Kenneth Araullo

1 week ago | insurancebusinessmag.com | Kenneth Araullo

Insurance News By Jun 20, 2025 Share Insurance Premium Tax (IPT) receipts reached £1.48 billion in May 2025, according to new HMRC data, reflecting an increase of £50 million compared to the same month in 2024. Over the first two months of the 2025/26 financial year, total IPT receipts amounted to £2.13 billion, up from £2.05 billion during the equivalent period last year. The update follows a record £8.88 billion collected in IPT revenue during the 2024/25 financial year.

1 week ago | insurancebusinessmag.com | Kenneth Araullo

Insurance News By Jun 20, 2025 Share Apollo has appointed Steve Portman (pictured above) as head of energy, with the role to commence this month. Based in London, Portman will report to Simon Mason, head of marine, energy, and transportation. He will oversee development of Apollo’s energy portfolio and contribute to its market strategy in the sector.

1 week ago | insurancebusinessmag.com | Kenneth Araullo

Insurance News By Jun 20, 2025 Share Avid Insurance has entered into a new underwriting agreement with Starr, the global insurance and investment group, to support liability products across three specialist sectors: groundworks, motorsport, and leisure. The partnership expands Avid’s capacity within its commercial liability portfolio and is aimed at brokers serving clients in complex or specialist industries.

1 week ago | insurancebusinessmag.com | Kenneth Araullo

Catastrophe & Flood By Jun 19, 2025 Share Allstate Corp. reported $777 million in estimated pretax catastrophe losses for May, attributing the figure primarily to three large-scale wind and hail storm events, according to a company statement. Combined catastrophe losses for April and May totaled $1.37 billion. The insurer said that 11 separate catastrophic events occurred in May, with approximately 70% of the month’s losses concentrated in just three of those events.

1 week ago | insurancebusinessmag.com | Kenneth Araullo

Insurance News By Jun 19, 2025 Share A legal dispute over insurance coverage for fire-damaged artworks valued at hundreds of millions of dollars is underway in Manhattan, with a group of collectors led by financier Ron Perelman seeking $410 million. The plaintiffs allege the sum is owed by insurers following a 2018 fire that caused extensive damage to high-value pieces by artists such as Andy Warhol, Edward Ruscha, and Cy Twombly.