Industry News
After First Net Loss Since 1923, USAA Back to Profit in 2023
USAA on Friday said it recorded net income for 2023 of about $1.2 billion, reversing a 2022 loss—the first for the company since 1923—of about $1.3 billion. The San Antonio, Texas-based ...
Executive Moves: Beale Named Chair of South Pole; Howden Re Appoints Hearn as Chair, Global Clients Strategy; Hyperexponential Hires Ryan as Head of US P/C
Former Lloyd's chief executive officer Inga Beale has been named chair of the climate consultancy South Pole, with a remit to help drive the company's business transformation plans as carbon markets ...
RiverStone Acquires Electric Insurance; Plymouth Rock Gets Renewal Rights
RiverStone International reports it has closed on its acquisition of Electric Insurance Co. and its two subsidiaries, Elm Insurance Co. and Electric Insurance Agency. Electric Insurance is a Beverly, ...
Denial of House Fire Claim Upheld. Insureds Never Knew Their Policy Was Nonrenewed.
A Connecticut Appeals Court has affirmed that an insurer is not obligated to provide actual notice of a home insurance nonrenewal; proof that the insurer sent the notice by registered or certified ...
32.7M Homes at Risk of Hurricane Damage, CoreLogic Report Shows
More than 32.7 million residential properties from Texas to Maine are at risk of moderate or severe damage sustained from hurricane-force winds, a new report shows. The large number of at-risk homes ...
AIG Drops Claims Against Former Execs Who Started E&S Insurer Dellwood
American International Group and a group of its excess and surplus lines subsidiaries have dropped claims against three former AIG executives who launched Dellwood Insurance Group but its claims ...
Signals ‘Promising’ for Florida Reforms’ Impact, Reinsurance Still a Drag
Analysts with the AM Best financial rating firm and other stakeholders are cautiously optimistic about the resurrection of the Florida property insurance market, 18 months after state lawmakers ...
American National Exiting Homeowners Insurance Market
Following its announcement several months ago to leave the homeowners insurance business in nine states including California and Louisiana, American National appears to be exiting the line in all ...
Nationwide Pet Shedding 100,000 Policies
The leading pet insurer in the U.S. said it is dropping about 100,000 policies starting this ...