Latest news with #insurance
Forbes
5 hours ago
- Business
- Forbes
Here's How Much Kristi Noem Is Worth
Kristi Noem testified before a House committee in May about the Department of Homeland Security's budget Noem made headlines last month when a thief snatched her purse inside a Washington, D.C., restaurant and made off with $3,000 in cash, prompting a question: Exactly how much money does the homeland security secretary have? About $5 million, Forbes estimates, after analyzing property records and financial filings. The root of the fortune begins 1,200 miles away from the nation's capital, in eastern South Dakota, where waves of grain fill the landscape and houses pop up every once in a while. The family farm where Noem grew up sits outside of Hazel (population: 132), surrounded by cropland. Her current home lies in Castlewood (population: 698) on a 200-acre plot of ranchland. And in the tiny town of Bryant (population: 471) lies an unassuming, single-story office building that serves as the key to the Noem family's finances, housing her husband's Noem Insurance, which has generated $1.1 million in salary and profits for him over the past two years selling insurance policies on homes, cars, farms and lives. Bryon Noem, Kristi's husband, purchased the agency from a South Dakota bank in 2010. The cash flow seems to have taken off starting around 2015, when, on Noem's disclosures filed while she served in Congress, she reported that the income jumped from a range of $50,000-$100,000 in 2014 to $100,000-$1 million the following year, never falling back again. Today, Forbes estimates that, if Bryon were to sell his agency, he might get $2 million for it after debt. That makes it the single biggest chunk of the Trump Cabinet member's personal portfolio. Other major assets include a car wash co-owned by Bryon, their home and land, and an eclectic mix of Noem's pensions, multiple cash and investment accounts, livestock and farming equipment and a loan to their 28-year-old daughter's yoga studio. It all adds up to an estimated $5 million in wealth. The Department of Homeland Security did not return requests for comment. Reached by phone, Bryon disputed Forbes' valuation of Noem Insurance, but declined to answer further questions or elaborate. Born in 1971 to farmer-ranchers Ron and Corrine Arnold in Watertown, South Dakota, Kristi Noem raised animals during her childhood—including, as she recounted in an autobiography, raccoons, parakeets, a goat, a sheep, a miniature horse and 'a small herd' of between 20 and 30 cats. She married Bryon, whom she met in high school, in 1992. Tragedy struck in 1994 when, while Noem was in college and eight months pregnant, her father died in a farming accident. She stopped her classes to help keep the farm running. Meanwhile, she built a family with Bryon, adding three kids in a decade. They ran a hunting lodge attached to the farm, until Bryon began managing Bryant State Bank's insurance business in 2003. Three years later, the pair bought a 31-acre plot in Castlewood, South Dakota for $7,500, according to assessor records. There, they constructed the home they still live in today and, in 2008 and 2010, also purchased roughly 170 acres of neighboring plots to use as pastureland for grazing animals. Forbes estimates that the home and land together are worth about $1.1 million, before factoring in a roughly $200,000 mortgage against the house. The same year Noem moved to Castlewood, she won a seat in the South Dakota statehouse. 'I figured we needed someone in the legislature who was still active in agriculture and business,' Noem wrote in her first book. The part-time gig came with a salary of $12,000. Pierre, the state capital, was three hours away, but Noem lived with a family friend while in town for her first forty-day session. She befriended other Republicans in leadership, and, after winning another term in 2008, became assistant majority leader. In 2010, both Kristi and Bryon got promotions. He bought the insurance agency he managed, spinning it into Noem Insurance. She won South Dakota's only seat in the House of Representatives, beating back a speeding ticket scandal—she'd reportedly racked up almost two dozen over the years and hadn't paid all of them on time, leading to two arrest warrants—and ousting a Blue Dog Democrat in the Tea Party wave. Noem's brothers bought her out of her share of the farm and she headed off to Washington, where her new job came with a salary of $174,000. She served as a liaison between House Republican leadership and the sizable class of new GOP members, carved out a reputation for trying to protect federal farm subsidies and ultimately spent four terms in Congress, gaining a pension Forbes estimates is worth about $140,000 today. She also finally finished college while in office thanks to online classes, earning a political science degree from South Dakota State University in 2011. Noem, whose family had been impacted by the estate tax after her father's death, sought to repeal it while in Congress and supported the 2017 GOP tax bill that lowered it. AP Photo/J. Scott Applewhite Noem's political ascent continued in 2018, when she won South Dakota's gubernatorial race, reducing her annual pay to $113,000. But the office helped build her national brand, and Noem soon began traveling widely to conservative events. A recent investigation by the Associated Press found that, while governor, taxpayers covered over $150,000 in travel expenses, mostly security costs, unrelated to her work as South Dakota's chief executive. While in office, Noem wrote two memoirs. 'Not My First Rodeo' came out in 2022 and flopped, selling around 700 print copies, according to Circana Bookscan, an industry data service. The second, 'No Going Back,' hit shelves in 2024 and attracted controversy for a now-infamous anecdote in which she describes killing a rambunctious 14-month-old dog after a pheasant hunting trip. With Noem reportedly under consideration for the VP slot on Trump's 2024 ticket at the time, she sold over 36,000 copies. Bryon also launched a new venture of his own during this time, buying a plot of land next to a Pierre Walmart in 2021 with a partner and building a car-wash on it; Forbes estimates that his share of the business is worth around $300,000 after debt. Though he passed her over for vice president, Trump—no stranger to scandal—brought Noem on board in his administration. As Homeland Security secretary, she draws a salary of $235,100. She also has a higher profile and a bigger budget than ever. DHS spent $140 billion last year, roughly 20 times South Dakota's state budget. On top of that, the Republican tax-and-spending bill moving through Congress now would, per a New York Times analysis, give the department an additional $138 billion over 10 years for immigration enforcement and border security measures, partially offset by $67 billion in revenue from higher immigration fees. But she hasn't forgotten where she came from. In her first speech to DHS employees after being sworn in, Noem remembered building a fence with her father at age 10, noting that he would expect her to have tools ready for him before he needed them so he could work quickly. 'That is what our job is here, as well, at the Department of Homeland Security,' she told assembled staff. 'We prepare ahead, and think three steps ahead, so that people have what they need before they need it.'
Khaleej Times
5 hours ago
- Business
- Khaleej Times
InsuranceMarket.ae appoints Hitesh Motwani as deputy chief executive officer
AFIA Insurance Brokerage Services LLC, the entity behind the UAE's most trusted insurance platform, has announced the appointment of Hitesh Motwani ACII to the additional role of deputy chief executive officer. Motwani, who continues in his approved capacity as operations manager, remains fully responsible for all regulatory and operational duties under that designation. His expanded title as deputy CEO reflects the depth of his leadership across operations, client servicing, marketing, and digital transformation at He has been with the company for over 11 years. Commenting on the announcement, Avinash Babur, chief executive officer of stated: "Leadership isn't about titles—it's about vision, ownership, and impact. Hitesh has consistently exemplified these qualities over the years. His appointment as deputy CEO is a recognition of his incredible journey with us and a commitment to strengthening our leadership bench as we continue building the future together." Motwani added: "It's been a privilege to grow with This new role is both a responsibility and an opportunity—to do more for our customers, our partners, and our team. Together, we are setting new benchmarks in how insurance is experienced and delivered in the region, and I'm excited for what lies ahead." The appointment reflects continued focus on nurturing talent from within, strengthening its succession planning, and ensuring leadership continuity as it scales both locally and regionally.
Independent Singapore
9 hours ago
- Business
- Independent Singapore
Cracking the code: How the insurance industry can win over Gen Z
As Gen Z, those born between 1997 and 2012, enter maturity, it's restructuring industries worldwide. Branded for their tech eloquence, realistic financial behaviours, and social cognisance and responsiveness, this generation has become the most dominant consumer group. However, despite their expanding economic leverage, there is one industry that's struggling to connect with them—insurance. Many studies expose a conspicuous gap between Gen Z and those within the insurance industry. With Gen Z's acceptance rates and deep-seated cynicism, it's obvious that the conventional approach is not working. However, this challenge also presents a significant opportunity if the industry is prepared to adapt and evolve. A generation largely uninsured According to a 2024 study by the National Association of Insurance Commissioners (NAIC) featured in a recent article from Finance Yahoo, less than 21% of Gen Z adults have renters' insurance. The numbers decrease even further with other major products—only 5% have contents insurance, 24% have life insurance, and 30% have travel insurance. This gap is not merely because of indifference. Since Gen Z individuals are evolving in an environment fraught with economic uncertainties, grappling with rising housing costs, student loan debts, and a volatile job market, insurance becomes a distant concern, a luxury they're considering getting 'someday.' Trust gap and why traditional insurance falls flat Gen Z's unwillingness also came from a profound distrust of legacy financial organisations. Having matured during economic recessions and amid online half-truths, many view underwriters as multifaceted, profit-driven individuals who are difficult to deal with and even harder to trust. There is also a prevalent opinion that insurance is something you need later, once you have a loan, start a family, or develop health problems. Until then, it's easy to depend on the mentality of 'I'll deal with it if something happens.' As a consequence, many Gen Z-ers either postpone insurance decisions or completely disregard them. Bridging the gap with education and digital innovation Approximately two-thirds of Gen Z mention a lack of knowledge and understanding about getting insurance. Likewise, trust is a key barrier to buying one. Even more disturbing, 48.1% of them say that they never think about insurance at all or assume it's already covered in the apps and services they're using. See also Guide to Health Insurance Plans in Singapore (2023) To alter these scenarios, insurance providers must meet Gen Z where they are—online. Affiliating with content makers on platforms such as Instagram, TikTok, and YouTube could help clarify and interpret the fine print. Quick, relevant videos on topics such as how deductibles work or why renters' insurance is important can have a huge influence. Simplify, digitise, and humanise Gen Zers are not anti-insurance—they merely can't see themselves in the way it's presently promoted or designed. With low homeownership rates, economic setbacks, and a preference for speedy, user-friendly digital solutions, they need insurance that feels relevant, accessible, manageable, and reliable. The industry has a fundamental choice to make—continue with 'business as usual,' or advance and transform into a space that speaks directly to this generation. This is not just about transforming a brand; it's a call for an in-depth modification, one that streamlines, digitises, and, most significantly, personalises how insurance is made available.
Yahoo
9 hours ago
- Business
- Yahoo
Leaders address ordinance preventing storm victims from getting insurance claim payouts
ST. LOUIS – For nearly two decades, Cheryl Walker's family has owned and rented out the middle unit of this row house in The Ville neighborhood. 'My tenant calls and says, 'Mrs. Walker, it's bad,' Walker said. The May 16 tornado damaged but didn't destroy Cheryl's property. She said she spoke with her insurance company, filed a claim and planned on using the payout for repairs. Close Thanks for signing up! Watch for us in your inbox. Subscribe Now 'But I have to let you know, you won't get all of it. The city is going to take 25%. They told us we have to send it to them. And I said, 'What?' That's not fair. That's my money,' Walker explained. Cheryl's claims adjuster was referencing state statute and a complimentary city ordinance adopted in the 90s. St. Louis Mayor Cara Spencer explained its traditional use in a news conference this week. 'When an insurance company pays out to a property owner, the city holds 25% of that insurance payout in escrow. These laws have been very effective at essentially protecting the community from property owners who walk away from totaled properties, leaving the community to deal with the rubble,' Spencer said. But when it comes to the way this ordinance would be applied to storm-related insurance claims, Spencer acknowledges that homeowners with property damage could be further victimized by not being able to receive the full amount they're paid out. Donate here: Help support St. Louis storm victims Governor Kehoe's Office and the Missouri Department of Commerce and Insurance shared a joint statement with FOX 2 regarding the matter: 'Director Nelson has advised the City of St. Louis to consider waiving the holdback on all owner-occupied residential property and keep it in place for rentals and commercial properties. If the City chooses to do so, DCI will work with insurance companies to ensure that these funds are available to residents working to recover and rebuild.' While it's still unclear exactly how the city of St. Louis will handle it, Walker believes there's a simple answer. 'My city, which takes my taxes on all the properties I've owned because I've decided to live, work, play, build the city of St. Louis. And you're the one hurting me,' Walker said. 'You're the one hurting me. Give it to me. It's mine. You can waive it. It's a disaster. I'm your constituent. How about that?' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
14 hours ago
- Business
- Yahoo
Harford Mutual Insurance Group Announces Board Changes Following Annual Meeting
BEL AIR, Md., May 30, 2025 /PRNewswire/ -- Harford Mutual Insurance Group (HMIG) has announced changes to its Board of Directors. The changes were approved at the Annual Meeting of the Policyholders and are effective May 21, 2025. John J. DeMartini, Sean M. Garber, and Teresa Q. McTague were reelected as board members. DeMartini and Garber became board members in 2023. McTague joined the Board of Directors in 2021. Theodore M. Alexander III was newly elected as a board member. Alexander is a seasoned investor and entrepreneur with nearly 40 years in the investment industry. He is the Head of Global Integrated Equity at T. Rowe Price. Harford Mutual also recognized and honored the service of four retiring board members: Atwood Collins III, Albert J. Mezzanotte Jr., Spencer M. Roman, and Stephen T. Scott (Board Chair 2013 – 2019). Their combined 80 years of service to Harford Mutual has made a lasting impact on the company's growth and success. About Harford Mutual Insurance GroupHarford Mutual Insurance Group, founded in 1842 in Harford County, Maryland, provides commercial property and casualty insurance products and services to a regional market. The Group is a recognized insurance company ending 2024 with more than $465 million in direct written premium sold through independent agents in twelve states and Washington, D.C. Harford Mutual is rated A (Excellent) by A.M. Best. For more information, visit View original content to download multimedia: SOURCE Harford Mutual Insurance Group
