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Top Stories / Ad / Most Recent
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The transfer comes a day after FedNat transferred majority ownership of Monarch to Hale Group. -
The Catastrophe Reform Package passed the 2022 Legislative Session to provide relief for policyholders struggling in the aftermath of Hurricane Ida.
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The carrier will start with offering roadside assistance support for Allianz Colombia’s auto insurance customers.
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The ratings agency also cut the insurer’s long-term issuer credit rating to A- from A, but maintained the "stable" outlook for the ratings.
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The move is part of the process that allows the Louisiana Insurance Guaranty Association (LIGA) to take over claim payments, ensuring most policyholders with pending hurricane claims will get paid.
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The consolidation plan, subject to regulatory approval, seeks to create a more efficient operating structure for United going forward.
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Champlain Specialty co-CEOs David Evans and Richard Smith, who serve as CIG’s executive chairman and executive vice chairman respectively, will join the new management committee.
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Americas has approximately 24,000 policies and 13,000 Ida-related claims, covering 1.31% of the Louisiana homeowners’ insurance market.
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The assumption of the policies, which the Florida-based insurer acquired for the price of the unearned premium, is retroactive to December 1.
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The buyer’s identity will be disclosed after the policy acquisitions obtain court approval.
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On Louisiana Citizens, Commissioner Donelon said that the state-backed carrier does not need to acquire additional reinsurance to endure the impact of major losses from the Ida and Laura storms.
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Gaining market share while avoiding any new business penalty will be an interesting balancing act if the firm is to meet its 2026 targets.
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