Articles by Andrew G. Simpson

PBS/NPR Documentary Adds to Criticism of Private Insurers, FEMA Over Profits on Flood Insurance

Private insurance companies working for the government’s flood insurance program have made hundreds of millions of dollars at the same time that thousands of homeowners are claiming they have been underpaid for damage caused by Superstorm Sandy, according to a …

What to Know About Travelers’ CGL Cyber Ruling

Experts are cautioning insurance buyers and sellers not to overreact to the recent federal court decision finding data breach defense coverage under a commercial general liability (CGL) policy. Buyers would be mistaken to think the ruling means that they do …

Startup Embroker Raises $12.2M; Offers Firms Control Over Insurance Buying, Management

Investors have given $12.2 million to fund an insurance broker offering a cloud-based risk and insurance management system for small and mid-sized businesses. The broker, Embroker, promises to empower commercial lines customers by giving them tools to buy, compare, analyze, …

Commercial Auto Insurance Remains a Loser on the Whole: Fitch

While the property/casualty industry has reported three consecutive years of significant underwriting profits, the commercial auto market as a whole reported an underwriting loss for the fifth consecutive year in 2015. In short, U.S. commercial auto insurance has evolved into …

Bain Capital, Vista Equity Buy Agency Technology Firm Vertafore from TPG

Bain Capital Private Equity and Vista Equity Partners have agreed to acquire insurance agency technology firm Vertafore from TPG Capital. The parties did not disclose terms of the transaction. Reuters, citing anonymous sources, said it was for $2.7 billion TPG …

Employers Pay as 32% of Opioids Prescriptions Are Abused: Report

Nearly one out of every three (32 percent) opioid prescriptions, which are subsidized by America’s employers, is being abused, according to a report by a healthcare data and technology company. San Francisco-based Castlight Health Inc. released the study, “The Opioid …

The Hartford Profit Fell 30% in Q1 Due to Higher Auto Losses, Lower Investment Income

The Hartford reported disappointing personal lines result for the first quarter of the year, which along with decreased investment income contributed to a 31 percent drop in profit for the quarter. First quarter 2016 net income totaled $323 million, down …

Investors Back Trov, On-Demand Platform for ‘Insurable Moments’ and Items, with $39M

Investors have pledged $39 million for a technology platform that allows consumers to insure their valuable things and turn the coverage on and off whenever they want with swipe of a finger on their smartphone. In the words of the …

AIG, Hamilton, Two Sigma to Launch Small-Medium Business Insurance Joint Venture

American International Group, Bermuda-based Hamilton Insurance Group and affiliates of hedge fund firm Two Sigma Investments said they have agreed to create a technology-enabled insurance platform for sales to the small to medium-sized enterprise (SME) market. The announcement said the …

Fallout from Travelers CGL Cyber Ruling: Insurance Buyers and Sellers Beware

Experts are cautioning both insurance buyers and sellers not to overreact to the recent federal court decision finding data breach defense coverage under a commercial general liability (CGL) policy. Experts are cautioning both insurance buyers and sellers not to overreact …