Markets
Startup E&S Broker’s Goal: Say Yes to Almost Anyone for Wildfire Cover
Stand Insurance's goal is to say yes to almost anyone. In January, about a month after the surplus-lines broker launched, Dan Preston, Stand's co-founder and CEO, told Carrier Management that the ...
Not So Fast: State Farm Didn’t Prove Its Case for Rate Hike, CDI Says
California Insurance Commissioner Ricardo Lara did not approve an emergency, interim 22 percent rate request from State Farm, instead calling a meeting with the carrier to get some answers about the ...
Rebuilding Costs Rose More Than 60% in the Last Decade: Verisk
Over the past decade, there's been a dramatic increase in reconstruction costs, according to Trish Hopkinson, head of 360Value at Verisk. The 10-year analysis examined residential and commercial ...
Casualty Reinsurance Still Attractive: Arch CEO
While writing primary casualty insurance is more appealing than writing casualty reinsurance, the chief executive of Arch Capital said casualty reinsurance business remains attractive for his ...
Allstate to ‘Lean Into’ Turnaround in Auto Business, and Grow
Allstate's plan to correct its auto insurance business has "restored profitability back to target levels," said the insurer's head of personal insurance. During an earnings call with analysts, Mario ...
FEMA to Borrow $2B to Pay Flood Claims After Hurricanes Helene and Milton
The Federal Emergency Management Agency said it needs to borrow $2 billion from the U.S. Treasury to cover claims from National Flood Insurance Program policyholders. FEMA, administrator of NFIP, ...
Mercury Sees Subro, Re Recoveries Cutting Most of $1.6B+ Wildfire Losses
Although Mercury Insurance Group expects gross losses from the 2025 California wildfires in the $1.6 billion-$2.0 billion range, potential subrogation and reinsurance recoveries will drop the ...
Ex-AIG Chief Duperreault Secures $700M for Mereo Reinsurance Startup
Mereo Advisors, a Bermuda-based firm chaired by former American International Group Inc. Chief Executive Officer Brian Duperreault, has secured more than $700 million to fund its new reinsurance ...