A U.S. Senate committee unanimously approved a long-term, seven-year extension of the Terrorism Risk Insurance Program, moving one step closer to full reauthorization of the government’s financial backstop.
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Successful participants in the London insurance market will need to be flexible and innovative in the way they source risk and use capital.
The U.S. House has passed and sent to the Senate a short-term funding bill that will extend government operations and the National Flood Insurance Program until Dec. 20.
Global focus on resilience bodes well for microinsurance.
2019 California wildfires exacerbate problems for homeowners’ insurers and reinsurers.
2020 premium rate increases for individual marketplace exchanges and Medicare Advantage are among the lowest in years.
The homeowners segment continues to perform well, owing to premium growth, healthy risk-adjusted capitalization, underwriting discipline, improved pricing, and ongoing risk management.
MMG's Shaw: Attracting New Talent Means Showing What's Under the Hood
Asurion Lays Off Hundreds of Employees Globally:
Asurion LLC is laying off hundreds of people globally as it makes operational changes. The layoffs impact about 1.5% of the company’s workforce, according to a company director.
The company has a total of 19,000 ...
Date: November 20, 2019 03:59:19
Target Sues Chubb Unit Over $74 million in Data Breach Expenses:
Retailer Target Corp. has sued a Chubb unit, Ace American Insurance Co., to recover up to $74 million in losses from a data breach in 2013, when hackers stole payment-card information for about 70 million of the chain’s ...
Date: November 20, 2019 03:56:15
Anthem-WellStar Coverage Issue Arises Again in Georgia:
Anthem Inc., which was involved in a dispute over coverage options for Atlanta-area residents with the region’s largest health care provider earlier this year, has another communications problem on its hands involving the ...
Date: November 20, 2019 02:57:20
Senate Banking Committee Adopts Terrorism Risk Insurance Extension:
A U.S. Senate committee unanimously approved a long-term, seven-year extension of the Terrorism Risk Insurance Program, moving one step closer to full reauthorization of the government’s financial backstop well before it is ...
Date: November 20, 2019 02:30:25
Aon Makes CoverWallet Deal, Will Extend SME Digital Market Reach:
Aon plc plans to expand its digital commercial services reach by acquiring insurtech broker CoverWallet.
The acquisition offers deeper access to a “fast-growing, $200-plus billion premium digital insurance market for ...
Date: November 20, 2019 01:51:51
Specialty Insurer CFC Names Head of Transaction Liability Team:
Specialty insurance provider, CFC, has named Angus Marshall as its transaction liability practice leader.
Marshall joins CFC from American International Group Inc., where he led the U.K. and London Market M&A team for more ...
Date: November 20, 2019 01:38:30
AM Best Withdraws Credit Ratings of Wisconsin County Mutual Group Members:
AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Ratings of “bbb” of Community Insurance Corporation and Wisconsin County Mutual Insurance Corporation (both domiciled in ...
Date: November 20, 2019 12:22:21
Badger Mutual Insurance Names Operations Chief:
Badger Mutual Insurance has named Dan Wolfgram as chief operating officer.
Wolfgram, who will transition into his new role on Dec. 2, will be based in Milwaukee and report to Dan Nigro, president at Badger Mutual.
In his ...
Date: November 20, 2019 12:06:31
Aviva Unveils Simplified Strategy, Unloads Stake in Hong Kong Joint Venture:
Aviva plc is selling its stake in a Hong Kong joint venture and keeping its Singapore and China units, as the group unveils a strategy it says will simplify its structure into five operating divisions.
“We have agreed to ...
Date: November 20, 2019 12:02:50
AM BestTV: U.S. Property/Casualty Industry Funded 90% of $146 Billion in A&E Exposures, Says AM Best Director:
In this AMBestTV episode, AM Best Director Brian O’Larte says the U.S. property/casualty insurance industry has funded about 90% of the estimated $146 billion in net U.S. asbestos and environmental (A&E) losses. Click on ...
Date: November 20, 2019 11:58:28
US House Approves Stopgap Spending Bill, NFIP Extension to Dec. 20:
The U.S. House has passed and sent to the Senate a short-term funding bill that will extend government operations and the National Flood Insurance Program until Dec. 20. The NFIP and current spending authorization expire ...
Date: November 20, 2019 11:54:00
Texas Windstorm Committee Recommends 5% Rate Hike:
A committee of the Texas Windstorm Insurance Association is recommending a 5% increase for commercial and residential rates.
The Actuarial and Underwriting Committee made the recommendation, which will be considered at ...
Date: November 20, 2019 11:50:07
AM Best Comments on Credit Ratings of Mitsui Sumitomo Ins. Co., Ltd. and Its US Subs., MS Amlin AG and Lloyd’s Syndicate 2001:
AM Best has commented that the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “aa” of Mitsui Sumitomo Insurance Company, Limited (MSI) (Japan) remain unchanged ...
Date: November 20, 2019 09:28:27
AM Best’s Insurance Law Podcast Discusses The Complexity of Florida Workers' Compensation Claims:
AM Best and Best’s Insurance Professional Resources have released the latest installment of the Insurance Law Podcast, a series that examines timely claims and insurance issues from a legal perspective.
This episode looks ...
Date: November 20, 2019 08:13:34
As SpeakUp Campaign Launches, Lloyd’s CEO Vows Action on Harassment Reports:
Lloyd’s will act on reports of inappropriate workplace behavior, Chief Executive Officer John Neal said on the Nov. 19 start date of the market’s #SpeakUp campaign.
“Lloyd’s leadership is fully committed to transforming ...
Date: November 19, 2019 04:19:20
AM Best Places Credit Ratings of Weston Insurance Company Under Review With Negative Implications:
AM Best has placed under review with negative implications the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb” of Weston Insurance Company (Weston) (Coral Gables, FL).
The Credit ...
Date: November 19, 2019 04:04:07
AM Best Downgrades Credit Ratings of Mennonite Aid Plan of the Pacific Coast:
AM Best has downgraded the Financial Strength Rating to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating to “bbb+” from “a-” of Mennonite Aid Plan of the Pacific Coast (Mennonite) (Reedley, CA). The ...
Date: November 19, 2019 03:50:33
Colonial Mutual Life Pleads Guilty to Australian Telemarketing Charges:
Commonwealth Bank of Australia’s life-insurance unit, Colonial Mutual Life Assurance Society Ltd., has pleaded guilty to 87 counts of violating laws prohibiting unsolicited sales phone calls, according to the Australian ...
Date: November 19, 2019 03:36:48
Covéa Gets US$132.9 Million Catastrophe Bond Cover Against Weather Events in France:
French insurer Covéa said it gained €120 million (US$132.9 million) of reinsurance protection with a four-year catastrophe bond against windstorm and other weather events in France.
The cover is through Ireland-based ...
Date: November 19, 2019 03:34:26
Workers’ Comp Rate Cuts Across US Continue; 7.5% Overall Cut in Florida:
Florida businesses statewide will see an overall decrease of 7.5% for workers’ compensation insurance rates, following an order signed by Insurance Commissioner David Altmaier.
The order applies to new and renewal ...
Date: November 19, 2019 03:29:38
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