Environmental

NYC under first drought warning in 22 years amid historic dry season

New York City and 10 other New York counties are under a drought warning for the first time in 22 years as the Northeast grapples with severe dry conditions and heightened brush fire risks.

AM Best maintains ultimate asbestos industry loss pick at $100bn with environmental at $46bn

AM Best’s latest report on asbestos and environmental liabilities has held the firm’s estimate for ultimate net losses steady at $146bn combined despite evolving environmental litigation related to PFAS, while reserves continued to decline along with incurred losses.

COP29: A round-up of the first week's discussions

As COP29 prepares for its second week in Baku, Azerbaijan, Sustainable Insurer reflects on discussions so far and what more needs to be done to elevate the role of (re)insurance in global dialogue.

Energy transition introduces new challenges for European risk managers

Organisations working towards net-zero emissions need to manage new physical and business risks that are not always easy to anticipate, according to discussions at the Ferma Forum in Madrid last month.

UK’s ABI and Brazil’s CNseg sign collaboration pact to boost insurance ties and tackle systemic risks

The Association of British Insurers and the Brazilian Insurance Confederation have signed a memorandum of understanding in a move designed to boost cross-collaboration on issues such as climate change and cyber risks.

UK insurers warned to drop fossil fuels ahead of planned targeted action

Environmental campaign group Extinction Rebellion has issued a warning to insurance executives to publicly pledge to cease underwriting fossil fuel projects in the next 14 days ahead of planned protests across the UK.

Greenpeace calls for oil majors to cover French cat claims ahead of 2025 finance bill

Environmental campaign group Greenpeace has called for oil and gas majors to be obligated to partially cover the cost of extreme weather events in France, ahead of the planned increase to contributions under the state reinsurance scheme to 20 percent on 1 January 2025.

Iumi: Potential capacity squeeze ahead as shipping sector explores lower-carbon fuels

The decarbonisation journey of the shipping sector may see a capacity squeeze going forward, as there is little to no historical data on which to assess the new risk environment, according to speakers at the International Union of Marine Insurance conference.

Mosaic hires 13 US environmental liability specialists

Mosaic has expanded its environmental liability division in the Americas with 13 US-based hires, including five senior vice presidents who were previously at Liberty Mutual.

UK property insurers need £9.8mn in carbon credits to reach net zero: Sedgwick

Claims management firm Sedgwick has advocated for more sustainable insurance repairs for property damage as new data shows that achieving industry-wide carbon neutrality would cost £9.8mn ($12.9mn) in carbon credits.

Swiss Re’s Crosby: Canadian wildfire risk needs to be addressed further

Canada’s (re)insurance industry has made progress on addressing wildfire risk but must do more in the face of higher losses resulting from climate change and population shifts, according to Jolee Crosby, CEO of reinsurance, Canada and English Caribbean, at Swiss Re.

Liberty’s CUO for North America specialty lines Smith exiting for new role

Liberty Mutual’s chief underwriting officer for North America specialty lines Toby Smith has stepped down from his role after 15 years with the company and its predecessor firm and is expected to re-emerge at a private equity-backed carrier, The Insurer can reveal.

Hamilton Global Specialty adds Chubb’s LaBandt as environmental SVP

Hamilton Global Specialty has hired Todd LaBandt from Chubb’s Westchester unit as senior vice president, environmental insurance at Hamilton Americas, its US managing agency.

Mosaic adds Chubb’s Denier to lead US environmental liability portfolio

Bermuda-based specialty (re)insurer Mosaic has appointed Taylor Denier as head of US environmental liability as the division expands globally to meet rising demand.

Axis hires Ascot’s Paglieri as head of environmental

Axis Capital has appointed Eric Paglieri as head of environmental within its North America division, with the new hire joining after almost five years at Ascot.

Nature positivity: the industry’s role in putting biodiversity on the path to recovery

A new report has called for the formation of a Nature-Positive Insurance Forum to engage key stakeholders in the development and advancement of nature-positive insurance approaches.

Vantage hires BHSI’s Dannecker to lead new environmental offering

Vantage Group Holdings has extended its contractors pollution liability and professional liability coverage to environmental contractors and consultants, hiring Michael Dannecker from Berkshire Hathaway Specialty Insurance to lead the new non-admitted offerings.

Burns & Wilcox to acquire wholesaler Environmental Underwriting Solutions from IOA

Burns & Wilcox has reached a definitive agreement to acquire wholesale insurance broker Environmental Underwriting Solutions (EUS) from Insurance Office of America (IOA).

One80 expands environmental ops with acquisition of TX-based Enviant from Euclid

One80 Intermediaries has expanded its environmental practice with the acquisition of Houston-based MGA Enviant from Euclid Environmental Underwriters, Program Manager can reveal.

Palomar hires CapSpecialty’s Pushic for environmental launch

Palomar Holdings has hired Brian Pushic as vice president, casualty underwriting and head of environmental, with the former CapSpecialty executive responsible for launching the environmental practice.

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