Trending News & Highlights |
Florida’s homeowners market may look better than it has in the past, but Travelers Cos. is still steering clear, according to Travelers Personal Insurance President Michael Klein.
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A court in Oklahoma ordered liquidation of Go Insurance Co. with a finding of insolvency.
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Marsh McLennan sees strong growth opportunities amid a year of economic and geopolitical uncertainty that is raising the price of risk, according to its chief executive officer.
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UnitedHealth Group Inc. has so far fronted about $6 billion to health care providers following the cyberattack at subsidiary Change Healthcare, as it proved one driver of a first-quarter loss totaling more than $1 billion.
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Broker McGill and Partners has been appointed as insurance broker for lead salvor Resolve Marine in the wake of the container ship MV Dali's collision with a bridge in Baltimore.
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French insurance group Covéa posted a sharp rise in 2023 profit as recently acquired reinsurer PartnerRe Ltd. added significant income while the group's U.K. affiliate saw a net loss on reserve development.
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BNP Paribas Group will acquire a 9% stake in Ageas SA/NV from Fosun International Holdings Ltd. for €730 million ($777.0 million) in a move it said will strengthen the two European groups' insurance partnership.
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Arash Nasseri, senior principal engineer for extreme event solutions, Verisk, said recent earthquake activity in New Jersey demonstrates earthquakes are not confined to specific fault lines. Nasseri spoke with AM Best TV at the Verisk Insurance Conference 2024, held in Orlando, Florida.
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R&Q Insurance Holdings Ltd. expects a "signficant" pretax loss for 2023 on adverse development in its legacy business as it agreed to sell its stake in a joint venture to an investment firm.
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The Florida insurance market appears to be stabilizing, Florida Peninsula Insurance President Clint Strauch said, and the company plans a 2% rate reduction midyear for homeowner and condo policies.
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Allstate Corp. said it incurred an estimated $343 million in pretax catastrophe losses from activity in March, raising the total for the first quarter to $731 million from $1.69 billion in the prior-year period.
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U.K. insurtech FloodFlash has launched parametric flood business interruption coverage in the United States.
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Managing general agent Rokstone has acquired a box at Lloyd's in a three-year arrangement and has begun trading.
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UnitedHealth Group has advanced about $4.7 billion to providers while it continues to restore systems shut down by a cyberattack identified in February at subsidiary Change Healthcare.
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The owners of homes that will almost certainly suffer a total loss within the next 20 to 30 years should prepare to pay insurance premiums on par with a mortgage, according to Farmers Chief Executive Officer Raul Vargas.
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Hannover Re sponsored a $13.75 million catastrophe bond protecting it against sustained computer cloud outage loss accumulation risk in partnership with cloud monitoring, modeling and insurance services firm Parametrix.
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Workers' compensation carrier Omaha National Group Inc. has acquired California-based Sutter Insurance Co., which will be renamed Omaha National Casualty Co., the company said in a statement.
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North Carolina Insurance Commissioner Mike Causey said his state is now the third-largest domicile for U.S. captive insurers after Vermont and Utah.
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The Hawaii House of Representatives said Wayne Metcalf, former Hawaii State Senator, representative, and insurance commissioner, died on April 6 in Bend, Oregon, after a brief illness. He was 71.
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Much of the residential monetary loss from the magnitude 7.2 earthquake that hit Taiwan April 3 is likely to be covered by the country's earthquake fund, according to reinsurance broker Guy Carpenter.
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| Photo by Annabelle Chih/Getty Images |
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Japan's Nippon Life Insurance Co. said it received regulatory approval to establish a subsidiary in India.
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Research |
AM Best expects the recent extreme weather that caused severe flash flooding in the United Arab Emirates (UAE) to prompt swathes of claims for motor, property and business interruption insurers in the region.
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Total GAAP revenue of publicly traded U.S. life/annuity companies rose year over year by 2.3% in 2023 to $287.2 billion, aided by 20% growth in investment income. However, according to a new AM Best report, a higher level of benefits paid and reserve increases led to a 43% decline in net income to $18.7 billion.
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Moving past the COVID-19 era economic fallout has given rise to indications of worsening reserve risk as insurers report financial results for fourth quarter and full-year 2023, according to a new AM Best report.
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Earthquake-related claims for Taiwan’s commercial insurers related to this month’s seismic event are unlikely to exceed those stemming from the 2016 Meinong earthquake, given the more recent event’s greater distance from the economic centers and science parks, according to AM Best.
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