Industry News
Diversification, Risk Modeling Top of Mind for Carriers as Cyber Market Softens
As cyber insurance rates have begun to stabilize, insurance carriers are seeking more diversification to fuel their underwriting and growth strategies, according to panelists at this year's PLUS ...
Updated: State Farm, Consumer Group Battle Ahead of Commish Decision
Ahead of a decision from California's insurance commissioner on a State Farm General request for emergency rate increases, company executives and representatives of a consumer group pled their ...
Global Instability Leads to 16 Year Low for Insurance Carrier M&A Deals
Two new reports highlight the stagnant mergers and acquisitions seen in the insurance industry in 2024. In fact, global insurance carrier M&As slumped to a 16-year low in 2024 amid a wave ...
NJM’s CEO Livingston to Retire; Voorhees Named Successor
NJM Insurance Group's President and Chief Executive Officer Mitch Livingston, will retire on July 31, after 19 years at the company, including the past seven as its leader. The company's board of ...
Insurer Payouts Now at $12B for LA Wildfires, Report Shows
Insurance companies have so far paid out more than $12 billion for losses from the two biggest of the Los Angeles-area wildfires that swept through the region and destroyed tens of thousands of homes ...
Lloyd’s Said It Will Lose $2.3B From LA Wildfires
Lloyd's this week said it will lose $2.3 billion from the Los Angeles wildfires in January, adding to the number of companies that have paid out more than $1 billion in losses from the catastrophe. ...
Regulators Ask Gallagher for More Information on $13.4B AssuredPartners Acquisition
Arthur J. Gallagher & Co. reported that it has received a second request for information from federal officials relating to its proposed $13.45 billion acquisition of AssuredPartners, Inc. ...
Berkshire, Progressive Are 2024 Underwriting Profit Leaders; Industry Income Record
S&P Global Market Intelligence expects the U.S. property/casualty insurance industry to post more than $100 billion of net income for 2024—and that the biggest underwriting profits contributing ...