the …
The global boat insurance market size was projected at $1.8 billion in 2024 and is expected to hit $2.6 billion by 2032. The U.S. region accounted for an 87% share of the boat and yacht insurance market. In 2023, the …
One of my first visuals of the conflagration in Los Angeles was a video of vehicles on the streets in the Pacific Palisades community being bulldozed to clear room for emergency vehicles. With traffic snarled as residents attempted to evacuate …
National Arthur J. Gallagher & Co., Woodruff Sawyer Insurance brokerage Arthur J. Gallagher & Co. has signed a definitive agreement to acquire Woodruff Sawyer for $1.2 billion. Andy Barrengos, chairman and CEO of San Francisco-based Woodruff Sawyer, will operate under …
The first quarter of 2025 has been a whirlwind. New presidential administration. Historic wildfires. Financial market volatility. Trade war and tariff talks. A looming recession. Higher costs at the grocery store. Higher car repair bills. Higher cost of wood products …
This market has opened the door for new business opportunities for specialists in hospitality. As restaurant owners search for ways to save money they are more willing to “shop” their insurance. “It helps to get your foot in the door,” …
Reinsurers continued to provide ample casualty reinsurance capacity through the recent January 2025 renewal season—despite concerns about adverse reserve development—however, an availability crisis could be looming, AM Best cautions. In a new report, AM Best points to rising litigation costs, …
More than half of ransomware claims in 2024 started with threat actors compromising perimeter security appliances, according to a new report from Coalition. In its Cyber Threat Index 2025, the insurance provider reported that 58% of claims began with such …
U.S. commercial insurance rates showed a continued upward trend, with signs of moderation in the fourth quarter of 2024, according to the latest findings from WTW’s Commercial Lines Insurance Pricing Survey (CLIPS). Carriers reported an aggregate price increase of 5.6% …
