Regulation
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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.