Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
Legacy Specialist DARAG Buys Luxembourg Auto and Travel Insurer, Arisa Assurances
Aug 6 2020 // DARAG Group Ltd., the Malta-based legacy acquirer, announced the acquisition of Arisa Assurances SA, an automobile and travel insurance company based in Luxembourg. The transaction will be conducted through DARAG’s...
Insurer AXA, With H1 Net Income Down 40%, Warns of Future COVID-19 Shocks
Aug 6 2020 // AXA SA’s profit sank in the first half as it booked a 1.5 billion-euro ($1.8 billion) charge for claims related to COVID-19 and warned of further shocks from the pandemic. The French insurer saw net income fall 39%...
Rideshare Insurer Buckle Raises $31 Million to Fuel Nationwide Expansion
Aug 5 2020 // Buckle, a digital seller of rideshare insurance, disclosed it has raised $31 million in new venture financing and will use the money to expand operations nationally. HSCM Bermuda and Eos Venture Partners co-led the Series...
Sampo Group and S. African Investor to Acquire UK Insurer Hastings for $2.2B in Cash
Aug 5 2020 // UK insurer Hasting Group Holdings has agreed to a £1.66 billion (US$2.2 billion) cash acquisition by Finnish insurer Sampo and Rand Merchant Investment Holdings Ltd., a South African financial services investment...
UK Insurer Direct Line’s H1 Profits Beat Forecasts as Auto Claims Drop During Lockdown
Aug 4 2020 // Insurer Direct Line gave a double bonus to shareholders on Tuesday as first-half profits beat expectations due to a slump in motor claims as Britons drove less during the coronavirus lockdown. Britain’s biggest car...
UK Regulator Warns Insurers to Fairly Calculate COVID-Related Biz Interruption Claims
Aug 4 2020 // Insurers that do not treat customers fairly when calculating payouts for business interruption due to the coronavirus crisis will face action by Britain’s markets watchdog. The Financial Conduct Authority (FCA) has...
Rule Requires Washington Insurers to Notify Consumers of Appeal Rights
Aug 3 2020 // All insurers in Washington that take action against a policyholder must include information in the notices about the right to appeal and how to contact the insurance commissioner’s Consumer Protection division if...
Insurer Hiscox Reserves $232 Million for Coronavirus-Related Claims in First Half
Aug 3 2020 // Hefty payouts for sports events and holidays canceled due to the coronovirus crisis helped send insurer Hiscox deep into the red on Monday and pummeled its shares to their lowest in more than two months. The company, which...
5th Circuit: Texas Carrier Must Defend Against Claim Despite Policy Exclusion
Aug 3 2020 // Texas law requires an insurer to defend the grandparents of a 10-year-old boy who was killed while driving their all-terrain vehicle against a negligence lawsuit, even though the carrier says neither the boy nor the crash...
Italian Insurer Cattolica Paves Way for Tie-Up with Generali
Jul 31 2020 // Shareholders in Italian cooperative insurer Cattolica Assicurazioni approved its conversion into a joint-stock company on Friday, paving the way to a tie-up with Generali to boost its capital position. Generali last month...
Insurers’ $158 Billion CLO Bet Is Putting the Industry at Risk
Jul 31 2020 // They’ve been billed as a solution to the rock-bottom interest rates weighing down the returns of America’s asset managers. Collateralized loan obligations — which package and sell leveraged loans into...
Canadian Life Insurers to See Double-Digit Profit Drop in Q2 on COVID-19 Impact
Jul 31 2020 // Canadian life insurers are set to see double-digit earnings decreases in the second quarter as the pandemic-induced economic slowdown has ushered in decade-low interest rates and weighed on sales. Analysts predict declines...
S. Africa Insurers’ COVID-19 Payments May Be Too Little, Too Late, for Some Businesses
Jul 31 2020 // South African small businesses fighting rejected coronavirus-related claims said insurers’ offers of relief are too little too late for many and could leave some already struggling to survive with nothing at...
COVID-19 Pandemic to Intensify Risks for Insurers: EU Regulator
Jul 30 2020 // Insurers in the European Union are confronted with risks on several fronts that are intensified by the COVID-19 pandemic, and could face lengthy legal battles from claims relating to lockdowns, the bloc’s insurance...
Insurer Canopius Promotes Pike to Head of Credit & Political Risk
Jul 30 2020 // Canopius announced it has promoted Stephen Pike as head of Credit & Political Risk (CPR) team, part of the Credit, Political & Crisis (CPC) division, effective immediately. Pike joined Canopius as an underwriter in...
Finland’s Sampo Oyj Explores Cash Offer of UK Insurer Hastings
Jul 30 2020 // Finnish insurance group Sampo Oyj is exploring an entry into the UK market with a potential bid for general insurer Hastings Group Holdings Plc. Sampo and Hastings’s biggest shareholder, Rand Merchant Investment...
The Importance of Forensic Accounting to Future Hurricane BI Claims
Jul 30 2020 // As a licensed general contractor and a certified public accountant in South Florida who has been advising clients in accounting- and construction-related issues for the past 15 years, I have seen hurricane seasons come and...
First Insurance Company of Hawaii Launches Admitted Parametric Product
Jul 29 2020 // First Insurance Company of Hawaii (FICOH) has launched a parametric product for Hawaii homeowners and renters. The FirstTrack product provides coverage for expenses that fall below most hurricane policy deductibles,...
S. African Insurers Bow to Policyholder Demands to Pay COVID Biz Interruption Relief
Jul 29 2020 // South African insurers are bowing to demands for the payment of losses that businesses suffered during the nation’s lockdown. Momentum Metropolitan Holdings Ltd.’s Guardrisk will make settlement payments to...
Celebrating Insurers Warned Michigan COVID Ruling Not Knockout Punch They Wanted
Jul 29 2020 // A recent ruling from a Michigan judge that business interruption claims payouts require tangible alteration to a property may have sounded like a knockout win for the insurance industry but a legal expert has a slightly...
