USAA News

USAA Becomes 3rd Insurer to Report $1B-Plus in Claims So Far for LA Wildfires

USAA has paid out more than $1 billion for the Los Angeles wildfires, making it the third insurer to report $1 billion or more in payouts for the destructive blazes that burned thousands of properties. The company, which is among …

Andrade Leaves Everest Group to Become USAA President and CEO

Juan C. Andrade is USAA’s new president and chief executive officer, said the insurance provider to millions of active military, veterans, and their families. Andrade will assume the role on April 2 and take over for Wayne Peacock, who announced …

USAA President, CEO Peacock Retiring in 2025

USAA announced that its chief executive officer and president, Wayne Peacock will retire during the first half of 2025, after 36 years at the company—serving the last five as CEO. In a letter Peacock sent to USAA teammates yesterday, the …

USAA Renter’s Insurance Policyholder Charged with Multiple Counts of Fraud

Maryland Attorney General Anthony G. Brown reports that a grand jury for Prince George’s County has handed down two indictments charging an Upper Marlboro woman with insurance fraud. According to Brown, Rhonda Keisha Powell, also known as Rhonda Keisha Jackson, …

After First Net Loss Since 1923, USAA Back to Profit in 2023

USAA on Friday said it recorded net income for 2023 of about $1.2 billion, reversing a 2022 loss—the first for the company since 1923—of about $1.3 billion. The San Antonio, Texas-based reciprocal exchange said revenue was up 17% year-over-year to …

Warrant Issued for Former Washington Lawyer Accused of Stealing Insurance Settlement

A Bothell, Washington man was added to Insurance Commissioner Mike Kreidler’s Insurance Fraud Most Wanted list. Clinton Jonathan “Sonny” Behrends failed to appear at his arraignment after being charged by the King County Prosecutor’s Office with two counts of first-degree …

Regulatory Weaknesses, Politics Driving Marketplace Exits, Industry CEOs Say

A trio of property/casualty carrier executives voluntarily offered their views on a growing insurance availability crisis in a state like California at an industry conference last week, pointing to regulatory disconnects and political issues as drivers. “I have real question …

Federal Appeals Court Reverses, Allows $5M Bad Faith Claim vs. USAA to Proceed

The poorly executed handoff of a claims file from a retiring claims adjuster to his replacement may have made USAA liable for a $5.2 million excess judgment. A panel of the U.S. 11th Circuit Court of Appeals on Tuesday reversed …

USAA Settles Mississippi Class Action Over Underpaid Auto Claims

Another national insurance company has agreed to settle a class-action lawsuit alleging it underpaid hundreds of auto insurance claims. A federal court in Mississippi this month signed off on a confidential settlement in a suit brought by Mississippi drivers against …

Chubb’s Digital Platform Blink Partners With USAA on Cyber Insurance

Insurer Chubb’s new digital platform Blink is partnering with its first insurance carrier to offer cyber insurance to military families. The arrangement allows USAA Insurance Agency to offer a Chubb-backed personal cyber insurance offering through Blink. USAA Insurance Agency is …