Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
Ralph Lauren Suit Alleges Fraud by Insurer Refusing to Cover Coronavirus Losses
Aug 11 2020 // Fashion firm Ralph Lauren Corp. is suing its insurer to recoup what it says has been a huge drop of two-thirds of its revenues in the first quarter alone due to the pandemic. Ralph Lauren Corp. (RLC) maintains that Factory...
Texas Windstorm Insurance Company: No Rate Change for Now
Aug 11 2020 // The board of directors of Texas’ property insurer last resort for wind and hail in the state’s coastal counties has voted to file a 0% rate change with the Texas Department of Insurance. The Texas Windstorm...
Honda App Links Feedback on Drivers to Insurance Carriers via Verisk
Aug 11 2020 // Honda Motor Co. is offering an app that scores the safety of car owners’ driving habits and links with insurance carriers that can offer discounts to drivers who are deemed a good risk. The Driver Feedback app is...
Oil Leak from Cargo Ship Pollutes Mauritius Beaches as Insurers Assess Liability
Aug 11 2020 // The oil cleanup from a leaking cargo ship that ran aground off the coast of Mauritius continues while the government and insurance firms begin probing liability for the accident. The incident has befouled the white-sand...
Trust in Insurers/Finance Could Take Long-Term Battering with COVID Crisis: Opinion
Aug 10 2020 // Like the rest of us, the world’s finance industry is still wrestling with the huge uncertainty of a pandemic that doesn’t yet have an end. The sector’s reputation took a battering after the financial...
Beirut Port Explosion to Cost Insurers Approximately $3 Billion: Sources
Aug 9 2020 // Insured losses from the Beirut port warehouse explosion are likely to total around $3 billion, similar to those from an explosion at the Chinese port of Tianjin in 2015, industry sources and analysts say. The blast on...
S. Africa’s Regulator to Clarify Policyholders’ Rights in Pandemic Insurance Claims
Aug 7 2020 // South Africa’s financial watchdog is consulting with lawyers and the insurance industry on a potential test case to clarify whether insurers should pay rejected claims from firms hit by the impact of the coronavirus,...
Randall & Quilter Investment Holdings Acquires NationsBuilders Insurance Company
Aug 7 2020 // Following a previous announcement on June 5, 2020, Randall & Quilter Investment Holdings Ltd.’s (R&Q) wholly owned Vermont subsidiary, ICDC Ltd, has completed the acquisition of NationsBuilders Insurance Co....
D.C. Judge Rules For Insurer, Dismisses Restaurants’ Business Interruption Claims
Aug 7 2020 // The insurance industry has notched another victory in its defense of its commercial insurance policies against claims for business interruption due to the coronavirus. In a case brought by the owner of several restaurants...
World Insurance Associates Acquires Novak Agency Insurors of Florida
Aug 7 2020 // World Insurance Associates LLC (WIA) acquired Novak Agency Insurors of Largo, Fla., on June 1, 2020. Terms of the transaction were not disclosed. Novak Agency Insurors will be managed out of WIA’s Saint Petersburg...
Legacy Specialist DARAG Buys Luxembourg Auto and Travel Insurer, Arisa Assurances
Aug 6 2020 // DARAG Group Ltd., the Malta-based legacy acquirer, announced the acquisition of Arisa Assurances SA, an automobile and travel insurance company based in Luxembourg. The transaction will be conducted through DARAG’s...
Insurer AXA, With H1 Net Income Down 40%, Warns of Future COVID-19 Shocks
Aug 6 2020 // AXA SA’s profit sank in the first half as it booked a 1.5 billion-euro ($1.8 billion) charge for claims related to COVID-19 and warned of further shocks from the pandemic. The French insurer saw net income fall 39%...
Rideshare Insurer Buckle Raises $31 Million to Fuel Nationwide Expansion
Aug 5 2020 // Buckle, a digital seller of rideshare insurance, disclosed it has raised $31 million in new venture financing and will use the money to expand operations nationally. HSCM Bermuda and Eos Venture Partners co-led the Series...
Sampo Group and S. African Investor to Acquire UK Insurer Hastings for $2.2B in Cash
Aug 5 2020 // UK insurer Hasting Group Holdings has agreed to a £1.66 billion (US$2.2 billion) cash acquisition by Finnish insurer Sampo and Rand Merchant Investment Holdings Ltd., a South African financial services investment...
UK Insurer Direct Line’s H1 Profits Beat Forecasts as Auto Claims Drop During Lockdown
Aug 4 2020 // Insurer Direct Line gave a double bonus to shareholders on Tuesday as first-half profits beat expectations due to a slump in motor claims as Britons drove less during the coronavirus lockdown. Britain’s biggest car...
UK Regulator Warns Insurers to Fairly Calculate COVID-Related Biz Interruption Claims
Aug 4 2020 // Insurers that do not treat customers fairly when calculating payouts for business interruption due to the coronavirus crisis will face action by Britain’s markets watchdog. The Financial Conduct Authority (FCA) has...
Rule Requires Washington Insurers to Notify Consumers of Appeal Rights
Aug 3 2020 // All insurers in Washington that take action against a policyholder must include information in the notices about the right to appeal and how to contact the insurance commissioner’s Consumer Protection division if...
Insurer Hiscox Reserves $232 Million for Coronavirus-Related Claims in First Half
Aug 3 2020 // Hefty payouts for sports events and holidays canceled due to the coronovirus crisis helped send insurer Hiscox deep into the red on Monday and pummeled its shares to their lowest in more than two months. The company, which...
5th Circuit: Texas Carrier Must Defend Against Claim Despite Policy Exclusion
Aug 3 2020 // Texas law requires an insurer to defend the grandparents of a 10-year-old boy who was killed while driving their all-terrain vehicle against a negligence lawsuit, even though the carrier says neither the boy nor the crash...
Italian Insurer Cattolica Paves Way for Tie-Up with Generali
Jul 31 2020 // Shareholders in Italian cooperative insurer Cattolica Assicurazioni approved its conversion into a joint-stock company on Friday, paving the way to a tie-up with Generali to boost its capital position. Generali last month...
