Claims costs are rising in the medical liability insurance market as doctors grapple with technology shifts made more urgent by the COVID-19 pandemic and emerging issues such as cyber and medical marijuana, said the founder and chief executive officer of broker MedPLI.
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While AM Best’s analysis of its listing of the largest European domiciled (re)insurers shows a certain amount of movement year-on-year, the position of nearly two-thirds of them remained unchanged.
In a widely anticipated ruling, the United Kingdom Supreme Court found insurers are liable for the COVID-19-related business interruption claims of about 370,000 policyholders under policies written before the outbreak and never designed to cover pandemic claims.
President Donald Trump has signed a bill to repeal the partial antitrust protections afforded to health and dental insurers, a measure opposed by both the health insurance industry and the National Association of Insurance Commissioners.
AIR Worldwide: Insured Annual Cat Losses Average $100 Billion
British Columbia Regulator Approves 15% Drop in Auto Insurance Rates:
The British Columbia Utilities Commission has approved a 15% interim reduction in basic automobile insurance rates requested by the Insurance Corporation of British Columbia. The decrease goes into effect May 1.
Date: January 15, 2021 04:21:47
Judge Tosses Imprisoned Exec’s Suit Against North Carolina Insurance Commissioner:
A federal judge has again dismissed former insurance executive Greg Lindberg’s lawsuit against North Carolina Insurance Commissioner Mike Causey, calling it “implausible.”
North Carolina Middle District Judge Catherine ...
Date: January 15, 2021 04:08:35
AM Best Comments on Credit Ratings of ProSight Specialty Group Members Following Acquisition Announcement:
AM Best has commented that the Credit Ratings (ratings) of New York Marine and General Insurance Company (New York, NY) and its wholly owned subsidiaries, Gotham Insurance Company (New York, NY) and Southwest Marine and ...
Date: January 15, 2021 04:06:02
MedPLI CEO: Technology Takes Hold as Medical Liability Rates Rise:
Claims costs are rising in the medical liability insurance market as doctors grapple with technology shifts made more urgent by the COVID-19 pandemic and emerging issues such as cyber and medical marijuana, said the founder ...
Date: January 15, 2021 03:58:52
Virginia Bill Would Scrap Cap on Medical Malpractice Damages:
A Virginia state senator has proposed a bill that would eliminate the cap on damage awards in medical malpractice cases in the state.
Sen. William Stanley Jr. filed the bill, S.B. 1107, that would end the cap on damages ...
Date: January 15, 2021 03:50:43
Private Equity, Investment Firms Acquiring ProSight Specialty in $586 Million Deal:
ProSight Global Inc. said it will be acquired by two private firms in a $586 million cash deal. It will become a private company led by Jonathan Ritz, who joins the company after serving as president of Aspen Insurance ...
Date: January 15, 2021 03:45:50
UK Supreme Court Sides Against Insurers in COVID-19 Business Interruption Test Case:
In a widely anticipated ruling, the United Kingdom Supreme Court found insurers are liable for the COVID-19-related business interruption claims of about 370,000 policyholders under policies written before the outbreak and ...
Date: January 15, 2021 03:01:57
BestWeek: Panel Says Cat Modeling, Improved Risk Assessment May Increase Takeup of Quake Insurance:
Earthquake loss is a potential catastrophe known to just about everyone living in exposed regions, yet governments and insurers remain frustrated by the limited number of property owners who obtain earthquake insurance. And ...
Date: January 15, 2021 01:03:10
Nebraska Insurance Director Ramge to Retire:
Nebraska Insurance Director Bruce Ramge said he will retire after leading the insurance department for the past 10 years.
Ramge’s retirement date is April 9, Gov. Pete Ricketts said in a statement. Under Ramge’s ...
Date: January 15, 2021 12:58:20
MetLife Names CEO of Versant Health:
MetLife Inc. has named James Reid to succeed Kirk Rothrock as chief executive officer of Versant Health, a managed vision care company and a wholly owned subsidiary of MetLife.
Reid will transition to his new role on ...
Date: January 15, 2021 11:41:02
Chubb Announces Retirement of Chief Financial Officer and Names Successor:
Chubb has named Peter Enns to succeed Philip Bancroft as executive vice president of Chubb Group and chief financial officer.
Enns will join the company on April 1 as EVP, finance Chubb Group, and will replace Bancroft on ...
Date: January 15, 2021 11:23:30
Bank of America Exec Joins MetLife as Head of Global Customer Service and Operations:
MetLife has named Merrilee Matchett in the newly created position of executive vice president and head of global customer service and operations.
She will report to Bill Pappas, EVP and head of global technology and ...
Date: January 15, 2021 11:19:51
AM Best Affirms Credit Ratings of Nippon Life Insurance Company and Its Subsidiary:
AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “aa-” of Nippon Life Insurance Company (Nissay) (Japan). Concurrently, AM Best has affirmed ...
Date: January 15, 2021 11:11:56
AM Best Affirms Credit Ratings of South China Insurance Co., Ltd.:
AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of South China Insurance Co., Ltd. (South China Insurance) (Taiwan). The outlook of these Credit Ratings ...
Date: January 15, 2021 10:45:13
Best’s Commentary: Mexico’s Double-Listed Bond Issuance Aims to Bolster Capital Inflows, Liquidity and Investor Confidence:
The Mexico government’s recent 50-year bond issuance may offer an attractive, long-term interest rate alternative intended to maintain investor confidence and reinforce the country’s capital inflows and liquidity, according ...
Date: January 15, 2021 08:59:20
Update: Three Brokerages Accuse Erie Insurance of Redlining in Baltimore:
(Updated to include Erie Insurance Exchange and subsidiary defendants throughout) Three Baltimore-area insurance brokerages have filed complaints with the Maryland Insurance Administration alleging Erie Insurance Exchange ...
Date: January 14, 2021 04:29:33
Chaucer Names Head of Political Risk and Credit:
Chaucer, a specialty (re)insurance group, has promoted Deborah Wyatt to succeed Nick Kilhams as head of political risk and credit. Neil Edwards will also be promoted to deputy head of political risk and credit.
In her new ...
Date: January 14, 2021 04:15:45
Ascot Names CEO for US Insurance:
Ascot has named Matthew C. Kramer to succeed Greg Wolnyiec as chief executive officer, U.S. insurance.
Kramer will be based in the company’s New York City office.
Kramer will transition to his new role later in the ...
Date: January 14, 2021 04:09:41
American Family to Acquire Bold Penguin as National Presence Grows:
American Family Insurance Mutual Holding Co. said it is acquiring insurtech Bold Penguin, part of its expansion to a national, multi-line carrier.
“Bold Penguin reduces the complexity of small business insurance for ...
Date: January 14, 2021 04:07:00
Lloyd’s Gains Regulatory Approval for Protected Cell Company Vehicle:
Lloyd’s said U.K. regulators approved a multi-insurance special purpose vehicle for new capital under U.K. protected cell company legislation.
Regulatory approval for the entity, London Bridge Risk PCC Ltd., came from the ...
Date: January 14, 2021 03:55:58
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