Industry News
GEICO to Pay $805K to Settle Overtime Wage Disputes With Claims Adjusters
Insurer GEICO has agreed to pay $805,000 total to settle class action lawsuits by claims adjusters alleging they were entitled to unpaid wages for overtime worked between May 27, 2019 and May 27, ...
Fidelis Insurance IPOs; Valued at $1.5B in Lukewarm Market Debut
Fidelis Insurance Holdings notched a valuation of $1.5 billion on Thursday after shares of the reinsurer fell 6.4 percent on debut. The company joins a list of firms that have gone public this year ...
Personal Lines Driving Premium Growth; Commercial Lags: Swiss Re Analysis
After 15 consecutive quarters of lagging premium growth in commercial lines, personal lines became the main driver again, according to a Swiss Re report released last week. According to the ...
‘Synthetic’ Agents? Lemonade Says Finance Deal Limits Cash Burn
Late last week, Lemonade announced a financial agreement to borrow 80 percent of the costs it incurs to acquire insurance customers from a venture firm. The InsurTech carrier revealed the deal in a ...
Talk With Fox’s Watters Leads to Big I CEO Rusbuldt’s Early Exit
Bob Rusbuldt—set to retire in about two months as chief executive of the Independent Insurance Agents and Brokers of America (The Big I)—was relinquished of his duties after an interview he ...
InsurTech Root Says It Has No ‘Actionable’ Acquisition Bid
Root Inc. said Thursday that it does not currently have an actionable bid for its acquisition. Thursday's statement was issued following reports Root had received a bid from Embedded Insurance. The ...
Nationwide E&S Exiting Commercial Auto Effective July 15
Nationwide E&S will stop writing wholesale-driven contract binding commercial auto new business, including primary brokerage auto effective July 15, according to an announcement released to ...
IIHS: Safety Concerns for Small Pickup Rear Seated Passengers
The latest crash tests by the Insurance Institute for Highway Safety reveals most small pickups fall short when it comes to rear seated passengers. "Our updated moderate overlap front crash test ...