Declarations
‘Never Easy’ “Decisions like these are never easy, and we are committed to doing our best to support those impacted by these changes in the days and weeks to come.” – Raul Vargas, president and CEO of Farmers Group, said …
Agency Partnerships: Then and Now
The first agency networks and partnership groups began in the 1970s, mostly to combine books of premium to access markets at a larger scale. Today, the reasons agencies join forces have moved far beyond combined premium, according to some of …
Benchmarks and Value
Many of the benchmarks readers see in this industry have never been tested for validity. No one knows if the metrics matter. Metrics should not be used if their value is untested. I see many insurance companies and insurance agencies …
Business Moves
East One80 Intermediaries, GMI Insurance One80 Intermediaries, a specialty insurance broker headquartered in Boston, has acquired GMI Insurance, a Pennsylvania-based managing general agent specializing in commercial transportation and related insurance. Established in 1980, GMI Insurance initially focused on auto rental …
The Unique Risks of an Artisan Contractor
When you hear or read the term, “artisan contractor,” what do you think of? Don’t search it, and if you deal with artisan contractors, don’t shout out the answer. I can tell you that I thought of custom cabinet makers …
Wear and Tear Exclusions Worn and Torn
For whatever reason, recently I’ve had a slew of questions involving wear and tear exclusions. Perhaps that’s a product of the hard market where claims are sometimes examined more intently, especially with regard to policy exclusions. To paraphrase – torture …
Challenging Market, Elevated Claims, but Reinsurers’ Profits Return: Reports
Despite extremely challenging conditions, with persistent and elevated claims activity, the global reinsurance segment returned an underwriting profit in 2022, according to an AM Best report. “Reinsurers generally have realigned their risk profiles and are in a strong position to …
Michigan Natural Foods Company to Pay $182K Over Sex Discrimination Suit
Eden Foods, Inc, a natural foods company based in Clinton, Michigan, will pay more than $182,500 to settle a sex discrimination lawsuit filed by the U.S. Equal Employment Opportunity Commission (EEOC) to obtain relief for former employees. According to the …
Kansas’ MutualAid eXchange Declared Insolvent, Placed into Liquidation
The District Court of Shawnee County, Kansas has declared MutualAid eXchange (MAX) insolvent, and the company has been placed into liquidation pursuant to a petition filed by the Commissioner of Insurance. The court ruled MAX to be insolvent on August …
Agents, Regulators Remind Insurers to Take Care of Insureds as Idalia Claims Start Coming in
The property insurance industry breathed a sigh of relief after Hurricane Idalia landed in a less-populated part of the coast, triggering just a few billion dollars in losses. But regulators have urged insurers to make sure that claims from the …