Articles by Mark Hollmer

Amica Mutual Downgraded by A.M. Best Citing Increasing Catastrophe Losses, Auto Claims

Amica Mutual Insurance Co. no longer has a perfect financial strength rating from A.M. Best. More catastrophe losses and worsening automobile insurance claims severity are both to blame. Specifically, an A+ (Superior) financial strength rating (FSR), down from A++(Superior), now …

P/C Insurers Enroute to Posting Underwriting Loss for 2016: A.M. Best

The U.S. property/casualty industry will likely post a small underwriting loss for 2016 after three previous years of underwriting profits, A.M. Best said in a new report. A.M. Best’s report appears in line with a another analysis that noted the …

Insurity Acquires Valen Analytics

Valen Analytics has been acquired by Insurity, a Connecticut-based company that supplies software, data processing and analytics for property/casualty insurers. Neither side disclosed financial terms. Valen is perhaps best known for its InsureRight Platform and its predictive analytic products designed …

China’s Cyber Security Law Could Hamper Foreign Business: P/C Industry Reps

China’s new wide-ranging cyber security law is drawing some serious apprehension from the U.S. property/casualty insurance industry. Trade associations and experts alike caution that it will create business obstacles in the world’s second-largest economy. “Most insurers already find China a …

Startup Auto Insurer Root Targets Good Drivers with Smartphones

Root officially debuted in the U.S. market on October 25. The fledgling auto insurer, just 18 months old, relies on telematics and a customer’s smartphone to deliver what it says will be significantly cheaper rates for the best drivers based …

Allstate, Esurance Take Hit from Losses in Q3

Catastrophe losses climbed 78 percent for Allstate in its 2016 third quarter, a trend that led to a double-digit drop in net income and higher losses for Esurance, its online auto and home insurance provider. The property/casualty insurance giant reported …

Startup Auto Insurer Root Targets Good Drivers with Smartphones

Root officially debuted in the U.S. market on October 25. The fledgling auto insurer, just 18 months old, relies on telematics and a customer’s smartphone to deliver what it says will be significantly cheaper rates for the best drivers based …

Auto Claims Startup Snapsheet Attracts $20 Million in Funding

Liberty Mutual and USAA are among the backers behind of Snapsheet, a startup that is developing virtual auto claims technology and services that recently closed on $20 million in new financing. Snapsheet disclosed the Series C funding round on Oct. …

Insurers Hiscox, American Family Back Bunker, a Startup Broker for Gig Economy

Bunker, a Hiscox and American Family-backed startup billing itself as the first contract-related insurance marketplace, has officially left startup mode and unveiled its first product. The target audience: independent contractors and small businesses. The San Francisco-based startup said it has …

Hamilton, AIG, Two Sigma Small Business Platform to Launch Q4

American International Group Inc., Hamilton Insurance Group Ltd. and affiliates of Two Sigma Investments plan to launch Attune, a technology-enabled platform to serve the $80 billion U.S. small to medium-sized enterprise (SME) commercial insurance market. The launch is scheduled for …