Markets
USAA Becomes 3rd Insurer to Report $1B-Plus in LA Wildfire Losses
USAA has paid out more than $1 billion for the Los Angeles wildfires, making it the third insurer to report $1 billion or more in payouts for the destructive blazes that burned thousands of ...
Markel Reorg Announced: U.S. Public D&O, FI Moves to Bermuda Platform
Global specialty insurer Markel announced that it is reorganizing its U.S. professional liability products portfolio, building on similar actions taken on its London professional liability book in ...
TPL – What?!? Consumers Unfamiliar With Plaintiffs’ Bar Strategies
While liability insurance claims professionals are very familiar with the terms "third-party litigation funding" and "jury anchoring," there aren't many average Americans who recognize those phrases, ...
LA Fire-Related Capital Hit Prompts State Farm Emergency Rate Request
State Farm General Insurance revealed that it has asked the California Department of Insurance to approve an "interim emergency" homeowners insurance rate hike, citing declining capital and a ...
Mangrove, Another New Property Insurer, Enters Florida Market
Itasca Re Chairman Stephen Weinstein has launched a new Florida-domiciled insurance carrier, known as Mangrove Property Insurance, with plans to assume thousands of policies from Citizens Property ...
Insurance Payouts at $4B and Counting for LA Wildfires
Preliminary data show insurance companies have paid out more than $4 billion for losses from the biggest two of the Los Angeles-area wildfires that swept through the region and destroyed tens of ...
‘Underwriting Choices’ Added to Everest’s Social Inflation Woes: CEO
Social inflation wasn't the only factor that pushed the loss severity on the U.S. casualty book of Everest Group Ltd. up high enough to prompt a $1.7 billion loss reserve charge, the CEO said earlier ...
Property-Cat Reinsurance Rates Will Stop Dropping Post-Wildfires: Execs
RenaissanceRe expects to incur about $750 million in losses from the January 2025 California wildfires—and anticipates that industrywide impacts should halt the drop in property-catastrophe ...