Regulation
-
Concern about vague cat modeling language was a theme at a Tuesday workshop.
-
Existing non-competes for senior executives can remain in force, however.
-
A total of 8% of issuers under criteria observation received negative rating actions.
-
A litany of underwriting and quoting constraints has made it much harder to write business.
-
The ratings agency cited erosion in the company’s surplus position, among other developments.
-
FHCF rates are also projected to decrease by a statewide average of 7.38%.
-
Ten states joined in the original suit.
-
The deal will create a personal lines firm controlling £3bn in premiums.
-
Bermuda liquidators had earlier objected to out-of-court agreements between parties.
-
A more business-friendly approach will be offset by increased uncertainty.
-
The body’s budget committee is again pressing Citizens over solvency concerns.
-
Long-term confidence in the market depends on the details of the new tax rule.
-
-
May and June takeout requests for Citizens are exceeding expectations.
-
AM Best then withdrew its ratings at the company’s request.
-
Existing taxes could be lowered under a potential new structure.
-
The agency stressed the physical impact of climate risk on companies.
-
The SEC says it is not requiring Scope 3 emissions disclosures "at this time".
-
The approval takes account of several out-of-court settlements.
-
The outlook for its financial strength rating was unchanged at stable.
-
The end of the waiting period effectively clears the path to close in the US.
-
The move followed improvement in CEA’s claims-paying capacity.
-
A hearing with the Florida Office of Insurance is scheduled for February 21.
-
Priorities include climate and cyber risk, insurer financial transparency, and inclusion.
-
CSAA writes over 70% of its business in the Golden State.
-
The changes will be up for discussion at a March 26 public hearing.
-
All parties interested in the case have agreed to participate in the process.
-
As last year’s reforms shake out, only a few changes are pending for 2024.
-
Rates are generally cheaper than the admitted market.
-
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.
-
Organic growth will slow from historically elevated levels and the increased cost of debt will take its toll.
-
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.
-
Participating insurers would be required to provide all-perils property insurance for residential and commercial policyholders.
-
The ratings agency assigned a group financial strength rating of A, with a stable outlook, to three new member companies of Builders Insurance.
-
2024 is likely to be another challenging year for the industry, and commercial in particular, though improvement in personal lines may soften the blow.
-
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.
-
The reforms are working for claims filed after December 2022, but attorneys are still litigating claims filed prior to the legislation.
-
Under the proposal, the tax would be effective from 2025.
-
At a Tuesday hearing, California's assembly committee on insurance quizzed insurance commissioner Ricardo Lara on the finer points of his sustainable insurance plan.
-
An affiliate of the Chinese investment group has a 33% shareholding in the carrier.
-
The ratings agency also downgraded carrier’s Long-Term Issuer Credit Ratings (Long-Term ICR).
-
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.
-
The state is already experiencing affordability challenges, and regulators are concerned that an availability crisis is brewing.
-
The ratings agency cites ongoing deterioration in results for personal auto and homeowners’ lines, along with rising loss costs, driven by inflationary pressures.
-
The Senate Budget Committee, chaired by Democratic Senator Sheldon Whitehouse, is seeking information on plans to address increased underwriting losses from extreme weather events.
-
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.
-
The proposal comes as part of the OECD’s framework for taxing global corporations.
-
The DoJ also hit rival reinsurance broker Tysers with a $36mn penalty and administrative forfeiture of around $10.5mn.