Industry News
Root Insurance Gets $300M Loan From BlackRock
Days after it announced it had to lay off 330 employees due to worsening loss costs, auto insurer Root Insurance has finalized a $300 million term loan from BlackRock Financial Management. The ...
San Jose Votes to Require Gun Liability Insurance
The city council in San Jose's, Calif., voted on Tuesday to become the nation's first city to require gun owners to purchase insurance coverage. Funds from an accompanying annual fee of $25 will go ...
World’s First Crypto Mortgage? Homeowners Insurers Don’t Hate It
If homeowners insurance carriers weren't facing enough issues this year, here's one more to think about: A Miami company is now offering cryptocurrency-based mortgages. Some insurance representatives ...
P/C Industry Profits in Current Cycle Lagging Last Hard Market
U.S. property/casualty insurers have benefited from significant increases in commercial premium rates for nearly three years. However, recent industry statutory underwriting performance improvement ...
Executives on the Move at The Hartford, Chubb, Alliant
The Hartford has promoted Richard Vaughn to head of Global Specialty Distribution. He will report to Adrien Robinson, head of Global Specialty, who said that Vaughn's "experience advancing key ...
U.S. Surplus Lines Premium Up 22% in 2021
Surplus lines premium increased 22 percent and transactions rebounded almost 6.6 percent over their 2020 totals in the 15 states with designated surplus lines stamping offices. The increases ...
Progressive’s Q4, Full-Year Net Income Dropped Over 40%
Fourth-quarter 2021 earnings at Progressive Corp. fell 43 percent compared with the same period a year ago to $962.3 million. The results were despite the personal and commercial property insurer ...
Only 38% of 2021’s Natural Disaster Losses of $343B Were Covered by Insurance: Aon
Natural disasters cost global economies a total of $343 billion in 2021, compared with $297 billion in 2020, according to Aon's "2021 Weather, Climate and Catastrophe Insight" report. Insured losses ...