Industry News
AIG Closes Sale of Life & Retirement Unit Stake to Blackstone
Part of American International Group's plans to spin off part of its Life & Retirement business have come to fruition. AIG and Blackstone said they have closed on a previously announced agreement ...
Russia’s Yandex Follows Tesla Route With Safe Driver Insurance Discount Program
Russian tech giant Yandex plans to reward responsible drivers on its car-sharing platform with cheaper insurance this year, it told Reuters, using machine learning in a pilot program similar to one ...
Hiscox Sets Aside $150M for Hurricane, Flood Losses
Hiscox has set aside $150 million to cover losses linked to Hurricane Ida and floods in Europe, the insurer said, above analysts' expectations, while it reported strong premiums written this year ...
InsurTech Lessons From ITC: Take the Stock App Off Your Phone
Alex Timm, the chief executive officer of Root, has some advice for InsurTechs that go to the public markets: "You cannot let the stock price or Wall Street tell you what your value is." When ...
Jury Sides With Insurer in COVID-19 Business-Interruption Claim
A Kansas City jury decided in favor of the insurer in the nation's first jury trail of a lawsuit that sought coverage for business-interruption losses caused by the coronavirus. The jury for the U.S. ...
CNA Boosts Net Income Even as Cat Losses Rise, Investment Results Dip Lower
Continued rate hikes helped boost CNA Financial's 2021 third quarter net income, even as the Chicago-based commercial and specialty property/casualty insurer dealt with higher net catastrophe losses ...
18 States Sue to Stop Biden Administration COVID Vaccine Mandates for Federal Contractors
Eighteen states filed three separate lawsuits Friday to stop President Joe Biden's COVID-19 vaccine mandate for federal contractors, arguing that the requirement violates federal law. Attorneys ...
Generali Seals $1.4B Deal to Grab Italian Rival Cattolica
Italy's top insurer Generali sealed its 1.17 billion euro ($1.36 billion) takeover of smaller rival Cattolica on Friday in a move aimed at cementing its domestic market leadership. On the last day of ...