American National has also been restructuring its property and casualty operations. In 2023, the company announced its exit from the homeowners insurance market in nine states, including California, Louisiana, Arkansas, Colorado, Minnesota, Oklahoma, South Carolina, South Dakota, and Washington. The company attributed the decision to profitability challenges in those markets.
“Interestingly, that may increase the number of third-party lawsuits,” he said. “There is, in the US, the ability for citizens to do a citizens’ action against a company that’s not in compliance with the regulations, and one of the criteria is the regulators aren’t doing anything. Then, the citizens can bring a lawsuit and pay…
“Despite these large trade and market disruptions, we believe that the impact on most well-diversified insurance companies is manageable,” said Nadja Dreff, senior vice president, sector lead Global Insurance & Pension Ratings, Morningstar DBRS. “We expect insurers will take mitigating actions in the form of premium increases, adjustments to supply chains, tighter control of expenses,…
The dispute centers on a Feb. 14 court order, which stayed an earlier emergency order issued by the Utah Insurance Department on Dec. 2, 2024. That emergency order had restricted the operations of three A-CAP-affiliated entities: Sentinel Security Life Insurance Company, Haymarket Insurance Company, and Jazz Reinsurance Company. Source link
King was elected to a full term in 2022 and became the first Hispanic candidate in Georgia history to win statewide office. During his tenure, King has overseen regulatory matters involving insurance carriers, agents, and fire safety across the state. His office has been responsible for managing responses to severe weather events, addressing market disruptions,…
“The allegations concerning Superior’s actions, such as actions that were characterized as potentially blackmailing lawmakers to secure state contracts and surveilling private citizens to avoid paying legitimate claims, are deeply troubling,” Paxton said. “I will get to the bottom of this, uncover any illegal activity, and hold bad actors responsible.” Source link
The updated database encompasses insured property assets with a total value of US$108 trillion, spread across 67 market portfolios in 21 countries. The countries include major markets such as the United Kingdom, Germany, the United States, and Japan. For the first time, SCS-related exposures have been broken down to include both property and motor hull…
