Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
Insurers, Abuse Victims Blast Boy Scouts Reorganization Plan
Mar 9 2021 // The official committee representing child sex abuse victims in the Boy Scouts of America bankruptcy has agreed to give the BSA more time to respond to a lawsuit challenging BSA’s claims that several hundred millions...
Fitch Sees 2020’s Personal Auto Insurer Profits as Unsustainable
Mar 8 2021 // Highly profitable sub-90 personal auto combined ratios recorded by 10 publicly traded property/casualty insurers in 2020 don’t look anything like the 106 recorded in 2016. But they’re headed in that direction,...
Credit Suisse Knew Frozen Greensill Funds’ Insurance Cover Relied on One Insurer: Report
Mar 8 2021 // Long before Credit Suisse Group AG was forced to wind down a $10 billion group of funds it ran with financier Lex Greensill, there were plenty of red flags. Executives at the bank knew early on that a large portion of the...
Porch Group to Acquire Texas MGA/Insurer, Homeowners of America
Mar 8 2021 // The Porch Group, a software platform focused on home services companies, is acquiring Irving, Texas-based managing general agent and insurance carrier, Homeowners of America (HOA). Under a merger agreement, Porch will...
Illinois Specialty Insurer, RLI, Makes Leadership Promotions, Changes
Mar 8 2021 // Peoria, Illinois-based specialty insurer serving niche property, casualty and surety markets, RLI Corp., has promoted or named several leaders to new roles. Kevin Horwitz, vice president, Claim, has assumed the role of...
New York Regulator Issues Guidance for Insurers Writing Cyber Policies in the State
Mar 8 2021 // The New York State Department of Financial Services (DFS) has issued new guidance for New York-regulated property/casualty insurers that write cyber insurance. This serves as the first guidance the regulator has issued on...
Fight Brewing over Insurer-Backed California Bill That Includes Autobody Shops
Mar 8 2021 // An insurance industry-backed California bill to create a new regulatory board for towing and storage companies under the California Department of Consumer Affairs has drawn opposition from the auto body industry. Assembly...
Some Insurers Strengthening Virus Exclusion Language in Policies After COVID Cases
Mar 5 2021 // U.S. insurers are strengthening language in policies that cover business losses to protect them from future claims related to the coronavirus pandemic or other widespread illnesses that disrupt operations, industry sources...
Insurer Aviva Seeks New London Headquarters to Cut Post-Pandemic Office Footprint
Mar 5 2021 // Aviva Plc is searching for a new City of London headquarters as the UK insurer prepares to slash its office footprint. The firm started looking for new offices in the financial district early last year, but shelved its...
Greensill Capital’s Funding Crisis Could Lead to Losses for Insurers, Banks: Analysis
Mar 4 2021 // LONDON – A funding crisis at Greensill Capital could spill over to some of its high-risk borrowers and lead to losses for insurers and banks that have done business with the UK-based supply chain finance firm if its...
Insurers Don’t Have Capacity to Handle Systemic Pandemic Risk: Generali CEO
Mar 4 2021 // MILAN – Europe’s insurance industry doesn’t have the capacity to deal with the systemic risk of a pandemic and more protection needs to be put in place through private-public partnerships, the head of Italian...
Startup Auto Insurer Root Reports $363M Loss in 2020; Will Spend to Grow in 2021
Mar 4 2021 // Root Inc.’s second earnings report as a public company reveals that the digital auto insurance startup continues to lose substantial amounts of money but it is generating substantial premium and customer growth...
For 3rd Time, Louisiana Reminds Insurers, Agents of Obligations After Catastrophes
Mar 3 2021 // Following complaints from property insurance policyholders, Louisiana’s top insurance regulator has issued a third bulletin reminding insurers of their obligations to policyholders as they work with consumers...
Seeds of Greensill Capital’s Swift Fall Triggered When Credit Insurer Balked at Renewal
Mar 3 2021 // The seeds for the rapid disintegration of Lex Greensill’s empire were sown eight months ago, when a little-known Australian insurer called Bond and Credit Company decided not to renew insurance policies covering $4.6...
Alphabet-Backed Startup Insurer Oscar Health Raises $1.2 Billion in IPO
Mar 3 2021 // Oscar Health Inc., a health insurance startup backed by Google parent Alphabet Inc., sold shares in its initial public offering (IPO) on Tuesday at $39 apiece, above its target range, to raise $1.2 billion. The IPO gives...
How a Social Media Fad Is Turning into a Cyber, Fraud Risk for Insurers
Mar 3 2021 // Powered by InsuranceJournal.tv Anyone who uses social media has probably come across deepfakes, which refer to media such as videos, photos or audio that have been modified using artificial intelligence. Deepfakes have...
Reuters Exclusive: India Central Bank Seeks Limit on Banks’ Ownership in Insurers
Mar 2 2021 // India’s central bank wants banks to limit ownership stakes in capital intensive insurance companies at a maximum 20%, less than half of what the current regulations permit, three sources with knowledge of the...
S. Africa’s Steinhoff in Talks with D&O Insurers to Help Settle Accounting Crisis Claims
Mar 1 2021 // Steinhoff International Holdings NV is in talks with the providers of director liability insurance policies about help settling legal claims resulting from a 2017 accounting crisis that took the South African retailer to...
Mass. Court Says Injured Worker Can’t Charge Insurer for Medical Marijuana Expenses
Mar 1 2021 // The Massachusetts Appeals Court has found that a worker can’t charge his workers’ comp insurer for the cost of medical marijuana treatment due to a work-related injury. This comes after Mark T. Delano initially...
Court Up’holds’ Insurers’ Denial of $6M Crime Claim for Phishing Loss
Mar 1 2021 // Real estate software maker RealPage has been denied a $6 million computer crime insurance coverage claim because the stolen funds were not in its possession but were instead being held by a payment processing firm at the...
