Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
Allied World Sells Majority Stake in High-Net Worth Insurer Vault
Nov 18 2020 // Fairfax Financial Holdings and its subsidiary Allied World Assurance Co. have agreed to sell their majority interests in Florida-based high-net worth insurer Vault E&S Insurance Co. to private equity investor Cornell...
Texas Issues Call to Insurance Companies for 2019 North Texas Storm Data
Nov 17 2020 // The Texas Department of Insurance has issued a call to insurers licensed to write property/casualty insurance in Texas, including surplus lines and farm mutual insurers for the collection of data about a 2019 storm in...
Market Value of Insurers, Drugstores Drops on Amazon Plans to Sell Prescription Drugs
Nov 17 2020 // The leading drugstores, drug distributors and health insurers lost about $22 billion in market value Tuesday after Amazon.com Inc. revealed plans to start selling prescription drugs to its Prime members in the U.S. The...
Specialty Re/Insurer Convex Group Raises $1B in Additional Capital
Nov 17 2020 // Specialty insurer and reinsurer Convex Group Ltd. announced it has secured commitments for an additional $1.0 billion of equity capital, subject to the requisite regulatory approvals. Bermuda-based Convex launched in April...
Is the Aviation Insurance Market Ready for a COVID-19 Vaccine?
Nov 17 2020 // As the development, and possible mass production, of COVID-19 (C-19) vaccines gather speed, the transportation and logistics industry will need to turn its attention to how the product can be safely and efficiently...
Canada’s Banks, Insurers to Participate in Pilot Climate Risk Project
Nov 17 2020 // Some of Canada’s largest banks and insurers are set to participate in a pilot project to better understand the risks to the financial system from the transition to a low-carbon economy, Canada’s central bank...
Federal Reserve Raises Questions Over Life Insurers’ Risk of Coronavirus Claims
Nov 17 2020 // U.S. life insurers face questions about their ability to cover a sudden rush of claims after the Federal Reserve highlighted liquidity and leverage risks in a report this week. Issues the Fed focused on are not new: Life...
Insurers Tell UK Supreme Court They Cannot Provide Unlimited Cover During Pandemic
Nov 16 2020 // Major insurance companies told the UK Supreme Court on Monday that thousands of small companies battered by the coronavirus pandemic were not eligible for business interruption payouts and to suggest differently was...
Independent Agents Seek Digital, Product Support From Carriers to Battle Direct Writers
Nov 16 2020 // Independent insurance agents and their carrier partners face strong headwinds in their efforts to maintain their dominance among distribution channels due to increased competition and evolving consumer expectations,...
Obsidian Specialty Insurance Company Receives A- Rating from AM Best
Nov 16 2020 // AM Best has assigned the recently-formed excess and surplus (E&S) lines insurer, Obsidian Specialty Insurance Company, a financial strength rating of A- (Excellent). Obsidian Specialty is a program fronting carrier...
Specialty Re/insurer Chaucer Launches Bermuda Reinsurance Branch for U.S. Business
Nov 16 2020 // Chaucer, the London-based specialty re/insurance group, announced the launch of a reinsurance branch in Bermuda to provide U.S. clients with greater access to its underwriting expertise and capacity. This follows the...
Orchid Insurance, Homesite Launch Homeowners Insurer TRUE in Florida
Nov 16 2020 // Orchid Underwriters Agency, LLC (Orchid), a specialty underwriter of catastrophe-exposed property insurance, and Homesite Group, a national property insurer, have created TRUE, a reciprocal insurance company to protect...
Insurer Not Liable for $200K Georgia Fire Claim After Agent Premium Theft
Nov 16 2020 // A property insurer is off the hook for a $200,000 claim against a policy that it canceled, leaving a lawsuit filed against a former insurance agent who was arrested for pocketing premiums as the only apparent recourse...
Senior Living in a Post-Pandemic World
Nov 16 2020 // Property/casualty insurance for senior living facilities has taken a hit this year. The insurance market has been hardening for the last year or two, and the COVID-19 pandemic brought on a wave of new challenges that has...
13 New U.S. Property/Casualty Insurer Impairments in 2019
Nov 16 2020 // The U.S. property/casualty industry saw 13 new insurance company impairments in 2019, two more than in 2018, involving entities operating in a mix of lines of business and a variety of states, according to a new AM Best...
Insurers Face Workforce, Risk, Policy Challenges as Pandemic Continues
Nov 16 2020 // Given that business-as-usual is unlikely to return soon due to the coronavirus pandemic, U.S. property/casualty insurers will continue to face challenges related to virus-related insurance losses and premium volume...
25K Virus-Linked Claims Filed with Texas Workers’ Comp Carriers Through June 30
Nov 13 2020 // As of Sept. 27, workers’ compensation insurance carriers in Texas had reported more than 25,000 COVID-19 claims and 103 fatalities to the state’s regulators. The numbers cover virus-related claims reported to...
Home, Pet Insurer Lemonade Bypasses Auto in Favor of Life… for Now
Nov 13 2020 // Lemonade plans to start selling term life insurance in the next 90 days, adding to its current rental, homeowners and pet insurance offerings, the company said in an earnings report this week. During an investor conference...
Goldman Eyes More Business From Europe’s Insurers With Barclays Hire
Nov 13 2020 // Goldman Sachs has poached Barclays’ insurance banker Marguerite Bion to win more business from Europe’s biggest insurers as industry consolidation heats up amid anemic profitability and tightening...
North Carolina Insurers Seek 24.5% Rate Hike for Homeowners
Nov 13 2020 // The North Carolina Rate Bureau has requested an average statewide rate increase of 24.5% on homeowners insurance rates in the state, according to a statement from the North Carolina Department of Insurance. The NCRB is not...
