The segment continues to face numerous challenges, although the pandemic may give it some much-needed breathing room with regard to frequency and severity.
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COVID-19 may add even more challenges for D&O insurers.
The Life/Annuity industry reported its first net operating loss since 2008.
The COVID-19 pandemic might even accelerate some long-awaited changes to the way London Market business is transacted.
American Family CEO: COVID-19 Brought Us Closer Together As a Company
United Insurance Estimates Pretax Second-Quarter Catastrophe Losses at $30 Million:
United Insurance Holdings Corp. incurred an estimated $30 million in pretax catastrophe losses in the second quarter from 15 Property Claims Services-designated events and three tropical windstorms.
The total is net of ...
Date: July 02, 2020 05:26:18
AM Best: Florida Personal Property Writers Challenged Even Without a Hurricane:
Even without a major hurricane, Florida writers struggled to turn a 2019 underwriting profit, said Michelle Baurkot, director, and Chris Draghi, senior financial analyst, AM Best.
Florida’s personal property insurers face ...
Date: July 02, 2020 05:19:20
NCOIL Denies Consumer Group’s Discrimination Claim:
A resolution approved by the National Council of Insurance Legislators over the right of individual states to regulate insurance has turned into a dispute over whether the organization is using “states rights” arguments to ...
Date: July 02, 2020 04:37:50
Mercury Extends Coronavirus-Related Personal and Commercial Auto Premium Giveback:
Mercury Insurance extended private passenger and commercial automobile premium givebacks through the end of June, and could continue it to July and beyond, according to President and Chief Executive Officer Gabe ...
Date: July 02, 2020 04:31:12
Federal Appeals Court Rules Against State Farm in $34 Million Suit Over Life Policy Fees:
A federal appeals court ruled against State Farm Life Insurance Co., finding the company wrongly used hidden non-mortality factors when it calculated the cost of insurance fees assessed on life insurance policies for 25,000 ...
Date: July 02, 2020 04:16:30
APCIA Blasts New Retroactive BI Bill Moving in California Senate:
The American Property Casualty Insurance Association fought back this spring against a number of bills in state houses to mandate retroactive business-interruption coverage, and now is renewing the battle in ...
Date: July 02, 2020 03:48:09
Willis Re: Investment Market Recovery Fuels June/July Renewal Improvements:
Reinsurance capacity was sufficient for insurers at June and July renewals as investment markets recovered and an industry capital decline showed improvement, said Willis Re.
The second quarter saw “a remarkable recovery ...
Date: July 02, 2020 03:30:52
Lloyd’s America President: IICF Raises $1 Million to Help Children in Pandemic:
Lloyd’s donated $500,000 to the new children’s fund, said Hank Watkins. president of Lloyd’s Americas, and board member, Insurance Industry Charitable Foundation’s Northeast Division.
View the video version of this ...
Date: July 02, 2020 02:42:08
Enstar Completes Acquisition of Munich Re Subsidiaries’ Australian Runoff Portfolios:
A subsidiary of Enstar Group Ltd. has completed its A$228.2 million ($156.2 million) acquisition of Munich Re’s Great Lakes Insurance SE and HSB Engineering Insurance Ltd. runoff portfolios in Australia.
The company ...
Date: July 02, 2020 02:21:08
Insurance Industry Gains 6,300 Jobs in June as Economy Bounces Back From Pandemic, DOL Says:
The insurance industry gained 6,300 jobs in June as the U.S. economy continued to rebound from the coronavirus pandemic and the country cautiously reopened, the U.S. Department of Labor Bureau of Labor Statistics said. The ...
Date: July 02, 2020 01:52:16
AM Best Affirms Credit Ratings of Active Capital Reinsurance, Ltd.:
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Active Capital Reinsurance, Ltd. (AC Re) (Barbados). The outlook for these Credit Ratings (ratings) is ...
Date: July 02, 2020 01:20:05
Genworth CEO: COVID-19 Complicated China Oceanwide Merger Financing Arrangements:
Genworth Financial Inc. and China Oceanwide Holdings Group Co. Ltd. “remain committed” to their merger as both companies work through financing arrangements following a 15th extension of the agreement deadline, an effort ...
Date: July 02, 2020 01:15:27
Colorado Insurance Division: No Denials for Injured Community Protesters:
Health insurers should not deny claims for individuals injured in community protests based on riot exclusions, the Colorado Division of Insurance said in a draft bulletin.
According to the draft, an individual injured ...
Date: July 02, 2020 12:12:53
Axa XL Gains China Approval for Shanghai Reinsurer:
Axa XL said its China subsidiary, XL Insurance (China) Co. Ltd., got regulatory approval from the China Banking and Insurance Regulatory Commission to change its business license in China from an insurance license to ...
Date: July 02, 2020 12:04:33
Insurtech Lemonade Raises Common Share Price Ahead of IPO to $29:
Insurtech Lemonade Inc. has set its initial public offering per-share price at $29, higher than the ranges filed twice since June 25. It now expects to net as much as $319 million.
The company has applied to list on the ...
Date: July 02, 2020 11:46:33
BestWeek: Guy Carpenter Chairman: Underwrite a Better Future, Build Crisis Resilience:
Public-private partnership initiatives have emerged in the United States, United Kingdom and across Europe as insurers and governments collaborate on solutions to future pandemics, according to this week’s issue of ...
Date: July 02, 2020 11:41:57
International General Insurance Names Head of Casualty and Professional Lines:
International General Insurance Holdings Ltd. has named Ian Noble to succeed Chris Mauduit as head of casualty and professional lines.
Noble will be based in IGI’s London office and replaces Mauduit, who had developed and ...
Date: July 02, 2020 10:57:57
AM Best Affirms Credit Ratings of Horace Mann Educators Corporation and Its Subsidiaries:
AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” of Horace Mann Life Insurance Company (Horace Mann Life). AM Best also has affirmed the ...
Date: July 02, 2020 10:40:36
Japan Post Takes Disciplinary Action Against About 2,400 Insurance Workers:
Japan Post Holdings said it took disciplinary action against more than 2,400 sales people in connection with improper insurance sales and underwriting practices.
The company suspended the solicitation operations of 924 ...
Date: July 02, 2020 10:39:12
Centene to Create North Carolina Hub, Plans to Bring 6,000 Jobs to State:
St. Louis-based Centene Corp. will create an East Coast regional headquarters and technology hub in Charlotte, planning to bring 6,000 new jobs to North Carolina with an investment over the next 12 years of about $1 billion, ...
Date: July 02, 2020 10:33:14
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