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Lincoln National Unit Enters Into Settlement With DOL Over Evidence of Insurability Practices
National Life Insurance Co. will make changes to its "proof of good health" requirement for participants in job-based life insurance plans, the DOL said. The settlement forbids the ...
Source: BestWire   Date: June 17, 2024
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MetLife Subsidiary Announces $2.5 Billion Risk Transfer Deal With 3M Pension Fund
Metropolitan Tower Life Insurance Co. has entered into a pension risk transfer agreement with 3M worth about $2.5 billion. The PRT deal with the 3M Employee Retirement Income Plan, ...
Source: BestWire   Date: June 17, 2024
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Managing General Agent Rokstone Launches Sports Practice
Financial Strength Rating of A (Excellent). (By Terrence Dopp, senior associate editor, Best's Review: Terry.Dopp@ambest.com)
Source: BestWire   Date: June 17, 2024
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Allianz Commercial Enters Delegated Underwriting Partnership With MGA ProMarine
Specialty International Ltd., will underwrite and handle claims on behalf of Allianz Commercial. The partnership will take effect immediately, a company statement said. The ...
Source: BestWire   Date: June 7, 2024
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Helios CEO to Step Down; Plans for Lloyd's 'Follow-Only' Syndicate Dropped
Wade said in a statement announcing the moves. "We wish him the very best for the future." Helios Underwriting plc swung to a profit in 2023 as the Lloyd's underwriter moved toward ...
Source: BestWire   Date: June 7, 2024
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Insurance Jobs Rise in May at Slower Pace Than Prior Month
Hiring growth in the U.S. insurance industry continued in May, with it adding 4,800 jobs, below the pace seen in the prior month but still up, according to preliminary figures from ...
Source: BestWire   Date: June 7, 2024
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LIMRA: Pension Risk Transfer Premium Rose 130% in First Quarter
Risk Transfer Sales Survey. The number of contracts sold also rose, with the 146 transactions in the period up by 26% from the previous year. Collectively, the contracts covered ...
Source: BestWire   Date: June 6, 2024
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MGA Euclid Transactional Expands Carrier Partnership With CNA Financial
East and Africa program since early 2022, it said in the statement. "We continue to be grateful for our fantastic panel of creditworthy insurance carrier partners," said Jay ...
Source: BestWire   Date: June 6, 2024
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Tesla Hires Former Geico Exec to Bring Down Costs for Owners of Its Electric Cars
Tesla vehicles "easy and economical" to insure. "By partnering with insurance companies, teams across Tesla, and collision shops in the USA and Canada, we'll lower the total cost ...
Source: BestWire   Date: June 6, 2024
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NSM Insurance Group Buys Pennsylvania MGA Strategic Underwriters International
Risk Solutions LLC subsidiaries from equity firm J.C. Flowers (BestWire, March 20, 2023). NSM acquired managing general underwriters Sequoia Reinsurance Services LLC, IOA Re LLC ...
Source: BestWire   Date: June 6, 2024
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CNA Financial Says CEO Robusto to Step Down; Underwriting Exec to Fill Spot on Jan. 1
Global Head of Underwriting Doug Worman, the company said in a statement. Robusto will transition into the role of executive chairman of CNA's board of directors, where he will ...
Source: BestWire   Date: June 5, 2024
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MGA Crux Launches With Focus on Delegated Underwriting in Terrorism Class
...Connor said in the post by DA Strategy. "We also intend to use the platform to drive further efficiencies for market participants through APIs into placement platforms." Crux could ...
Source: BestWire   Date: June 5, 2024
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Gallagher Unit Pen Underwriting Acquires Irish MGA Wrightway Underwriting
Terms of the deal were not disclosed. Wexford, Ireland-based Wrightway is an MGA providing motor and liability coverage for the haulage and fleet sector across Ireland through ...
Source: BestWire   Date: June 5, 2024
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European MGA Alta Signa Launches in Switzerland With Initial Focus on D&O
European managing general agent Alta Signa Europe B.V. said it set up an office in Switzerland as part of an expansion strategy in the DACH region, which also includes Germany and ...
Source: BestWire   Date: June 5, 2024
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Pennsylvania's Highmark Health Joins List of Insurers Laying Off
Health have current Best's Financial Strength Ratings of A (Excellent). (By Terrence Dopp, senior associate editor, Best's Review: Terry.Dopp@ambest.com)
Source: BestWire   Date: June 4, 2024
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Nine Life Insurance Trade Groups File Lawsuit to Block Department of Labor Fiduciary Rule
Nine life insurance trade groups filed a joint lawsuit against the U.S. Department of Labor to overturn its fiduciary rule, which they contend would reduce consumers' access to ...
Source: BestWire   Date: June 4, 2024
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LIMRA: Northwestern Mutual Tops US Life Insurers in First-Quarter New Annualized Premium
Northwestern Mutual Life Insurance Co. led U.S. life insurance carriers in first-quarter new annualized premium, with $266.6 million, according to a new ranking put out by LIMRA. ...
Source: BestWire   Date: June 4, 2024
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MGA Bondaval Launches Reinsurance Vehicle to Accommodate Future Growth
New York and Dallas. Bondaval Re was made possible through financing provided by European B2B software investor Dawn Capital alongside existing support from Octopus Ventures and ...
Source: BestWire   Date: June 3, 2024
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UK Financial Conduct Authority Approves $1.52B Merger of Markerstudy, Ardonagh Broker
Markerstudy said in a statement. The FCA gave its approval to the deal on May 31, Markerstudy said. Atlanta is the personal lines broking operation of The Ardonagh Group. "The ...
Source: BestWire   Date: June 3, 2024
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UK FCA Allows Some GAP Insurance Sales to Restart
The United Kingdom's Financial Conduct Authority said it has approved several firms to restart sales of guaranteed asset protection insurance, after a pause earlier this year amid ...
Source: BestWire   Date: June 3, 2024
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