Industry News
Roots Automation Closes $22.2M Series B Funding Round
Roots Automation, creator of the AI-powered Digital Coworker and InsurGPT, a generative AI model for insurance, announced the closing of a $22.2 million Series B funding round. Harbert Growth ...
Marsh McLennan to Buy TIH’s McGriff Insurance for $7.75B
Marsh McLennan says it has a deal in place to acquire McGriff Insurance Services for $7.75 billion, funded by cash and debt financing.
Hurricane Helene Kills at Least 90, Leaves Destruction in Its Wake
The Southeastern U.S. began a huge cleanup and recovery effort on Sunday and the death toll climbed towards 100 after Hurricane Helene knocked out power for millions, ...
Primary Insurers Will Absorb $5B+ Hurricane Helene Losses: Rating Agencies
In initial commentaries released a day after Hurricane Helene made U.S. landfall, AM Best and Fitch Ratings both pegged insurance industry loss totals at at least $5 billion, indicating that primary ...
Personal Auto Insurance Could Be Obsolete in 20 Years: Morningstar
Self-driving cars could make personal auto insurance largely obsolete within 20 years, according to a worst-case scenario modeled by Morningstar. A more likely, moderate ...
Tropical Storm Helene Lashes Florida With Powerful Winds, Rain
Hurricane Helene barreled into the western coast of Florida with dangerous winds, knocking out power for more than a million customers and threatening to unleash deadly ...
Commercial Properties in Helene’s Direct Path Identified by Moody’s
A day before Hurricane Helene was forecast to make landfall on Florida's Gulf Coast, Moody's published an interactive online map revealing 161,849 commercial properties in direct path, valued at over ...
Risks Now in E&S Market May Be There to Stay: AM Best
In 2023 the U.S. surplus lines market for the first time surpassed the $100 billion mark in direct premiums written, and some of the risk that has found non-admitted insurers might stay there beyond ...