In Q1 2024, Google Cloud’s revenue surged 28% to $9.57 billion, fueled by the demand for generative AI tools reliant on cloud infrastructure, services, and apps. This positive momentum continued from the previous quarter, which saw 25.66% year-over-year growth. Operating income for Google Cloud nearly quintupled to $900 million, a jump from $191 million. Investors welcomed this performance, along with Alphabet’s announcement of its first-ever dividend of 20 cents per share and a $70 billion share buyback program. Meanwhile, Google Search and other revenue increased by 14.4% to $46.15 billion i ..read more

For the vast majority of people, buying a house is the biggest investment they’ll make in their lifetime. And for many decades, homeowners’ insurance has been the best way to protect that investment.  However, for the residents of California, the ability to protect their biggest asset in the face of natural disaster has diminished dramatically over the past 24 months, with 10 leading insurers exiting the state – or, as in the case of AllState, pausing new policies until further notice. A case study outlined in a recent report by Fortune, outlines the problem at the customer level. It stat ..read more

The investment was led by Piper Serica Angel Fund and global venture capital firm SOSV, with participation from early-stage investors Z21 Ventures Fund and ZNL Growth Fund. According to the company’s press release, the funding will support its growth and expansion into six new cities. Founded by Manoj Gupta and Gunjali Kothari, FlashAid offers a comprehensive health solution featuring proprietary pre-underwritten products, open APIs, and embedded solutions. The company, formerly known as EasyAspataal, aims to make health insurance more affordable and accessible to the general public by buildin ..read more

The transaction marks a significant milestone for Aon and is a step forward in its strategic growth. Aon’s acquisition of NFP greatly expands its presence in the middle-market sector, adding over 7,700 professionals skilled in property and casualty brokerage, benefits consulting, wealth management, and retirement plan advisory to its roster. NFP will maintain its operations under the direction of CEO Doug Hammond, who will now report to Aon President Eric Andersen. Chief executive Greg Case said it was “a historic day” for the company as it officially welcomed NFP into the Aon family. NFP will ..read more

The new practice is designed to harness Marsh’s extensive resources, data, and cutting-edge technology to propel innovation and develop advanced risk solutions tailored to clients’ needs. The initiative brings together the capabilities of Marsh Specialty, Global Placement, Captive Solutions, and Advisory under one cohesive umbrella. Additionally, the practice will collaborate with Guy Carpenter to tap into diverse capital sources, including the insurance-linked securities markets, to provide corporate clients with a comprehensive and integrated risk capital optimization approach. Christophe Le ..read more

The report outlines new cyber trends and their effects on Coalition policyholders throughout 2023. It reveals that over half (56%) of all 2023 claims stemmed from funds transfer fraud (FTF) or business email compromise (BEC), underscoring the crucial role of email security in managing cyber risks. “Threat actors want to get paid, and the email inbox has proven to be an easy place for an attacker to uncover payment information and potentially intervene in payment processes to steal funds,” said Robert Jones, Coalition’s Head of Global Claims. He continued: “In 2023, Coalition endeavored to make ..read more

A survey by Beazley, a leading specialist insurer, found that 32% of US business leaders consider political risk to be the top threat they face this year. Additionally, 25% of U.S. business leaders feel unprepared to manage political risks and are similarly concerned about the threat of war and terrorism. The findings are part of Beazley’s latest Risk & Resilience report, “Geopolitical Risk Snapshot 2024,” which explores the global challenges businesses are facing during this turbulent election year. Beazley’s survey of over 3,500 global business leaders revealed that 30% consider politica ..read more

Allstate Insurance may soon start offering new homeowners policies in California again, provided the state Department of Insurance allows the use of catastrophic modeling when requesting rate increases. The news comes after Tokio Marine and Trans Pacific brought the number of insurers to announce their exit from the beleaguered state, to 10, just last week. Allstate was one of the first companies to withdraw from California in 2022 – and halted new policies in the state two years ago due to concerns over wildfire risks, the cost of rebuilding homes, and the increasing price of reinsurance. All ..read more

The combined ratio also improved notably, reaching 93.8% with a decrease of 4.9 percentage points, attributed to tariff recovery, especially in catastrophic coverages. The company stated that there were no significant Catastrophic claims in Q1, unlike the same quarter last year, which saw a major earthquake in Turkey. Additionally, the reinsurance division’s net income reached €67.3 million, marking an increase of 101.4%. MAPFRE’s parent company also experienced growth, with premiums rising by 4.6% to exceed €8.1 billion and revenue reaching almost €9.4 billion. This progress was driven by str ..read more

Marsh McLennan Agency, a subsidiary of Marsh, has announced its intent to acquire Fisher Brown Bottrell Insurance, Inc. (FBBINSURANCE) from Trustmark National Bank in a significant all-cash transaction valued at $345 million. The deal places FBBINSURANCE at almost six times its 2023 revenue and 28 times its most recent net income. Founded in 1936, FBBINSURANCE is known for its commercial property and casualty insurance, surety, and employee benefits services provided to organizations and individuals across the Southeast United States. Headquartered in Jackson, Mississippi, the firm is among th ..read more