Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
Florida Massage Therapist Arrested for PIP Fraud Against Multiple Insurers
Oct 7 2015 // The Department of Financial Services’ Division of Insurance Fraud (DIF) announced the arrest of John Alexander Fraga (aka Juan Alejandro Fraga) for his involvement in the alleged billing of more than $40,000 to...
Delaware Bans Use of Price Optimization in Insurance Pricing
Oct 6 2015 // Delaware has issued a bulletin prohibiting the use of price optimization in insurance pricing. The Delaware Department of Insurance said in its Bulletin No. 78 on Oct. 1 that “while price optimization has no...
New York AG Schneiderman, EBSA Agree to Joint Insurer Oversight
Oct 6 2015 // New York’s Attorney General Eric Schneiderman and the federal Employee Benefits Security Administration have agreed to share information and address violations of laws covering health insurance offered as worker...
South Carolina Insurance Director: Insurers Ready for Claims from ‘Devastating’ Storm
Oct 5 2015 // The insurance industry is bracing itself for an expected onslaught of claims in the wake of what South Carolina officials are calling a 1 in 1,000 year storm. “This is an extremely devastating event,” said...
A.M. Best: Republic Underwriters Insurance Co. Ratings Under Review
Oct 5 2015 // A.M. Best has placed under review with positive implications the financial strength rating (FSR) of A- (Excellent) and the issuer credit rating (ICR) of “a-” of Dallas-based Republic Underwriters Insurance Co....
Insurers Say Trans-Pacific Pact Important for Industry Growth, Jobs
Oct 5 2015 // U.S. property/casualty insurers are welcoming the news that the Trans-Pacific Partnership (TPP) parties have reached an agreement. Although details of the pact are unknown, the U.S. insurers say they believe the agreement...
Crisis Services Top Insurers’ Cyber Claims Payouts; Average Claim at $674K
Oct 5 2015 // New claims costs data reveal a wide discrepancy on costs associated with cyber losses. More than $75.5 million has been spent on cyber claims losses as reported in the latest cyber claims study published by NetDiligence, a...
Insurers Respond Slowly to Growing Demand for Cyber Insurance: Timetric Report
Oct 5 2015 // The cyber risk insurance market is experiencing rapid development, with the size of global gross written premiums growing from US$850 million in 2012 to an estimated US$2.5 billion in 2014, according to a new report by...
A.M. Best Affirms Zurich Insurance Ratings; Outlook Negative on Expected Losses
Oct 5 2015 // A.M. Besthas affirmed the financial strength rating of A+ (Superior) and the issuer credit rating of “aa-” while at the same time revising the outlook to negative from stable forZurich Insurance Company...
A.M. Best: UK Non-Life Insurers’ Earnings Remain Under Pressure
Oct 5 2015 // Market conditions for UK non-life insurers are challenging as pricing remains weak across most business lines amid fierce competition, according to a new A.M. Best special report. Titled “UK Non-Life Earnings Under...
Too-Big-to-Fail Insurers Face 10% Hike to Capital Requirements: Int’l Regulators
Oct 5 2015 // Global insurers with the greatest ties to the financial system would face an average increase of 10 percent to capital requirements under new standards proposed by a group of regulators. The increase would be as high as...
ACE Takes 24% Stake in CoverHound’s Online Commercial Insurance Plans
Oct 5 2015 // CoverHound has raised $33.3 million in a financing round led by ACE Group, which the company plans to use to build an online commercial insurance platform starting with businessowners policy insurance offerings that could...
Moody’s Sees 2015 as Turning Point for P/C Commercial Insurers
Oct 5 2015 // The outlook for the U.S. property/casualty commercial insurance sector is stable but insurers will begin to feel the pressure from compressing margins, according to Moody’s Investors Service. In a new report,...
Gen Y Insurance Customers Are Not Happy Bundlers
Oct 5 2015 // The insurance industry has some work to do to win over Gen Y customers, those ages 21 through 38. Members of the Gen Y generation, who were born between 1977 and 1994, are less satisfied with their homeowners insurers than...
Wyoming Man and His Insurers to Pay $2.9M for 2012 Wildfire
Oct 5 2015 // A man who accidentally started a 2012 wildfire that burned over a mountain and threatened the town of Jackson has agreed to a $2.9 million payment under a legal settlement. James G. Anderson Jr., 79, will be responsible...
Maryland Welcomes 7 New Insurers
Oct 5 2015 // The Maryland Insurance Administration (MIA) announced on Sept. 14 that seven new insurance companies have been approved to offer workers’ compensation and life insurance products in Maryland. “Our goal is to...
Rhode Island Addresses Price Optimization
Oct 5 2015 // Rhode Island’s Insurance Division issued a bulletin on Sept. 18 for personal lines property/casualty insurers in the state that effectively prohibits the use of non-risk related features of price optimization. Rhode...
Crash of Redskins Buses to Cost Minneapolis, Bus Company and Insurer $237K
Oct 2 2015 // A crash last November involving buses carrying the Washington Redskins on their way to play the Minnesota Vikings will cost Minneapolis more than $237,000. The Star Tribune reported the proposed settlement will be...
Insurance Company Investors Assess Hurricane Joaquin Damage
Oct 2 2015 // The hurricane strengthening off the U.S. East Coast is buffeting insurance providers as investors assess the possible damages. Losses began to accelerate as Joaquin grew into a Category 4 hurricane, with top winds...
13 Specialty Insurers Emerging As Takeover Targets: S&P
Oct 1 2015 // Standard & Poor’s sees a number of specialty insurers as potential takeover targets by both rival carriers and investors seeking to expand in the segment, thanks to stellar operating performance versus the P/C...
