Patricia Wells

Willis Towers Watson surprised many by reporting better-than-expected profits for the second quarter, boosted by a strong risk and brokerage segment. The company posted an adjusted net income of $285 million, or $2.86 per share, for the quarter ending June 30. This is up from $247 million, or $2.39 per share, recorded a year earlier. … Read more

South Africa’s state-owned insurer, Sasria SOC Ltd., has built up a 20 billion-rand ($1.1 billion) financial cushion to protect itself against future civil unrest. The move comes four years after the company was forced to seek a 22 billion-rand bailout from the government following widespread riots in July 2021. Those riots, which erupted mainly in … Read more

California Insurance Commissioner Ricardo Lara has taken legal steps against the California FAIR Plan Association over how it handled claims for smoke damage from recent wildfires. The California Department of Insurance filed an order to show cause, responding to complaints that the FAIR Plan denied or limited these claims based on a strict requirement for … Read more

Tesla has started a new ride-hailing service in the San Francisco Bay Area, including San Francisco, San Jose, and Berkeley. The company announced the launch on Thursday but didn’t say if self-driving cars will be part of the service. This move comes as Tesla faces strict rules in California that don’t yet allow the company … Read more

Two men from Georgia are behind bars after being charged with having a large number of homemade explosive devices. The arrests took place in mid-July, following a police search at the home of Steven M. Gray, 64, in Rome, Georgia. Daryl Stamey Sr., 56, was also arrested in connection with the case. Authorities acted after … Read more

Over the July 4 weekend, Central Texas was hit hard by flash floods that caused massive damage across the region. Estimates show that more than $1.1 billion in damage struck residential buildings alone. Yet, despite the huge losses, most insurance companies are expected to face limited financial impact from the disaster. The floods affected a … Read more

Liberty Specialty Markets and the broker BMS have both made notable moves to strengthen their teams in the insurance and reinsurance sectors. Liberty Specialty Markets, part of Liberty Mutual Insurance Group, recently added three new experts to its energy division. Alex Nelson steps in as underwriting manager for power and renewables, bringing experience from his … Read more

Marsh Japan is set to acquire Mitsubishi Electric’s in-house insurance agency, Mitsubishi Electric Insurance Service Co. Ltd., with the deal expected to close on November 4. While the financial details of the transaction have not been made public, the move marks a significant shift in how Mitsubishi Electric handles its insurance services. Mitsubishi Electric Insurance … Read more

New Horizon Insurance Company, a Houston-based insurer, has received a boost from credit rating agency AM Best. The company’s Financial Strength Rating was raised to A- (Excellent) from B++ (Good), while its Long-Term Issuer Credit Rating climbed to “a-” (Excellent) from “bbb+” (Good). The outlook for both ratings remains stable. AM Best cited New Horizon’s … Read more

Verisk, a company known for insurance data analytics and technology, has announced plans to buy AccuLynx, a software platform that helps residential roofing contractors manage their work. The deal is valued at $2.35 billion and is expected to close by the end of the third quarter. AccuLynx offers tools for everything from finding leads and … Read more