Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
Insurer Beazley Raises $300M to Strengthen Balance Sheet on COVID-19 Uncertainties
May 19 2020 // Beazley, the Lloyd’s specialist insurer, announced it raised £247 million (approximately $300 million) in capital via an equity placement designed to strengthen its balance sheet as a result of the continuing...
P/C Insurers Back a Federal Pandemic Loss Fund But Not a Backstop Like TRIA
May 19 2020 // Property/casualty insurance carrier groups are developing a proposal for a federal program to replace revenues lost by businesses shut down during pandemics like COVID-19, but their program won’t be modeled after the...
When Insurers Deny Claims, Brokers Are Next in Line for Allegations of Wrongdoing
May 19 2020 // In the wake of government orders shutting down or seriously limiting the operations of businesses to deal with the COVID-19 outbreak, many affected businesses have turned to their insurers for coverage. This has led to a...
AM Best’s Stress Testing Indicates Most Insurers Can Withstand Pandemic Hit
May 18 2020 // Analysts at the AM Best ratings firm say their initial stress tests of insurance companies globally to gauge the preliminary impact from the COVID-19 pandemic on their financial strength found good news: “most...
Citing 9/11 Victims Fund, Lawmakers Eye U.S. Compensation Pool For COVID-19 Workers
May 18 2020 // A bipartisan group of federal lawmakers last week unveiled a plan to compensate essential workers who fall sick or die from COVID-19. The lawmakers are modeling their Pandemic Heroes Compensation Act after the September...
Nationwide’s Left the Building. Insurer Makes Remote Work Permanent in 5 States.
May 18 2020 // Nationwide said it plans to permanently transition to a hybrid operating model that comprises primarily working-from-office in four main corporate campuses and working-from-home in most other locations. The company said it...
COVID-19 Clouding Cannabis Industry Pitfalls Amid Upbeat Outlook
May 18 2020 // The cannabis industry is being affected by COVID-19 much like other business sectors, but the complexities of this budding industry make its eventual recovery from the pandemic and ensuing economic fallout even harder to...
California Expands Order for Insurers to Partially Refund Premiums
May 15 2020 // California Insurance Commissioner Ricardo Lara today issued a bulletin extending his previous order requiring insurance companies to return partial insurance premiums to consumers and businesses amid the ongoing COVID-19...
California Music Venues Sue Insurer over Business Interruption Related to COVID-19
May 15 2020 // San Francisco Bay Area-based music venue Ivy Room has filed a class action lawsuit on behalf of California-based music venues against a major insurance provider, saying the venues were wrongfully denied coverage for losses...
U.S. Issues Maritime Advisory on Sanctions for Ship Owners, Insurers
May 15 2020 // WASHINGTON/LONDON (Reuters) – The Trump administration on Thursday issued guidelines to help ship owners and insurers avoid the risks of sanctions penalties, standards that maritime players and senior State...
Florida’s Capitol Preferred to Shed Nearly 24K Policies; Regulator to Monitor Operations
May 15 2020 // Capitol Preferred Insurance Co., one of the top writers of homeowners insurance in Florida, has received approval from the state’s insurance regulator to shed 23,800 policies just weeks before the start of hurricane...
AIG Shareholders Approve Insurer’s Executive Compensation Plan
May 15 2020 // Shareholders of American International Group Inc. strengthened their support for the U.S. insurance company’s executive compensation plan after the board made changes to its pay packages, according to vote totals AIG...
New Jersey Insurance Companies Directed to Provide Premium Reductions
May 14 2020 // The New Jersey Department of Banking and Insurance has directed insurance companies in the state to provide premium reductions to consumers and businesses during the COVID-19 emergency, citing reduced risk of loss due to...
Lloyd’s Insurer Antares Names Campbell as Head of Specialty, Succeeding Taylor
May 14 2020 // Antares, the Lloyd’s managing agent and subsidiary of QIC Global, announced the appointment of Martin Campbell as head of Specialty at Antares Syndicate 1274, effective May 12, 2020. Reporting to Alexander Craggs,...
Exor Plays Hardball with French Insurer Covéa as PartnerRe Deal Collapses: Opinion
May 14 2020 // Renege on a deal with the Agnellis and you can expect to pay for it. Scion John Elkann has refused to renegotiate the Italian family’s $9 billion sale of its reinsurance business after the buyer, French mutual...
Fitch Sees Little Stress on Insurer Ratings From Pandemic. Thus Far.
May 14 2020 // Having reviewed 70% of all of the North American insurers it rates for the effects of the coronavirus and economic downturn, Fitch Ratings has affirmed the ratings of 72% of the carriers with stable outlooks. Only 4% have...
I’m From the Government and I’m Here to Help – Part 2
May 13 2020 // This is the second in a series of posts where I am responding to certain pending legislation geared toward forcing insurance companies to pay for claims for losses related to virus and pandemic. Assessing insurers means...
UK Insurer Brit and Google Collaborate to Launch 1st Fully Digital Lloyd’s Syndicate
May 13 2020 // Brit Ltd. announced plans to launch Ki, the first fully digital and algorithmically driven Lloyd’s syndicate, in collaboration with Google Cloud. Launching in 2021, Ki will be a “follow-only” syndicate,...
Insurers Zurich and Chubb Raise Cover for Canada Oil Sands Pipeline: Filings
May 13 2020 // Major insurers Zurich and Chubb increased their insurance cover for a Canadian oil sands pipeline over the last year, Canadian regulatory filings show. The Trans Mountain pipeline, which ships types of crude oil and...
Workers’ Comp May Need Backstop as Presumptions Push Claim Costs into Billions
May 12 2020 // An executive order by California Gov. Gavin Newsom last week is the most aggressive yet among the directives issued by 13 states that require workers’ compensation insurers to pay at least some COVID-19...
