Regulation
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The CEO is one of more than 20 executives who received letters from Floir citing Statute 624.4073.
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The CEO said companies are still taking charges on years 2013 to 2019.
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The ratings agency flagged the “increasingly favourable” underwriting results.
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The market has advanced in sophistication but must tackle talent, tax and diversification issues.
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Concern about vague cat modeling language was a theme at a Tuesday workshop.
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Existing non-competes for senior executives can remain in force, however.
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A total of 8% of issuers under criteria observation received negative rating actions.
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A litany of underwriting and quoting constraints has made it much harder to write business.
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The ratings agency cited erosion in the company’s surplus position, among other developments.
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FHCF rates are also projected to decrease by a statewide average of 7.38%.
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Ten states joined in the original suit.
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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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The ratings agency cites ongoing deterioration in results for personal auto and homeowners’ lines, along with rising loss costs, driven by inflationary pressures.
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The Senate Budget Committee, chaired by Democratic Senator Sheldon Whitehouse, is seeking information on plans to address increased underwriting losses from extreme weather events.
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Commissioner Lara’s 2019 mandate, ordering FAIR to offer a more comprehensive insurance package beyond its historical “fire-only” coverage, has now survived a second court challenge.
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The proposal comes as part of the OECD’s framework for taxing global corporations.
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The DoJ also hit rival reinsurance broker Tysers with a $36mn penalty and administrative forfeiture of around $10.5mn.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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Clear Blue has successfully moved active programs to either new reinsurers or the reinsurers on its existing panels have taken higher percentages, the agency said.
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The office also said it has approved the assumption of 650,399 policies from Florida Citizens so far this year, a more than 800% increase from the previous year.
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The probe determined that Syed Baghdadi and Gator falsified information and misappropriated premiums, leaving multiple customers uncovered.
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Ratings could be lowered by one notch depending on regulatory restrictions on cash flow from Bermuda operating entities to non-operating holding companies, the ratings agency said.
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The move follows a “considerable decline in the group’s key balance sheet strength metrics” through the end of September, the ratings agency said in a statement Friday.
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The government funding bill signed by Biden on November 16 contains provisions extending National Flood Insurance Program to February 2, 2024.
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Missouri-based Cameron Mutual and Arkansas-based United Home Insurance Company were placed into court-ordered liquidation this week after struggling to pay claims from severe convective storms.
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The bill would spur development of a crop insurance policy to cover losses caused by cold exposure and freezes.
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The move reflects years of weak profitability caused by high cost inflation and cat losses.
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Insurers have paid out $673.3mn in claims through September 30 for residential losses related to the August fires.
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Susan Arnold, co-vice chair of NAIC’s P&C Insurance Committee, also urged passage of legislation exempting mitigation grants from taxation.
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The Z-Fire modeling tool factors wildfire mitigation efforts into the rate-setting process, potentially lowering insurance premiums.
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Marsh cites its primary listing on the NYSE, along with the costs and administrative burdens of listing on LSE, as reasons for delisting.
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The most important factors driving insured losses over the years include hurricanes, other weather-related events, inflation, and excess litigation.
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Insurance regulators in California and other states signed off much-needed personal lines rate hikes in September.
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Inside P&C’s news team brings you all the top news from the week.
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A summary of commentary from the second day of Inside P&C New York, with insights on InsurTechs, MGAs and Vesttoo.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Survey participants said "much work remains post-implementation".
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“They’re playing Moneyball,” Petrelli told attendees during the Inside P&C conference in New York, decrying the increasingly sophisticated ability of law firms to attract clients and parse effective litigation strategies.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s news team runs you through the key highlights of the week.
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Lawmakers were discussing legislation that would have facilitated insurance commissioner Ricardo Lara’s ability to implement more insurer-friendly regulations, but talks stalled with just one week left in the 2023 legislative session
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The independent brokerage, founded in 2019, will now be able to sell reinsurance risks from across Latin America directly to London underwriters.
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Meanwhile, the FTC’s proposal has been delayed until April 2024 to give the agency time to consider all concerns about the rule because it faced strong opposition.
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A 15% tax is in the works, but appears manageable, and with (re)insurance being Bermuda’s largest industry, the territory will take steps to keep companies where they are.
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Board members voted five to four in favor of rate increases but fell short of the two-thirds majority required.
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Inside P&C’s news team runs you through the key highlights of the week.
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At the same time, insurers are assessing the level needed to address loss cost trends.
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The agency said it will take rating actions where warranted.
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The letter also called out California insurance companies for investing more than $536bn in the fossil-fuel industry in 2019 alone.
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Farmers Insurance becomes the latest major national carrier to pump the brakes in California, limiting new business to only 7,000 policies per month, signaling further problems in the state’s homeowners’ market.
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Inside P&C’s news team runs you through the key highlights of the week.
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Rates continue to rise through June, with the homeowners’ weighted average rate change coming in at 8% for the month, while auto rates increased by a significant 11.3%.
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Inside P&C’s news team runs you through the key highlights of the week.
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New homeowners' policies in wildfire-prone areas will have to flow to the non-admitted market or the state’s last resort, the California Fair Plan.
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Inside P&C’s news team runs you through the key highlights of the week.
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CPI figures show loss costs are cooling, and if rate levels cannot reach adequacy we are likely to see more pausing from the industry beyond State Farm, Allstate and Nationwide.
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The investigation enquires into how the US insurance industry evaluates, invests in or underwrites fossil fuel expansion projects.
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Inside P&C’s news team runs you through the key highlights of the week.
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In the non-admitted property market, more policies are including language that discourages clients from hiring adjusters.
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The bills place additional requirements on insurers in the state and expand consumer protections.
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Continuing rises in loss frequency and severity plus a difficult regulatory framework make the situation in California highly challenging for carriers.
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In the latest threat to the NZIA, 23 state AG have warned members that collaboration on decarbonization targets may not square with federal law.
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The Brazilian reinsurer agreed to pay $5mn in compensation to the US Department of Justice to resolve a fraud probe.
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The law firm and the partners McClenny, Moseley and Huye were each fined $500,000, the maximum allowed under current law.
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Personal lines rates ticked up in April compared to the prior month as insurers try to stay ahead of rising loss costs.
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The Brazilian reinsurer falsely disclosed that Berkshire Hathaway was a shareholder in the company to prop up the share price.
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On Thursday, the bill passed 70-40 in the state House of Representatives, after passing the Senate 26-13 last week.
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On Thursday, the bill passed 70-40 in Florida's House of Representatives, after passing the Senate last week.
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The state is focusing on “bad actors” who take advantage of homeowners, insurance commissioner Jim Donelon said during a press conference.
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High-impact rate filings in California have driven increases nationwide.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The bill passed 23-15 in the state’s Senate on Thursday, after passing the House last week.
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His predecessor Consedine announced his resignation as CEO earlier in March.
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On Thursday, the bill passed 23-15 in Florida's Senate, after passing the House last week.
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Inside P&C’s news team runs you through the key highlights of the week.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Not only could raising venture debt become increasingly difficult for the sector, but InsurTech companies could also struggle to access their credit lines.
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Though insurers are not heavily invested in Silicon Valley Bank, Signature Bank, or in other regional banks at risk of contagion, the developing macroeconomic situation could impact P&C carriers more significantly.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Yaworsky has served as interim insurance commissioner since being nominated by Governor Ron DeSantis last month.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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For years, Florida attorneys have utilized one-way attorney fees and assignment of benefits to bleed the insurance market of thousands of dollars.
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The FDIC said that as of December 31, 2022, the bank had approximately $209bn in total assets and about $175.4bn in total deposits.
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The BMA also expects Bermudian insurers to consider double materiality in their reporting, as well as their own external climate-change impact.
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S&P published its first consultation on proposed changes to its risk-based capital adequacy methodology in December 2021.
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Rate action for personal auto insurers has been increasing in 2023 to balance rising loss cost trends
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Ron DeSantis has also announced proposals to modernize Florida’s "bad faith" law, in the latest set of reforms he described as the most “comprehensive in decades”.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The attempt to increase the supply of insurance in the state has been submitted for governor approval.
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The act would have increased the number of “close family members” that could have sought compensation in wrongful death cases.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Following recent hurricanes, more than 610,000 residential property claims were filed in the state.
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The proposed change could disrupt M&A at brokers, shift the calculus in favor of team lifts and dial up C-suite focus on becoming an employer of choice.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Lawmakers are taking action to attract more property insurers into the state.
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The downgrades were linked to a reduction in CEA’s claims-paying capacity to 1-in-360 years, from 1-in-400 years, and reinsurance market challenges.
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Increased interest rates and unfavorable market conditions led to reduction in capital issuance activity in the P&C insurance industry in 2022.
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Applied Underwriters attributed the rating to the “slow resolution” of its conflict with the California Department of Insurance (CDI), which has been ongoing for more than three years.
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Receivership has been historically lower in the past 20 years, but trouble in Florida breaks away from the overall P&C industry trend.
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Inside P&C’s news team runs you through the key highlights of the week.
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InsurTechs use of “me-too” filings and competitor rates have us wondering, where is the innovation?
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Although 2022 was on balance, a good year, macro-economic issues such as a slowing economy, falling employment, and loss cost reversion could create an overhang for 2023.
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KBRA believes First Protective’s and Frontline’s strong underwriting and claims handling compares favourably with that of their Florida peers.
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The InsurTech has found “inappropriate” transactions made by a former senior employee.
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AIG’s Hansen, Truist’s Howard and Oliver Wyman’s Ricci will join the eight-member committee.
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Senate Bill 2A addresses key concerns in the Florida property market, including one-way attorney fees and assignment of benefits, the ratings agency said.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The legislature met for a special session this week, discussing key concerns in the state's property insurance market.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Florida has been seeking legislative reform amid a breakdown of the functionality of its insurance market.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The bill under discussion tackles key concerns like eliminating one-way attorney fees and getting rid of the state’s controversial assignment of benefits right.
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The state’s legislature has published its reform bill to be debated in the special session this week with wide-ranging reforms to tackle high litigation costs.
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The upcoming special session, which will take place from December 12 to 16, will need to consider how to make Florida attractive to national insurers and reinsurers.
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Several structural factors, including the pricing cycle, make insurers more insulated from US activist states.
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The special session comes as the Florida market braces itself for the effects of the anticipated reinsurance market hardening, potential regional insolvencies and the dearth of private capital.
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While Allstate may be beyond the worst of the reserve charges, execution of initiatives needs to go smoothly for it to get back on track.
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Insurers have been keeping an eye out for discussions concerning property insurance market reforms in the state.
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Prior to approval, the commercial carrier owned 47.3% of the Chinese insurance group.
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Senior officials from the UK Treasury and Prudential Regulation Authority agreed measures with US Treasury officials to ensure transatlantic access to reinsurance is opened up.
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A special session in December and prohibition of assignments of benefits have been cited on the Florida campaign trail.
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The Federal Insurance Office seeks to collect underwriting data on homeowners’ insurance from carriers writing above $100mn in premium.
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The rate increase was attributed to increased reinsurance costs during this year’s hurricane season.
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As the loss numbers for Hurricane Ian begin to come into focus, three topics to watch are impact from demand surge, litigation trends, and rate activity.
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Hurricane Ian’s total effect is still unknown, but lessons from Hurricane Irma give insight into potential outcomes.
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If current forecasts prove accurate, this will be a pivotal moment for the already off-balance Florida cohort and could result in a new market landscape.
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Last week, Governor Ron DeSantis recommended approving the additional budget.
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The average tax rate for the 10 largest P&C insurers is 17.9%, well above the corporate alternative minimum tax’s 15%.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Specialized carriers and MGAs building growing books in the specialist market are in no rush to see legalization that would usher in larger competitors.
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The broker said the IRA is not expected to have a materially adverse impact on its ability to utilize tax credit carryforwards, according to SEC filings.
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Nicole Fried cited her department’s duty to act in consumers’ best interests.
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The ratings agency said the proposed restructure posed execution risk, but regulatory approval would alleviate short-term uncertainty.
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With many local insurers essentially “zombie companies”, state legislators need to end one-way fees and assignment of benefits.
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Joe Petrelli said Demotech would continue to follow its independent methodology, despite outside pressure.
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No matter what the outcome, further market dislocation is on its way – but there are various band-aid options that could help Florida insurers limp through hurricane season.
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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 redomicile is part of a diversification strategy to broaden the carrier’s focus from Continental Europe to Lloyd’s and North America.
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So far, there have been minimal claims related to telemedicine, but industry players are closely tracking it as a key concern in the medmal space.
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The penalty relates to activities in Colombia.
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The newspaper reported that the US is urging European capitals to ease the ban in a bid to tame inflation.
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Insurers have expressed concerns about hitting the 2023 deadline for the regime.
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Bill Wharton has also been installed as chair of the diversity committee.
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As the federal government tightens rules on PFAS and lawsuits swell, calculating the exposure for the insurance industry is a daunting task.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s news team takes you through the key developments from the week.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The proposed Florida special session Senate bills 2-D and 4-D have overwhelmingly passed the house floor and will now move to Florida Governor Ron DeSantis for signing.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The legislation aims to keep the homeowners market functional, but more change will be needed long term to make the Sunshine State an attractive place for insurance capital.
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State representatives will vote on the bill on the House floor tomorrow.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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State senators will vote on the bill on the Senate floor tomorrow.
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Industry association FAIR said a full reinsurance backstop should be provided.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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A key plank will be a Reinsurance to Assist Policyholders (RAP) program providing a $2bn reinsurance layer below the FHCF.
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The special legislative session to be held the week of May 23 is the last chance Florida insurers and reinsurers have this year for some desperately needed reform to the stricken homeowners’ market.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The bill that will be discussed in the special session is expected to be available for senator perusal later this week or early next week to allow ample time to read and discuss.
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Several firm-orders have been released, but there are widespread expectations of a much-delayed renewal as low-layer capacity remains elusive.
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Replacement changes will be made by Q4 2022 after a warning from the DoJ.
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The department said that the changes appear to automatically lower the ratings of assets solely rated by S&P’s competitors.
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The lawmakers issued the letter on Wednesday to more than a dozen insurance companies, including AIG, Berkshire Hathaway Specialty Insurance and Chubb.
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The insurance trade body said the OECD’s proposal “lacked the appropriate clarity”.
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ABIR is pushing back on behalf of the Bermuda cohort of companies, whose debt is significantly impacted.
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The state Governor’s goal is ‘to have a functioning market’ for property insurance in Florida.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The Florida governor said action was needed to prevent more carriers from failing.
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The strength of the relationship between the government, the regulator and the industry is key to the island’s position.
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The Senator is seeking to use a statute to activate a special session on property insurance.
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The proposed regulations would require additional disclosures about SPAC sponsors, conflicts of interest and sources of dilution.
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The SEC intends to make information around climate-related risks more transparent.
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Coupled with potential new capacity and pricing adequacy on the horizon, the tumultuous medmal space may see stability in the medium term.
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By failing to pass plans for new roof damage deductible, Citizens Property policy reductions, Florida lawmakers left property insurance reforms in limbo.
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President Putin has signed off on a new law that has banned Russian carriers from ceding risks to reinsurers in "unfriendly states".
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The more important driver of past downswings in loss costs has been unemployment.
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Inside P&C’s news team runs you through the key developments from the past week.
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The Florida Senate passed Senate bill SB 1728 last Thursday, but it seems to have stalled in the state’s House of Representatives.
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Sources fear that the issue will be buried after the coming legislative elections in November.
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The Senate bill contains a highly debated provision that could cause homeowners to face a new deductible for roof-damage claims.
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The Department of Insurance found various violations including operations and management, complaint handling, underwriting and rating practices, and claims handling.
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The Washington state regulator’s permanent rule to ban the use of credit scoring data for three years is turning the Washington insurance market into “chaos”, APCIA said.
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State Senator Jeff Brandes withdrew his amendment to an insurance omnibus bill but said he would bring the concept back before the legislature.
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The OSHA regulation requiring employees at large businesses to get Covid vaccine was thrown out, but justices allowed the healthcare worker mandate to stand.
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The ratings agency said that long-tail classes could be hit by reserve deficiencies.
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Justices appear to lean toward overturning OSHA rule requiring jabs for 100 workers or more; medical mandate also in play.
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Legacy acquirer Darag has entered into a Stock Purchase Agreement and received the relevant regulatory approval for the purchase of a Texas-based insurer in run-off.
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The status will allow the Stephen Catlin-led business to write US reinsurance without posting reinsurance collateral.
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The Department for Financial Services said insurers must also improve disclosure around climate risk.
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The ratings agency said the island would continue to provide a beneficial environment for carriers overall.
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As climate-related floods intensify, homeowners in designated risk areas start to see significant premium hikes in the National Flood Insurance Program.
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The Competition and Markets Authority will investigate whether the deal lessens competition in the UK.
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The National Association of Professional Insurance Agents said members have not received adequate training for the new system.
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The federal government’s reinsurance program for terrorism coverage helped stabilize industry, AM Best said.
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An investigation by Germany’s financial watchdog BaFin is looking across multiple departments of Allianz’s business, according to Reuters.
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The InsurTech’s regulatory competency center will support capacity planning and major ISO changes coming in the next 18-24 months.
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The US Treasury’s Federal Insurance Office is requesting information on climate-related financial risks within the insurance industry.
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The SEC has backed proposals that will require Nasdaq boards to disclose diversity figures to investors.
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The two private equity houses said Friday that they expect the deal to close by the middle of this week.
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Florida-based Gulfstream is forced to liquidate after falling into insolvency.
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The heavyweight insurer and the world's largest broker have been at the forefront of stalled efforts to create a PPP in the US.
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Fair Plan had challenged that order, arguing that it would lead to higher rates.
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Craig Swan will become CEO of the monetary authority, after working as deputy CEO for 21 months.
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Advocates of firm action by the Federal Government against competition law violations welcomed Kanter’s appointment.
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McKee sided with the ACPIA, who have opposed the legislation due to the potential for raised costs.
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The merged entity must divest its corporate and commercial short-term insurance broking in the country, as well as offload several global businesses.
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The new adjustments will increase rates 7.6% on average after February 1, 2022.
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Environmental, social and governance (ESG) factors were the primary driver in 13% of ratings actions in the year to the end of March, according to AM Best.
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A federal judge finds that a new law banning contractors from advertising that insurance may cover roof repairs unconstitutional.
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The brokers have offered to divest Willis’ largest corporate risk and broking clients to Gallagher’s Crombie Lockwood.
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The Commerce Commission has extended its review of the merger by another six weeks.
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The measures, passed on Tuesday night by unanimous vote, follow a mass shooting in the city in late May.
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Logan McFaddin, a lobbyist for the APCIA, applauded the governor's use of his veto over legislation.
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Marsh claimed Aon is trying to ‘flip the narrative’ from its poor management decisions and uncertain future in its response to the suit.
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The deal was approved by regulators on the proviso of the disposal, as well as other divestitures already agreed.
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The CCCS has identified competition concerns around executive pay consulting services.
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A new rule adopted by a New Jersey federal court requiring the disclosure of the third-party financing arrangements behind lawsuits should be put in place across the legal system, the American Property Casualty Insurance Association (APCIA) has said.
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“We are not about to let [the] delay…compromise the deal”, says Latham & Watkins lawyer Dan Wall.
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With the DoJ’s suit creating question marks around closing, the junior merger partner’s standalone prospects must be weighed.
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The association said performance bonds and payment bonds would ensure projects are completed and suppliers compensated.
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As new regulations on climate risk disclosures are developed, insurance industry argues for a measured approach.
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The parties will likely look to deliver a carve-out of large P&C and health benefits broking in the US to target a DoJ settlement.
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Inside P&C gives a blow-by-blow account of the regulator's antitrust complaint against the mega deal.
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The broking houses also said they "remain fully committed to the benefits of [their] proposed combination".
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The move from the US regulator represents the biggest threat to the mega-merger since it was announced in March last year.
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A recent spate of divestiture offers have reportedly failed to address fears around corporate broking business.
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The California Insurance Working Group suggested the policy to cover areas with high wildfire risk.
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The new law limits insurer liabilities for attorney fee suits against insurers and reduces time limits for claims.
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The news follows the agreement to sell several assets to AJ Gallagher, including Willis Re.
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The APCIA’s support comes after it said in December that climate regulation should be “proportional and flexible” and “respect confidentiality”.
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The US retirement disposals announced last week will be followed by two health unit sales as the parties seek regulatory sign-off.
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The new accounting framework is being brought in to replace current GAAP reporting measures.
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Trade bodies have warned that the proposals could “needlessly disrupt important markets”.
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The combination still needs sign-off from US, EC and other international authorities.
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The accounting change will delay the release of Metromile’s Q1 results, with the company’s finance team instead focusing on rewriting its 2020 results.
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CV Starr CEO Hank Greenberg has called on the Biden administration to take greater action to support efforts combating the Covid-19 pandemic globally, arguing that “decisive US leadership” is needed to fight the spread of deadly variants.
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The law firm says regulators are asking further questions about how control is exercised.
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The Capitol Forum says EU competition chief Margrethe Vestager is on board with the remedies.
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The regulator had previously set a 27 July deadline after the merger partners offered divestments to secure regulatory approval.
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The Senate has signed off an insurance reform bill which eliminated earlier proposals on cash roof settlements and fee multipliers, but reduced the statue of limitations and made other pro-industry changes.
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More than 40 private-sector companies have joined the coalition, including FireEye and Microsoft.
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The House amended the Senate’s earlier proposals, adding in restrictions on contractor solicitations but tempering legal fee reform.
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Caroline Krass has held several senior roles within the federal government, including having previously served as general counsel for the CIA.
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The trade body slammed the action by insurance commissioner Mike Kreidler as an “abuse of authority”.
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The state’s House Commerce Committee has approved the proposed legislation with three new amendments.
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The ACCC had initially said it would wrap up its investigation into the competitive implications of the merger by May 27.
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The former LatAm and Caribbean chair, who moved to Guy Carpenter, has failed to nullify non-solicitation clauses.
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Some measures have been re-introduced to tackle legal fee multipliers, but the House version remains weaker than a bill approved by the Senate.
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The former NY Superintendent of Insurance says regulators increasingly appreciate the specific areas of expertise PE firms can bring to bear.
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The intermediary failed to file its 2020 annual report with the SEC on time.
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Lawmakers in North Dakota last week signed legislation to protect businesses from Covid-19 liability claims.
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The state’s department insurance says carriers must make sure they are ask the right questions when purchasing consumer information from data brokers.
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The move comes ahead of the COP26 climate summit in Glasgow in November.
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The regulator says the company failed to disclose two out of four breaches over the last four years.
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The market is looking for a boost from President Biden’s plans after a period of activity being disrupted by Covid.
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The move follows the brokers’ submission of a remedies package last week to allay competition concerns.
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Senator Jeff Brandes and local insurance law experts tell this publication that the state’s insurance market will be hugely vulnerable without reform.
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The move follows Willis’ explorations of sales of Willis Re and European units.
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The bill sets out changes to roofing cover and changes attorney compensation structures.
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The trade body has asked a court to invalidate the state insurance regulator’s recent emergency order.
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The remarks come in the context of a dispute over ballot access in Georgia, as corporations speak out.
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Policies that incept on or after October 1 this year will be subject to the new structure.
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The new law raises the burden of proof required for claims to succeed and introduces a one-year time limit.
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The regulator raps the UK division for failure to disclose insurance giant’s holdings in Powergrid and Munich Re.
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The executive action by the insurance commissioner follows a failed attempt to pass legislation that bans credit scoring in insurance pricing.
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Marijuana is legalized to varying extents in 44 US states but still banned by the Federal authorities.
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Fema’s proposed adjustment would mean significant rate hikes in California, Delaware, Florida, South Carolina and Washington.
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The figures suggest that any coronavirus-related disruption to settlement rates may be temporary.
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Ashley Christensen has filed the complaint on behalf of all North Carolina entities covered by Cincinnati’s standard business interruption coverage.
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The basketball team is seeking to recover costs from a policy it says provides $89.4mn in coverage.
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The DFS is asking all carriers that write more than $100mn in NY premiums for diversity data.
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According to the Capitol Form, antitrust regulators will consider the deal's impact on the world’s fourth largest insurance broker AJ Gallagher
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The Coordination of Medicare Payments and Workers’ Compensation Act has been proposed by a bipartisan pairing of senators.
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Texas Senator Ted Cruz on Wednesday reintroduced to Congress legislation that would abolish the Federal Insurance Office (FIO).
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EU antitrust regulators will warn Aon that its $30bn bid to acquire Willis Towers Watson may hurt competition in the broking marketplace, according to a Reuters report.
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The intermediary's disclosure confirms the end of a process that began with dawn raids in the UK almost four years ago.
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The merger may cause price increases or reduced service levels for major insurance buyers.
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The regulator says at least six insurers have so far had their websites compromised.
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The carrier says regulatory fines or penalties from the mistake are “reasonably possible".
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The ratings agency suggests that the SEC may introduce onerous climate disclosure requirements on public companies.
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The new law allows the state’s attorney general to fine companies $7,500 per consumer for each breach.
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Sources have emphasised that such pauses are a routine part of the Phase II review process.
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The proposals will also develop a framework to help insurers and property owners better quantify the degree of risk that buildings face from wildfires.
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Phase II reviews conducted by the supranational body can take up to 135 days to complete.
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The legislation would create a presumption of bad faith for any auto claims under $3,500 denied by insurers.
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All Republican members of the committee voted to move the legislation forward, along with one Democrat, Senator Linda Stewart.
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The state financial regulator says that making payments to criminals may be fueling losses.
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APCIA, Namic and the NIC say the proposed law is likely unconstitutional.
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Finance minister Nirmala Sitharaman said the government will lift the foreign direct ownership cap from 49% to 74%.
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In a joint submission, the intermediaries argue that the deal will not reduce market competition in New Zealand.
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The draft law is sponsored by six senators from the Democratic Party.
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The move comes amid pressure on carriers over climate change disclosure.
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District Judge Elaine Bucklo granted The Cincinnati Insurance Company’s motion to dismiss the case.
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The proposed legislation is sponsored by seven Democrat lawmakers and Republican state senator Lynda Wilson.
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Tiger Global leads the investment in the security deposit insurance specialist.
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The bill would protect schools, non-profits and religious institutions making a “good-faith effort” to follow health guidelines.
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The Florida Supreme Court will hear spoken evidence from the lawyer on January 26.
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The supervisor says the association filed its rate adequacy analysis too late.
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CDI placed the carrier into conservatorship after accusing it of “continually flouting” the Golden State’s regulatory process.
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“In America, we settle our political disagreements with ballots, not with violence,” said Schnitzer.
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The New York-listed agency platform said today that Davis is “no longer employed” by the company.
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The deal “may reduce choice” for cedants in choosing reinsurance brokers, the EC said.
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The insurer can now write business in Indiana, Mississippi, Montana, South Carolina, South Dakota and Utah.
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The regulator found that Watson and Argo failed to disclose $5.3mn in personal benefits.
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The industry must create a united front to ensure preparedness for the next crisis.
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The competition watchdog will reportedly open a full investigation after its preliminary review ends on 21 December.
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The revived bill seeks to limit legal fees to a “lodestar” method, based on hours spent on a case.
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The return to the office and perceived slow business recovery could also lead to claims.
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The carve-out was included in the National Defense Authorization Act, which was passed on Friday by lawmakers.
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The SEC said GE failed to adequately disclose uncertainties of claims costs when lowering reserve estimates between 2015 and 2017.
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Regulation on climate change should be “proportional and flexible” argues APCIA.
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Shweta Jhanji, Bryan Pickel and Sarah William will serve on the panel until 2024.
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A new law comes into effect on January 1, 2021 that will double penalties for polluting vessels.
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Like other lawsuits, the action claims that the presence of the virus constitutes property damage.
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The landmark transaction with Sentry requires court clearance after gaining the state insurance commissioner’s nod.
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