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AM BEST'S WEEKLY INSURANCE NEWS

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Spotlight on Workers’ Compensation
Best’s Review has released a new supplemental issue that provides coverage of the U.S. workers’ compensation sector. The supplement also includes a list of insurers writing U.S. workers’ compensation coverage. Click on company names for more information.

Trending News & Highlights

Outgoing ACLI Head: Fiduciary Rules, Politics Top Life Insurance Priority List

Top items on U.S. life insurers' horizon includes how a proposed federal Department of Labor update to the fiduciary rule impacts the industry and politics, according to the outgoing head of the American Council of Life Insurers.

Susan Neely

CAC Exec: Liability Fallout Will Take Years as Clean-up Begins for Baltimore Bridge Disaster

Insurance fallout from the collision of a container ship with the Francis Scott Key Bridge in Baltimore will take a decade or more to play out in the courts, said an executive with a commercial lines broker.

State Farm Homeowners Nonrenewals Hit Los Angeles Counties

State Farm is nonrenewing more than 61% of policies in three adjacent California ZIP codes in Los Angeles County.

Insurance Industry Layoffs: USAA Cuts 220 Positions

USAA is eliminating 220 positions to meet changing business needs, according to a spokesperson.

Aviva Completes Acquisition of Corebridge's UK-Based AIG Life

Aviva plc completed its £453 million ($573.8 million) acquisition of Corebridge Financial Inc.'s AIG Life Ltd., as the American International Group Inc. subsidiary sheds international businesses to focus on life insurance and retirement businesses in the United States, the companies said.

Arch Acquires Allianz US Businesses for $450 Million Plus Loss Reserve Risk Transfer

Arch Insurance North America entered a master transaction agreement to acquire the U.S. MidCorp and entertainment insurance businesses of Allianz Global Corporate & Specialty SE for $450 million in cash.

Conifer Moves Commercial Lines to MGA Model, Exits Oklahoma Homeowners Line

Conifer Holdings Inc. is moving to managing general agency business model for its commercial lines business, as it moves its catastrophe-hit Oklahoma homeowners business into runoff, said its chief executive officer.

Triple I: Dog-related Injury Claim Payouts Hit $1.12 Billion in 2023

The number of dog bite and related injury claims in 2023 grew more than 8% from the prior year and was up 110% over the past decade, the Insurance Information Institute and State Farm said.

MassMutual Expands Use of Genetic Testing by Policyowners in Order to Abate Risk

Massachusetts Mutual Life Insurance Co. said it will expand genetic testing for policyowners.

Samsung Fire & Marine Stops Writing 'Unprofitable' Bancassurance Accident Cover

South Korea's Samsung Fire & Marine Insurance Co. Ltd. said its bancassurance business announced to banks it would stop selling new long-term protection-type accident injury insurance beginning in January 2024 as sales were unprofitable in the IFRS 17 accounting standard.

Insurtech Lemonade Partners With BNP Paribas Cardif to Launch Homeowners Cover in France

Lemonade Inc. launched a partnership with BNP Paribas Cardif to offer homeowners coverage in France, expanding operations there that began more than three years ago with renters insurance, the company said in a statement.

Daniel Schreiber

Lancashire's US Excess and Surplus Business Begins Operations

Lancashire Holdings Ltd. said it opened its U.S. excess and surplus lines operation in what it calls a "significant expansion" of its international business.

Alex Maloney

MGA SageSure Acquires Unit of Earthquake-Focused GeoVera Insurance Holdings

Managing general agent SageSure will acquire a unit of GeoVera Insurance Holdings focused on earthquake coverage, allowing it to expand into new markets.

Zurich to Stop Insuring New Oil and Gas Projects

Zurich Insurance Group Ltd. said it will stop insuring new oil and gas projects.

Marsh McLennan: Insurers Stay Strong on Private Investments in 2024

A third of insurers said they intend to increase their allocations to private debt in 2024, as the class now constitutes a mainstay of investment portfolios, according to a new survey out by Mercer and Oliver Wyman.

Antares Launches Political Risk Consortium at Lloyd's

Antares Global's Lloyd's Syndicate 1274 has launched a consortium to underwrite credit and political risk insurance.

Cat Losses Dent Helvetia's 2023 Profit as Nonlife Volume Rises 10.8%

Net profit in 2023 fell 37.3% for Helvetia Holding AG as the Switzerland-based group took heavy catastrophe losses in the third quarter.

Oklahoma Regulators Order Home Warranty Company to Cease and Desist

The Oklahoma Insurance Department issued a cease-and-desist order against First Premier Home Warranty Corp. for unauthorized sales of warranty contracts.

Glen Mulready

Former Florida Insurance Commissioner Has Died at Age 89

William Dawson “Bill” Gunter Jr., former Florida congressman, state treasurer and insurance commissioner in the 1960s through '80s, died at his Tallahassee home on April 8. He was 89.

Bill Gunter

Research

Best’s Commentary: Taiwan Earthquake Claims Unlikely to Exceed Levels from Similar 2016 Event

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.

Best’s Special Report: U.S. Life/Annuity Industry Sees 5.7% Net Income Decline in 2023

The U.S. life/annuity (L/A) industry posted a 5.7% decline in net income to $37.6 billion in 2023, which included $15.0 billion of net realized capital losses, according to AM Best. These preliminary results are detailed in a new Best’s Special Report, titled, “First Look: 2023 Life/Annuity Financial Results,” and the data is derived from companies’ annual statutory statements received as of March 20, 2024, representing an estimated 99% of the total L/A industry’s premiums and annuity considerations.

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