American National halts life policy sales amid strategic business shift
Carrier to prioritize growth areas after substantial net loss Source link
State Farm confirms $2.45 billion claims payout after LA wildfires
Catastrophic events during the prior year had a substantial impact, with the company paying out approximately $11.4 billion in catastrophe-related claims during the year. For instance, in mid-July 2024, severe convective storms across several states resulted in about 14,000 claims filed with State Farm. Source link
Higher stakes in the Gen AI boom – is your D&O ready?
Stronger indemnity planning will be key Source link
Why businesses are ignoring environmental insurance at their own peril
“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…
TMHCC’s Susan Rivera named APIW Insurance Woman of the Year
Her career began as an actuary at AIG before moving into underwriting, where she held senior positions, including president of American Home Assurance Company. She later joined Praetorian Insurance Company, which was acquired by QBE, where she served as president of QBE Specialty and chief actuary for QBE’s Americas division. Before TMHCC, she was president…
Ardonagh Group discloses full-year results
Meanwhile, Ardonagh’s 2024 Sustainability Report outlined progress on environmental, social and governance (ESG) initiatives, including over $7 million raised by its registered charity, ACT, and key milestones in its community grant and colleague match-funding programmes. Source link
TMHCC CEO named APIW Insurance Woman of the Year
Her career began as an actuary at AIG before moving into underwriting, where she held senior positions, including president of American Home Assurance Company. She later joined Praetorian Insurance Company, which was acquired by QBE, where she served as president of QBE Specialty and chief actuary for QBE’s Americas division. Before TMHCC, she was president…
Ardonagh Group posts 24% increase in income
Meanwhile, Ardonagh’s 2024 Sustainability Report outlined progress on environmental, social and governance (ESG) initiatives, including over $7 million raised by its registered charity, ACT, and key milestones in its community grant and colleague match-funding programmes. Source link
California’s wildfire insurance crisis deepens as FAIR Plan faces funding shortfall
The January wildfires destroyed or damaged thousands of homes and businesses across Los Angeles County, forcing evacuations and causing billions in losses. The Palisades Fire spread rapidly through hillside neighborhoods, while the Eaton Fire scorched dry terrain in Pasadena, fanned by strong winds. Officials estimate total damages at around $4 billion, with nearly half of…
Court sides with Markel in dispute over defense costs in United Talent Agency poaching case
CAA alleged that UTA engaged in a deliberate scheme to hire away its clients and employees. The lawsuit included claims such as inducing breach of contract, intentional interference with contractual and economic relationships, aiding and abetting breach of fiduciary duty, and conspiracy—each requiring proof of intentional wrongdoing. The Ninth Circuit held that these claims, by…
Massive Florida State Farm case over alleged patient brokering scheme clears early legal hurdle
Case information Case: State Farm Mutual Automobile Insurance Company v. Spine Centers of America, Inc., et al. Court: U.S. District Court for the Middle District of Florida Case No.: 8:24-cv-1064-CEH-AEP Judge: Charlene Edwards Honeywell Date of ruling: March 21, 2025 Plaintiff: State Farm Mutual Automobile Insurance Company Defendants: Spine Centers of America, Robert Cagno, Lester Morales…
Leak of top US officials’ group chat a lesson on unsupervised tech security
Jeffrey Goldberg, editor-in-chief of The Atlantic, revealed on Monday that he got added to a group chat on the application Signal where top US officials, including National Security Advisor Michael Waltz and Vice President JD Vance, discussed plans to bomb Houthi targets across Yemen earlier this month. Source link
Attorney sanctioned for creating sham trucking entity to sue insurer
Lawyer created fake trucking company to file a lawsuit Source link
QBE prevails on hailstorm coverage dispute
The case arose after a June 2021 hailstorm damaged 86 townhomes in the Players Club Villas community. The association, which held a commercial property policy with QBE, submitted a claim days after the storm. While QBE acknowledged coverage, it issued a payment of only $1,587.05, citing actual cash value calculations and applying a 5% per-building…
WTW’s Willis unveils AdWrap for marketing, media, and influencer productions
Coverage under the AdWrap program is available throughout all production stages, from pre-production through the final airdate, covering live-action, digital, print, and social media content. Policies offered through AdWrap cover property, casualty, and contingent risks. Source link
Risk digitization tops tech priorities for insurers in UK and North America – Cytora
Tech predicted to boost efficiency, growth, and talent retention Source link
APCIA names Sam Whitfield SVP of federal government relations in Washington
Whitfield also served as senior legislative representative at the National Association of Realtors and legislative analyst and public affairs specialist at the White House Office of National Drug Control Policy. Additionally, he spent five years as deputy press secretary for former Senate Majority Leader Trent Lott (R-Miss.). Source link
NAIC backs FIO shutdown | Insurance Business America
Notably, before the Elon Musk-led Department of Government Efficiency (DOGE) officially took off, a coalition of nine state insurance commissioners from Alabama, Arkansas, Kansas, Louisiana, New Hampshire, North Carolina, Oklahoma, Tennessee, and West Virginia issued a joint letter to the agency urging the elimination of the FIO. Source link
Human talent still trumps AI
Despite acceleration of technology, risk takers are key for insurance companies, says industry veteran Source link
One year later, Baltimore bridge collapse has lasting impact on insurance market
“Before the collapse, this carrier was willing to take on significant portions of coverage, sometimes assuming 40-60% of a placement on a quota-share basis,” he told Insurance Business. “However, after the incident, they have reassessed their approach. Now, they are cutting back their limits—where they once provided $250 million in coverage, they may now only…
Virginia tightens surplus lines insurance broker rules, offers relief for public transit insurers
Industry now faces tougher reporting and faces criminal sanctions Source link
Wholesale insurance brokers and Managing General Agents gain ground as surplus lines market surges
This momentum has elevated standout firms such as Monarch E&S, Wholesure, and Gorst & Compass, each earning 5-Star status for their performance across 10 criteria including product range, tech innovation, and ability to place niche risks. Monarch E&S president Yiana Stavrakis emphasized the firm’s commitment to tailoring solutions for mid-market clients and exploring niche programs—most notably, a custom personal umbrella…
The uphill battle for small business workers’ comp: Why affordability and fraud are top concerns
“Workers’ compensation was already, in my opinion, one of the most complex lines of business to write,” she said. “Because the line is inextricably linked to the economy, drivers of profitability are not easily controlled or mitigated. In addition, its long-tailed nature brings uncertainty around the cost of goods sold, and the statutory benefits provided…
Storms, wildfires and withdrawals: How E&S is filling the Texas insurance gap
Gordy Bunch (pictured), CEO of The Woodlands Financial Group (TWFG), told IB that a rise in catastrophic events including the 2025 California wildfires coupled with Hurricanes Milton, Helen, Beryl, multiple tornado derecho events, and increased frequency of severe convective storms, means that the Lone Star State will continue to see an expanded dependency on the…
Insurance hires at Starwind Specialty, NFP, BHSI, Falvey Insurance and Amwins
Starwind Specialty names executive senior underwriter Starwind Specialty Insurance Services, a CRC Group company, appointed Joe Jones as executive senior underwriter within Starwind Transportation. Jones, with over 20 years of experience in trucking and high-hazard insurance lines, previously managed a fleet underwriting team at a top trucking Insurtech firm. He will report to regional director…
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
Insurers see trade disputes as growing risk, Goldman Sachs survey finds
Trade policy and economic uncertainty Since returning to office in January, President Donald Trump has introduced and modified tariffs on major trade partners, including China, Canada, and Mexico. A Wall Street Journal report on March 23 suggested the administration planned to narrow the scope of new tariffs set to take effect in April, opting for…
Insurers see trade wars, inflation as growing investment risks — survey
Trade policy and economic uncertainty Since returning to office in January, President Donald Trump has introduced and modified tariffs on major trade partners, including China, Canada, and Mexico. A Wall Street Journal report on March 23 suggested the administration planned to narrow the scope of new tariffs set to take effect in April, opting for…
Climate risks rise, but businesses stay focused on short-term challenges: Beazley report
Despite a surge in extreme weather events, only 20% of executives rank climate-related catastrophic risk as a top concern. At the same time, 72% report adopting new risk management procedures in response to severe weather, signalling a reactive rather than proactive approach to climate adaptation. Insurers warn that without stronger risk mitigation strategies, businesses could…
Proposed Florida bill could increase insurance litigation costs
He cautioned that if the bill becomes law, insurers will have to reassess risk pricing in Florida, and reinsurers are likely to follow suit. He added that these changes would ultimately impact policyholders through higher premiums, calling the bill a reversal of recent reforms. Source link