Personal Insurance

Commercial Insurance/ Current News/ Personal Insurance

InVEST Awards 88 Scholarship to Students Interested in Insurance Careers

Phil Gusman July 6, 2015

InVEST, the Independent Insurance Agents and Brokers of America’s classroom-to-career education program, awarded $77,000 in scholarships to 88 students pursuing insurance-related degrees. “InVEST congratulates the 88 students representing 32 high schools, colleges and universities in 14 states and Washington, D.C., who earned scholarships this year,” says Robert G. Slocum, InVEST board chair, and president of […]

Commercial Insurance/ Current News/ Personal Insurance

ACE to Purchase Chubb for $28.3B; Expects Revenue to Outweigh Cost

Phil Gusman July 5, 2015

ACE Limited will acquire rival The Chubb Corporation for $28.3 billion, or $62.93 per share in cash and 0.6019 shares of ACE stock, the companies announced July 1. ACE used the term “complimentary” a number of times to describe the two companies in the statement announcing the planned acquisition. ACE Chairman and CEO Evan Greenberg […]

Commercial Insurance/ Current News/ Life & Health Insurance/ Personal Insurance

U.S. Insurance Industry Shows Employment Gains in April

Phil Gusman June 30, 2015

Insurance-industry employment was up across most sub-sectors in April compared to March, according to an analysis of the latest U.S. Labor Department’s Bureau of Labor Statistics (BLS) figures. Health/medical direct insurers, life insurers and agents and brokers showed the strongest monthly gains. For life insurers, employment over the last year has at last reversed a […]

Commercial Insurance/ Current News/ Personal Insurance/ Risk

Hurricane Risk Rising Along with Property Values; Sea Levels

Phil Gusman June 30, 2015

Take the growing number and value of coastal properties, add in rising sea levels and you have a recipe for a major and increasing risk associated with hurricane storm surge, a recent AIR Worldwide report outlines. “Because hurricane storm surge—which is an abnormal and often substantial increase in sea level—can penetrate miles inland from the […]

Commercial Insurance/ Current News/ Personal Insurance

Albanese to Succeed Lawsky at NYDFS on Interim Basis

Phil Gusman June 30, 2015

Anthony Albanese will become interim superintendent of the New York Department of Financial Services Superintendent when current Superintendent Benjamin Lawsky departs this week. Albanese joined the department in 2011 and was Lawsky’s chief of staff. In a memo from Lawsky to his staff, published by The New York Times, Lawsky says, “Most of you know […]

Current News/ Personal Insurance

Senate Banking Committee Report: No Systemic NFIP Underpayments for Sandy Claims

Phil Gusman June 30, 2015

The Senate Banking Committee issued a report on the National Flood Insurance Program (NFIP) finding there were no structural flaws in the program that led to systemic underpaying of flood claims after Superstorm Sandy. “Despite widespread concerns, it does not appear that systematic incentives exist for any participant in the program to underpay on claims,” the […]