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Arch Capital Group Ltd., the Bermuda-based re/insurer, announced the expansion of Maamoun Rajeh’s role as president. Rajeh, who most recently oversaw Arch’s Reinsurance and Mortgage segments, will also take on responsibility for Arch’s Insurance segment as the company moves forward under a single president model. Rajeh will continue to report to Chief Executive Officer Nicolas Papadopoulo. Maamoun Rajeh David Gansberg is stepping down from his role as a president of Arch and departing the company following a distinguished tenure, having played an important role in building the organization to its current position. “Maamoun has been integral to Arch’s success since…

IMA Financial Group, a large North American insurance brokerage, named Rob Price as Alabama Market president, based in Birmingham, the firm announced. Price has been a top performer at the brokerage for almost nine years, and recently led IMA’s executive risk, private equity and mergers practice. As Alabama market head he will oversee IMA’s Alabama offices, including growth and profitability, the company said. IMA expanded into Alabama in 2025 through a partnership with Valent Group, which is headquartered in Birmingham with offices in Mobile and Decatur. The Alabama market includes 86 employees, generates more than $24 million in annual revenue,…

USA Rare Earth said on Tuesday it will invest $1.2 billion to build a magnet manufacturing and rare earth metals facility in South Carolina, as it expands domestic production capacity. Shares of the company rose 5.9% to $31.1 in morning trade. Rare earths are a group of elements used in electric vehicles, medical equipment, oil refining, wind turbines and defense. Topics South Carolina Was this article valuable? Yes No Here are more articles you may enjoy. The most important insurance news,in your inbox every business day. Get the insurance industry’s trusted newsletter

Data centers are expected to consume twice as much power and water by 2030 as they expand to meet the surge in demand from artificial intelligence, U.N. researchers said on Wednesday. Unless governments heed the rising environmental costs of AI, the rapid rollout could also strain scarce land resources and create mountains of electronic waste, the United Nations University Institute for Water, Environment and Health warned in a report. Here are a few takeaways: Last year, data centers consumed 448 terawatt-hours of electricity globally, more than the whole of Saudi Arabia. AI accounted for a fifth of the total. They…

Wellington Management Co. agreed to buy the asset-management division of The Hartford as the Boston-based investment firm pushes ahead with a wealth expansion. The deal has a net present value of $1.9 billion and is expected to be completed in the first quarter of 2027, after receiving regulatory and fund approvals, according to a statement Wednesday. Wellington, which has more than $1.35 trillion under management, currently sub-advises 83% of Hartford Funds’ roughly $160 billion in assets. As part of the transaction, Hartford will receive $300 million in cash at closing and additional payments over seven years based on the available…

A South Carolina jury on Monday found a store owner not guilty of murder in the 2023 shooting of a Black 14-year-old. The jury returned the verdict for Chikei Rick Chow. Chow, 61, who is Asian, shot Cyrus Carmack-Belton in the back after chasing him from his convenience store in Columbia. He maintained he acted to defend his son. The killing sent waves of anguish and grief through the African American community in Richland County, where nearly half the population is Black. After the verdict was read, sobs and cries of distress could be heard coming from Carmack-Belton’s family seated…

Wellington Management Co. agreed to buy the asset-management division of The Hartford as the Boston-based investment firm pushes ahead with a wealth expansion. The deal has a net present value of $1.9 billion and is expected to be completed in the first quarter of 2027, after receiving regulatory and fund approvals, according to a statement Wednesday. Wellington, which has more than $1.35 trillion under management, currently sub-advises 83% of Hartford Funds’ roughly $160 billion in assets. As part of the transaction, Hartford will receive $300 million in cash at closing and additional payments over seven years based on the available…

Democrats Jane Kim and Ben Allen led voting in Tuesday’s race for California insurance commissioner, making them the current favorites to advance to the Nov. 3 primary. However, insurance agent Stacy A. Korsgaden, R, was running a close third. The top two candidates in the primary advance to November’s general election. All precincts have partially reported in, but there are more votes to be counted. Many California residents vote by mail, and ballots postmarked on or before election day have one week to arrive. Jane Kim The insurance commissioner race drew 11 candidates covering several parties, and backgrounds that included…

Extreme weather will likely spur more than $20 trillion in global spending over the next decade, boosting sales and earnings for reinsurers and companies involved in energy efficiency and climate security, according to analysts at Bloomberg Intelligence. Returns for a group of 275 companies focused on environmental adaptation and mitigation beat the broader market by almost 32 percentage points in the year through April 19, Bloomberg Intelligence analysts Andrew John Stevenson and Eric Kane wrote in a report published Tuesday. Spending on climate adaptation has helped drive gains for companies including BWX Technologies Inc., RenaissanceRe Holdings Ltd., Woodward Inc. and…

Even if the U.S. and Iran agreed to halt the war and open the Strait of Hormuz, ships trapped in the Gulf will be unable to leave without safety assurances, the CEO of V.Group, a leading global ship manager, told Reuters. Renewed hostilities in the three-month-old conflict are testing a shaky ceasefire while hundreds of ships and about 20,000 seafarers remain stuck in the region with Hormuz largely closed. V.Group, which manages around 800 vessels, has 13 ships stuck in the Gulf, half of them tankers, said Rene Kofod-Olsen, group CEO with one of the world’s top technical ship and…