Industry News
Reinsurer SCOR’s Recovery Clouded by First Quarterly Loss Since 2022
SCOR SE Chief Executive Officer Thierry Leger said he's taking over control of the company's life and health unit after it led the firm to report its first quarterly loss since 2022. The Paris-based ...
Nationwide Plans 5% Reduction in Employee Headcount
Nationwide said late last week that it is reducing its headcount by about 5 percent over the next year. "We can't speculate on the total number of job impacts," said Nationwide in a statement. ...
Cowbell Secures $60M Series C Funding From Zurich
Cowbell, a provider of cyber insurance for small and medium-sized enterprises (SMEs), announced on July 26 that it has closed a $60 million Series C equity investment from Zurich Insurance Group, a ...
Allstate’s National General Sued by DOJ Over Alleged Force-Placed Insurance ‘Scheme’
Allstate's National General auto insurance brand has been sued by the U.S. Department of Justice over allegations that National General and subsidiaries "engaged in a scheme to defraud customers" by ...
California Commissioner Announces FAIR Plan Modernization Deal
California Insurance Commissioner Ricardo Lara said on Friday that he and the California Fair Plan have agreed to establishing a new high-value commercial coverage option with limits up to $20 ...
AM Best: No Relief for Homeowners Line Hit With $15.2B U/W Loss in 2023
The U.S. homeowners insurance segment suffered a $15.2 billion underwriting loss in 2023, more than double the losses seen in the previous year and the line's worst underwriting results since at ...
Executives on the Move: Liberty Mutual Names Next CFO
Liberty Mutual Insurance announced that Julie Haase has been named executive vice president and chief financial officer, effective Jan. 1, 2025, replacing Christopher Peirce, who will retire at the ...
J.D. Power: Auto Insurance Shopping Hits New High, Could Drop With Rate Adequacy
The national auto insurance shopping and quoting rate reached a new high between April and June, but many insurers appear to have achieved or are approaching rate adequacy, "which should lead to less ...