Content from Chad Hemenway
Allstate Reports $310M Q4 Loss as Auto Claims Costs Motor Past Rate Hikes
As it had warned last month, Allstate Corp. reported a fourth-quarter 2022 loss of $310 million as losses from auto insurance outpaced an increase in revenue. Results were in comparison to net income ...
W.R. Berkley: Waiting for Discipline in Property; Overall Marketplace ‘Splintered’
There is no one answer to the overall insurance industry's place within its cyclical path. Each product line needs to be looked at individually, according to Robert Berkley, CEO of W.R. Berkley ...
AIG Fires Interim CFO Lyons
AIG late Monday terminated interim Chief Financial Officer Mark Lyons after he "violated his confidentiality/non-disclosure obligations," the company said. Lyons was just appointed interim CFO ...
Auto Insurance Shopping – and Switching – Increases
Drivers are not only shopping around for auto insurance more than ever, they are switching carriers. According to a quarterly report from J.D. Power, in collaboration with TransUnion, the quote rate ...
At-Bay Acquires Licensed P&C Insurance Carrier
Managing general agent At-Bay said it has acquired an excess and surplus lines insurer licensed in 44 states from XL Insurance America to now become a full-stack carrier. "This milestone will allow ...
Q4 Net Income at Travelers Falls 39%
Travelers Cos. this morning reported fourth quarter net income of $819 million, a decrease of about 39% from $1.3 billion a year ago during the same time. The insurer's Q4 combined ratio increased ...
Appeals Court Rules Insurers Not Obligated to Defend Distributor of Opioids
Westfield National Insurance Co. and Motorists Mutual Insurance Co. are not required by their insurance contracts to defend generic drug distributor Quest Pharmaceuticals against dozens of ...
Vista Equity Partners to Buy Duck Creek for $2.6B Cash
Insurance software provider Duck Creek Technologies said it has entered into an agreement to be bought by Vista Equity Partners in an all-cash deal of about $2.6 billion. Pending Duck Creek ...