Industry News
CoverForce Announces Product Suite Following Last Year’s $5M Seed Round
CoverForce, an independent insurance platform bringing comparisons and one-click buying to commercial insurance, unveiled its suite of products made for agency networks, wholesalers, and software ...
Greenlight Re Names TransRe’s Richardson as CEO to Succeed Burton
Greenlight Capital Re Ltd., the Cayman Islands-based multiline property/casualty insurer and reinsurer, announced that Simon Burton, the company's chief executive officer, intends to step down ...
For years, the insurance industry has been working to reduce the friction that slows down underwriting, claims, and servicing. Now,...
Update: James River to Exit Reinsurance, Agreeing to Sell JRG Re to Fleming for $277M
James River Group Holdings Ltd. announced it has entered into a definitive agreement to sell JRG Reinsurance Co. Ltd., its casualty reinsurance business, to Fleming Intermediate Holdings. The total ...
Total Loss Rate for EVs Lower Than Gas-Powered Vehicles: Mitchell
A new report debunks the common misconception that electric vehicles (EVs) are declared total losses more often than their internal combustion engine (ICE) counterparts, according to Mitchell, an ...
Ransomware, Extortion Claims See ‘Worrying Resurgence,’ Says Allianz
Following two years of high but stable loss activity, 2023 has seen a "worrying resurgence" in ransomware and extortion claims as the cyber threat landscape continues to evolve, Allianz Commercial ...
Lloyd’s to Invest $65M in Regions Affected by Transatlantic Slave Trade
Lloyd's of London will invest 40 million pounds ($49.6 million) in regions affected by the transatlantic slave trade, it said on Wednesday, after a report showed the commercial insurance market had ...
Allstate Redesigns Mobile App
Allstate announced updates to its mobile app, adding more features such as an affordable gas finder called GasBuddy, a parking reservation platform called SpotHero, a climate risk resource to guide ...
Bad-Faith Payouts Are Penalties, Not Insurance Benefits, Florida Supreme Court Says
Randy Willoughby's lawyers turned a $10,000 uninsured motorist policy into a $4 million bad-faith settlement with his auto insurer. Then they won a $30 million jury verdict against the co-owner of ...