Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
Tornadoes Have Pushed Insurers’ Weather Claims Above $105B for 2021
Dec 21 2021 // Devastation from tornadoes that slammed parts of the United States this month will push the insurance industry’s 2021 bill for weather-related claims well above the predicted $105 billion, industry experts said, and...
Insurer Can Keep Using its Own Repair Contractor, Florida Appeals Court Finds
Dec 21 2021 // For the fourth time this year, a Florida appeals court has decided in favor of People’s Trust Insurance Co., requiring homeowners to let the carrier’s chosen contractor make the needed repairs. Josh...
California DOI: Insurers Non-Renewed Fewer Homeowners in 2020, FAIR Plan Policies Increased
Dec 20 2021 // The number of California homeowners non-renewed by insurers fell by 10%statewide in 2020 compared with the previous year, as mandatory moratoriums by Insurance Commissioner Ricardo Lara made up more than 80% of the...
Insurer Storebrand to Buy Norwegian Pensions Unit From Danske Bank for $221M
Dec 20 2021 // OSLO/COPENHAGEN – Insurer Storebrand has agreed to buy the Norwegian unit of Danish pension provider Danica from Danske Bank, the companies said on Monday. Norway’s Storebrand will pay 2.01 billion Norwegian crowns...
Louisiana Insurers Face $100 Million Fee after Ida-Related Insolvencies
Dec 20 2021 // Louisiana property and casualty insurers will be assessed $100 million to cover the cost of two regional insurance companies facing insolvency due to losses from Hurricane Ida. The Louisiana Insurance Guaranty Association...
Heading Into 2022, P/C Insurers Face ‘Massive’ Political Risks, Economic Uncertainty
Dec 20 2021 // Property/casualty insurers head into 2022 facing “massive” political risks, an expert with the Insurance Information Institute said on Dec. 2. Economic uncertainty will also continue despite recovery...
Louisiana Private Insurer to Acquire Policies from Insolvent Insurance Companies
Dec 15 2021 // An unnamed Louisiana private insurer will assume to acquire all policies from two insolvent homeowners insurance companies that were placed into receivership in November by the Louisiana Department of Insurance. Louisiana...
Insurers Begin Work in Areas Hard-Hit By Weekend Tornadoes
Dec 15 2021 // Insurance claims and loss estimates are beginning to come in from the group of deadly and damaging tornadoes that moved through the central and southern U.S. last weekend. The Federal Emergency Management Agency confirmed...
Leading Marine Re/Insurers Join Push to Decarbonize Global Shipping
Dec 15 2021 // Leading companies in the marine insurance industry have joined an initiative linking their underwriting activities with the cutting of carbon emissions from global shipping as pressure builds on the sector to go fully...
A.M. Best Affirms Ratings for The Concord Group Insurance Companies
Dec 14 2021 // A.M. Best has affirmed the financial strength rating (FSR) of A+ (superior) and the long-term issuer credit ratings (long-term ICR) of “aa-” for the members of The Concord Group Insurance Companies. The rating...
Extreme Weather in 2021 Brings Above-Average Claims to Global Insurers: Swiss Re
Dec 14 2021 // Extreme weather events in 2021, including a deep winter freeze, floods, severe thunderstorms, heatwaves and a major hurricane, resulted in estimated annual insured losses from natural catastrophes of US$105 billion, the...
AM Best Sees Tornado Losses as Manageable for Insurers
Dec 14 2021 // Analysts at ratings firm AM Best said they expect the insured losses from the tornadoes that devastated central and southern U.S. last weekend will dampen underwriting results for insurers but that insurers will be able to...
Insurtech Coalition Forms Captive Insurer to Enhance Cyber Insurance Capacity
Dec 13 2021 // Managing general insurance agency and cyber security company Coalition has launched a captive insurer to begin taking risk on its cyber insurance programs. The captive, domiciled in Hawaii, will provide capacity in...
Insurer Mapfre to Make $983.8M Pay-out for Construction Issues With Colombia Dam
Dec 13 2021 // Spanish insurer Mapfre on Friday signed a contract to make a $983.8 million contingency pay-out to Colombia’s Empresas Publicas de Medellin (EPM) over issues with the construction of the massive Hidroituango dam. The...
British Insurer LV= Rejects Bain Takeover Bid; Royal London Wants to Talk
Dec 10 2021 // British mutual life insurer LV= on Friday abandoned a proposed 530 million pound ($701 million) takeover by private equity giant Bain Capital after it lost a member vote, and rival Royal London put forward an alternative...
Other Services Beat P/C Insurers in Providing Digital Customer Experience: J.D. Power
Dec 10 2021 // The property/casualty insurance industry is falling behind financial services and utilities providers when it comes to the digital customer experience. Throughout 2021, just 40 percent of claimants interacted with an...
Auto Insurers Can Use ‘Hybrid’ Model on Med Reimbursement, Florida High Court Rules
Dec 9 2021 // Automobile insurance carriers in Florida may limit reimbursement to health providers in keeping with a fee schedule in a personal injury protection policy, the Florida Supreme Court decided in a decision posted...
New Insurer Sets Sail in Florida’s Stormy Waters, Credits Legislative Reforms
Dec 9 2021 // For the first time in almost a decade, a new insurance carrier is wading into the troubled Florida waters, and is expected to make take-out offers to more than 42,000 Citizens Property Insurance policyholders. David...
Nevada Jury Says Health Insurers Owe ER Doctors $60M in Damages
Dec 9 2021 // One of the largest U.S. health insurance companies and its branches in Nevada were found liable for $60 million in punitive damages for underpaying out-of-network emergency medical providers. A state court jury said three...
BE Group Takes Fresh Look at Buying $10 Billion Insurer Ageas
Dec 7 2021 // BE Group, an investor group fronted by former financial services dealmakers, is exploring the feasibility of a fresh pursuit of Belgian insurer Ageas after a previous attempt was rebuffed, people familiar with the matter...
