Lemonade and Metromile Await More Regulatory Approvals; Acquisition on Hold

The pending acquisition of Metromile Inc. by fellow insurtech Lemonade Inc. is likely delayed until the third quarter as the companies await additional regulatory approvals, according to a U.S. Securities and Exchange Commission filing.

Randall & Quilter Reports $127.8 Million Loss for 2021
Randall & Quilter Investment Holdings Ltd. posted a full-year comprehensive loss of $127.8 million for 2021, as the company seeks to raise up to $108 million after shareholders narrowly rejected a proposed acquisition of the group by Brickell PC Insurance Holdings LLC.

Voya to Take Majority Stake in Allianz Global Investors US Asset Management Business
Voya Financial Inc. said it has entered into a definitive agreement to integrate a substantial majority of Allianz Global Investors U.S. business with its asset management business. The deal will increase Voya Investment Management’s assets under management on a pro forma basis to approximately $370 billion.

Florida Insurer Moves to Dismiss AOB Lawsuit Filed by Contractors
A Florida property insurance carrier has filed the first shot back against a contractor and its industry association seeking to block restrictive insurance policies by filing a motion to dismiss their complaint in Leon County Circuit Court.

Wright National Insurance Agrees to Acquire Flood Book From United Property & Casualty
Wright National Flood Insurance Co. said it has agreed to acquire United Property & Casualty Insurance Co.’s flood book.

Munich Re US Senior Vice President: Another Active Season for North Atlantic Hurricanes Is Here
The United States can build to be more resilient to all but the worst storms, but it has an inconsistent patchwork of building codes across coastal areas, said Mark Bove, meteorologist and senior vice president, natural catastrophe solutions, Munich Re US.

TransUnion Senior Director: Inflation Pushing Insurance Consumers Toward Telematics
Inflation drove a 33% surge in automobile insurance telematics adoption in the first quarter of 2022, said Michelle Jackson, senior director, personal property and casualty, TransUnion, referencing a new study.

NY Botanical Garden Scores Appellate Win in COVID-19 BI Case
The New York Botanical Garden scored a rare policyholder win in an appellate court COVID-19 business interruption case when a panel of the First Judicial Department ruled it could continue its suit against its insurer.

Ninth Circuit Shoots Down Applied Underwriters’ Appeal in Conservatorship Case
The Ninth Circuit Court of Appeals has upheld a lower court’s decision to dismiss a lawsuit seeking to end a conservation plan initiated by the California Department of Insurance against a subsidiary of Applied Underwriters.

Parties Say New Florida Property Insurance Law Renders SB 76 Lawsuit Moot
A lawsuit filed by Florida contractors blocking a key element of the state’s 2021 property insurance law reform measure has been rendered moot by Florida’s newest property insurance law, according to court records.

North Carolina Captive Bill Offers Tax Holiday to Redomesticating Insurers
North Carolina Gov. Roy Cooper is offering a tax break to captive insurers that redomesticate to the state and is giving the insurance commissioner authority to further ease their financial reporting obligations.

UK Conduct Authority Says Intermediaries Have Not Fully Embraced Reforms, Diversity
The U.K. Financial Conduct Authority has sent a letter to Lloyd’s and London Market insurance intermediaries and managing general agents saying they need to do better for their customers, including efforts at diversity and inclusion.

New Zealand Earthquake Commission Increases Reinsurance Cover to $4.58 Billion
The Earthquake Commission of New Zealand said it secured NZ$7.2 billion ($4.58 billion) of reinsurance on the international market, up nearly NZ$470 million from a year ago and a record amount.

Best’s Rankings: Progressive Surpasses State Farm to Become Largest US Total Auto Writer in 2021
Progressive Insurance Group has overtaken State Farm Group to become the largest U.S. total automobile insurance writer with a 14.1% market share, compared with State Farm’s 13.5% share, according to a new Best’s Rankings report.

Best’s Rankings: US Medical Profesional Liability Direct Premiums Written Increased 10% in 2021
Direct written premiums for U.S. medical professional liability insurers increased 10% to $11.2 billion in 2021, as the top 100 carriers saw a 9.9% growth in that figure to $10.9 billion, according to a new Best’s Rankings report.

Best’s Rankings: US Commercial Multiperil Direct Premiums Written Increases 7.4% in 2021
Travelers Group retained its perch atop the ranking of U.S. commercial multiperil companies by direct premiums written, with Chubb INA Group and Liberty Mutual Insurance Cos. switching places to take second and third place, according to a new Best’s Ranking report.

Best’s Rankings: US P/C 2021 Direct Premiums Written By Line Rise 9.5%
Direct premiums written increased 9.5% to $798.16 billion for U.S. property/casualty insurers in 2021, according to a new Best’s Rankings report that compares direct premiums written by line.

Best’s Rankings: State Farm Strengthens Its Grip on Homeowners Multiperil in 2021
State Farm Group strengthened its grip on its ranking as the top U.S. writer of homeowners multiperil insurance, writing $22 billion in direct premiums written in 2021 — an increase of 11.8% — according to a new Best’s Ranking report.

Best’s Rankings: US Workers’ Comp Direct Premiums Written Increased 2.1% in 2021
The U.S. workers’ compensation insurance market totaled about $52.25 billion in 2021 based on direct premiums written, a gain of 2.1% from the prior year, according to a new Best’s Ranking report.