Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
HCI Postpones Home and Flood Insurer TypTap’s IPO Until ‘Conditions Are Appropriate’
Jan 13 2022 // Holding company HCI Group announced it is postponing the previously announced initial public offering of its subsidiary, TypTap Insurance Group, Inc. Paresh Patel, HCI chairman and CEO, said current market pricing...
Reinsurers’ 2022 Profit Outlook Better Than Primary Insurers: Fitch
Jan 13 2022 // The trailing impacts of premium and loss trends on the books of property/casualty reinsurers makes the 2022 outlook for reinsurers rosier than the profit outlook for primary insurers, a Fitch Rating analyst said. Longer...
Global Life Insurers Adapt Pandemic Risk Models After Unexpected Jump in Claims
Jan 13 2022 // A coronavirus pandemic which lasts five years, another pandemic in a decade, and ever more transmissible variants are among the scenarios life insurers are predicting after COVID-19 claims jumped more than expected in...
Insurers That Assume Insolvents’ Policies Could be Covered by Florida Cat Fund
Jan 13 2022 // Private insurers, not just the state-run Citizens Property Insurance Corp., would be eligible for reimbursement from a hurricane catastrophe fund for policies they assume from insolvent carriers, under a bill approved by a...
India Pushes for $203 Billion Valuation for State-Owned Insurer in Mega IPO: Sources
Jan 12 2022 // India is pushing for a valuation of about 15 trillion rupees ($203 billion) for a state-owned insurer that’s soon expected to file for the nation’s biggest initial public offering, people familiar with the...
Insurer Need Not Defend Drug Chain in Opioid Suits Claiming Economic, Not Personal, Injury
Jan 11 2022 // In the latest turn in litigation over the opioid crisis, a state’s high court has found an insurer does not need to pay defense costs under a commercial general liability policy for a pharmacy chain facing public...
Connecticut Drone Company Aquiline Forms Captive Insurer
Jan 10 2022 // Aquiline Drones Corp. (AD), a Hartford, Conn.-based drone manufacturing and services firm, has completed the licensing process to establish its own insurance captive, Aquiline Drones Indemnity Corp. (ADIC). This insurance...
Natural Disasters Cost Insurers $120B in 2021. Munich Re Points to Climate Change Link.
Jan 10 2022 // Natural disasters across the globe caused economic losses of US$280 billion in 2021, of which roughly US$120 billion were insured, according to a report from Munich Re, which noted that U.S. natural catastrophes...
In Bad-Faith Claims, Florida Appeals Court Scores One for Insurer, One Against
Jan 10 2022 // Remember George Costanza’s trick in “Seinfeld,” the 1990s TV sitcom? When he couldn’t (or didn’t want to) pay his rent or other expense he would conveniently “forget” to sign the...
Fortitude Re Forms Bermuda Multi-Line Reinsurer, Buys U.S. Life Insurer
Jan 7 2022 // Fortitude Re announced the formation of a Bermuda multi-line reinsurer and the acquisition of a U.S. life insurer. In addition, Fortitude Re’s subsidiary, Fortitude Reinsurance Co. Ltd. (FRL), Bermuda’s largest...
Insurance Companies Sue Texas Power Grid Operator Over 2021 Winter Storm Losses
Jan 7 2022 // More than 100 insurance companies are suing the Texas power grid operator and several power-generating companies (PGCs) over losses suffered from 2021 Winter Storm Uri, which resulted in more than 500,000 insurance claims...
Canada’s Insurers and Banks Rethink Return-to-Office Plans Amid Omicron Concerns
Jan 7 2022 // Canada’s top health official Theresa Tam has warned that COVID-19 cases in the country could jump in coming days, due to community spread of the Omicron variant. Concerns over the highly transmissible variant have...
UK Personal Lines Insurers Adjust to New Pricing Rules. Is Premium Volatility Ahead?
Jan 6 2022 // UK insurers are adjusting to new pricing rules for personal motor and household premiums, which could bring some pricing volatility in the coming months as insurers struggle with the implementation. The rules, which went...
AM Best Upgrades Financial Strength Rating of Atlantic Casualty Insurance Company to A+ Superior
Jan 5 2022 // OLDWICK – JANUARY 05, 2022 – AM Best has upgraded the Financial Strength Rating (FSR) to A+ (Superior) from A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “aa-” (Superior)...
Illinois Insurer Insolvency Office Hit by $6.8 Million Cyber Attack
Jan 4 2022 // The Illinois Office of the Special Deputy Receiver (OSD) was hit by a cyberattack last summer, resulting in millions of dollars in losses to two auto insurance agencies under liquidation, the Illinois Department of...
European Floods in Mid-July Cost Insurers $12B, Topping Non-U.S. Events in 2021
Jan 4 2022 // The most significant non-U.S. loss event in 2021 was the mid-July flooding in Western Europe, according to CRESTA, the Zurich-based insurance industry organization that provides a global standard for risk aggregation zones...
Insurers Report Jump in Catalytic Converter Thefts; New State Laws May Help
Jan 3 2022 // In the tiny town of Lawrenceville, Virginia, a van owned by Poplar Mount Baptist Church was knocked out of commission for weeks after thieves cut the catalytic converter out of its exhaust system. Several months later,...
2022 Means More Claims Data From Florida Insurers, Notification on Surplus Lines
Jan 3 2022 // New Florida laws and regulations that govern insurance matters took effect Sunday. Some are minor changes to existing laws, but others could affect insurers and agents for years to come. Here’s a look at some of the...
SafePoint to Assume 30K Louisiana Policies From Insolvent Insurers
Dec 30 2021 // SafePoint Insurance Co. will assume 30,000 Louisiana homeowners policies from two insolvent insurers, Insurance Commissioner Jim Donelon announced Dec. 29. The 19th Judicial District Court approved terms of the takeover,...
China Approves HSBC Acquisition of 100% of Insurer Joint Venture
Dec 30 2021 // HSBC said on Thursday it had received regulatory approval in China to take full ownership of its life insurance joint venture in the country, as it continues to expand its non-core banking services. HSBC has got clearance...
