Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
Is This Right Time to Restructure Florida CAT Fund?
Mar 19 2013 // A move to restructure Florida’s state-run property reinsurance facility by lowering its financial obligation to insurers is facing an uphill legislative battle as both lawmakers and members of the industry find...
With Rates Expected to Drop, Cat Fund Reform Should Be a No-Brainer
Mar 18 2013 // For four out of the last seven years, the Florida Hurricane Catastrophe Fund has been projected to have a shortfall should a major hurricane impact the state and cause the fund to pay out to its coverage limits. This is...
Fitch: P/C Insurer Profit Up in 2012; Reinsurers Recover
Mar 18 2013 // Property/casualty insurers’ operating profits improved in 2012, driven by reduced incurred losses from natural catastrophes and core loss ratio improvements from recent underwriting and pricing actions. Fitch...
Fitch: Survey Finds P&C Insurers’ Profits Up; Reinsurers Recovering
Mar 18 2013 // “Property/casualty insurers’ operating profits improved in 2012, driven by reduced incurred losses from natural catastrophes and core loss ratio improvements from recent underwriting and pricing actions,”...
British Insurers’ Proposals Target Whiplash Claims
Mar 15 2013 // Anyone claiming whiplash injury should be required to undergo examination by an accredited medical expert under proposals being pushed by the Association of British Insurers (ABI). According to the organization, everyday...
Texas Lawmaker Scolds Insurance Industry over Coastal Coverage
Mar 14 2013 // A state senator in Texas is taking the insurance industry to task for what he perceives as its disinterest in coming up with new approaches to solving coastal windstorm insurance issues. In a Senate committee meeting on...
Sirius XM Sues D&O Insurers, Seeks to Recoup Post-Merger Defense Costs
Mar 14 2013 // New York-based satellite radio services company Sirius XM Radio Inc. filed a lawsuit against two directors and officers insurers last week. Sirius XM alleges XL Specialty Insurance Co. and U.S. Specialty Insurance...
ACE Private Risk Survey: High Net Worth Families Overpaying to be Underinsured
Mar 14 2013 // Most wealthy individuals and families who insure their assets with carriers geared primarily for the average U.S. household overpay for coverage that leaves their wealth unnecessarily exposed to the risk of severe...
Best Affirms Chubb Corp. and Subs ‘A++’ Ratings; Outlook Stable
Mar 14 2013 // A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A++’ (Superior) and issuer credit ratings (ICR) of “aa+” of the property/casualty subsidiaries of The Chubb Corporation, also known...
N.Y. Proposes Establishing Private Right of Action for Insureds Suffering Disaster Losses
Mar 13 2013 // A New York legislator proposed a new bill that would establish a private right of action for the insured for unfair insurance settlement practices when the claim relates to loss or injury in regions where the governor has...
West Virginia Debates Property Insurance Nonrenewal Rules
Mar 13 2013 // In West Virginia and most other states, an insurer can choose not to renew people’s property insurance policy if a claim is filed over weather damage. A West Virginia Senate bill that would ban that practice was...
Florida Senate Bill Would Depopulate Citizens, Raise Rates, Create Clearinghouse
Mar 13 2013 // Lawmakers in the Florida Senate have taken steps to return the state-backed insurer Citizens Property Insurance Corp. to its original purpose of being a market of last resort by requiring it to charge actuarially sound...
Carlyle, KKR Among Bidders for Insurer in ‘Hot’ Thai Market
Mar 12 2013 // Carlyle Group LP and KKR & Co. LP are among the bidders to have made first round offers to buy a minority stake in Thai Life Insurance Co. Ltd., in a deal said to be worth about $500 million, according to people close...
Agents Hang Onto P/C Market But Lose Ground in Personal Auto: Study
Mar 11 2013 // After experiencing dwindling premiums for years, the property/casualty insurance industry managed to grow substantially in 2011. Independent agents and brokers hung onto their share of the market with some independent...
N.J., N.Y. to Offer Mediation Option for Disputed Sandy Claims
Mar 11 2013 // New Jersey Gov. Chris Christie announced on Feb. 25 his administration would offer a mediation program to Sandy victims who are still in dispute with their insurers. Christie said his administration is establishing a new...
Insurer Not Obligated to Cover Sandusky
Mar 11 2013 // The insurance carrier for the children’s charity founded by former Penn State assistant football coach Jerry Sandusky doesn’t have to cover his criminal or civil legal costs related to acts of child sexual...
N.Y. to Examine 3 Insurers for Sandy Claims Practices
Mar 11 2013 // New York Gov. Andrew Cuomo announced on Feb. 21 that the state’s Department of Financial Services is investigating the claims practices of three insurers following the aftermath of Sandy. The three insurers are:...
International Insurers, Reinsurers to Shoulder Half of Sandy Losses
Mar 11 2013 // International insurance and reinsurance companies are expected to cover half of total insured losses from Superstorm Sandy, an industry association said. Estimated losses from Superstorm Sandy currently stand at over $16...
Insurers Split Over Proposed Changes to Florida Guaranty Fund
Mar 11 2013 // Florida lawmakers are weighing a bill that would alter the funding mechanism for the state fund that pays the claims of insolvent property insurers, a change that does not have the uniform support of the insurance...
Will Wind/Hail Cosmetic Damage Exclusion Endorsements Become the Norm?
Mar 11 2013 // Cosmetic damage from wind and hail to homeowner and commercial properties may no longer be covered if insurers opt to use new policy endorsements – one for homeowners and another for commercial roofs. Two organizations...
