Regulation
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The deal will create a personal lines firm controlling £3bn in premiums.
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Bermuda liquidators had earlier objected to out-of-court agreements between parties.
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A more business-friendly approach will be offset by increased uncertainty.
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The body’s budget committee is again pressing Citizens over solvency concerns.
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Long-term confidence in the market depends on the details of the new tax rule.
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May and June takeout requests for Citizens are exceeding expectations.
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AM Best then withdrew its ratings at the company’s request.
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Existing taxes could be lowered under a potential new structure.
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The agency stressed the physical impact of climate risk on companies.
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The SEC says it is not requiring Scope 3 emissions disclosures "at this time".
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The approval takes account of several out-of-court settlements.
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The outlook for its financial strength rating was unchanged at stable.
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The end of the waiting period effectively clears the path to close in the US.
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The move followed improvement in CEA’s claims-paying capacity.
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A hearing with the Florida Office of Insurance is scheduled for February 21.
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Priorities include climate and cyber risk, insurer financial transparency, and inclusion.
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CSAA writes over 70% of its business in the Golden State.
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The changes will be up for discussion at a March 26 public hearing.
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All parties interested in the case have agreed to participate in the process.
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As last year’s reforms shake out, only a few changes are pending for 2024.
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Rates are generally cheaper than the admitted market.
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The source of the funding is one of the most problematic elements for sources who spoke with this publication following the draft bill’s release on Friday.
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Organic growth will slow from historically elevated levels and the increased cost of debt will take its toll.
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The legislation would make all residences with dwelling replacement costs between $700,000 and $1mn eligible for coverage through the state insurer if denied by the private market.
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Participating insurers would be required to provide all-perils property insurance for residential and commercial policyholders.
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The ratings agency assigned a group financial strength rating of A, with a stable outlook, to three new member companies of Builders Insurance.
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2024 is likely to be another challenging year for the industry, and commercial in particular, though improvement in personal lines may soften the blow.
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The outlooks on IMT Insurance Company and its affiliate, Wadena Insurance Company – both domiciled in West Des Moines, Iowa, and collectively referred to as IMT Insurance Companies – were downgraded to negative.
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The reforms are working for claims filed after December 2022, but attorneys are still litigating claims filed prior to the legislation.
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Under the proposal, the tax would be effective from 2025.
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At a Tuesday hearing, California's assembly committee on insurance quizzed insurance commissioner Ricardo Lara on the finer points of his sustainable insurance plan.
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An affiliate of the Chinese investment group has a 33% shareholding in the carrier.
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The ratings agency also downgraded carrier’s Long-Term Issuer Credit Ratings (Long-Term ICR).
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The ratings agency cited persistently strong underwriting results throughout the pandemic and amid substantial economic and capital markets volatility as being among the reasons for maintaining the outlook at stable.
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The state is already experiencing affordability challenges, and regulators are concerned that an availability crisis is brewing.
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