Markets
The Hartford to Discontinue Writing New Homeowners Policies in California
The Hartford confirmed this week it will discontinue writing new homeowners policies in California. The carrier reportedly has less than 1 percent of the state's homeowners market. The Hartford ...
House Bill Aims to Close Coverage Hole for Florida Condos With Citizens Insurance
When a Florida Senate committee last week approved a bill that would raise the policy limit on homes that can be written by the state-backed Citizens Property Insurance Corp., state Sen. Doug Broxson ...
Not So Stable: AM Best Analyzes Commercial Segment’s Casualty Lines
Heading into 2024, AM Best maintained a stable outlook on the overall U.S. commercial lines sector. This was based on our expectation that the segment as a whole will ...
Florida to Borrow Billions to Backstop Insurers After Hurricanes
The state corporation that oversees the Florida Cat Fund is planning to borrow as much as $3.8 billion to ensure the fund has plenty of money on hand to reimburse property insurers for losses when ...
GM Financial Rebranding OnStar Insurance as General Motors Insurance
GM Financial said it is rebranding its OnStar Insurance to General Motors Insurance, with plans for market expansion.
During 2023, the GM ...
Reinsurers’ Casualty Appetites Varied, but Capacity Was ‘Ample’ During 1/1 Renewals
Reinsurers had varied appetites for casualty reinsurance during the January 2024 renewals; while capacity was sufficient, they still maintained underwriting discipline, according to reinsurance ...
Allstate Q4 2023 Reserve Charge Near $200M
Allstate offered some preliminary details of factors that impacted fourth-quarter 2023 earnings yesterday—among them a $199 million non-catastrophe reserve charge. The carrier said the figure ...
Double-Digit Rate Hikes for 10 Largest Auto Insurers in 2023
According to S&P Global Market Intelligence's RateWatch, Farmers Insurance instituted double-digit rate increases in 43 states in 2023 for a weighted average rate increase of 17.6%—and its ...