Articles by Susanne Sclafane

Fearless Brokers on Disruption by Insurtech: ‘Bring It On’

Executives of retail and wholesale property/casualty brokers, who have heard predictions about disintermediation for years, are not worried about the latest wrinkle in the stories of their demise—the rise of insurtech disrupters with digital platforms. Steven DeCarlo, chief executive officer …

In ‘Classic’ Soft Market Battle, Brokers and Carriers Attack Each Other

Chief executive officers of property/casualty insurance carriers and insurance brokers called each other out last week for engaging in activities they said are “classic signs of a soft market.” During a session of the S&P Global Ratings Insurance 2017 conference …

Berkshire Hathaway’s Insurance Keeps Growing and Hiring Despite Auto, Reinsurance Blips

Even though Berkshire Hathaway’s GEICO chalked up an underwriting loss in the fourth-quarter 2016, with full-year profit coming in basically even with 2015, the company is poised to take advantage of competitor fears, according to the company’s earnings release and …

How Digital Distribution Tools from IVANS Marry Agents, Carriers and Appetites

“Looking for a professional agent in the Chicago area who is in good financial shape, wants a long-term relationship, and is seriously into habitational risks. Must be Cubs fan.” Welcome to match.com for the property/casualty insurance industry. The insurance data …

How State Insurance Regulators May Help Insurers Innovate

Three days before the inauguration of President Donald Trump last week, a panel of experts on insurance regulation predicted that state and federal regulators of the financial services sector would refocus their efforts in the year ahead. Changes at the …

NAIC Leader Says Insurer Systemic Risk Process Is Unnecessary

Although the Financial Stability Oversight Council created by the Dodd–Frank Wall Street Reform Act could serve an incredibly useful purpose, FSOC’s activities so far have been misguided, an insurance regulator said last week. Ted Nickel, president of the National Association …

Hartford’s Execs Make Plea to End ‘Real Issue, Real Pain’ of Distracted Driving

Although small commercial insurance—outside of auto—is a top-line accelerator at The Hartford, auto insurance severity continues hitting the bottom line, say executives who expect a pretax $50 million prior-year reserve charge to impact fourth-quarter profits. During Goldman Sachs Financial Services …

W. R. Berkley Forms Cyber Risk Unit with Chubb’s Vispoli at Helm

W. R. Berkley Corp. announced the formation of Berkley Cyber Risk Solutions. The new organization will offer specialty commercial insurance coverages on a worldwide basis to clients of all sizes on behalf of W. R. Berkley Insurance Group member insurance …

Berkshire Hathaway Re/Insurance Profit Falls 30% in Q3

Berkshire Hathaway reported a 10.5 percent drop in operating profit for its insurance and reinsurance operations during the third quarter, with underwriting income falling 34 percent. While General Re reported an increase in pretax underwriting income of more than $100 …

CoverHound’s Cyber Insurance Site Now Open for Small Businesses

Two weeks after unveiling insurance offerings for small businesses on its online platform, CoverHound has launched another website—CyberPolicy.com—with cyber protection tools for a similar target market. Initially targeting slightly smaller businesses—those with 15 employees or fewer—CyberPolicy.com went live on Oct. …