Early reports from one of the art industry\'s most significant U.S. events of the year pointed to a positive outlook for the art market, according to news outlets. Several galleries represented at the annual Art Basel Miami Beach, held Dec. 6-10, were reporting strong sales, including the sale of several works valued at more than $1 million and at least…
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A bottle of the “world’s most valuable” whisky sold for $2.7 million at Sotheby’s on November 18. The Macallan Valerio Adami 1926 is one of just 40 bottles filled in 1986 after the liquor aged for six decades in sherry casks, making it the oldest Macallan vintage ever made, Forbes reported. Another version of the single-malt whisky, which Sotheby\'s classified…
The marketplace for private Flood Insurance has continued to grow in the months since a new flood-risk rating system went into effect for National Flood Insurance Program (NFIP) policies. A recent report from AM Best shows that 11 new private Flood Insurance carriers entered the market between 2021 and 2022, and a total of 151 new providers have started offering…
The last few years have been challenging for the Property & Casualty (P&C) industry and the first half of 2023 was no different. After the first three months, the Insurance Information Institute had already predicted that 2023 would be unprofitable for carriers in P&C. Overall performance through the first six months has been as bad as the industry has seen…
Inflation in the U.S. has fallen from 9% to 3% over the past 12 months, with Americans seeing some relief on the cost of things like gas, groceries and airfare, according to the Associated Press. That leaves inflation still \"significantly above\" the Federal Reserve\'s target of 2%, officials said in recent days, and multiple rate hikes may be needed to…
The historic Union Printers Home building in Colorado Springs, Colorado, sustained more than $250,000 in damages after thieves stripped the property of copper wiring and tubing on July 6. According to reports, a maintenance worker notified police of the theft in progress and two of the suspects were arrested as they left the building. The next day, additional suspects returned…
As recreational boating season kicks into high gear around the country, new statistics are a reminder to play it safe, especially in states like Florida where more people are out on the water. Reports show that Florida leads the nation in boating accidents and the number of fatalities is on the rise, followed by Texas, California, and Missouri, the Citrus…
Even before Hurricane Ian punctuated another active storm season in late 2022, Flood Insurance was amid a hard market. The hard market has been a result of several factors, including post-pandemic inflationary pressures, causing carriers to reduce their catastrophic exposure or exit the market altogether. One of the areas most affected by inflation has been reconstruction valuation costs, causing London…