Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
Illinois’ Dover Bay Specialty Insurance Company Downgraded by AM Best
Oct 6 2023 // AM Best has downgraded the Financial Strength Rating (FSR) to B++ (Good) from A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” (Good) from “a” (Excellent) of Dover Bay...
Bankruptcy Judge Denies Survivors’ ‘Hopeless’ Bid to Sue Rockville Diocese Insurers
Oct 5 2023 // The judge overseeing the Catholic Diocese of Rockville Centre bankruptcy has denied a request by the committee representing sexual abuse claimants for permission to sue the church’s insurers, calling the filing a...
EV Industry Offers Challenges, Opportunities for Insurers
Oct 5 2023 // A new paper by the American Property Casualty Insurance Association (APCIA) finds that the insurance industry is responding to the needs of the transportation sector as the momentum for electric vehicles (EVs), plug-in...
MGT Partners Acquires CM Select Insurance Company in Wisconsin
Oct 5 2023 // MGT Partners LLC acquired CM Select Insurance Company from Church Mutual Holding Company Inc. The deal is subject to approval of regulatory filings. CM Select will be rebranded as MGT Insurance and operate as a...
As Trial Opens, FTX’s Bankman-Fried Battles Excess Insurer Over D&O Coverage
Oct 4 2023 // Just two days before his criminal trial started this week in federal court in New York, FTX Trading founder Sam Bankman-Fried filed suit in federal court in California against his excess insurance company seeking payment...
Independent Agents Are Shopping Premiums Despite Record High Carrier Satisfaction
Oct 3 2023 // Independent insurance agents report unprecedented satisfaction with their carrier partners, but that doesn’t mean they aren’t keeping their options open due to the rising cost of premiums. According to the J.D....
Rapid Shocks in Store for Insurers in New Bank of England Stress Tests
Oct 3 2023 // The Bank of England said on Tuesday it will check the health of general insurers in 2025 with a “stress test” that includes a rapid series of shocks, as sector capital rules are eased. Regulators have...
PE Firm Cinven Eyes Sale of German Life Insurer Viridium: Sources
Oct 3 2023 // Cinven is considering a sale of German life insurer Viridium after another of its insurance investments in Europe, Eurovita, was hit by heavy customer outflows earlier in the year, three people familiar with the matter...
Guess Board Agrees to Settle Co-Founder Marciano’s Harassment Case; Insurers Sued
Oct 2 2023 // Guess? Inc. directors agreed to a settlement worth as much as $30 million to resolve claims they turned a blind eye to co-founder Paul Marciano’s harassment of the company’s models despite sexual misconduct...
Washington Asks Insurers to Expedite Approval Process for Debris Removal After Wildfires
Oct 2 2023 // Washington Insurance Commissioner Mike Kreidler sent a letter asking insurance companies and adjusters working with communities impacted by the Gray and Oregon Road fires to expedite the approval process for debris...
European Insurers Underwrite 30% of US Coal: Study
Sep 28 2023 // Some of Europe’s biggest insurers are underwriting close to a third of the coal production that takes place in the US, even after pledging to target net zero emissions, according to a report by climate campaign group...
Viewpoint: Biometric Litigation Is Significant Emerging Risk for Insurers
Sep 28 2023 // Executive Summary: Biometric litigation is a significant emerging risk that insurers must now take into consideration, says Jim Blinn, vice president, Client Solutions, Zywave. States are increasingly passing biometric...
Insurer Sued Over 80th Birthday Event Cancellation at Sting’s Estate in Italy
Sep 28 2023 // A Pennsylvania firm that organized a three-day musical festival for its owner’s 80th birthday at the Italian residence of musician Sting is suing its insurer seeking payment under an event cancellation...
Cinven Buys Back Eurovita Bonds to Help Avoid Messy Liquidation of Its Insurer: Source
Sep 27 2023 // Private equity firm Cinven has agreed to buy back 160 million euros ($170 million) of debt sold by its insurer Eurovita and is open to supporting other measures to avoid a messy liquidation of the Italian company, a person...
Maritime Industry Eyes Nuclear Power for Ships as Tech Advances; Insurers Are Wary
Sep 21 2023 // The maritime industry is exploring whether nuclear fuel can be used to power commercial ships as advancements in technology open up such options, industry officials said. Nevertheless, any possible nuclear fuel solutions...
When Policies Conflict, Insurers Must Split Costs, Appeals Court Finds in Georgia Case
Sep 19 2023 // When the wording of insurance policies conflict with each other and can’t be reconciled, insurers must share defense expenses, a federal appeals court said in a case that stemmed from lawsuits against school...
Hong Kong’s Floods to Hit Insurers’ Earnings, Could Pressure Reinsurance Renewals
Sep 18 2023 // The recent devastating floods following Super Typhoon Saola in Hong Kong and other parts of China may add further pressure to the upcoming reinsurance renewals in January, according to an AM Best commentary. The overall...
Removing Barriers to CAT Risk Modeling Will Slow Insurer Flight From High-Risk Areas
Sep 18 2023 // Technology has been embraced in a variety of ways within the homeowners’ insurance market. Many aspects of the claims process have been automated, insurers are utilizing more climate data than ever before to predict...
Agents, Regulators Remind Insurers to Take Care of Insureds as Idalia Claims Start Coming in
Sep 18 2023 // The property insurance industry breathed a sigh of relief after Hurricane Idalia landed in a less-populated part of the coast, triggering just a few billion dollars in losses. But regulators have urged insurers to make...
Ardonagh Sells £1.2 Billion Insurance Unit to UK Insurer Markerstudy
Sep 15 2023 // The Ardonagh Group is selling its personal insurance business in a deal that will give Chief Executive Officer David Ross an £800 million ($1 billion) war chest for further acquisitions in specialist insurance...
