Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
The Competitive Advantage: Who Needs Insurance?
Dec 4 2017 // Who needs insurance? Not the perfect risk, other than for contractual and legal reasons. The perfect risk has absolutely no chance, not even remotely, of incurring a loss. If an account has almost no probability of...
‘Substantial’ Rate Hikes Expected As Re/Insurers’ Results Take a Hit: Swiss Re
Dec 4 2017 // Non-life re/insurers’ full-year underwriting results are likely to be severely affected by the second half of the year’s three hurricanes and earthquakes in Mexico–which will lead to rate hardening for...
Program Business Sector Revenue Jumps 11.7% from 2014 to 2016: TMPAA
Dec 4 2017 // The financial performance of commercial property/casualty insurance program administrators continued to outpace the performance of the overall property/casualty insurance markets, according to a recent study. Program...
California Fires Will Add to 2017 Insurer Catastrophe Losses, Fitch Says
Dec 4 2017 // No U.S. reinsurance companies in Fitch Rating’s rated universe are expected to be downgraded as a result of losses from the California wildfires alone, but for a number of companies the impact of wildfire losses adds...
Workers’ Comp Carrier Guarantee Insurance Declared Insolvent by Florida Regulators
Dec 4 2017 // Florida insurance regulators have placed workers’ compensation carrier Guarantee Insurance Co. in receivership. According to documents from the Florida Office of Insurance Regulation (OIR), the company was materially...
Insurer Says Policy Doesn’t Cover Mississippi Building Collapse
Dec 4 2017 // Hudson Specialty Insurance has sued in federal court in Natchez, Miss., to nullify a policy covering a building that collapsed July 23 in the City of McComb, saying coverage was voided after the building owner took money...
North Carolina Insurers Request 18.7% Increase for Homeowners Insurance
Dec 4 2017 // The North Carolina Rate Bureau has filed notice with the N.C. Department of Insurance to request a statewide average increase in homeowners insurance rates of 18.7 percent for 2018, according to Insurance Commissioner Mike...
CVS to Pay $67.5B for Aetna to Create Giant Health Firm with ‘10,000 New Front Doors’
Dec 3 2017 // CVS Health Corp. will buy Aetna Inc. for about $67.5 billion, creating a healthcare giant that will have a hand in everything from insurance to the corner drugstore. CVS will pay $207 a share for Aetna, with $145 a share...
Randall & Quilter Sells R&Q Managing Agency to U.S. MedMal Insurer Coverys
Dec 1 2017 // Randall & Quilter Investment Holdings Ltd. announced it has completed the sale of its Lloyd’s managing agency, R&Q Managing Agency Ltd. (RQMA), to Coverys, a provider of medical professional liability...
Update: Messy Brexit Could Lead to ‘Contract Continuity’ Disruption for Insurers, Banks
Dec 1 2017 // As far as Brexit headaches go, Barclays Plc’s John McFarlane says that while his bank is on top of job relocations, he’s more concerned about rewriting “hundreds of thousands” of...
Express Scripts Not Looking But Open to Deal with an Insurer, Amazon
Dec 1 2017 // Express Scripts Holding Co.’s chief executive said he’s open to a deal with a health insurer or partnering with Amazon.com Inc. CEO Tim Wentworth’s pharmacy benefits company has been battered by departing...
How Payment Policies of Insurers, Government Discourage Opioid Alternatives
Dec 1 2017 // For the drug industry, building a better pain pill is a problem. Pharmaceutical companies have introduced new medicines to treat dependence, reverse overdoses, and deal with opioids’ side effects. But few effective...
Insurers’ Asbestos Payments in 2016 Topped $3 Billion
Nov 30 2017 // While U.S. asbestos-related incurred losses dropped in 2016, property/casualty insurers’ payments for asbestos claims grew 9 percent and hit $3.2 billion for the year, a new A.M. Best report concludes. The $3.2...
Florida’s Hurricane Irma Recovery: The Cost, The Challenges, The Lessons
Nov 30 2017 // The hurricane season is officially over, but it didn’t go by without leaving a major mark on Florida and its insurance industry. Hurricane Irma, a name most in the state won’t soon forget, first hit the Florida...
Another Insurance Fraud Reminder
Nov 29 2017 // Two recent stories in Insurance Journal caught my eye and gave me this topic. Florida Puts Worker’s Comp Carrier Guarantee Insurance In Receivership Florida Keys Insurance Agent Accused of Defrauding Citizens...
Markel Completes Acquisition of UK Building Services Insurer EC Insurance Co.
Nov 29 2017 // Markel International, the specialist insurer, has completed its acquisition of EC Insurance Co. Ltd. (ECIC), having received approval from the Prudential Regulation Authority. Sevenoaks, England-based ECIC provides a wide...
State Auto’s Extension of CEO LaRocco’s Contract a Vote of Confidence in Turnaround Strategy
Nov 28 2017 // Mike LaRocco, who took over president and CEO of State Automobile Mutual Insurance Co. in May 2015, has won the support of the company’s board of directors for an extension of his contract until Dec. 31,...
Insurer Says Troubled Vermont Town Must Comply with Conditions
Nov 28 2017 // A Vermont organization that serves the state’s municipal governments says the town of Victory must comply with certain conditions of probation or lose its insurance. The Caledonian Record reports that the conditions...
Chubb Forms Partnership with China’s Largest P/C Insurer, PICC
Nov 27 2017 // Giant insurer Chubb Limited has entered into a 10-year strategic cooperation agreement with PICC Property & Casualty Company of China that will provide PICC’s customers and other Chinese-affiliated companies...
UK, Ireland’s Storm Ophelia to Cost Insurers an Estimated $70.1M: PERILS
Nov 27 2017 // Insurance losses for Storm Ophelia, which hit Ireland and the United Kingdom on Oct. 16-17, are estimated at €60 million (US$70.1 million), according to PERILS, the independent Zurich-based organization that provides...
