Arthur J. Gallagher & Co. today said it has signed a definitive agreement with Cadence Bank to acquire Cadence Insurance, Inc. for $904 million cash. Baton Rouge, Louisiana-headquartered Cadence Insurance, the second largest bank-affiliated insurance brokerage in the nation, offers …
Third quarter net income at W.R. Berkley Corp. increased nearly 46% compared to the same period last year to about $334 million. The Greenwich, Connecticut-based insurer’s consolidated combined ratio for the quarter improved to 90.2 from 92.1 a year ago …
American Family Insurance shut down “several business systems” after the insurer said it “detected unusual activity in a portion of its network.” In an email to Insurance Journal, the Madison, Wisconsin-based insurer said its technology teams discovered the activity last …
In a letter to employees, GEICO president and chief executive officer Todd Combs said the Berkshire Hathaway company is laying off 2,000 associates, or about 6% of the workforce. “This will allow us to become more dynamic, agile, and streamline …
Third quarter net income at Travelers Cos. fell 11% compared to the prior-year quarter to $404 million on higher catastrophe losses and unfavorable reserve development. As one of the first insurers to report quarterly results, New York-based Travelers said it …
Progressive Corp. posted significant improvement in third quarter earnings late last week – with net income of $1.12 billion compared to $124.1 million a year ago during the same period. Progressive gave a snapshot of it’s Q3 earnings in announcing …
American Family has confirmed recent reports of layoffs, saying that it is “working to increase efficiency and manage costs” across its five insurance companies. The insurer did not provide specifics regarding the amount of employees, positions, or companies most affected …
In a move that has come to be expected following most cyberattacks, two victims of the recent 23andMe data breach have filed a class action lawsuit. The suit, filed in U.S. District Court for the Northern District of California alleges …
State attorneys general were busy Thursday announcing their share of a $49.5 million settlement with software company Blackbaud related to a 2020 ransomware event that exposed the data of millions of people across the U.S. Blackbaud said it reached the …
Underwriting losses in U.S. commercial auto have returned to pre-pandemic levels and rate increases have not been enough to keep up with severity trends. “The liability component has been more problematic than the physical damage component, which is no surprise …
