Insurance Blogs

Weekly News Roundup, April 26

COVU COVU News Insurance Advice Insurance Agency Press Release News Blog
In this week's news will talk about Gallagher releases results for Q1, Orion180 expands homeowner services to Arizona, and much more…

Orion180 expands homeowner services to Arizona

Orion180 has expanded its homeowners insurance services to Arizona, marking its first foray into the western United States, as part of the company's broader strategy to develop a comprehensive national presence.

In Arizona, Orion180 Select Insurance Co, an admitted insurance carrier based in Indiana, will address the specific needs of homeowners.

Kenneth Gregg, CEO and founder of Orion180, shared his views on the company's growth as it further expands its operations during unprecedented times in the industry.

“Our expansion into Arizona signifies a critical step forward in our strategic efforts to serve a national customer base. This is our inaugural entry into the western US, and it accentuates our planned expansion into Florida, Ohio, and several other markets in need. We are committed to providing innovative, reliable insurance solutions in new and diverse markets,” Gregg said.

Allianz Partners achieves record financial results in 2023

Allianz Partners, a major global insurance and assistance provider, has disclosed its financial outcomes for the year 2023, setting new records for revenue and operational profit.

The company’s earnings report revealed total revenues of 9.3 billion euros and an operating profit of 301.2 million euros, marking a milestone as the firm’s most successful financial year.

Performance of Allianz Partners’ health segment
In the health business segment, revenues surged by 23.4% to reach 2.959 billion euros. This growth was propelled by organic expansion, increased engagement in the small and mid-size enterprise (SME) sector, and forging new alliances with local insurance entities.

Coalition publishes 2024 cyber claims report

Active insurance provider Coalition has released its 2024 Cyber Claims Report, shedding light on key cyber threats and their implications for policyholders throughout 2023.

Notably, the report revealed that over half (56%) of all cyber claims during the year stemmed from funds transfer fraud (FTF) or business email compromise (BEC), a result which Coalition explains underscores the importance of robust email security measures.

Further findings from the report indicate heightened vulnerabilities associated with certain network security devices. Specifically, businesses utilizing internet-exposed Cisco ASA devices were nearly five times more likely to file a cyber claim in 2023. Similarly, those using Fortinet devices experienced a doubled likelihood of filing a claim.

Zurich North America appoints new head of professional liability and cyber

Zurich North America has named Kara Higginbotham as its new head of professional liability and cyber for US national accounts. Higginbotham will lead a team of underwriters serving Zurich’s largest corporate and middle-market clients in the United States.

Higginbotham brings over 16 years of financial lines underwriting experience to the position. She began demonstrating expertise in professional liability and cyber insurance upon joining Zurich in 2018, overseeing corporate accounts, according to the firm.

Her responsibilities will now include the development and execution of the underwriting strategy for Zurich’s professional liability and cyber insurance offerings for retail customers. Additionally, she will collaborate with excess and surplus teams and the speartip cyber risk management team within Zurich Resilience Solutions.

Gallagher releases results for Q1

Arthur J. Gallagher & Co. has published its financial results for the first quarter of 2024.

Here’s how Gallagher performed in the first three months:
Gallagher’s revenues before reimbursements in Q1 amounted to $3.2 billion, an increase from last year’s $2.7 billion. EBITDAC (net earnings before interest, income taxes, depreciation, amortization, and the change in estimated acquisition earnout payables), meanwhile, grew from $874.9 million to $1.1 billion.

J. Patrick Gallagher, Jr., chair and chief executive at Gallagher, had this to say about the numbers: “We had a great first quarter to begin 2024. Our core brokerage and risk management segments combined to post 20% revenue growth, including 9.4% organic revenue growth. At the same time, we grew net earnings by 26% and adjusted EBITDAC by 19%.