Industry News
Mangrove, Another New Property Insurer, Enters Florida Market
Itasca Re Chairman Stephen Weinstein has launched a new Florida-domiciled insurance carrier, known as Mangrove Property Insurance, with plans to assume thousands of policies from Citizens Property ...
Insurance Payouts at $4B and Counting for LA Wildfires
Preliminary data show insurance companies have paid out more than $4 billion for losses from the biggest two of the Los Angeles-area wildfires that swept through the region and destroyed tens of ...
‘So Much More’: Nationwide Spends $1.25B For Allstate Employer Stop Loss Biz
Nationwide announced on Thursday that it has entered into a definitive agreement to purchase The Allstate Corporation's employer stop loss segment for $1.25 billion. Stop loss insurance protects ...
‘Underwriting Choices’ Added to Everest’s Social Inflation Woes: CEO
Social inflation wasn't the only factor that pushed the loss severity on the U.S. casualty book of Everest Group Ltd. up high enough to prompt a $1.7 billion loss reserve charge, the CEO said earlier ...
Property-Cat Reinsurance Rates Will Stop Dropping Post-Wildfires: Execs
RenaissanceRe expects to incur about $750 million in losses from the January 2025 California wildfires—and anticipates that industrywide impacts should halt the drop in property-catastrophe ...
Claims Exec Who Defrauded Allied World Insurance Ordered to Prison, Pay $1.2M
James Keating of Paoli, Pennsylvania, has been sentenced to 20 months of imprisonment, followed by three years of supervised release, for defrauding his former employer of more than $1.4 million. ...
APCIA: Insurance Markets Work Best Without Excessive Price Regulation
The American Property Casualty Insurance Association (APCIA) recently released a report that concludes over-regulation impedes insurance markets "Insurance markets function best when allowed to ...
Chubb Posts Record P/C Underwriting Income for Q4 and 2024
Chubb posted record property/casualty underwriting income of about $1.6 billion, up 3.8 percent during the last quarter of 2024. Fourth-quarter net income was down 22 percent to about $2.6 billion ...