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These insurance businesses have been hit the hardest by the stock market crash
Life and specialty insurance follow Lastly, the life and specialty insurance segments fell 15.7% and 12.4%, respectively, in the first five days following the tariff announcement, according to Yahoo Finance data. Despite both sectors seeing momentary spikes upwards, they remain 15.7% and 12% below pre-tariff levels, respectively. Source link
W.R. Berkley confirms stake sale to Mitsui Sumitomo
“We have deep respect for MSI developed over years of collaborating with them through the company’s reinsurance operations,” said Rob Berkley, president and CEO of W.R. Berkley. “Their significant investment is a validation of our company’s performance and growth trajectory, and we welcome the opportunity to leverage their international presence to create sustainable stockholder value.”…
King Risk Partners acquires Ricky Credille Insurance
Risky Credille Insurance has built a strong reputation over the past 25 years as a trusted provider of health insurance services across the Southeast, including Alabama, Kentucky, Mississippi and Tennessee. The agency’s focus on Medicare aligns with King Risk Partners’ strategy to enhance its offerings in this sector. Source link
California approves emergency rate hike of up to 38% for State Farm
Consumer Watchdog, a nonprofit advocacy group, has also condemned the move, calling it a violation of California’s Proposition 103, which requires that insurers fully justify any rate increase before implementation. “The public deserves transparency,” said Carmen Balber, the group’s executive director. “Refunds after the fact do little for homeowners who are already struggling.” Source link
From bank arm to independent insurance force: Inside CRC’s bold reset
“I went to our CEO, Dave (Obenauer), and said, we’re on this new journey, and coming out on the other side, I think we need to come out as a new company,” Marshall told Insurance Business. “We are going to be on a new path for supercharged growth, and a whole world of opportunity opens…
Palomar agrees to acquire Texas-based crop insurance MGA AAP
Crop insurance growth in the US Palomar’s expansion into the crop segment follows growth trends and projections within the market. In 2024, farmers and ranchers invested over $6 billion to purchase approximately 2.4 million crop insurance policies, providing $159 billion in protection against weather and market losses. This coverage spanned over 543 million acres, representing…