Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
India Increases Limit on Foreign Direct Investment in Insurance Companies
Mar 22 2021 // India on Monday further opened up its insurance sector to foreigners, as the nation seeks to spur investments to give a fillip to an economy battered by the pandemic. Lawmakers approved a legislation increasing the limit...
Pennsylvania’s Bedivere Insurance Company to Be Liquidated
Mar 22 2021 // The Pennsylvania Commonwealth Court has approved the liquidation of Bedivere Insurance Company, formerly One Beacon Insurance Company, recognizing that the company’s financial liabilities have exceeded its...
P/C Insurers Improved Profitability in Year of Coronavirus: AM Best
Mar 22 2021 // Despite the COVID-19 pandemic, the U.S. property/casualty (P/C) industry improved its overall profitability in 2020, with a 68% increase in net underwriting income and combined ratio that improved slightly over the...
Pandemic Losses for P/C Insurers Will Take Years to Determine: Fitch
Mar 22 2021 // Incurred pandemic losses for U.S. property/casualty insurers increased only modestly in fourth quarter of 2020 from earlier quarters in the year. Still, the amount of ultimate losses remains unclear and will take several...
Insurers Bail As Boat Business Booms
Mar 22 2021 // The year was a good one for boat manufacturers. With heightened interest in outdoor recreation activities and ways to social distance, consumer demand for new boats skyrocketed. According to the National...
The Inflation Specter Looms for Property/Casualty Insurers
Mar 22 2021 // Inflation, defined as the rate at which prices for goods and services are increasing, tends to occur when prices rise due to increases in production costs or when the demand for a product exceeds its supply (i.e., too much...
Rejecting ‘Absurd’ Argument, 5th Circuit Says Insurer Must Pay for Harvey Damage
Mar 22 2021 // While Hurricane Harvey dumped 60 inches of rain on the Houston area in August 2017, the authority that operates the Lake Conroe Dam opened the floodgates to release water at a rate almost equal to the flow over Niagara...
Trinity Healthshare to Stop Operating in Iowa After ‘Unauthorized Insurer’ Charges
Mar 19 2021 // Trinity Healthshare Inc. (now known as Sharity Ministries Inc.) has agreed cease operating in Iowa on June 30, 2021, the state insurance division reported. The Iowa Insurance Division says Trinity has agreed to cease...
Florida Insurers Sustain ‘A’ Ratings, For Now, As 2020 Industry Losses Top $1.5B
Mar 17 2021 // Ratings agency Demotech has affirmed the ‘A’ ratings of the Florida homeowners carriers it rates, which account for approximately 66% of the state’s market, after review of 2020 year-end and projected Q1...
New York Regulator to Collect, Publish Insurer Diversity Data to Promote Transparency
Mar 16 2021 // The New York State Department of Financial Services (DFS) is calling on its regulated insurers to prioritize diversity of leadership and says it will begin collecting and publishing diversity data from insurers this year...
5th Circuit Rejects ‘Legal Gotcha’; Says Insurer Must Pay for Harvey Damage
Mar 15 2021 // While Hurricane Harvey dumped 60 inches of rain on the Houston area in August 2017, the authority that operates the Lake Conroe Dam opened the floodgates to release water at a rate almost equal to the flow over Niagara...
Carrier Can’t Subrogate Against Students Who Caused Dartmouth Dormitory Fire
Mar 12 2021 // An insurer that paid $4.5 million to Dartmouth College to restore a dormitory that was damaged by fire can’t seek recovery from two students whose negligence started the blaze, the New Hampshire Supreme Court...
P/C Insurers Improved Profitability in Year of Coronavirus: AM Best
Mar 12 2021 // Despite the COVID-19 pandemic, the U.S. property/casualty (P/C) industry improved its overall profitability in 2020, with a 68% increase in net underwriting income and combined ratio that improved slightly over the...
Insurer Sanlam Braces for More Virus Waves in South Africa
Mar 12 2021 // South Africa may still be short of the halfway mark of the pandemic even after two distinct waves of the coronavirus swept through the country over the past year. “We are basically planning for two-and-a-half more...
California Commissioner Says Insurers Overcharged Drivers During Pandemic
Mar 11 2021 // Insurers in California continued to overcharge drivers despite reduced risk of accidents during the pandemic, according to a report released today by Insurance Commissioner Ricardo Lara. Lara ordered auto insurance...
Insurers Face Disputes with Their Reinsurers over UK COVID-19 Business Income Claims
Mar 11 2021 // Top insurance companies, ordered by Britain’s highest court to pay thousands of small businesses millions of pounds in claims for COVID-19 disruption, are facing a battle with reinsurers over who should foot the...
Canada’s Trans Mountain Pipeline Wants to Keep Insurers Secret from Project Protestors
Mar 11 2021 // Trans Mountain Pipeline LP is petitioning to keep the insurers of its controversial Canadian oil sands pipeline confidential as environmental groups urge insurance companies to drop their coverage. The pipeline company...
Credit Suisse Faces Questions from Regulators, Insurers After Collapse of Greensill Funds
Mar 11 2021 // ZURICH/TOKYO – Credit Suisse faces questions from regulators and insurers as it grapples with the fallout from the collapse of $10 billion worth of funds linked to British financial services firm Greensill Capital. The...
Total Pandemic Losses for P/C Insurers Will Take Years to Determine: Fitch
Mar 10 2021 // Incurred pandemic losses for U.S. property/casualty insurers increased only modestly in fourth quarter of 2020 from earlier quarters in the year. Still, the amount of ultimate losses remains unclear and will take several...
Australia’s Largest P/C Insurer Says It Has No Net Exposure to Greensill Capital
Mar 9 2021 // Insurance Australia Group, the country’s largest general [P/C] insurer, said on Tuesday it had no net exposure to supply chain finance firm Greensill Capital, helping its shares recover from a sharp 10% drop...
