Industry News
Chubb Loses $331M in Q2, Slammed by COVID-19 Costs
Over just two quarters, the coronavirus pandemic has forced Chubb's net income to plunge, and now, swing to a sizable loss. Chubb lost $331 million, or $0.73 per share during the 2020 second quarter, ...
U.S. P/C Insurers Saw Record Q1 Surplus Drop, but Fundamentals Remained Solid: APCIA/Verisk
The U.S. property/casualty insurance industry saw its surplus drop by a record amount in the 2020 first quarter, thanks to stock market turmoil driven by the coronavirus pandemic's rapid arrival. But ...
PartnerRe Makes Bonneau CEO While Dealing With Pandemic-Hammered Q2 Results
A former Chubb executive is officially the new president and CEO of PartnerRe Ld., taking over as the Bermuda-based reinsurer reported 2020 second quarter results hammered by COVID-19 challenges. The ...
InsurTech Financings Rebound in Q2; A Longer Recovery Remains in Question
InsurTech venture capital investments rebounded strongly in the second quarter after a pummeling earlier in the year due to growing pandemic-related uncertainty in the financial markets. Firms in the ...
AIG Investment Advisory Unit Will Resolve SEC Charges With $40M Payment
An investment advisory unit of American International Group has agreed to pay about $40 million for failing to disclose to teachers and other clients conflicts of interest and practices that ...
Sapiens to Acquire Rival Delphi Technology, With Eye on MPL Space
Sapiens International Corp. said it plans to pay nearly $20 million for rival software company Delphi Technology in order to more deeply penetrate the medical professional liability insurance space. ...
Consumers Significantly Underestimate Their Flood Risk: Neptune Flood Insurance
Many consumers still significantly underestimate their flood risk, and nearly half have chosen to forego flood coverage because they believe it's unnecessary or too expensive, according to InsurTech ...
Goodbye to Workers Comp Profits in 2020 (Blame COVID-19)
The workers compensation line is unlikely to generate a profit this year and may not recover in 2021, an insurance industry economist said during a webcast Thursday. Steven N. Weisbart, senior vice ...