Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
Citizens’ Cerio Pushes Back Against Senator’s Questions About Insurer’s ‘Solvency’
Mar 20 2024 // The CEO of Citizens Property Insurance Corp. has denied that corporation representatives have been unresponsive to Congressional requests for financial information, in the wake of unsettling comments from Gov. Ron DeSantis...
Georgia Lawmakers Approve End to Direct-Action Suits Against Trucking Insurers
Mar 19 2024 // A bill that would end direct-action lawsuits against trucking insurers is rolling toward the governor’s desk after it was approved by the full House of Representatives on Monday. Senate Bill 426, heralded as a way to...
India’s Navy Takes Control of Bulk Carrier Hijacked by Somali Pirates, Evacuating Crew
Mar 18 2024 // The Indian navy said late Saturday that it had taken control of a bulk carrier hijacked by Somali pirates and evacuated the 17 crew members on the vessel. In a statement on X, the navy said all 35 pirates on board the...
Spike in Recent Ratings Downgrades Shows Challenges for US Insurers
Mar 18 2024 // Negative ratings actions and financial challenges are forcing carriers to explore reinsurance options offering needed capital, according to a report released in February by Gallagher Re’s Strategic and Financial...
Supreme Court Opinion on Maritime Law Solidifies Insurer’s Choice-of-Law Clause
Mar 18 2024 // A dispute between an insurer and a yacht owner that went all the way to the U.S. Supreme Court resulted in a decision — the first of its kind on marine insurance in about 70 years — to clarify federal maritime...
Suit Says OnStar, LexisNexis Shared Driving Data With Insurers, Spiking Rates
Mar 15 2024 // Do motorist-assistance systems like GM’s OnStar feed data to auto insurers, resulting in higher premiums for some drivers? A south Florida man says indeed, they do, and has filed a proposed class-action lawsuit...
China Probes Exposure of HK Units of Banks, Insurers to Local Gov’t Debt: Sources Say
Mar 15 2024 // China’s financial sector regulator is looking into the exposure of the Hong Kong units of domestic banks and insurers to the country’s local government debt, three sources with knowledge of the matter said, as...
California Insurer of Last Resort Is Unprepared for Big Disaster
Mar 14 2024 // California’s property insurer of last resort told lawmakers that it’s financially unprepared to cover the costs of a major catastrophe in the state. The plan now faces $311 billion in potential losses, up from...
Viewpoint: Insurers, Insureds Must Collaborate to Get Ahead of Social Inflation
Mar 14 2024 // Executive Summary: Setting up mock jury trials, taking cases to trial and refraining from issuing “hammer” letters to lower-layer insurers are just three of the strategies Aspen’s Chief Claims Officer...
Virginia Governor Faces Decision on Bad Faith Bill Opposed by Auto Insurers
Mar 13 2024 // Property/casualty insurers are urging Virginia Gov. Glenn Youngkin to veto a “bad faith” insurance claims measure that they contend will “open the floodgates of litigation against insurance...
Update: UK Insurer Direct Line Rejects Ageas’ Sweetened Buyout Proposal
Mar 13 2024 // Britain’s Direct Line said on Wednesday it had rejected a revised 3.17 billion pound ($4.06 billion) takeover bid from Belgian rival Ageas, repeating that it “significantly undervalued” the home and motor...
Nord Stream Sues Insurers in London Over 2022 Pipeline Blasts
Mar 12 2024 // Nord Stream is seeking more than 400 million euros ($436 million) from its insurers over explosions in 2022 which ruptured pipelines designed to transport Russian gas to Germany, court filings show. Nord Stream AG names...
Twice as Many Personal Lines Insurers Downgraded by AM Best in 2023
Mar 12 2024 // AM Best delivered 39 downward credit rating actions to U.S. personal lines insurers in 2023, more than twice the number registered for 2022, the rating agency reported in it official tally for the year. Additional...
Generali CEO Says Insurer Has Financial Strength for M&A Deals
Mar 12 2024 // Italian insurance giant Assicurazioni Generali SpA has the financial means for acquisitions that fit its template for value creation, according to Chief Executive Officer Philippe Donnet. “We are considering very...
Australia Warns of Critical Financial Risks to Insurers and Banks From Climate Change
Mar 12 2024 // Australia’s worsening climate change may see insurance companies and banks withdraw their services from communities vulnerable to extreme events, potentially triggering “cascading effects” across the...
Mississippi Wind-Mit Bill Would Tax Insurers, Help Fund Retrofits, Tornado Rooms
Mar 11 2024 // Mississippi could soon join the growing list of states with grant-funded wind fortification programs for homeowners, thanks to a bill that’s moving through the state Legislature. The state House of Representatives...
Mega Trucking and Prime Insurance Company Partner to Fight and Win Frivolous Litigation
Mar 11 2024 // SALT LAKE CITY, UT., March 11, 2024 — Rick J. Lindsey, President and CEO of Prime Insurance Company, a specialty insurance carrier, announced today that the company partnered with Mega Trucking to fight and win frivolous...
US Treasury Drops Plan to Collect Insurer Data on Climate Risks
Mar 8 2024 // The US government is stepping away from its effort to collect data on home insurance prices and availability at the Zip code level as premiums soar and climate risks to property intensify. Instead, it will join in a...
Insurer Ageas Recruits Extra Adviser as it Pursues Direct Line Bid
Mar 8 2024 // Belgian insurer Ageas has brought in an additional adviser as it presses ahead with a potential takeover offer for Britain’s Direct Line, three sources familiar with the matter told Reuters. Ageas has lined up...
Washington Commissioner Fined Insurers and Producers $66K
Mar 8 2024 // Washington state Insurance Commissioner Mike Kreidler fined insurers and producers $66,328 in January and February. Kreidler’s fines in January included New York Life Insurance Co. to the tune of $46,328 for failing...
