Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
Texas Court: Exxon Covered by Contractor’s Excess Insurers
Apr 18 2023 // Two excess insurers may be liable for the more than $20 million that ExxonMobil Corp. paid to settle lawsuits filed by a contractor’s employees who were badly burned while working at an Exxon refinery, the Texas...
Japanese Insurer’s Plan to Sell Foreign Debt Flashes Market Warning
Apr 18 2023 // A Japanese insurer with $65 billion of assets plans to offload all its currency-hedged foreign debt holdings, foreshadowing what may become a renewed wave of selling by some of the biggest investors in global bond...
Florida Insurers Facing a New 1% Assessment on Premiums for Insolvent Insurer Claims
Apr 18 2023 // Florida property insurers are preparing for another assessment on premiums to help the Florida Insurance Guaranty Association fund outstanding claims from an insolvent insurer. The 1% emergency assessment on all premium...
Breaking it Down: What Florida Insurers Need to Know about Bad Faith After Tort Reform
Apr 18 2023 // Bad-faith litigation is a hot topic in Florida following the passage of the new tort-reform measure known as House Bill 837. However, even in the face of reasonable legislative changes, it remains important for insurers...
Insurers Balk at Coverage for Firm Accused of Delivering Damaging Biofuel to Customers
Apr 17 2023 // Two Crum & Forster subsidiaries have asked a federal court in Massachusetts to declare that they have no duty to provide coverage to an insured heating oil company over its delivery of oil diluted with high quantities...
Can Insurance Carriers Stem the Bleeding from Tech Layoffs?
Apr 17 2023 // This post is part of a series sponsored by AgentSync. In January 2023 alone, Amazon laid off 18,000 people; Google laid off 12,000 people; Microsoft laid off 10,000 people; and Salesforce laid off 7,000 people. And these...
D&O 2022: Prices Down; Loss Ratios Up; Top Carriers Ranked
Apr 17 2023 // Although analysts at Fitch Ratings estimate that combined ratios for the directors and officers liability line remained below breakeven in 2022, with competition fueling price declines and the economic conditions...
Are Commercial Property Insurance Companies Dinosaurs?
Apr 17 2023 // The vast majority of commercial property, i.e., assets, are no longer physical. The majority of commercial assets are intangible. In fact, the overwhelming majority of assets owned by insurance agencies are intangible....
Federal Law Preempts Stolen Cargo Claim by Insurer Against Florida Transport Broker
Apr 14 2023 // Landstar Ranger, a transportation broker based in Jacksonville, sent a truck driver who called himself “James” to pick up cargo in Colorado for delivery to Maryland. A dispatcher authorized the pickup even...
Florida Commercial Insurer Capacity Insurance Now in Runoff, OIR Order Says
Apr 14 2023 // Less than a year after it announced it would stop writing new business in Florida, commercial carrier Capacity Insurance has been placed under administrative supervision and is now in an orderly runoff. The Florida Office...
HCI Launching New Florida HO Insurer After Go-Ahead From Regulators
Apr 13 2023 // Florida regulators have given a green light to a new homeowners insurance company, the first since state lawmakers took steps in December to rein in costly claims litigation. Tailrow Insurance Co., part of HCI Group, was...
Third Point’s Loeb Looks to Take Re/insurer SiriusPoint Private
Apr 12 2023 // Activist investor Daniel Loeb is looking to take insurance firm SiriusPoint Ltd. private, the founder of hedge fund Third Point said in a regulatory filing, sending the shares of the company up 13% in early trading on...
Dog-Related Injuries Cost Insurers More Than $1 Billion in 2022
Apr 12 2023 // Insurers paid out more than $1 billion in dog-related injury claims in 2022, a 28% increase over 2021 even though the number of claims decreased last year, according to the Insurance Information Institute (Triple-I) and...
How Insurers Can Harness the Power of AI
Apr 12 2023 // Powered by InsuranceJournal.tv There is a lot of talk about the insurance industry being slower to adopt new technologies, such as artificial intelligence, but Counterpart CEO Tanner Hackett and Socotra CEO Dan Woods both...
Court Finds Insurer’s Evidence Insufficient to Support Subrogation Suit
Apr 12 2023 // Circumstantial evidence suggesting a fire that damaged four buildings in the Queens neighborhood of New York City was caused by improper use of extension cords was not enough to allow an insurer to proceed with a...
Catastrophe Losses Drive 2021 U.S. P/C Insurer Impairments: AM Best
Apr 10 2023 // Seventeen U.S. property/casualty insurance companies became impaired in 2021, with seven of the impairments driven by catastrophe losses from hurricanes, primarily in Louisiana and Florida, according to an AM Best...
Altering Adjusters’ Reports a No-No Under Florida Insurer Accountability Bill
Apr 6 2023 // As trial lawyers and news reports around the state continue to criticize Florida lawmakers for the far-reaching tort-reform passed last month, the Senate Banking and Insurance Committee has approved a bill designed to...
Ignited by Pandemic Changes, Insurers Embraced Innovation
Apr 5 2023 // The pandemic kickstarted the new wave of accepting and using innovative systems and methods in the insurance industry. It opened eyes to the ways that innovations and technology could do more than just efficiently get the...
German Insurers Renew Cover for Blast-Damaged Nord Stream 1 Gas Pipeline
Apr 4 2023 // German insurers Allianz and Munich Re have renewed cover for the damaged Russia-controlled Nord Stream 1 gas pipeline, five sources with knowledge of the matter said, indicating that its revival has not been ruled out...
P/C Carriers Losing Ground to MGAs in Talent War
Apr 3 2023 // During a webinar about an insurance industry labor market survey, an industry recruiter said insurance carriers are losing ground to managing general agents in the war for talent. “On the property and casualty side,...
