With the volume of premium generated by managing general agents and other delegated underwriting authority enterprises (DUAEs) rocketing skyward in recent years, AM Best had decided it is time to deliver assessments of these entities. “What we’ve seen is really …
With GEICO’s 2020 underwriting profit more than doubling above the level recorded in 2019, Berkshire Hathaway’s full-year property/casualty underwriting income was in the black, even though the conglomerate’s P/C reinsurance units saw underwriting losses in both years. Taken together, $3.4 …
Levels of employment for the insurance industry are “holding up much stronger than the overall economy,” the leader of an insurance search firm said recently, reporting that insurers have added almost 20,000 jobs since March 2020. The actual number, 19,700 …
Workers’ compensation insurers aren’t getting the large aggregate volumes of COVID-related claims projected during the early months of the pandemic, but different data sources give varying readouts on developments for individual U.S. states and classes of workers. In fact, while …
After a slow start in 2020, insurtech funding reached a record level of $7.1 billion for the year, with $4.7 billion earmarked for property/casualty startups, according to a quarterly tracker of insurtech funding volume. According to the latest quarterly insurtech …
During an upbeat earnings call focused on how RenaissanceRe is using $1 billion of capital it raised last year in 2021, the CEO highlighted one negative development for the industry overall — inadequate estimates of COVID-19 losses. “Even as COVID …
The Allstate Corp. is selling Allstate Life Insurance Co. to entities managed by investment firm Blackstone for $2.8 billion. Explaining the move from Allstate’s perspective, Allstate CEO Tom Wilson referred to a strategy to grow market share in personal lines …
Everest Re is the most recent insurance and reinsurance company to announce catastrophe and COVID losses in advance of fourth-quarter earnings, but Everest’s disclosure on Monday also addressed a boost in prior-year casualty reserves. “The decisive reserving actions we are …
Hallmark Financial Services, a specialty property/casualty company, announced Thursday that it is exploring the separation of its specialty commercial business to unlock its value and improve access to capital. Currently the company is comprised of three business segments—specialty commercial, standard …
Congress is weighing whether insurers and government can together “bend pandemic risk curves” for future events or simply replace some of the economic losses of businesses, putting them “into induced comas” during pandemics. That was the essence of a debate …
