Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
AM Best Revises Outlooks to Negative for Members of NLC Insurance Companies Pool
Jun 4 2021 // AM Best has revised the outlooks to negative from stable and affirmed the financial strength rating of A- (excellent) and the long-term issuer credit ratings of “a-” (excellent) of New London County Mutual...
P/C Insurers’ Underwriting Income Fell 53% in First Quarter: AM Best
Jun 4 2021 // The U.S. property/casualty (P/C) industry saw its net underwriting income fall in first-quarter 2021 by 53% as compared with the same prior-year period, according to preliminary financial results analyzed by AM...
Illinois Court: Insurer Has ‘Duty to Defend’ in Biometric Information Privacy Case
Jun 3 2021 // The Illinois Supreme Court recently sided with a policyholder seeking defense from its insurer for a lawsuit brought by a customer of a tanning salon alleging the insured unlawfully disclosed the customer’s biometric...
U.S. Insurers Lag Euro Counterparts in Climate Rating Report
Jun 3 2021 // Legislation to provide farmers with tools to help New York efforts to mitigate the impacts of climate change is making its way through state Legislature. The Soil Health and Climate Resiliency Act passed the Assembly...
World’s Largest Insurers ‘Failing’ to Address Climate Change, Biodiversity Loss
Jun 3 2021 // Most of the world’s largest insurers are failing to adequately address systemic risks such as climate change and biodiversity loss, but a group of five U.S. insurers are some of those that rank the lowest, according...
Broker Howden Launches World’s 1st Fully Sustainable Insurer, Parhelion
Jun 2 2021 // Howden, the London-based insurance broker, announced it is launching a UK insurer called Parhelion, which it describes as “the world’s first fully sustainable insurer.” Aiming to raise $500 million in...
Chasing Yield, Private Equity Firms Nudge Up Risk on Insurers: Analysis
Jun 2 2021 // Private equity firms have spent nearly $40 billion buying U.S. insurance companies in recent years, promising to earn higher returns on the mountains of money that insurers set aside to pay policyholders years or decades...
Allstate to Acquire Insurer SafeAuto to Merge Into National General Brand
Jun 2 2021 // Allstate has agreed to acquire Ohio-based SafeAuto, which offers car insurance that meets the minimum legal requirements in 28 states. The acquisition will be through Allstate subsidiary National General and SafeAuto will...
Montana Man Must Pay Restitution to Insurer for Arson
Jun 1 2021 // A south-central Montana man who pleaded no contest to hiring someone to burn down his house for the insurance money so he could pay a debt to the federal government in a drug case has been ordered to pay...
Swiss Financial Watchdog Requires Insurers, Banks to Disclose Climate Change Risks
Jun 1 2021 // ZURICH – Large Swiss banks and insurance companies will have to provide qualitative and quantitative information about risks they face from climate change, Swiss financial watchdog FINMA said on Monday as it released an...
Workers’ Comp Insurer SUNZ Expands into 13 Additional States
Jun 1 2021 // Florida-based SUNZ Insurance Co. is now licensed to write workers’ compensation policies in 13 additional states: Colorado, Hawaii, Iowa, Nevada, New Hampshire, New Mexico, South Carolina, South Dakota, Utah,...
Wrongful Death Suit Filed Against County, Insurers Over Fatal 2020 Alabama Marina Fire
Jun 1 2021 // A lawsuit filed over a dock fire that killed eight people at a county marina in north Alabama last year contends officials failed to ensure the safety of the structure. The wrongful death suit names Jackson County...
Cyber Insurers Seeing Surge in Interest by Energy Companies Since Pipeline Attack
May 28 2021 // U.S. energy companies are scrambling to buy more cyber insurance after this month’s attack on Colonial Pipeline disrupted the U.S. fuel supply, but they can expect to pay more as cyber insurers plan to hike rates...
COVID Takes Big Bite from Multiline Insurers’ Earnings, in ‘Manageable’ Event: S&P
May 28 2021 // The COVID-19 crisis cost 16 global multiline insurers about $8 billion in 2020, although they still reported substantial net profit of $36 billion, according to a report published by S&P Global Ratings. This net profit...
Cyber Insurers Hike Rates But Worry About Pricing Long-Term As Losses Mount: Fitch
May 27 2021 // U.S. insurers offering cyber coverage have been implementing significant pricing and underwriting actions in 2021 in response to a spike in cyber claims, according to Fitch Ratings. Fitch predicts that immediate...
Lloyd’s, London Insurers Form Joint Venture with DXC to Transform Digital Processing
May 27 2021 // Lloyd’s and insurers in the London company market have formed a joint venture with DXC Technology, aiming to transform digital capabilities and reduce processing costs for the London insurance markets. The joint...
Texas Seeking Insurer Data on Catastrophe Experience in 2020
May 26 2021 // The Texas Department of Insurance (TDI) has issued a data call for information from certain insurance companies writing property insurance in Texas during calendar year 2020. The information will be used by the Texas...
Swedish Tech Start-up Haidrun Launches Blockchain Platform Targeted at Re/Insurers
May 25 2021 // Swedish tech start-up Haidrun has launched an enterprise blockchain platform targeted at insurers and reinsurers. Haidrun’s private blockchain platform eliminates suspicious and duplicate transactions by securely and...
Crypto Insurer Evertas Raises $5.8M in Seed Funding
May 25 2021 // Evertas, a cryptoasset insurance company, said it has raised nearly $5.8 million in seed funding, which it will use to accelerate product development, increase its insurance cap[a city and build out its infrastructure. The...
Beneath the Surface: Why Insurers Should Look Beyond “the Tip of the A.I. Iceberg”
May 24 2021 // Nearly 75% of respondents in a recent survey from the Coalition Against Insurance Fraud and Shift Technology said they believe that among relevant technology, artificial intelligence (A.I.) will have the greatest impact on...
