Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
China Regulator Orders Large Insurers, Banks to Prepare ‘Living Wills’ to Handle Risks
Jun 10 2021 // BEIJING — China’s banking and insurance watchdog issued rules on Wednesday requiring sizable banks and insurers to prepare recovery plans in the unlikely event that they run into financial trouble, as the regulator...
Embroker, with Plan to Become Full-Stack Insurance Carrier, Raises $100M
Jun 9 2021 // Embroker, a digital broker focused on business insurance, aims to become a full-stack insurance carrier – an expansion of its strategy enabled by $100 million in new venture capital financing. The money infusion will...
Swedish Activist Investor Cevian Buys 4.95% Stake in UK Insurer Aviva
Jun 9 2021 // Swedish activist investor Cevian Capital AB has bought almost 5% of Aviva Plc, placing it among the insurer’s top three holders. Christer Gardell, managing partner at Cevian, said the Stockholm-based investor now...
Forgotten Your Passwords? They Soon May Be Lost Altogether – with Insurers’ Help
Jun 9 2021 // The most popular password in 2020 was exposed almost 24 million times and took less than a second to crack. While a shocking statistic, when you learn that the most popular password of 2020 was “123456,” this...
Washington, California Urge Insurers to Adopt Task Force Climate Reporting Guidelines
Jun 8 2021 // Washington Insurance Commissioner Mike Kreidler and California Insurance Commissioner Ricardo Lara are askikng all insurers that are currently required to report to them annually on climate change to start reporting their...
Global Insurers Face Hefty Costs of $15B-$20B to Implement IFRS 17: WTW
Jun 8 2021 // The total cost faced by the global insurance industry to implement IFRS 17 is estimated to be in the range of US$15 billion-$20 billion, according to a new global survey by Willis Towers Watson. While the estimated costs...
Bank of England Launches Climate Change Stress Test for Insurers, Banks
Jun 8 2021 // The Bank of England on Tuesday set out its first comprehensive stress test of the ability of the British financial system to cope with climate change, saying the results will not be used to determine capital requirements...
Florida Top Court Says Insurer Can Pursue Malpractice Claim Against Defense Law Firm
Jun 8 2021 // Attorneys who are hired by insurance carriers to defend policyholders from lawsuits have a duty to represent the insured, but the insurer is paying their fees. Obviously, the insurer has a financial interest in the outcome...
Italian Insurer Cattolica Delays €200M Cash Call due to Generali’s Recent Takeover Offer
Jun 8 2021 // MILAN – Italian insurer Cattolica said on Monday it had decided to delay a planned 200 million euro ($244 million) cash call to give its shareholders the chance to take up a buyout offer by bigger peer Assicurazioni...
Law Firms and Their Insurers Feel the Pain of Bigger Malpractice Claims
Jun 7 2021 // Even as law firms made adjustments to sustain their operations through the COVID-19 pandemic, they were unable to avoid the rising costs of malpractice claims. Indeed, the time period beginning in 2019 through mid-2020...
Arkansas Commissioner: Insurers Can’t Mandate Use of Designated Auto Repair Shop
Jun 4 2021 // Arkansas Insurance Commissioner Alan McClain is reminding insured Arkansans seeking automobile repairs that insurance companies cannot require automobile repairs be done at a specific repair shop. “If an insurer...
Insurers Must Totally Reassess Approach to ‘Grim’ Cyber Insurance Market: AM Best
Jun 4 2021 // With the cyber risk hazard environment—ransomware, business interruption and aggregation—worsening significantly, “prospects for the U.S. cyber insurance market are grim,” according to an AM Best...
AM Best Revises Outlooks to Negative for Members of NLC Insurance Companies Pool
Jun 4 2021 // AM Best has revised the outlooks to negative from stable and affirmed the financial strength rating of A- (excellent) and the long-term issuer credit ratings of “a-” (excellent) of New London County Mutual...
P/C Insurers’ Underwriting Income Fell 53% in First Quarter: AM Best
Jun 4 2021 // The U.S. property/casualty (P/C) industry saw its net underwriting income fall in first-quarter 2021 by 53% as compared with the same prior-year period, according to preliminary financial results analyzed by AM...
Illinois Court: Insurer Has ‘Duty to Defend’ in Biometric Information Privacy Case
Jun 3 2021 // The Illinois Supreme Court recently sided with a policyholder seeking defense from its insurer for a lawsuit brought by a customer of a tanning salon alleging the insured unlawfully disclosed the customer’s biometric...
U.S. Insurers Lag Euro Counterparts in Climate Rating Report
Jun 3 2021 // Legislation to provide farmers with tools to help New York efforts to mitigate the impacts of climate change is making its way through state Legislature. The Soil Health and Climate Resiliency Act passed the Assembly...
World’s Largest Insurers ‘Failing’ to Address Climate Change, Biodiversity Loss
Jun 3 2021 // Most of the world’s largest insurers are failing to adequately address systemic risks such as climate change and biodiversity loss, but a group of five U.S. insurers are some of those that rank the lowest, according...
Broker Howden Launches World’s 1st Fully Sustainable Insurer, Parhelion
Jun 2 2021 // Howden, the London-based insurance broker, announced it is launching a UK insurer called Parhelion, which it describes as “the world’s first fully sustainable insurer.” Aiming to raise $500 million in...
Chasing Yield, Private Equity Firms Nudge Up Risk on Insurers: Analysis
Jun 2 2021 // Private equity firms have spent nearly $40 billion buying U.S. insurance companies in recent years, promising to earn higher returns on the mountains of money that insurers set aside to pay policyholders years or decades...
Allstate to Acquire Insurer SafeAuto to Merge Into National General Brand
Jun 2 2021 // Allstate has agreed to acquire Ohio-based SafeAuto, which offers car insurance that meets the minimum legal requirements in 28 states. The acquisition will be through Allstate subsidiary National General and SafeAuto will...
