Business Daily News
By Business Daily | Mar 14, 2024
Mutual of Omaha Insurance Co. has announced its plans to explore the formation of a mutual insurance holding company (MIHC), as confirmed in its 2023 annual statement. The company stated that it is undertaking this exploration to fully understand the structure's requirements and potential consequences, without establishing a specific timeline for the process.The potential MIHC formation would enable Mutual of Omaha to maintain its policyholder ownership structure while enhancing its access to external sources of capital. This move reflects the company's strategic...
By Business Daily | Mar 14, 2024
NEW YORK, March 14, 2024—California’s regulatory restrictions on insurance pricing and underwriting, along with the need for more mitigation efforts, are significantly impacting the insurance industry in the state, as highlighted in the Insurance Information Institute’s (Triple-I) latest Issues Brief.The report, titled Trends and Insights: California’s Risk Crisis, discusses how Proposition 103 and its regulatory implementations are hindering insurers from adapting to the evolving risk landscape in California. Sean Kevelighan, CEO of the Triple-I, emphasized the need for...
By Business Daily | Mar 14, 2024
In light of Pet Prevention Poison Month, Nationwide is urging pet owners to be vigilant about their furry companions' safety. The initiative comes after a family experienced a worrisome incident involving a plant that led to a costly visit to the veterinarian.Nationwide advises pet parents to take preventive measures to avoid such situations. They recommend visiting Nationwide's PetHealthZone for tips on pet safety and what to do if a pet ingests something harmful. Additionally, Nationwide offers its members access to veterinary professionals around the clock through the...
By Business Daily | Mar 13, 2024
Wells Fargo & Company recently announced an expansion to its Autograph rewards cards with the introduction of the Wells Fargo Autograph Journey Visa card. This new addition is designed for frequent travelers, offering accelerated rewards in popular travel categories.
By Business Daily | Mar 12, 2024
The Allstate Corp. reported a significant turnaround in its financial performance, with the company marking its first positive pretax net income since Q1'22. In the fourth quarter of 2023, Allstate recorded a net income before taxes of $1.83 billion, a stark improvement from a net loss of $410 million in the same period of 2022. This positive result was driven by rate increases and enhanced property-liability underwriting income and ratios.Analyst Meyer Shields from Keefe, Bruyette & Woods highlighted the effectiveness of the rate increases, stating, "We're still seeing...
By Business Daily | Mar 11, 2024
Businesses are increasingly intrigued by the possibilities offered by Generative AI technology. The potential applications of this innovative technology across various aspects of the value chain have sparked significant interest. However, the decision to integrate Generative AI into business operations requires careful consideration and evaluation.Nationwide’s Chief Innovation and Digital Officer, Chetan Kandhari, sheds light on the crucial factors that companies contemplating the adoption of Generative AI must take into account. Kandhari emphasizes the importance of...
By Business Daily | Mar 8, 2024
Flying Food Group recently won praise for their catered meals from the toughest audience on Earth: the internet.
By Business Daily | Mar 8, 2024
Nationwide pet insurance members now have access to a new video consultation feature on Nationwide’s VetHelpline®, providing them with face-to-face conversations with veterinary professionals around the clock. This new addition aims to offer a more comprehensive solution to pet owners, as stated by Mariel Devesa, Nationwide Pet’s Head of Growth, Expansion, and Development, who highlighted, "Our new VetHelpline® merges technology with peace of mind for our consumers in one of the most comprehensive solutions in the market today."The VetHelpline® service is exclusive to...
By Business Daily | Mar 8, 2024
Nationwide, a Fortune 100 company and a prominent player in the financial services and insurance sector, has been actively engaged in critical discussions centered around finance services and economics. In recent engagements, Nationwide's thought leaders have shared valuable insights on various platforms.Jim Fowler, Nationwide’s Chief Technology Officer, recently participated in a panel discussion on Nasdaq TV where he discussed the impact of generative AI on customer service. Fowler highlighted how Nationwide has strategically invested in AI over the past decade to...
By Business Daily | Mar 7, 2024
Nationwide and Annexus marked a significant milestone in their collaboration by ringing the closing bell at the New York Stock Exchange on March 7. The event celebrated a decade-long partnership that has brought innovative solutions to the financial services marketplace, benefiting American retirement savers.Mike Morrone, vice president of Nationwide Annuity business development, highlighted the impact of the partnership, stating, "Our partnership with Annexus has enabled us to take our product innovation to the next level." This collaboration allowed Nationwide to enter...
By Business Daily | Mar 7, 2024
WASHINGTON, D.C. (March 7, 2024)—Pump prices have maintained a steady march higher, rising eight cents since last week to $3.39. More expensive oil is a likely culprit, as crude accounts for nearly 60% of pump prices. The cost for a barrel of oil is edging closer to $80, about $10 more per barrel than a few months ago."Spring is nearly here, with longer days, better weather, and more opportunities to hit the road," said Andrew Gross, AAA spokesperson. "And we are seeing this reflected in rising gasoline demand. But remember, we see this trend every year."For the...
By Business Daily | Mar 5, 2024
The European Union (EU) has imposed a $2 billion fine on Apple for breaching antitrust policies. The EU alleges that Apple prohibited app developers from fully informing iOS users about more affordable music subscription services.
By Business Daily | Mar 5, 2024
SiriusXM has unveiled a new initiative called Listen Next, aimed at nurturing diverse audio talent and fostering inclusivity in podcasting. The program will be supported by State Farm as its first launch sponsor and is set to work with leading, diverse-led production companies to assist up-and-coming creators in establishing successful podcasting careers. The inaugural season of Listen Next will kick off with the show "Stars and Stars with Isa," a collaboration between SiriusXM and Futuro Studios, scheduled to debut on March 19.State Farm's Marketing Director, Brent Malik...
By Business Daily | Mar 5, 2024
Root Inc., an insurance technology company, is planning to expand into new markets with the goal of establishing a nationwide presence for its car, home, and renters lines of business. The company recently reported its best-ever quarter, with CEO Alex Timm expressing confidence in their path to profitability.In an interview with S&P Global Market Intelligence, Timm discussed the company's expansion plans and the key role of technology in enhancing underwriting results and improving unit economics. He mentioned, "We're in 34 markets today and we don't see a reason Root...
By Business Daily | Mar 4, 2024
A new study by the AAA Foundation for Traffic Safety has shed light on the dangers of drowsy driving, revealing that the impact of this behavior is greatly underestimated. The research points to sleep loss as a significant factor in drowsy driving crashes, with the upcoming Daylight Saving Time potentially exacerbating the issue.According to the AAA Foundation's study, drowsy driving is responsible for far more traffic fatalities than official government statistics indicate. The study, based on crash investigations and national fatal crash data, estimates that drowsy...
By Business Daily | Mar 4, 2024
The aggregate value of insurance underwriter M&A in North America increased in 2023, marking a positive trend amidst a wider decline in overall dealmaking. According to an analysis by S&P Global Market Intelligence, while the level of deal activity in the insurance sector decreased by 2% with 96 transactions in 2023 compared to 98 in 2022, the aggregate transaction value saw a significant uptick to $16.23 billion, a 16.8% increase from the previous year's $13.89 billion.The largest deal of the past year involved Brookfield Reinsurance Ltd.'s planned acquisition of...
By Business Daily | Mar 1, 2024
Google Cloud is enhancing its cyber defense systems by incorporating Artificial Intelligence (AI) into their infrastructure. The company announced the AI Cyber Defense Initiative at the Munich Security Conference, which took place from February 16 to February 18, 2024.
By Business Daily | Mar 1, 2024
Dell Technologies has reported its fourth-quarter earnings for 2023, surpassing expectations with a revenue of $22.32 billion against the projected $22.16 billion. This positive outcome led to a more than 15% increase in the stock price of Dell shares.
By Business Daily | Mar 1, 2024
Lemonade's stock took a significant hit this week following the release of its earnings report. "What's transpiring here is they still were losing a lot of money," said Kaenan Hertz, Managing Partner at Insurtech Advisors, expressing investor disappointment with the results.In response to the market reaction, Lemonade CFO Tim Bixby stated, "In the company's view, its fourth-quarter 2023 results were arguably one of the best quarters we've had since going public three years ago." Bixby also highlighted that revenue, gross profit, and in-force premium were up year over...
By Business Daily | Feb 29, 2024
Forge Industrial Staffing has announced the upcoming release of season 2 of its podcast, "Forging the Future", scheduled for March 1. The podcast will maintain its focus on local entrepreneurs and personalities, offering their insights into the industrial sector.