Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
A.M. Best Assigns Credit Ratings to Clearwater Select Insurance Company
Jul 25 2018 // A.M. Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of a+ to Clearwater Select Insurance Company, an insurance company based in Stamford, Conn., that specializes in...
China’s Fosun Weighs Acquisition of Belgian Insurer Ageas
Jul 25 2018 // Fosun International Ltd., the Chinese group backed by billionaire Guo Guangchang, is considering an offer for all or parts of Belgian insurer Ageas in what could be its boldest move to expand its international footprint,...
U.S. Flood Models Still in Infancy, So Underwriters Must Be ‘Cautious Consumers’
Jul 24 2018 // The market for privately written inland flood insurance in the United States is growing rapidly, but flood modeling is still in its infancy. As a result, underwriters need to be aware of the differences that exist among...
Ratings Agency Ignites Controversy Over Financial Strength of Florida Insurers
Jul 24 2018 // With Florida about to enter peak hurricane season, a state insurance association representing 15 insurers in Florida is hitting back against a recent report from ratings agency Weiss Ratings that identified 10...
UK Motor Insurers to Mutualize Claims for Terrorist Attacks Using Vehicles as Weapons
Jul 23 2018 // UK motor insurers have voted for the Motor Insurers Bureau (MIB) to handle and pay the claims from victims involved in a terrorist event where a vehicle is used to kill or injure. MIB is the UK’s not-for-profit body...
Pennsylvania Blocked Again in Bid to Take Insurer’s Cash
Jul 23 2018 // A federal judge is blocking a third attempt in as many years by Governor Tom Wolf and state lawmakers to take at least $200 million in surplus cash from a state-chartered medical malpractice insurer of last resort. U.S....
Interest in Crypto Insurance Grows, Despite High Premiums, Broad Exclusions
Jul 23 2018 // In the staid and buttoned-up world of insurance underwriting, few want to talk about it. You won’t find many ads promoting it or details on company websites offering it. But according to industry insiders,...
Markel Licensed to Form Insurer in Germany, Securing Post-Brexit EU Access
Jul 20 2018 // Markel Corp. announced it has been granted a license by the German federal financial supervisory authority, BaFin, to establish an insurance company in Germany. Following Brexit, the United Kingdom’s exit from the...
Bond Insurer Urges Receiver for Puerto Rico’s Bankrupt Utility
Jul 20 2018 // MBIA Inc.’s National Public Finance Guarantee is urging Puerto Rico’s federal board to consider putting a receiver in charge of the island’s bankrupt power utility after the electricity provider lost two...
Michigan Court Backs Insurer Denying $300K Payout in Head-On Crash
Jul 19 2018 // An insurance company refused to pay $300,000 in a head-on crash that killed a Michigan man and his mother after a doctor came up with a key conclusion: Robert Krugman likely drifted out of his lane because of a heart...
Texas Insurers’ Trade Group Honors Gerik with Raymond Mauk Award
Jul 19 2018 // The Insurance Council of Texas (ICT) has honored Mike Gerik, executive vice president at the Texas Farm Bureau Mutual Insurance Co., with the 2018 Raymond Mauk Leadership Award. ICT presented the Mauk Leadership Award to...
UK Insurers, Banks ‘Must Plan for Hard Brexit’ if Transition Deal Fails: Regulator
Jul 19 2018 // Britain’s banks and insurers must plan for a “hard” Brexit in case a transition period is not in place next March, a senior British regulator said on Thursday in a warning echoed by Brussels. “With...
Auto Insurers Warn Tariffs on Auto Parts Could Raise Insurance Costs
Jul 19 2018 // A threat by the U.S. government to impose tariffs of up to 25 percent on imported auto parts could hit consumers in unexpected ways: higher repair costs, insurance premiums and even the theft of more cars for their parts,...
How the Florida Insurance Industry Hopes to Rein In AOB Crisis
Jul 19 2018 // “I think the number one thing the insurance industry can do is link AOB (assignment of benefits) to the impact that it’s having on the individual consumer and the huge impact it’s having on the premiums...
Court Finds Travelers Crime Policy Covers Money Transfer Loss Due to Email Spoofing
Jul 17 2018 // For the second time in about a week, a federal appeals court has sided with a commercial policyholder where the insurer denied coverage under a computer fraud provision of a crime insurance policy for a money transfer...
Industry Needs to ‘Question and Call Out’ Rogue MGAs, Says Chilton of Gallagher
Jul 17 2018 // While there’s a bright future for managing general agents that “get it right,” Grahame Chilton, CEO of Gallagher UK, warns against tolerating the few rogue MGAs who could ruin the reputation of the entire...
U.S. Sanctions Likely to Ban Use of Lloyd’s IT Platform for Processing Iran Insurance
Jul 16 2018 // New U.S. sanctions are likely to prevent the use of a Lloyd’s of London IT platform for any Iran insurance, adding to difficulties for European insurers providing cover for the country. European insurers, reinsurers,...
P/C Insurers Double Q1 Profit on Tax Changes, Growing Economy, Lower Cat Losses
Jul 16 2018 // Tax reform, a growing economy and lower catastrophe losses helped U.S. property/casualty insurers more than double their first quarter profit this year. Insurers’ net income after taxes surpassed $17 billion during...
North Carolina Estimates $30M Economic Impact from Insurance Captives
Jul 16 2018 // The North Carolina captive insurance program, established in 2013, had an estimated $30 million impact on the state in 2017, according to a statement from the North Carolina Insurance Department. The $30 million estimate...
Conflicts of Interest Leads List in Lawyers’ Malpractice Claims: Ames & Gough
Jul 16 2018 // New malpractice claims against lawyers are being driven by inadequate safeguards against conflicts of interest, along with participation in certain expanding and complex practice areas, according to a new study by...
