Articles by Andrew G. Simpson

Altamont Capital Deal to Acquire Topa Insurance Called Off

The deal for Altamont Capital Partners to acquire Topa Insurance Group has been called off. Last August, Altamont Capital Partners signed an agreement to acquire Calabasas, Calif.-based Topa Insurance Group from its long-time owner, Topa Equities Ltd. While Altamont was …

Fitch Sees Little Stress on Insurer Ratings From Pandemic. Thus Far.

Having reviewed 70% of all of the North American insurers it rates for the effects of the coronavirus and economic downturn, Fitch Ratings has affirmed the ratings of 72% of the carriers with stable outlooks. Only 4% have been downgraded. …

Legal Sea Foods Restaurant Sues Over Business Losses Under Policy Issued March 1

A popular seafood restaurant chain that has been shuttered by the coronavirus and restrictions on dining has gone to court to get its insurer to pay for its business interruption losses. It believes its insurer is obligated in part because …

Raising Workers’ Total Health With Workers’ Comp The Many Ways a Job Affects a Worker’s Well-Being

Workers’ compensation leaders are being urged to move away from thinking primarily about how best to prevent and treat a worker’s physical injury to considering how to help the whole worker. It’s a daunting assignment given the variety of ways …

Treating the Total Person: Overcoming the Mental Health Stigma

In the HBO drama The Sopranos, crime boss Tony Soprano sneaks through a maze of storefronts to meet with his therapist. The last thing he wants is for his mob family to know he is seeing a shrink. That would …

CEO Musk Replaces Tesla’s D&O Policy with ‘Personal Coverage’

Tesla founder and CEO Elon Musk is getting into the insurance business again, sort of. Musk has cancelled his company’s directors and officers insurance (D&O), replacing it with a promise to personally provide his board members with “equivalent” coverage to …

Brown & Brown Reports Q1 Revenue Up; Takes Steps to Anticipate Coronavirus Impact

Insurance agency Brown & Brown saw revenues and net income increase in the first quarter, even after accounting for expected lower revenues on existing employee benefits and workers’ compensation policies and other potential effects from the coronavirus crisis. Revenues increased …

Employers May Exclude Payroll to Employees Not Working for Workers’ Comp: NCCI

Businesses that have suspended operations due to COVID-19 but continue to pay employees who are at home but not working will not have to include the payroll paid to these employees in the calculation of their workers’ compensation premium. The …

How to Maximize P/C Insurance Industry’s Crisis Response: Make Small Steps Part of Bigger, Long-Term Strategy

I’m shocked, just shocked that you’re suggesting that during a crisis that insurance companies might in fact be considered the villains. I’ve never heard that before.” That’s Richard Levick speaking. Levick, who has a public affairs, crisis and reputation risk …

Progressive Gives $2M to Big ‘I’ Fund to Aid Agencies Affected by Coronavirus Crisis

Progressive Insurance has donated $2 million to establish the Trusted Choice COVID-19 Relief Fund in response to the economic and operational challenges the coronavirus crisis has presented to independent agencies. The grant will be dispersed directly to independent agencies via …