Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
AXIS Capital to Acquire Lloyd’s Specialty Re/Insurer Novae for $604 Million
Jul 6 2017 // AXIS Capital Holdings Ltd. announced it is acquiring Novae Group plc, a specialty re/insurer that operates through Lloyd’s of London. “The US$604 million transaction adds scale and breadth to the international...
Connecticut Insurers: Homes Must Fall Down to be Eligible for Coverage
Jul 5 2017 // Connecticut residents whose home foundations are crumbling are facing a perplexing problem with their insurance policies: The damage won’t be covered unless their homes collapse. More than two dozen insurance...
Fearless Brokers on Disruption by Insurtech: ‘Bring It On’
Jul 5 2017 // Executives of retail and wholesale property/casualty brokers, who have heard predictions about disintermediation for years, are not worried about the latest wrinkle in the stories of their demise—the rise of insurtech...
Workers’ Comp Insurer Cancels Policies for Hawaii Pot Firms
Jun 30 2017 // Hawaii’s largest workers’ compensation insurer is canceling insurance policies for seven medical marijuana dispensaries preparing to open this summer. Hawaii Employers’ Mutual Insurance Co., citing...
Insurers Say They Need Access to Data from Automated Car Systems
Jun 30 2017 // Property/casualty insurance carriers want future federal rules governing driverless vehicles to guarantee insurers “reasonable” access to data from cars with automated driving systems. “The increasing...
Global Shipping Still Reeling from Cyber Attack; Insurers Warn of Coverage Gaps
Jun 30 2017 // Global shipping is still feeling the effects of a cyber attack that hit A.P. Moller-Maersk two days ago, showing the scale of the damage a computer virus can unleash on the technology dependent and inter-connected...
Increase in P/C Insurers’ Losses in 2017 Will Again Be Driven by Auto: S&P
Jun 29 2017 // Private auto net incurred losses will increase by nearly 7 percent in 2017 to a new record of approximately $154 billion, reflecting elevated volume and costs of claims, according to a new S&P Global market...
G20 Task Force Develops Climate-Related Financial Disclosure Framework Supported by Insurers
Jun 29 2017 // A global task force set up by the G20 has developed a voluntary framework for companies to disclose the financial impact of climate-related risks and opportunities, drawing support from more than 100 companies with $11...
Auto Insurance Market to Shrink by 70% by 2050: KPMG
Jun 29 2017 // Autonomous vehicle technology, a rise in on-demand transportation and a shifting of liability to manufacturers will shrink the auto insurance sector by more than 70 percent or $137 billion by 2050, according to updated...
P/C Insurers’ Net Income Fell 42.2% in Q1; Catastrophe Losses Topped $7 Billion
Jun 27 2017 // The U.S. property/casualty insurance industry saw its net income fall to $7.7 billion in first-quarter 2017 from $13.4 billion in first-quarter 2016, a 42.2 percent decline. Also, its overall profitability as measured by...
$300K Settlement in 2012 Utah Fire to be Paid by Insurer
Jun 26 2017 // Utah officials have reached a $300,000 settlement with a man accused of starting a 2012 fire that led to the evacuation than 1,000 northwestern Utah homes. The Daily Herald reported the Utah County Commission approved the...
Survey: Agents Suggest How Carriers Can Move from ‘Good’ to ‘Great’
Jun 23 2017 // One would expect to see high levels of satisfaction between an independent agency and its top carrier, but that isn’t always the case. Peeling back the layers usually reveals fertile ground for improvement and shows...
Randall & Quilter to Sell Lloyd’s Agency to Medical Liability Insurer Coverys
Jun 23 2017 // Randall & Quilter Investment Holdings Ltd. announced it has reached agreement to sell the entire share capital of its Lloyd’s managing agency, R&Q Managing Agency Ltd. (RQMA), to Coverys, a provider of...
12 States Call Out California’s ‘Affront to Sound Insurance Regulation’
Jun 22 2017 // It’s difficult to decide whether Dave Jones is underdog prize fighter Rocky Balboa or reigning champ Apollo Creed. He’s the insurance commissioner of the most populated state in the nation and that makes him a...
House Committee Adds 5 More Bills to Its Flood Insurance Reform Package
Jun 22 2017 // The House Financial Services Committee advanced five flood insurance proposals on Wednesday, adding to the two bills it passed last week. The House measures seek to reform and reauthorize the National Flood Insurance...
The Hanover & Chaucer Launch Dublin-Based International Specialty Insurer
Jun 22 2017 // The Hanover Insurance Group, Inc. and its subsidiary, Chaucer, announced that they will form a Dublin-based company, Chaucer Insurance Co. DAC (Chaucer Dublin), to write international specialty insurance business. The...
South Carolina Sets Insurer Deadline Related to New Moped Safety Law
Jun 22 2017 // The South Carolina Department of Insurance has set a deadline for auto insurers in the state to meet the requirements of the recently passed moped safety legislation. The new moped law, which takes effect July 1, amends...
Kentucky Supreme Court Finds No Bad Faith as a Matter of Law in Auto Lawsuit
Jun 21 2017 // The Kentucky Supreme Court in Hollaway v. Direct General Ins. Co. Mississippi Inc., 497 S.W. 3d 733 (Ky. 2016), recently affirmed summary judgment that was granted in favor of the insurance company, finding that the...
Texas Governor Signs Law Amending Captive Insurer Rules
Jun 21 2017 // Texas Gov. Greg Abbott has signed a measure that tweaks Texas law relating to captive insurance companies. Abbot signed House Bill 1944 on June 15. The bill was authored by Jim Murphy (R – Houston) and sponsored in...
U.S. Firms Issue Principles for Cyber Risk Ratings Used by Insurers
Jun 21 2017 // More than two dozen U.S. companies, including several big banks, have teamed up to establish shared principles that would allow them to better understand their cyber security ratings and to challenge them if necessary, the...
