Articles by Andrew G. Simpson

IRS Urges Participants in ‘Abusive’ Micro-Captives to Get Out Now

Internal Revenue Service officials are again urging participants in “abusive” micro-captive insurance arrangements to exit these transactions as soon as possible. The IRS considers that many micro-captive arrangements are not really about insurance. The IRS has stepped up examinations of …

Some States Still Weigh Mandating Business Interruption Coverage

Since about a year ago when their business constituents began complaining that their insurance companies were telling them their policies do not cover their losses from the pandemic, lawmakers in a number of states have responded by filing legislation to …

Chubb ‘Disappointed’ in Hartford’s Rejection of Merger Offer, Talks

Global insurer Chubb Ltd. today issued a statement that it is “disappointed that The Hartford chose not to engage in discussions regarding a strategic business combination.” However, the disappointed insurer said it will continue to seek opportunities for acquisitions. Chubb’s …

Analysts Affirm CNA Ratings As Insurer Continues Probe of Cyber Attack

CNA Financial Corp.’s financial ratings have not been affected by the insurer’s recent cyber attack. AM Best, S&P Global Ratings and Fitch Ratings all affirmed their current ratings and outlooks for CNA and its subsidiaries and said they believe the …

Why Its Bid for The Hartford Is a Personal Lines ‘Chess’ Move by Chubb

While Chubb’s $23.2 billion opening bid for The Hartford appears to be mostly a commercial lines play to many observers, one experienced industry observer has a different take on it. Chubb CEO Evan Greenberg would certainly welcome what The Hartford …

Cyber Insurance Firm Coalition Raises $175M; Plans Commercial Lines Expansion

Coalition, a cyber insurance managing general agency and security company, said it has raised $175 million to accelerate its growth and global expansion. The firm said it will use the funds to expand internationally as well as into other commercial …

People Moves: Institutes’ Horowitz; Rizzuto from Travelers to IAT; BHSI Adds AIG’s Freid; Ryan Re Leaders

Horowitz Promoted at The Institutes Katherine Horowitz has been promoted to executive vice president and head of Business Units at The Institutes. Horowitz will oversee the growth and strategic direction of multiple business units as well as continue to lead …

Some States Still Weigh Mandating Business Interruption Coverage

Since about a year ago when their business constituents began complaining that their insurance companies were telling them their policies do not cover their losses from the pandemic, lawmakers in a number of states have responded by filing legislation to …

Google Hires Deloitte’s Walsh to Lead North American Insurance Business

Google has hired former Deloitte Digital partner Nigel Walsh to lead its insurance business in North America. Walsh disclosed the news on Twitter and LinkedIn. He noted on LinkedIn that he’ll be part of a team led by Yolande Piazza, …

Federal Flood Insurance Premiums Far From Keeping Up With Expected Losses

If the nearly 4.3 million residential homes (1-4 units) across the country with substantial flood risk were to be insured through the National Flood Insurance Program (NFIP), the NFIP rates would need to increase 4.5 times to cover the risk …