There has been a somewhat return to normal when it comes to insurance agency mergers and acquisitions, with traditionally active buyers preferring to remain inactive to focus on integration of agencies they’ve already acquired. According to the M&A database of …
Allstate Corp. on Thursday reported January pretax catastrophe losses of $276 million. The Northbrook, Illinois-based insurer reached its $150 million threshold to report catastrophe losses following several months of low totals. Consolidated catastrophe losses for the fourth quarter 2023 totaled …
The excess and surplus lines market continued to grow in 2023, with premium reaching nearly $73 billion according to data from 15 state surplus lines office release by the Wholesale & Specialty Insurance Association (WSIA). 2023 premiums reflected a 14.6% …
Prudential Financial has disclosed a hacker gained unauthorized access to its systems earlier this month. In a Feb. 13 filing with the U.S. Securities and Exchange Commission, Prudential said that on Feb. 5 it detected a threat actor — believed …
American International Group (AIG) during the fourth quarter 2023 recorded underwriting income of $642 million within its General Insurance segment — a slight increase from $635 million during the same quarter the prior year. Adjusted pretax income (APTI) in the …
Fourth quarter net income at CNA Financial Corp. was up about 54% to $367 million, and net income for the year increased 77% to a record $1.2 billion. CNA said its property/casualty segments recorded net premium growth during the quarter …
Broker Marsh said the composite rate change at renewal for U.S. commercial lines was up 3% in the fourth quarter 2023, led by an 11% increase in property rates. The Marsh Global Insurance Market Index said it was the 25th …
According to S&P Global Market Intelligence’s RateWatch, Farmers Insurance instituted double-digit rate increases in 43 states in 2023 for a weighted average rate increase of 17.6% — and its private-auto insurance peers in the U.S. did the same. All 10 …
Liberty Mutual has confirmed it is eliminating about 250 positions, or 0.5% of its global workforce, as it continues implementing new organizational structures within US Retail Markets and Global Risk Solutions units. In an email a spokesperson said some employees …
The Hartford said fourth quarter net income available to common stockholders increased 30% to $766 million. The insurer ended the year with net income up 38% to about $2.5 billion. Commercial lines record fourth quarter 2023 net income of $687 …
