Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
Mosaic Launches Bermuda-Based Specialty Insurer, Along with Lloyd’s Syndicate 1609
Feb 4 2021 // Mosaic, a Bermuda-based global specialty insurer, has launched operations in Bermuda, London, the United States and Asia, along with a newly formed Lloyd’s syndicate. Operating with initial capitalization of $185...
New York Regulator Issues Guidance for Insurers Writing Cyber Policies in the State
Feb 4 2021 // The New York State Department of Financial Services (DFS) has issued new guidance spelling out best practices for New York-regulated property/casualty insurers that write cyber insurance. This serves as the first guidance...
‘A-‘ Rating Assigned to Illinois Workers’ Comp Carrier Pekin Select Insurance
Feb 3 2021 // AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” to Pekin Select Insurance Co. (PSIC), headquartered in Pekin, Ill., a subsidiary of Pekin...
North Carolina Tops 1K Captive Insurers in 7 Years
Feb 2 2021 // The North Carolina Department of Insurance has approved or licensed more than 1,000 risk-bearing captive entities (including conditional licenses and approvals) since its captive program inception in 2013 through year-end...
Homeowners Insurer, Openly, Expands Into Wisconsin
Feb 2 2021 // Openly, based in Boston, is now offering its homeowners insurance products and services in Wisconsin. More than 500 independent agents across the state can now access Openly’s technology that simplifies the...
As Insurers Exit Coal Underwriting, They May Find It’s Good for Stock Valuations
Feb 2 2021 // As far as climate groups like the Sunrise Project are concerned, getting insurers out of the coal underwriting business is the most important thing they can do. No more insurance, no more coal. It’s something Sunrise...
Repair Your Damaged Reputations, AM Best Tells UK Insurers
Feb 2 2021 // While most of the COVID-related problems that plagued UK commercial property insurers will abate after the March anniversary of lockdowns, battles with reinsurers and damaged reputations are lingering impacts, AM Best...
Uber Vet Invests $50M in Metromile as Insurer Readies Reverse Merger to Become Public
Feb 2 2021 // Auto insurer Metromile has attracted $50 million in new investment from a former Uber executive even as it has obtained regulatory approval to formalize a reverse merger deal that will make it a publicly-traded...
India’s New Rules for Insurance Investments Could Attract U.S., European Insurers
Feb 1 2021 // NEW DELHI – The Indian government on Monday said it plans to raise limits on how much foreign companies can invest in the country’s insurance industry, a move that could attract inflows from U.S. and European...
China Emphasizes Communist Party Leadership in Governance of Insurers, Banks
Jan 29 2021 // China’s banking and insurance regulator issued draft rules on Friday in which emphasized stronger Communist Party leadership in both state-owned and private banks and insurers to contain corporate governance...
GEICO Loses Appeal that Sought Coverage From Another Insurer for Lamborghini Crash
Jan 28 2021 // In a dispute between two insurers, a federal appellate court ruled that GEICO is solely liable for the cost of replacing a Lamborghini worth more than $100,000 that was totaled in a collision with another vehicle. A panel...
Title Insurer First American to Exit P/C Insurance with Transfers to Safeco, Heritage
Jan 27 2021 // Title insurer First American Financial Corp. reported recently that its property/casualty insurance subsidiaries have entered into book transfer agreements with Safeco Insurance and Heritage Insurance Holdings. The...
If Tokyo Olympics Canceled, Loss for Insurers Would Be ‘Mind-Blowingly’ Big
Jan 27 2021 // LONDON — Insurers are facing a $2-3 billion loss if the Tokyo Olympics are canceled this year, amounting to the largest ever claim in the global event cancellation market, brokers say. With less than six months until the...
Allstate to Sell Life Insurance Company to Blackstone for $2.8B to Grow in P/C
Jan 27 2021 // The Allstate Corp. is selling Allstate Life Insurance Co. to entities managed by investment firm Blackstone for $2.8 billion. Explaining the move from Allstate’s perspective, Allstate CEO Tom Wilson referred to a...
Consumers Open to Sharing Personal Data with Insurers But Worry About Data Security
Jan 26 2021 // If it means reduced premiums, consumers are willing to share their personal information with insurers but they question whether insurers can protect their data. The number of consumers willing to share significant data on...
S. Africa Insurer Santam Begins Processing 4,000 Business Interruption Claims
Jan 25 2021 // JOHANNESBURG— South African insurer Santam Ltd. said on Monday it will start processing business interruption claims for all commercial policies that were affected by a coronavirus-led lockdown in April beyond those of...
Texas Windstorm Insurer’s Rate Hike Request Denied
Jan 25 2021 // Texas regulators in early January rejected a request for a 5% rate increase by the state’s insurer of last resort for wind and hail for properties along the Texas coast. The Texas Department of Insurance denied the...
Insurer Hallmark Financial Explores Splitting Off Its Specialty Commercial Lines Business
Jan 22 2021 // Hallmark Financial Services, a specialty property/casualty company, announced Thursday that it is exploring the separation of its specialty commercial business to unlock its value and improve access to capital. Currently...
China Says Its Fintech Antitrust Moves Not Targeted at Private Banks, Insurers
Jan 22 2021 // China’s recent antitrust measures are not aimed at its private sector and do not seek to hinder the development of such firms, a senior banking and insurance regulator said on Friday, as the country looks to expand...
N.Y. Court Takes Contrary Position on Insurers’ Right to Recoup Defense Costs
Jan 21 2021 // It has long been understood that under New York law, an insurance company may recoup defense costs paid on behalf of an insured once it has been ultimately determined that there was no coverage in connection with the...
