Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
Insurers Latest Target of U.S. AGs ESG Antitrust Concerns
May 22 2023 // Insurers and reinsurers who are members of the Net-Zero Insurance Alliance (NZIA), received a letter from 23 attorneys general raising potential legal concerns that might arise from their commitment to collaborate with...
23 State Attorney Generals Concerned About Insurer Climate Commitments
May 18 2023 // Nearly two dozen GOP Attorney General offices sent a letter to the Net-Zero Insurance Alliance seeking documents and information over “legal concerns brought about by commitments to collaborate with other insurers in...
Top Cyber Insurers: 2022 Ranking Reveals Sprinters, Market Share Shifts
May 17 2023 // In a year when cyber insurers notched the third-lowest industrywide loss ratio since 2015, and cyber premiums vaulted to $7.2 billion, a premium ranking shows two carriers growing more than 150% to landing in prominent...
Washington Commissioner Fines Airbnb for Acting as Unauthorized Insurer
May 16 2023 // Washington Insurance Commissioner Mike Kreidler fined Airbnb $20,000 for acting as an unauthorized insurer in the state. Kreidler also ordered the vacation rental company to obtain a surplus lines insurance policy to...
Property Insurer SageSure Turns ‘Unicorn’ After $250M Funding Round
May 16 2023 // SageSure became a “unicorn” after the U.S. property insurer raised $250 million in its latest funding round, a source familiar with the matter told Reuters. A unicorn is a startup that is valued at or above $1...
Broadway Theaters, Insurer Agree to End COVID-19 Business Loss Claims
May 16 2023 // An owner of Broadway theaters and Pacific Indemnity Insurance Co. have voluntarily agreed to end their remaining litigation over COVID-19 coverage claims. Under the stipulation filed May 11, each party will bear its own...
AM Best: Only Two Impaired Insurers in ’22, Down From 10 in ’21
May 16 2023 // Despite the reversal seen in the U.S. equity market and rising inflation and interest rates, P/C insurers performed well in 2022, according to the latest report on the long-term impairment rates of AM Best-rated,...
Some Florida Insurers Stop Altering Adjuster Reports, But Many Claims Still Not Paid
May 16 2023 // Even before the Florida Legislature adopted the Insurer Accountability Act of 2023, requiring insurers to stop altering independent adjusters’ damage estimates without providing transparency, a number of Florida...
Hedge Fund Manager Loeb Drops Buyout of $1.5B Re/insurer SiriusPoint
May 15 2023 // Hedge fund manager Dan Loeb said he’s no longer exploring an acquisition of specialist insurance underwriter SiriusPoint Ltd. Loeb held exploratory discussions with Bermuda-based SiriusPoint about a potential deal to...
7th Circuit: D&O Insurer Must Pay Settlement for Drugmaker’s Kickback Case
May 9 2023 // Federal Insurance Co. must pay the $10 million policy limit in a directors and officers policy issued to Astellas Pharma, despite the carrier’s assertion that Illinois public policy forbids it from reimbursing the...
South Africa’s State-Owned Insurer Won’t Pay Claims for Grid Collapse
May 8 2023 // South Africa Special Risk Insurance Association told clients it won’t pay claims for damage related to a collapse of the national electricity grid, Business Day reported, citing a circular from the company. The...
Dog-Related Injuries Cost Insurers More Than $1 Billion in 2022
May 8 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...
W.R. Berkley CEO Says Insurer Isn’t Going to Chase D&O Market ‘Down the Drain’
May 8 2023 // W.R. Berkley Corp. President and CEO Robert Berkley said the insurer is not going to follow the directors and officers market “down the drain.” During a call with analysts to discuss first quarter earnings,...
Texas Court: Exxon Covered by Contractor’s Excess Insurers
May 8 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...
Alabama DOI Needs Insurers to Light Up the Nascent Medical Pot Business in the State
May 5 2023 // Alabama lawmakers legalized medical marijuana two years ago this month. But it came with a high hurdle: Dispensaries, growers, processors and other license applicants must have at least $2 million of liability and casualty...
More Insurers Weigh Joint Strategy to Climate Change as They Assess Antitrust Risk
May 5 2023 // Insurers are being forced to rethink their approach to climate change as they assess the risk of being sued for antitrust violations. Munich Re, the world’s biggest reinsurer, recently backed out of the Net Zero...
Insurer Group Concerned Over FIO Climate-Related Data Collection Effort
May 4 2023 // The National Association of Mutual Insurance Companies is airing concerns over what the group calls a “duplicative data call” issued by the Federal Insurance Office on climate change. The concerns are being...
Banks and Insurers Increasingly Move Away From Coal: Report
May 4 2023 // Banks and insurers are more frequently adding coal exclusion policies to their investments while those with existing policies are toughening them up despite record profits in the sector, according to a report on...
Markets/Coverages: WTW Launches End-to-End Trading Platform to Connect Broker, Insurer Systems
May 2 2023 // WTW, the global advisory, broking and solutions company, announced the global launch of Neuron, a sophisticated digital insurance platform. Neuron uses cutting-edge technology to help underwriters and brokers connect and...
Specialty Re/Insurer Canopius Has Management Shake-up With 3 Execs Exiting
Apr 28 2023 // Canopius Group, the London-based global specialty re/insurer, has had a management shake-up, with three executives exiting the company. “Over the last 18 months, Canopius has reorganised our global underwriting...
