2020
Risk Retention Groups Report Financially Stable Third Quarter 2020 Results
By Douglas Powell
A review of the reported financial results of risk retention groups (RRGs) reveals insurers that continue to collectively provide specialized coverage to their insureds while remaining financially stable. Based on reported financial information, RRGs have a great deal of financial stability and remain committed to maintaining adequate capital to handle losses. It is important to note that ownership of RRGs is restricted to the policyholders of the RRG. This unique ownership structure required of RRGs may be a driving force in their strengthened capital position.
Really, Hot …and Cool
I had to read it twice. Hard to believe it. See if you get it the first time. In a motion made by Park Insurance to have the NY State Supreme Court vacate its order placing Park into Liquidation, the initial text reads as follows: Respondent Park Insurance Company (“Respondent” or “Park”) respectfully submits this […]
Applied Underwriters Forms Applied Specialty Underwriters
Christopher Day Named President of the New Company ASU will concentrate on Casualty E&S markets nationwide, initially focusing on New York construction risks Steve Menzies, CEO of Applied Underwriters, has announced the creation of Applied Specialty Underwriters, LLC to focus on select Casualty E&S risks across the country, with an initial focus on large construction […]
Avoiding COVID Scams
By Sue Quimby The fears and uncertainties of the pandemic of 2020 have brought with them a whole new arena for scammers. As is often the case, scammers prey upon the most vulnerable: the elderly, or those with underlying medical conditions, such as diabetes, who are also the most vulnerable to the infection. Some of […]
Vast majority of Insurance Customers Prefer Conversational AI and Messaging Experiences
LivePerson, Inc. (Nasdaq: LPSN), a global leader in conversational AI, has announced the findings of its 2020 Survey of Consumer Preferences Around Insurance examining consumer attitudes and behavior around interactions with insurers, messaging, and conversational AI and commerce. The 2020 survey of more than 2,500 U.S., U.K., and Australian respondents reveals that the vast majority […]
Leadership Is Doing: Axioms That Prompt “Doing” As A Leadership Style and Edge
Leadership Is Doing is the title of Pamela Newman’s entertaining and useful new tome that presents a series of axioms that characterize – or should – the approaches leaders take personally. I enjoyed it, especially as it comes from a former “Top Gun” at AON, responsible for a major book of their business. Her CV […]
From the Files, Some Fraudulent “Beauties”
Owner of Durable Medical Equipment Companies Admits Role In $16 Million Dollar Kickback Scheme Albert Davydov, 28, of Rego Park, New York, pleaded guilty by videoconference before U.S. District Judge Kevin McNulty to an indictment charging him with conspiring to violate the Anti-Kickback statute. Davydov, the owner of a group of related durable medical equipment […]
FLAMES: AAIS Data-Driven Fire Risk Model Sparks Approval
Fire Loss and Mitigation Evaluation Score (FLAMES) helps insurers predict expected fire severity more accurately AAIS (American Association of Insurance Services) has received approval from the Florida Office of Insurance Regulation for its new predictive model. The AAIS Fire Loss and Mitigation Evaluation Score (FLAMES) is a significant improvement on existing methods of quantifying expected […]
