There were 1,034 announced insurance agency mergers and acquisitions in 2021, up 30% from 795 reported in 2020, according to agency consultancy OPTIS Partners. Also, the 384 deals during the fourth quarter of 2021 marked a 26% increase over the …
Insurers are getting a larger share of suspicious claim referrals from fraud-detection technology and are increasingly using artificial intelligence to sift through data, according to a new study by the Coalition Against Insurance Fraud and SAS. The Insurance Fraud Technology …
For at least the past couple of decades, it seems that in just about every contract, the upstream party wants to be an additional insured (AI) on the downstream party’s insurance. Most commonly, the request is for AI status under …
Direct-premium production for the U.S. P/C industry through the third quarter 2021 improved as insurers increased rates, but adverse trends in loss costs for many lines of business continue to dampen profitability. Through the first nine months of 2021, the …
For family businesses, the key is to understand everyone’s needs and expectations and then design a plan well in advance of the transfer of ownership. Two great ways to “leave your business” are gifting and the GRAT. Gifting Amount In …
I have the privilege of speaking with many insurance agency entrepreneurs every year. Virtually all of them are interested in growing their businesses, yet only a few actually do accomplish a growth rate above the rate of inflation. Though they …
After a slight Covid-19 related dip in 2020, M&A activity has reached unprecedented levels with 2021 being the busiest year on record, resulting in significantly elevated demand for M&A insurance. At the same time, M&A insurance claims activity has also …
Surplus lines premium increased 22% and transactions rebounded almost 6.6% over their 2020 totals in the 15 states with designated surplus lines’ stamping offices. The increases represented record levels of premium ($51 billion) and transactions (5.3 million) since the stamping …
If homeowners’ insurance carriers weren’t facing enough issues this year, here’s one more to think about: A Miami company is now offering cryptocurrency-based mortgages. Some insurance representatives are cautiously optimistic about the idea, but a few are wondering what a …
The Louisiana Supreme Court has disbarred a Lafayette attorney accused of failing to properly handle a client’s case, then lying to investigators about it. Brad Thomas Andrus was formally disbarred, ordered to pay investigation costs and must participate in a …
