Insurance news

• Networking and education: The association aims to enhance opportunities for industry engagement through dedicated forums, events, and training initiatives, supported by the appointment of a learning and development manager.
• High-level advocacy: The MGAA plans to expand its influence on regulatory issues and market challenges, ensuring MGAs’ voices are heard on critical industry matters.
• Data-driven insights: Strengthening its role as a central source of market intelligence, the MGAA aspires to become the leading aggregator of trends and statistics within the sector.

A key component of this strategy is the MGAA Next Gen Committee, which seeks to nurture young professionals within the MGA sector. The committee focuses on talent development through training, networking events, and contributions to wider MGAA initiatives, and announced a new chair at the end of January.

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The breach, which occurred in June 2020, exposed personal identifiable information, including Social Security numbers, tax identification numbers, and driver’s licence details. The lawsuit, initially proposed in 2021 and officially filed in 2022, was brought on behalf of individuals affected by the cyberattack.

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Casualty market faces persistent litigation challenges

The casualty insurance market exhibited mixed trends, with some segments softening while others remained under pressure. Risks with US exposure faced ongoing headwinds due to legal trends such as nuclear verdicts, litigation funding, and an increasingly aggressive plaintiff bar.

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L&G US insurance unit sale

According to Bloomberg, Meiji Yasuda will acquire full ownership of L&G’s US protection business while also securing a 20% economic stake in its US PRT unit. Additionally, the Japanese insurer will purchase a 5% equity stake in L&G. The transaction is expected to close by the end of 2025, pending regulatory approvals.

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Over the next decade, it invested billions in various sectors, including coffee, quick-service restaurants, fragrances and veterinary services, prioritising industries with stable demand. However, after reassessing the returns on those acquisitions, the company shifted its focus to insurance.

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Damage to farm buildings was also widespread, particularly to roofs constructed from fibre cement or galvanized steel sheets. Roof debris caused further damage to nearby structures and machinery, while holes in roofs left storage facilities exposed to water ingress, affecting cattle feed, fertilizer and hay. In some cases, asbestos sheeting contaminated animal feed, requiring entire stores to be disposed of.

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“WTW delivered a strong second quarter, generating significant EPS growth and margin expansion through robust organic growth, operating efficiency, and the continued execution of our transformation program,” said Carl Hess, CEO of WTW, in an earlier statement on the company’s long-term financial strategy.

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“With the UK continuing to experience economic volatility, businesses and households are already faced with difficult financial pressures,” he added. “By investing time, money and efforts into pursuing false claims and dealing with them in the strongest means possible, we can help deter would-be fraudsters and protect our customers.”

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“A full-blown trade war is a major concern: the resulting loss of economic activity and the return of inflationary pressures would likely undermine investor confidence, keeping them in a prolonged ‘wait and see’ mode,” said Ana Boata, head of economic research at Allianz Trade. “At the same time, increasing polarisation, already evident in many countries, imposes significant economic costs while intensifying social divisions.”

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ARCP allows investors, including smaller funds, family offices, and ultra-high-net-worth individuals, to participate in Lloyd’s risk with a minimum investment of US$5 million through Ariel Re’s Syndicate 1910. The platform eliminates the need for investors to establish a Lloyd’s Corporate Member, making it more accessible to a wider range of capital providers. 

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