Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
Agents’ E&O Under Pressure
Nov 2 2020 // The agency errors and omissions liability market has enjoyed stable market conditions for years. But that could be changing as agents and their insureds attempt to balance emerging risks in a changing insurance market. The...
It Would Take P/C Insurers 150 Years to Pay COVID-19 Business Interruption Losses
Oct 30 2020 // The world’s property/casualty insurers would have to collect business interruption insurance premiums for 150 years in order to absorb the estimated US$4.5 trillion global output loss inflicted by COVID-19 and its...
Louisiana Issues Insurer Data Call for Hurricane Delta Damage Claims
Oct 30 2020 // Property/casualty insurance companies in Louisiana, including those that write private and/or excess flood coverage, as well as surplus lines insurers, have been directed to report claims data arising from Hurricane Delta...
Florida Property Insurance Market Inches Closer to Crisis – Part 1
Oct 29 2020 // After years of warnings that the Florida property insurance market was heading towards an availability crisis, many in the industry say the moment of reckoning has arrived. They blame unchecked claims litigation from...
Insurers Again Battled Many California Bills, but a Fight Last Year Was Biggest Recent Victory
Oct 28 2020 // The election is nearly here, and while it’s been quite a year all around, things could have been worse for the insurance industry. When the year started, insurance industry lobbyists were facing a big battle, and not...
Startup Auto Insurer Root Raises $724.4 Million in IPO
Oct 28 2020 // Automobile insurance startup Root Inc. sold shares in its initial public offering (IPO) on Tuesday at $27 apiece, above its target range, to raise $724.4 million, the company said. Root, which has $200 million in debt,...
Insurer Off the Hook in $200K Georgia House Fire Claim Due to Agent Premium Theft
Oct 27 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...
Insurers Face Liability Uncertainties as Ships Begin to Sail Through Arctic Waters
Oct 27 2020 // When Captain Will Whatley guides a ship through Arctic waters, he is starkly aware of what can go wrong. Double the manpower is needed to navigate. Lookout shifts are kept to just one hour, so sailors don’t lose...
Texas Nonstandard Auto Insurer Placed into Receivership
Oct 26 2020 // A Travis County, Texas, judge has approved an order placing a Houston-based nonstandard auto insurer into receivership. On Oct. 21, Travis County District Judge Tim Sulak signed the application by the Texas Department of...
Canada’s Brookfield Business Partners to Buy Remainder of Insurer Genworth for $1.2B
Oct 26 2020 // Genworth MI Canada said on Monday real estate service provider Brookfield Business Partners will buy the remaining 43% stake it does not hold in the mortgage insurer for about C$1.6 billion ($1.21 billion). Brookfield,...
Business Interruption Cyber Risks Demand More Insurer Attention as 5G Dawns
Oct 26 2020 // Business interruption cyber risks demand more attention from insurers as globalization continues to worsen their impact, a panel of experts argued recently. BI coverage has drawn heightened attention in recent months due...
More Companies Turn to Captives as Rates Rise, Terms & Conditions Tighten
Oct 26 2020 // Fed up with rising prices and more stringent terms and conditions for their insurance policies as a result of the coronavirus pandemic, companies are turning to in-house insurance firms. These so-called...
Insurer to Appeal Restaurants’ Win in North Carolina COVID Business Interruption Case
Oct 23 2020 // A judge in Durham County, North Carolina has handed down what may be the nation’s first dispositive ruling in favor of policyholders in a COVID-19 business-interruption lawsuit. Superior Court Judge Orlando F. Hudson...
Top African Insurer Sanlam Refocuses on Home Market After 2018 Acquisition Misfires
Oct 23 2020 // Paul Hanratty, the new chief executive officer of Sanlam Ltd., is refocusing on the South African insurer’s home market and plugging holes from its largest-ever acquisition to squeeze higher returns out of its...
AM Best’s Estimates for U.S. Insurers’ Asbestos & Environmental Losses Unchanged
Oct 22 2020 // AM Best said its estimates of $100 billion in asbestos losses and $46 billion in environmental losses for the U.S. property/casualty industry remain unchanged as of year-end 2019. In a report, AM Best notes that A&E...
Talanx Acquires Italian Non-Life Insurer Amissima
Oct 22 2020 // The Talanx Group, the Hanover, Germany-based insurance group, announced it is expanding its business in Italy by making a bolt-on acquisition, via its Italian subsidiary. HDI Assicurazioni, a subsidiary of HDI...
Insurers Drop Appeal Against UK Court Ruling on 3 COVID Business Interruption Policies
Oct 22 2020 // Six insurers have decided not to appeal against a London High Court ruling that they were wrong to reject claims from holders of three business interruption insurance policies who have been pushed to the brink of collapse...
Applied Underwriters Sues California Over ‘Bad Faith’ Insurer Conservatorship Plan
Oct 21 2020 // Workers’ compensation specialist Applied Underwriters is suing California Insurance Department officials to halt a state plan its says would force its workers’ compensation partner California Insurance Co....
Startup Personal Lines Insurer Root Looking to Raise $604 Million in IPO
Oct 20 2020 // Automobile insurance startup Root Inc. said on Tuesday it plans to raise as much as $604.1 million in its initial public offering on the Nasdaq, the latest in a line of insurers looking to tap the current boom in U.S....
California Pledges to Protect Homeowners from Insurer Withdrawals Due to Wildfires
Oct 19 2020 // California’s insurance commissioner on Monday pledged to step up efforts to protect the state’s residents from wildfires and address a pullback of private insurers from the state’s riskiest...
