Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
California Commissioner High on Marijuana Insurance, Sums up Trump Battle
Oct 2 2017 // It’s David vs. Goliath. That about sums up California Insurance Commissioner Dave Jones’ feelings on his efforts to keep the remnants of Obamacare up and running in his state while President Trump does his best...
States Should Implement Stronger Safeguards for Consumers in Natural Disasters: Rutgers Report
Oct 2 2017 // As homeowners file insurance claims in the wake of Hurricanes Harvey and Irma, many could find their level of protection depends on the state where their damaged home is located, according to a research report released by...
Workers’ Comp Premiums Up 1.0% in First Half of 2017
Oct 2 2017 // Workers’ compensation insurers reported a modest increase in direct written premiums — a 1.0 percent increase — during the first six months of 2017 versus the same period in 2016. Workers’...
With Hurricane Losses Insurers Downgrade Anticipated Profit Goals
Oct 2 2017 // Allstate expects insurance losses of about $593 million for August mainly due to Hurricane Harvey, which left a path of destruction along the Gulf Coast. The initial accounting follows warnings from other insurers that are...
Canada’s Intact Financial Completes OneBeacon Acquisition; Vows to Grow Specialty Insurer
Sep 29 2017 // Intact Financial Corp. said it has completed its acquisition of U.S. specialty insurer OneBeacon Insurance Group from Bermuda-based White Mountains Insurance Group. The purchase price was C$2.3 billion (US$1.7...
Top Challenges for London’s Re/Insurers Are Soft Market, Brexit, Regulations: IUA
Sep 28 2017 // The top three challenges facing London market companies are the soft market, Brexit and regulatory compliance, according to a survey of International Underwriting Association (IUA) members. In an online questionnaire,...
EU Regulator Warns UK Insurers to Avoid ‘Fronting’ in Post-Brexit EU HQs
Sep 28 2017 // London-based insurers applying for licenses to operate in the European Union after Brexit will be scrutinized for any attempts to game the system, the bloc’s insurance watchdog said. Insurance specialists say some...
A.M. Best Lowers Ratings for Transportation Insurer Canal Insurance of South Carolina
Sep 28 2017 // Canal Insurance Co., a family-owned insurer focused on commercial trucking and specialty transportation, is dealing with a ratings downgrade from A.M. Best. A.M. Best knocked down the A- (Excellent) financial strength...
Directors for Hawaii Workers’ Comp Insurer HEMIC Declare $3.5M Dividend
Sep 27 2017 // The board of directors of Hawaii Employers’ Mutual Insurance Company Inc. has declared a $3.5 million dividend payable to qualifying policyholders. This is $500,000 dollars more than HEMIC’s dividend last year,...
Texas Regulators Seek Data on Insurers’ Hurricane Harvey Claims
Sep 27 2017 // The Texas Department of Insurance has issued a mandatory data call to both admitted and surplus lines insurance carriers seeking information about Hurricane Harvey-related claims in 62 counties impacted by the storm. The...
Michigan Bill Would Cut Auto Premiums by 20%
Sep 27 2017 // Michigan drivers would no longer be required to buy unlimited medical insurance to cover serious crash injuries under legislation that high-ranking supporters proposed Tuesday to significantly reduce the country’s...
Saudi Decision to End Women’s Driving Ban Boosts Auto Insurers’ Shares
Sep 27 2017 // Saudi Arabia’s decision to end a driving ban for women is likely to save families billions of dollars, boost industries from car sales to insurance, and reassure investors that the kingdom’s push to diversify...
Workers’ Compensation Insurers Report Slow Growth: A.M. Best
Sep 27 2017 // The workers’ compensation industry reported a record high $58.5 billion in direct premiums written in 2016 but year-after-year growth slowed for the first time in five years. According to an A.M. Best report, the...
Mounting Catastrophe Claims Could Weaken Re/Insurers’ Capital Reserves: Fitch
Sep 27 2017 // Ratings downgrades for global insurers and reinsurers are becoming more probable as they face more than $100 billion in 2017 catastrophe losses, a figure that threatens to weaken their capital reserves, Fitch Ratings Inc....
State Auto Labs Launches $25 Million Innovation Venture Fund
Sep 26 2017 // State Auto Labs Corp., the innovation arm of Columbus, Ohio-based State Automobile Mutual Insurance Co., has launched a $25 million corporate venture fund to support entrepreneurs and innovations in the insurance...
A.M. Best Upgrades Prime Insurance Company with an A Rating
Sep 26 2017 // Specialty Excess and Surplus Lines Carrier’s Financial Stability Affirmed Chicago, Illinois, Salt Lake City, Utah and Naples, Florida, September 26, 2017- Prime Insurance Company announced today that A.M. Best Co....
Oversight Panel Makes No Changes in Systemic Risk Tags on Insurers
Sep 25 2017 // A panel of U.S. regulators decided after meeting on Friday to stick with its existing policy for stricter rules on a handful of large financial institutions it deems “systemically important.” The Financial...
Ratings of Illinois’ Prime Insurance Company Upgraded
Sep 22 2017 // A.M. Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” from “a-” of Prime Insurance Company (PIC) in Chicago,...
U.S. and EU Sign Covered Agreement on Insurance Regulation
Sep 22 2017 // The United States and European Union have scheduled a ceremony for today for the signing of a bilateral agreement on prudential insurance and reinsurance measures. Both sides announced in July their intention to sign the...
Insurance Industry Tallies Irma’s Mounting Losses in Florida
Sep 22 2017 // With two Florida landfalls in the same day, Hurricane Irma‘s destructive wind and flood damage could cost up to $65 billion for both insured and uninsured losses, according to a recent estimate by...
