As of Tuesday , January 26, 2021 11:02 AM EST
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COVID-19, Cats Drive $146 Million Fourth-Quarter Cat Loss Estimate for Everest Re: Everest Re Group Ltd. is estimating fourth-quarter pretax net catastrophe losses of $76 million related to the COVID-19 pandemic and $70 million, net of reinsurance and reinstatement premiums for catastrophe events. The ...
Date: January 26, 2021 11:02:33

Best’s Special Report: Rated US Insurers’ Holdings in Collateralized Loan Obligations Have Grown by 77% Since 2016: U.S. life/annuity and property/casualty insurance companies have ramped up their investments in collateralized loan obligations (CLO) in recent years, to $132.7 billion in 2019 from $75.1 billion in 2016, according to a new ...
Date: January 26, 2021 10:07:42

AM Best Upgrades Credit Ratings of Wayne Mutual Insurance Company: AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” from “a-” of Wayne Mutual Insurance Company (Wayne Mutual) (Wooster, OH). The outlook of ...
Date: January 26, 2021 10:06:10

Brown & Brown Sees Net Income Increase 27% in Fourth Quarter as COVID-19 Clouds Economy: Brown & Brown Inc. posted net income of $97.3 million for the fourth quarter of 2020, a 27.2% increase over the same three-month span in 2019 amid choppy global economic conditions created by the COVID-19 pandemic, the ...
Date: January 25, 2021 06:22:15

Washington State Commissioner Proposes Expanding Long-Term Care Assessments: For the second consecutive year, the Washington insurance commissioner’s office is pushing for a bill to assess health care service corporations and health maintenance organizations so that the long-term care insurance ...
Date: January 25, 2021 04:45:48

FM Global Veteran Named to Newly Created Head of Power Generation: FM Global has named Allan J. Johnson to the newly created role of staff senior vice president, head of power generation. His appointment follows FM Global’s recent announcement it had created a new specialty industries ...
Date: January 25, 2021 04:32:07

Prudential Financial Names CEO of US Insurance and Retirement Business: Prudential Financial Inc. has named Caroline Feeney to the newly created role of chief executive officer of its U.S. insurance and retirement business. Feeney will transition to her new role immediately and will be ...
Date: January 25, 2021 04:14:34

NAMIC: Credit-Based Insurance Scores Are Not Discriminatory: The idea that using credit information for underwriting is discriminatory against minorities or poor communities is “factually inaccurate,” said Tony Cotto, director of automobile and underwriting policy, National ...
Date: January 25, 2021 04:00:45

Citing Favorable Market Conditions, Insurance Executives to Form E&S Carrier: Upland Capital Group said it is launching a specialty insurance business with an investment of up to $200 million from equity firm Newlight Partners LP and its own management team. Market conditions support the launch, ...
Date: January 25, 2021 03:13:06

Protective Insurance Shareholders May Seek New Board to Back Sale: Major shareholders of Protective Insurance Corp. may be seeking to upend its board of directors in order to sell the company. In a filing with the U.S. Securities and Exchange Commission, Steven Shapiro and family members ...
Date: January 25, 2021 02:56:43

Washington State Insurance Commissioner: Tying Underwriting to Credit Info Is ‘Blatantly Unfair’: Washington State Insurance Commissioner Mike Kreidler said insurers are reluctant to explain a direct connection between credit scores and driving habits, noting that some good drivers with weak credit scores are charged ...
Date: January 25, 2021 02:04:53

Universal Insurance Holdings Names President of Blue Atlantic: Universal Insurance Holdings Inc. has named Jason M. Burns as president of Blue Atlantic, its fully licensed reinsurance intermediary. Burns will transition to his new role immediately. He started his insurance career at ...
Date: January 25, 2021 01:39:13

AIG Names Global Head of Media and External Communications: American International Group Inc. has named Dana E. Ripley to the newly created role of vice president, global head of media and external communications. In his new role, Ripley will be focused on articulating and ...
Date: January 25, 2021 01:34:24

Third Point Re CFO to Step Down; Successor Named: Christopher S. Coleman, chief financial officer of Third Point Reinsurance Ltd., will leave the company and be succeeded by David W. Junius, currently the company’s chief operating officer, according to a filing with the ...
Date: January 25, 2021 11:56:05

AM Best Analyst Accepted to Participate in Insurance Careers Movement’s 2021 Emerging Leaders Conference: AM Best is pleased to announce that one of its credit rating analysts has been accepted by the Insurance Careers Movement organization to take part in its 2021 Virtual Emerging Leaders Conference, which recognizes ...
Date: January 25, 2021 10:23:13

Best’s Market Segment Report: Reduction of Market Risk Crucial for Japan Life Insurers to Sustain Corporate Value Growth: Heightened market risk amid low interest rates and prolonged economic uncertainty likely will hamper insurers’ ability to achieve sustainable and consistent corporate value growth, according to an AM Best report. As ...
Date: January 25, 2021 08:22:37

Berenberg: Swiss Re 2020 COVID-19 Losses could Hit $2.7 Billion for Reinsurance, Commercial: Swiss Re Ltd. incurred an estimated $2.7 billion of COVID-19 net losses last year across reinsurance and commercial insurance lines, according to an analysis by Kathryn Fear, of Berenberg. The German investment bank ...
Date: January 22, 2021 05:09:08

Trades Oppose New Jersey Bill Lowering Bar to Bad-Faith Lawsuits: Insurance trade groups are fighting a bill in New Jersey that would make it easier for motorists to sue their automobile insurer after being in an accident with an under- or uninsured driver. The trade associations warned ...
Date: January 22, 2021 04:46:46

Hallmark Explores Separating Specialty Commercial Segment Into Standalone Entity: Hallmark Financial Services Inc. said it is exploring the separation of its specialty commercial business into a standalone company. Initial evaluations by its board of directors indicate separating the specialty ...
Date: January 22, 2021 04:36:17

Loop Co-Founder Says Insurtech MGA Seeks Equity in Auto Insurance Market: Insurtech Loop has raised $3.25 million to launch a telematics managing general agent that aims to address structural bias in the industry. Events inspired by the killing of George Floyd by a Minneapolis police officer led ...
Date: January 22, 2021 04:26:43

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