Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
Lloyd’s Insurer AEGIS London Launches Digital Trading Division
Oct 28 2019 // Lloyd’s insurer AEGIS London has launched a digital trading division, dedicated to building and distributing digital products. Tom Squires, AEGIS London’s head of digital trading, will lead the division,...
Insurer Group: Dallas Tornado Outbreak Costliest in Texas History
Oct 25 2019 // The nine tornadoes that hit the Dallas, Texas-area over the weekend have caused an estimated $2 billion in damage, an insurer trade group says, making it the costliest tornado loss in Texas history. The Insurance Council...
Washington Fines Gun Insurance Company $100K for Illegal Policy Plans
Oct 25 2019 // The Washington insurance commissioner has fined a company $100,000 and barred it from selling insurance policies in the state after promising gun owners insured criminal activity. The Seattle Times reported that United...
Reinsurance Fraud Triggers Stock Plunge in Lehman-Founded Hungarian Insurer
Oct 25 2019 // Hungarian insurer Cig Pannonia Nyrt., which lists Lehman Brothers as one of its founders, lost as much as a quarter of its value in two days after Italian reinsurance contracts at one of its units turned out to be...
Profit Lessons in Commercial Auto, Workers Comp and Other Business
Oct 25 2019 // Progressive has a competitive edge over long-term players in the commercial auto insurance market and national carriers outpace regionals on workers compensation profit measures, according to a new report from Guy...
A.M. Best Won’t Publish Its Carrier Innovation Scores At First
Oct 25 2019 // A.M. Best plans to start assessing innovation as part of the credit rating methodology it uses to evaluate carriers in the first half of 2020, Chief Rating Officer Stefan Holzberger said. The initiative, disclosed earlier...
Specialist Insurer Beazley Takes 30% Stake in Hong Kong Coverholder Pegasus
Oct 24 2019 // Beazley, the London-based specialist insurer, is making a strategic investment in Hong Kong-based coverholder, Pegasus Underwriting Ltd. The investment will see Beazley become a 30% shareholder in Pegasus. Beazley said it...
Start-Up Constellation Holdings Has $500M from Canadian Investors to Invest in Insurers
Oct 24 2019 // Constellation Insurance Holdings, founded by industry veteran Anurag Chandra, former CEO of Prosperity Life Insurance Group, has partnered with Canadian institutional investors, Caisse de dépôt et placement du Québec...
Reinsurers Maintain Upward Pricing Momentum-But Will It Last?
Oct 24 2019 // Positive pricing momentum—it’s the favorite phrase of many reinsurance executives, who are hoping that the momentum they’ve seen in 2019 will continue during the coming January renewals and beyond. The...
Florida Specialty CEO Disputes State Regulator’s Claims, Says Insurer Not Insolvent
Oct 24 2019 // The head of recently shuttered Florida Specialty Insurance Co. says that claims by Florida’s insurance regulator that the company is insolvent are untrue. The company’s CEO, Susan Patschak, argues...
Reinsurers Look at Cyber’s Massive Growth Possibilities-With Caution
Oct 22 2019 // Reinsurers are aware they must constantly invent new solutions in order to stay relevant for their clients. Yet, they admit they are sometimes challenged to close the protection gap for new and emerging risks such as...
California Roofer Arrested For Workers’ Comp Fraud, $50K Loss to Insurer
Oct 21 2019 // Herbert Allen Kelly III, 65, of Rancho Murieta, Calif., owner of Kelly Roofing Co., has been arrested on six felony counts of workers’ compensation fraud after allegedly underreporting his business’ payroll and...
California Balks at Applied Underwriters Sale, Questions Subsidiary’s Move to New Mexico
Oct 21 2019 // The California Department of Insurance has denied an application for approval of the sale of California Insurance Co., a subsidiary of Applied Underwriters that was sold in a massive deal that has been under scrutiny over...
Few Hong Kong Firms Have Riot Insurance so They’ll Be Paying for Protest Damages
Oct 21 2019 // Hong Kong’s businesses will likely foot the bill for vandalism inflicted over the past four months during the territory’s most violent protests in living memory as few of them bought insurance coverage for riot...
How TRIA Would Handle Another 9/11: I.I.I.
Oct 21 2019 // The Insurance Information Institute’s new white paper, “A World Without TRIA: Incalculable Risk,” shows how the market for terrorism insurance has evolved since the 2001 terrorist attacks — from the...
Reinsurers Take the Technology Lead
Oct 21 2019 // When it comes to innovation and utilization of emerging technologies in the insurance industry, reinsurance companies once led the way as early adopters of technology. But recently, the primary insurance sector has...
How Risk Management is Transforming Risk in Commercial Property
Oct 21 2019 // Commercial property underwriters are adjusting to a market defined by rising catastrophe losses and dwindling profits. From increasing rates and higher deductibles to fewer classes of business and stricter underwriting,...
26 Insurers Extend Time for 2017 California Wildfire Victims for Living Expenses
Oct 18 2019 // Twenty-six insurers have agreed to extend the time limits for 2017 wildfire survivors to access additional living expense benefits. The companies represent a majority of the total losses from the devastating 2017 wildfires...
James River Insurance Retains Rating After Dropping Its Biggest Customer, Uber
Oct 18 2019 // Ratings agency A.M. Best said its ratings of James River Insurance remain unchanged after the insurer said it would be cancelling its business with ride-hailing giant Uber affiliate, Rasier, its largest client. A.M Best...
Typhoons Faxai, Hagibis Unlikely to Affect Stability of Japan’s Non-Life Insurers: AM Best
Oct 18 2019 // The recent mega-typhoons in Japan are unlikely to affect the financial stability of the country’s three major non-life insurers due to their appropriate catastrophe risk management and strong capitalization levels,...
