Patricia Wells

AIG has reported a significant drop in its underwriting income for the first quarter of 2025, falling by 59% compared to the same period last year, totaling $243 million. This decline comes amid a challenging environment marked by rising catastrophe-related costs. The General Insurance segment, which includes North America commercial, International commercial, and global personal … Read more

AM Best has changed its outlook for Missouri Valley Mutual Insurance Company (MVMIC) from stable to negative. This change also comes with an affirmation of its Financial Strength Rating at B+ (Good) and a Long-Term Issuer Credit Rating of “bbb-” (Good). MVMIC is based in Burke, South Dakota. The ratings from AM Best reflect MVMIC’s … Read more

Los Angeles County has made a significant decision this week by approving a $4 billion settlement to address nearly 7,000 claims of sexual abuse that occurred in juvenile facilities since 1959. This agreement, reached on April 4, marks one of the largest payouts for sexual abuse claims in U.S. history, surpassing a previous $2.6 billion … Read more

The Oklahoma Insurance Department is set to launch the second pilot of the Strengthen Oklahoma Homes Program, which offers residents up to $10,000 to improve their homes to meet the IBHS Fortified standard. This initiative aims to help homeowners make their properties more resilient against severe weather. Eligible residents in nine specific zip codes can … Read more

Firefighters in New Jersey are making significant strides in battling the Jones River wildfire, which is now 75% contained as of noon on April 28. The fire has scorched approximately 15,300 acres in the Forked River Mountains Wilderness Area, part of the Ocean County Natural Lands Trust. Fire crews will remain on the scene for … Read more

A tragic boat crash in Clearwater, Florida, has left one person dead and ten others injured. The incident occurred on Sunday evening, just as the Sugar Sand Festival was wrapping up. A recreational boat collided with a Clearwater Ferry that was carrying 45 passengers after a sand-sculpting contest. Witnesses reported that the crash happened around … Read more

A California Assembly committee has taken a significant step to tackle the state’s ongoing wildfire and insurance challenges. The Assembly Insurance Committee unanimously approved the California Safe Homes Act, known as Assembly Bill 888. This legislation aims to enhance home safety against wildfires while making insurance more accessible for residents. The act focuses on funding … Read more

Nick Tye, the co-founder and CEO of Carbon Underwriting, has announced his retirement due to health issues. After being diagnosed with progressive multiple sclerosis, Tye has decided to step back to focus on his health and family. His departure marks a significant change for the London-based managing general underwriter, which he helped establish in 2018. … Read more

Marks & Spencer Group Plc is facing significant challenges following a ransomware attack that has disrupted its operations. Hackers used a powerful type of malware known as DragonForce to lock down some of the retailer’s systems, making them inaccessible. This cyber incident, which began over a week ago, has forced M&S to pause online orders … Read more

Aspen Insurance is planning to go public again in the United States, aiming for a valuation of up to $2.85 billion. This comes after more than six years since its last public offering. The company, based in Bermuda, is looking to capitalize on a calmer stock market, which has seen easing tensions in the U.S.-China … Read more