Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
Louisiana’s Donelon Reminds Insurers of ‘Producer of Record’ Obligations
Jul 5 2018 // Stating it has come to his attention that not all insurers are abiding by state law regarding certain insurance policy “producer of record” changes, Louisiana Insurance Commissioner Jim Donelon has issued a...
3 New Property/Casualty Insurers OK’d to Do Business in Arkansas
Jul 5 2018 // Three new property/casualty insurance companies have been approved to do business in Arkansas, the state insurance department reported. All three are based in Florida. Counting the recently accepted companies, 10 new...
A.M. Best Downgrades AmTrust As Insurer Prepares to Go Private
Jul 5 2018 // A.M. Best has downgraded its financial strength and credit ratings for insurer members of the AmTrust Group, not long after AmTrust Financial Services Inc. (AFSI) shareholders approved a $2.95 billion deal that will make...
CFO: Florida Workers’ Comp Carriers to Save $20M in Costs Next Year
Jul 5 2018 // Cost savings in two Florida funds paid into by workers’ compensation carriers are expected to equal a nearly $20 million reduction in expenses for insurers operating in the state next year, according to a statement...
Burand’s State of P/C Insurance Industry: How P/C Insurance is Becoming Less Valuable
Jul 4 2018 // Value is a relative term often specific to a given asset. For example, if the price of gold declines from $1,800 an ounce to $1,250 an ounce, as it has, then gold is less valuable. The price of property/casualty insurance...
Top Private Flood Insurers and Market Report
Jul 3 2018 // During 2017, the private flood insurance market expanded considerably with 50 new carriers. In total, insurers reported direct private flood insurance premiums written of $630 million, an increase of $217 million over...
North Carolina Estimates $30M Economic Impact from Insurance Captives
Jul 3 2018 // The North Carolina captive insurance program, established in 2013, had an estimated $30 million impact on the state in 2017, according to a statement from the North Carolina Insurance Department. The $30 million estimate...
Insurers Question California Commissioner’s Authority to Make Comp Writers Report Federal Tax Savings
Jul 2 2018 // The insurance industry is wondering whether a new requirement from California Insurance Commissioner Dave Jones that workers’ compensation insurers report federal income tax savings is legal. Jones wants insurers...
California Commissioner Orders Workers’ Comp Insurers to Report Federal Income Tax Savings
Jul 2 2018 // California Insurance Commissioner Dave Jones announced today issued an order that every insurer licensed to write workers’ compensation in the state must report their federal income tax savings annually through a...
Kemper Completes Acquisition of Specialty Auto Insurer Infinity P&C
Jul 2 2018 // Chicago-based insurer Kemper Corp. has closed on its $1.6 billion acquisition of Birmingham-based nonstandard auto insurer Infinity Property and Casualty Corp. The stock portion of the cash and stock deal announced in...
Momentum for Rate Hikes Dissipates During June/July Renewals: Willis Re Report
Jul 2 2018 // Momentum for rate increases on loss-free reinsurance accounts dissipated during the June/July property catastrophe renewals, and in some cases, pricing declined, according to a report published by Willis Re. For example,...
Luxembourg Runs Low on Large Offices for Insurers, Banks Seeking Post-Brexit HQs
Jul 2 2018 // Luxembourg is so tiny that map-makers have been known to give up and pretend it’s not there. So as the minuscule financial hub continues to draw London firms opening up a post-Brexit presence in the European Union,...
Mississippi Agent Accused of Not Forwarding Premiums to Insurers
Jul 2 2018 // A cease and desist order has been issued to a Mississippi insurance agent accused of failing to forward premiums to the respective insurance companies. The Mississippi Insurance Department said that it issued the order...
S.C. Supreme Court: Defense Counsel Can Be Sued for Malpractice by Insurer
Jul 2 2018 // The South Carolina Supreme Court recently opined that an insurer can sue an attorney it hired to defend its policyholder for malpractice. The high court in the case of Sentry Select Insurance Company v. Maybank Law Firm,...
The Changing Nature of the Agent-Carrier Relationship in a Customer-Centric World
Jul 2 2018 // Auto insurance shoppers are placing greater importance on having more services provided to them today versus five years ago, underscoring the fact that shoppers are increasingly demanding more product options and more and...
Catastrophes Hit Homeowner Insurers; Combined Ratio Moves Above 107: A.M. Best
Jul 2 2018 // After four years of sub-100 combined ratios for the U.S. homeowners insurers, the segment saw its combined ratio deteriorate to 107.1 in 2017 as a result of numerous catastrophes, according to an A.M. Best report. The new...
Rising Homeowners Losses Hurt P/C Insurers: Fitch
Jul 2 2018 // Personal lines underwriting losses rose in 2017 for the fourth year in a row, Fitch Ratings found in a new report. There’s a twist, however. In the three years prior to 2017, personal auto insurance contributed...
Partnering with Insurtech to Transform Rather Than Disrupt Insurance
Jul 2 2018 // The insurance industry is experiencing a convergence with technology that is transforming the way it develops products, underwrites, prices and sells policies, and services its customers. This change can seem disruptive,...
California Workers’ Comp Rating Bureau Exploring Blockchain, Behavioral Science
Jul 2 2018 // One wouldn’t normally associate blockchain with workers’ compensation, two completely different industries that seem worlds apart. But as it turns out, the technology is of value to at least one very important...
California Commissioner Angry at Insurers for Altering Wildfire Bills
Jun 28 2018 // California Insurance Commissioner Dave Jones is irked that the insurance industry has worked to alter legislation he supports that he says is aimed at strengthening consumer protections for wildfire survivors. Senate Bill...
