Author: completebodyneeds

Allianz Global Investors secured $744 Million in commitments for the first close of its latest private credit fund targeting investments in the Asia Pacific, underscoring sustained investor interest for the asset class in the region. The Allianz Asia Pacific Secured Lending Fund III targets mid-market private credit opportunities by lending to high-growth companies across Southeast Asia, South Asia, Oceania and selected Asia Pacific markets, excluding China, according to a statement Tuesday. AllianzGI raised $610 million in 2023 for a the predecessor APAC private credit fund. Private credit in Asia, where managers typically operate through investment vehicles with a defined, finite…

The independent agency channel placed 62% of all property/casualty insurance written in the U.S. in 2025, a slight increase from 2024 when 61.5% of insurance written was placed by independent agents. According to the 2026 Market Share Report published by the Independent Insurance Agents & Brokers of America (Big “I”) trade association, independent agents (IAs) wrote 87.7% of commercial lines written premiums in 2025 and 39.5% of personal lines. The independent insurance agency channel also gained traction in surplus lines, with a 9.9% utilization rate, up from the five-year average of 9.3%. Private flood had a 52.6% utilization rate, up…

Equal Parts, an InsurTech that acquires independent insurance agencies and equips them with artificial intelligence technology, announced it has acquired Texas-based D3. D3 was started in Amarillo, Texas by Rex Young, Stephanie Musick, Dustin Webb, and Brock Sherwood. Collectively, the four founders bring more than 75 years of insurance experience. D3 writes home, auto and commercial and has additional offices in Denton and Gainesville. Austin-based Equal Parts launched in 2025 with $10 million of capital led by Equal Ventures and Max Ventures. Equal Parts seeks to redefine insurance distribution by acquiring small agencies and empowering them with AI-powered tools designed…

Iran and Oman said they’ll begin work on finding an agreement over the future administration of the Strait of Hormuz, including the cost of managing transit, as traders and shipowners fret over the prospect of the introduction of a tolling arrangement. The two nations — which border the narrow opening to the Persian Gulf — will begin discussions on the services relating to navigation, including “costs associated with them in accordance with international standards,” according to a joint statement. They added that both countries are committed to keeping Hormuz secure and open for international navigation. Iran has been seeking to…

Private U.S. property/casualty insurers posted a first quarter 2026 underwriting gain of $15.8 billion—quite the reversal after recording an underwriting loss of $864 million for the first three months last year. A new report from Verisk and the American Property Casualty Insurance Association (APCIA) said after tax net income for this portion of the industry more than doubled to $40.9 billion in Q1 2026. “Industry profitability improved in 2025 and the first quarter of 2026, driven largely by moderating inflation and an unusual respite from natural catastrophes over the past 12 months,” said Robert Gordon, senior vice president, policy, research…

Exceptionally warm sea surface temperatures in the Pacific Ocean are setting the stage for a potential “super” El Niño of record-breaking intensity. Temperatures in a part of the equatorial Pacific that’s closely monitored to define El Niño and La Niña events are currently at 29.4C (84.9F), or 1.7C above the 30-year average, according to the latest data from US National Oceanic and Atmospheric Administration. That’s on track to be the largest warm deviation from the historical average for June since 1981, the data show. El Niño is a naturally occurring climate phenomenon that can cause drenching rains in one part…

Seven days into a fire at a large frozen-food storage facility near downtown Los Angeles, firefighters began moving parts of the exterior walls to try to gain access but they have yet to enter the building, officials said. Firefighters continue making progress on a large blaze at a warehouse that blackened the skies around L.A. and prompted shelter-in-place orders in the area due to the risk of hazardous air. Smoke continues to billow from the 491,000-square-foot warehouse located near homes in Boyle Heights. Firefighters have been unable to enter the building due to the danger heavy-duty steel racks that stretch…

Tata Electronics said on Monday it had detected a recent “cybersecurity incident,” after researchers said World Leaks posted purported component design and specification papers of Apple and Tesla, both customers of the Indian group. The ransomware group has posted more than 200,000 files on the dark web, the security researchers told Reuters. “A few weeks ago, Tata Electronics identified a cybersecurity incident on some of our systems. Our response protocols were deployed immediately, and the incident has had no impact on our operations across businesses, which remain unaffected,” Tata Electronics told Reuters in a statement. Apple was investigating the breach…

More ships are openly signaling their intention to traverse the Strait of Hormuz, pointing to growing confidence among shipowners and traders about sending vessels through the chokepoint as tensions ease.Seven tankers were in the strait on Tuesday morning, according to conventional, visible tracking signals. Among them are two fully-laden non-Iranian supertankers leaving the Persian Gulf. Three product carriers also sailed outbound, while two Iran-flagged Suezmaxes approached from the other side. An eighth tanker — a very large crude carrier — also sailed into the gulf, but it did so without broadcasting during the passage, reappearing after crossing. The shift “reflects…

New York-based Cover Whale Insurance Solutions LLC, a technology-enabled commercial transportation managing general agent (MGA), has launched Breakwater Markets, a digital wholesale brokerage focused on transportation risks. The firm appointed Roman Atkielski as executive vice president of brokerage at Breakwater. He joins from Jencap Insurance Services. The move expands Cover Whale’s core programs, giving retail agents a platform to place risks that sit outside the company’s underwriting appetite. It is designed to handle a broader range of transportation risks, including non-standard, surplus lines, and more complex placements. “For a long time we’ve had to send a lot of good business…