Industry News
Lemonade Closes Deal for Metromile
Digital insurer Lemonade said it has closed the acquisition of pay-per-mile car insurance provider Metromile in an all-stock transaction. Metromile shareholders received 7.3 million Lemonade shares, ...
Reinsurer SCOR Reports H1 Loss of $242M Blamed on Ukraine War, Natural Disasters
Reinsurer SCOR reported a first-half loss attributed to the war in Ukraine, natural catastrophes and the severe drought in Brazil. The H1 loss of €239 million (US$242.6 million), compares with net ...
Teva Reaches Proposed $4.35B Opioid Settlement
Teva Pharmaceutical Industries on Tuesday announced a $4.35 billion proposed nationwide settlement that could resolve thousands of lawsuits over the drugmaker's alleged role in the U.S. opioid ...
Global Natural Disasters Cost Insurers $34B in H1 2022: Munich Re
Global natural disasters during the first half of 2022 cost insurers about $34 billion, which covered a little more than half of the overall $65 billion in losses from floods, earthquakes and storms ...
Florida Regulators Unveil Ratings Crisis Solution: Let Citizens Reinsure Carriers
Florida's insurance commissioner announced Wednesday that his office has found an "unprecedented solution" to the looming property insurer rating crisis — let Citizens Property Insurance Corp. ...
The Latest Launches from Applied Underwriters, The Hanover, PAK Programs
Applied Underwriters announced the formation of Applied Entertainment & Sports, a new division of the company that will consolidate existing business and add new business in an entertainment and ...
Chubb Q2 Net Income Drops $1B; Books Record Insurance Results
Chubb Ltd. late Tuesday said second-quarter net income was about $1.22 billion, falling more than 46 percent from $2.27 billion in net income logged during the same period a year ago. The insurer ...
Overdue or Overboard? Florida Divided on Demotech’s Planned Downgrades
The property insurance community has divided into two camps after the firestorm that erupted over the potential financial rating downgrades for 17 Florida insurance carriers. One camp argues that the ...