Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
AM Best Upgrades Credit Ratings for Members of Columbia Lloyds Companies – Columbia Lloyds Insurance Company and MDOW Insurance Company
Oct 27 2021 // HOUSTON, TX (October 27, 2021) – AM Best has upgraded the Financial Strength Rating of Columbia Lloyds Insurance Company and MDOW Insurance Company to A- Excellent with a Stable Outlook. “The ratings reflect [the...
As Strikes, Riots and Civil Commotion Risks Increase, Insurers Respond With Exclusions
Oct 27 2021 // Insurers traditionally have offered protection against strikes, riots and civil commotion (SRCC) at no extra cost, but the increased frequency and severity of these risks means property insurers have begun excluding events...
Global Minimum Tax Proposal Could Create Double Taxation for Some Insurers: AM Best
Oct 27 2021 // Given the accounting differences for global insurance companies in different jurisdictions, a new global minimum tax on certain multinational companies creates the potential for double taxation for some insurance...
Insurer Responsible for Damages After Massachusetts Officer Injured During Training
Oct 26 2021 // Driving a truck too fast and injuring a fellow officer during a firearms training is not within the scope of employment duties for a Massachusetts police officer, the Massachusetts Supreme Judicial Court found. This means...
Commercial Liability Insurers Face Growing Number of False Claims Act Cases
Oct 26 2021 // A growing number of False Claims Act investigations combined with recent court decisions that found insurers liable for the cost of settlements may spell trouble for commercial liability insurers. Policyholder attorney...
UK Financial Regulator Raises No Objection to Bain’s Acquisition of Insurer LV=
Oct 26 2021 // Britain’s financial watchdog said on Tuesday it won’t stop insurer LV= from proceeding with the disputed sale of its pensions and life insurance business to U.S. private equity company Bain Capital. LV=,...
Parametric Insurer CCRIF Strengthens Belize Warning Systems for Extreme Weather
Oct 26 2021 // Parametric catastrophe insurer CCRIF continues to strengthen Belize’s early warning systems for rainfall and climate forecasting with a new grant of US$43,140. This grant brings CCRIF’s Belize contributions to...
EXOR Restarts Talks With Insurer Covéa Over Scrapped $9B Sale of PartnerRe: Report
Oct 25 2021 // EXOR, the holding company of Italy’s Agnelli family, has restarted talks with French insurer Covéa over a possible sale of reinsurer PartnerRe, Il Sole 24 Ore reported on Saturday, after the deal was scrapped last...
Bermuda’s Tax Advantage for Re/Insurers to Be Cut With 15% Global Minimum Tax: Fitch
Oct 22 2021 // Bermuda’s advantageous tax status for the re/insurance industry will be reduced at the margin with the expected passage of the recent multilateral agreement to establish a 15% global minimum tax rate, according to...
Insurance Technology: Guidewire Guides Insurers to Insurtechs; Rhino, Cover Genius Offer Embedded Renters Insurance
Oct 22 2021 // Guidewire Guides Insurers to Insurtechs Guidewire Software has launched a program designed to connect its property/casualty insurance industry customers to up-and-coming insurtechs. Dubbed, Insurtech Vanguards, the program...
Pay-Per-Mile Digital Insurer Metromile in Drive to Add Independent Agents
Oct 21 2021 // Pay-per-mile digital auto insurer Metromile is pursuing what it is calling a “significant” expansion of its use of independent agents to sell its insurance, and it has hired a Travelers Insurance executive to...
New Zealand Is 1st Country to Pass Climate Change Disclosure Laws for Insurers, Banks
Oct 21 2021 // New Zealand has become the first country to pass laws requiring banks, insurers and investment managers to report the impacts of climate change on their business, officials said on Thursday. About 200 of the largest...
Re/Insurers Need a Data Strategy to Build Underwriting Transformation Programs
Oct 20 2021 // Years of low interest rates and burgeoning catastrophe losses have accelerated the hardening of the reinsurance market, as the January 2021 renewals clearly demonstrated, and moreover, the COVID-19 pandemic has worsened...
Investment Company JAB to Acquire Majority Stake in UK Pet Insurer, Cardif Pinnacle
Oct 20 2021 // Global investment company JAB Holding Co. is acquiring a majority stake in UK pet insurer, Cardif Pinnacle. Cardif Pinnacle’s current parent company, BNP Paribas Cardif, will retain a significant minority interest in...
Citizens’ CEO: Florida Insurers Swimming in a Sea of Red Ink; Capital Drying Up
Oct 19 2021 // It’s not just a few Florida property insurance companies that are running into financial trouble. Almost every carrier is losing money in 2021 and the future does not look any better, the CEO of Citizens Property...
Insurers’ Payments to Expert Witnesses Are Discoverable, Florida Supreme Court Says
Oct 18 2021 // Florida insurance companies and their lawyers must disclose their financial arrangements with expert witnesses when asked to do so in litigation, the state Supreme Court has decided. In two decisions last week, the high...
New York Mandates Continuing Education for Insurers in Flood Insurance, Diversity
Oct 18 2021 // The New York State Department of Financial Services (DFS) is mandating continuing education in flood insurance for property/casualty insurance producers in response to the increasing risk of flooding due to climate change....
U.S. Insurers’ Face ‘Minimal Exposure’ in China’s Evergrande Property Crisis
Oct 18 2021 // The U.S. insurance industry faces only minimal exposure to land development companies in China as one of that country’s largest property developers, Evergrande, appears on the brink of collapse. According to analysts...
Canary Islands’ Volcanic Eruption Reminds Insurers of Challenges of Non-Modeled Perils
Oct 18 2021 // The ongoing eruption of the Cumbre Vieja volcano, located on the La Palma Island in the Canary Islands archipelago of Spain, is a reminder to insurers of the challenges posed by non-modeled perils,” commented Michal...
U.S. Property Insurers Could be Facing $12.5B in Hidden Cyber Losses
Oct 18 2021 // The U.S. property insurance market is accumulating cyber exposures that could result in $12.5 billion in non-physical damage losses and cause capital adequacy ratios for some carriers to deteriorate. A study conducted by...
