Industry News
Curbing Legal System Abuse Among APCIA’s 2024 Advocacy Priorities
The American Property Casualty Insurance Association (APCIA) on Thursday announced its 2024 advocacy priorities, including a focus on curbing rampant legal system abuse and supporting risk-based ...
FEMA Adds Nearly $620M to Reinsurance Program
FEMA announced that the agency is transferring $619.5 million more of the National Flood Insurance Program's financial risk to the private reinsurance market as part of its 2024 reinsurance ...
Merck Settles Coverage Dispute With Insurers Over War Exclusion in NotPetya Attack
Merck & Co. Inc. has reportedly reached a deal with insurers over a closely watched coverage dispute related to a massive cyber attack in 2017. The New Jersey Supreme Court in July 2023 agreed to ...
Survey: Nearly 25% of Drivers Reduced Coverage Due to Rising Costs
A new survey reveals that nearly a quarter of drivers opted for less car insurance coverage than they wanted in 2023. The national poll of more than 1,200 American drivers by Jerry, a car insurance ...
Gallatin Point Capital Acquiring Majority Stake in AmFam’s TRUE, Serving Cat Zones
Gallatin Point Capital and American Family Insurance Group announced that funds managed by Gallatin will invest over $1.25 billion from the attorney-in-fact for a reciprocal insurer set up by ...
GuideOne Is First Member of The Mutual Group; $200M From Bain Capital Bolsters Financial Strength
With a $200 million investment, Bain Capital Insurance acquired the operational platform of mutual insurer GuideOne Insurance Company, the companies announced in late December. The transaction ...
P/C Sector Responsible for Layoffs of Nearly 7,000 in 2023
U.S. property/casualty insurance carriers led layoffs in the insurance industry last year, according to S&P Global Market Intelligence analysis. Nearly 20 companies reduced staff in 2023, said ...
U.S. Property Reinsurance Rates Rose Nearly 50% for Some on Jan 1
U.S. property catastrophe reinsurance rates rose by as much as 50 percent on the key Jan. 1 renewal date, broker Gallagher Re said in a report on Tuesday, as reinsurers look to recoup losses from ...