Content from Chad Hemenway
U.S. House Bill Reintroduced to Rid Federal Insurance Office of Subpoena Power
Rep. Scott Fitzgerald on May 15 reintroduced a bill to eliminate the subpoena power of the Federal Insurance Office (FIO). The Insurance Data Protection Act was first presented by Fitzgerald, R-Wis., ...
Acting FEMA Chief Is Ousted After Less Than 4 Months
Less than a month before hurricane season, the acting administrator of the Federal Emergency Management Agency has been fired. A spokesperson with FEMA offered no reason for the dismissal, but ...
Root Builds on First Profitable Year With Reversal of Q1 Loss to Start 2025
Root Inc. reported first quarter net income of $18.2 million to build off results of 2024—its first profitable year. The net profit for the first three months of 2025 is compared to a net loss of ...
Auto Insurance Market Stays Rational Despite Improved Trends, Says Allstate
Allstate Corp. CEO Tom Wilson said he does not expect auto insurers to get more aggressive on pricing as the industry's rate increases seem to have leveled off. For the most part, Wilson explained to ...
Increased Writings in Homeowners Adds to U.S. Surplus Lines Growth
Increasing movement of homeowners insurance risk to the U.S. surplus lines market has continued to contribute to growth for nonadmitted insurers. According to a report from AM Best, surplus ...
Wildfire Losses Cut Chubb Q1 Net Income 38%; Tariffs Create ‘Confusion’
First quarter 2025 net income at Chubb fell nearly 38 percent to about $1.3 billion as losses from the California wildfires overcame underlying results. Chief Executive Officer Evan G. Greenberg in a ...
Travelers Income Drops 65% on Catastrophe Losses, Primarily California Wildfires
The Travelers Cos. said first-quarter 2024 fell 65 percent on an underwriting loss of $305 million. Travelers posted first-quarter net income of about $395 million compared to about $1.1 billion ...
AM Best: Tariff Uncertainty Could Lead to Credit Rating Changes for Insurers
According to AM Best, the balance sheets of insurers can be pressured by the stock and bond market volatility caused by recent tariffs, resulting in financial exposure that could lead to some changes ...