Commercial Lines
Travelers Reports Successful Q1, Fueled in Part by Underwriting, Investment Gains
The Travelers Companies reported net income of $733 million for the first quarter of 2021, compared to $600 million in the prior year quarter. Core income in the current quarter was $699 million ...
Insurify Joins Toyota in Embedded Insurance Space, and Other Product News
Insurify is teaming with Toyota to help its car-buyers comparison shop for coverage, a first entry for the company into the embedded insurance space. Lexis Nexis Risk Solutions is launching a product ...
Allstate, Arch, AXIS and The Hanover Report Q1 Pretax Catastrophe Loss Estimates
Carriers are starting to report their pretax catastrophe loss estimates for the 2021 first quarter, and the numbers are significant. Below are preliminary numbers from Allstate, Arch, AXIS, and The ...
The Hartford Will Pay $650M to Settle Boy Scouts of America Sexual Abuse Claims
The Hartford disclosed it has agreed to pay $650 million to settle sexual abuse claims against the Boy Scouts of America associated with policies mostly issued in the 1970s. According to the insurer, ...
Auto Insurers Lead 2020 U.S. Property/Casualty Impairments: AM Best
Seven insurance company impairments were identified in the U.S. property/casualty industry in 2020, with five of the seven involving auto insurers, according to an A.M. Best special report. Last ...
Brexit Hits London Worse Than Expected as Financial Firms Shift Business Elsewhere
Over 400 financial firms in Britain have shifted activities, staff and a combined trillion pounds ($1.4 trillion) in assets to hubs in the European Union due to Brexit, with more pain to come, a ...
Ex-Allianz CFO Wemmer Is Launching a SPAC to Target Insurance Deals
Dieter Wemmer, a veteran insurance executive who was chief financial officer at Allianz SE, is launching a blank-check company to target deals in the sector where he worked for more than three ...
EU Will Ban Artificial Intelligence Used for Mass Surveillance, Ranking Social Behavior
The European Union is poised to ban artificial intelligence (AI) systems used for mass surveillance or for ranking social behavior, while companies developing AI could face fines as high as 4% of ...