- Risk Strategies Expands Jewish Community Support
Risk Strategies recently acquired Felsen Insurance Services, a New Jersey-based firm specializing in commercial and personal P&C insurance. With a niche focus on synagogues, temples, and affiliated activities—including day care centers, youth programs, and artifact preservation—Felsen adds critical coverage expertise for unique cultural assets like Torah scrolls. - Hilb Group Grows in Louisiana
Effective November 1, Hilb Group expanded its footprint in Louisiana by acquiring a local P&C business, strengthening its presence throughout the Gulf region and adding new insurance services for the community. - SageSure and Auros Reciprocal
SageSure has joined forces with Auros Reciprocal Insurance Exchange, a policyholder-owned insurer in Mississippi, to deliver tailored homeowners’ insurance solutions across Louisiana and Mississippi, enhancing local resilience to natural events. - atNorth Expands Data Centers
Iceland-based atNorth is scaling up its data centers with added capacity at its ICE02 and ICE03 sites, bringing robust digital infrastructure support to meet future demand in the region. - Celent Recognizes RegEd as a “Functional Standout”
RegEd’s Enterprise Xchange Producer Management system was highlighted by Celent for its functionality and substantial user base, affirming RegEd’s position as a top insurance distribution management tool. - Bishop Street Expands with Ethos Transactional Liability
Bishop Street Underwriters has bolstered its offerings by acquiring Ethos Specialty’s Transactional Liability unit, enhancing its client solutions suite with specialized transactional liability services. - Virginia’s Flood Resilience Initiatives
In response to increased flood risks, RISE has awarded $1.2 million to support projects developing flood warning systems and community insurance solutions in Southwest Virginia, funded by the state’s Department of Housing and Community Development. - Florida’s “Check My Contract” Portal
CFO Jimmy Patronis spotlighted Florida’s “Check My Contract” portal, designed to protect policyholders from fraud following storm-related damages. The platform allows insurance customers to submit repair contracts for state review, ensuring compliance with Florida law and fraud prevention. - Hub International Acquires ANCO Insurance
Texas-based ANCO Insurance, one of the state’s largest independent insurance brokerages, was recently acquired by Hub International, broadening Hub’s footprint and adding to its diverse client services for businesses and individuals. - World Insurance Associates Expands Across Louisiana, Texas, and New Jersey
World Insurance Associates acquired five agencies across Louisiana and Texas, including McFatter Insurance and Creekside Risk Management. These agencies bring P&C expertise, extending World Insurance’s reach and community engagement.
News
Best Practices for Insurance Professionals in 2025
As 2024 comes to a close, it’s clear the year has been challenging for insurers. However, as we look ahead to 2025, the industry appears to be in a much better position. The reinsurance market shows signs of stabilization, with improved terms and conditions. There’s broader adoption of insurance-to-value (ITV) measures and rate adjustments aligning better with risk. While this positive momentum is promising, challenges like natural catastrophes, rising claims, and social inflation remain. Positive Momentum in the Insurance Industry The industry is benefiting from hard decisions made in recent years, including necessary rate adjustments. Coupled with strong equity performance and a renewed focus on underwriting profitability, many insurers are experiencing surplus growth. Economic factors also contribute to this progress. Home construction has slowed but remains steady, unemployment rates are manageable, and consumer confidence is stable. Additionally, improved ITV measures have strengthened the industry’s foundation, with insurers like PLM reporting significant growth in this area. Accurate valuations, combined with solid underwriting and better rates, set the stage for continued success. Key Challenges Ahead Despite progress, significant obstacles lie ahead: A Path Forward To thrive in 2025, insurers must maintain discipline and adapt strategically: While challenges persist, the industry is better positioned than it was a year ago. By staying disciplined and proactive, we can make 2025 a year of growth and resilience.
